John Chang

John Chang, head of research at Marcus and Millichap, dives deep into the latest jobs report, revealing a sharp drop in job creation since April. He examines economic indicators like labor force participation and inflation trends, suggesting increasing recession risks. Chang discusses the Federal Reserve's dilemma with rising inflation against weak employment, making rate cuts unlikely. He concludes by predicting how these economic shifts will impact the commercial real estate landscape, particularly for apartments, retail, and industrial sectors in the coming year.

John Chang, a seasoned real estate investor and head of research at Marcus and Millichap, shares insights on the latest in commercial real estate. He emphasizes the importance of transaction velocity over dollar volume, demystifying current sales trends, particularly in multifamily and retail markets. Chang discusses nuanced cap rate trends, revealing how quality shifts influence market perception. He predicts 2025 could present a prime buying opportunity, thanks to stable interest rates and favorable tax conditions, making it an enticing time for investors.

John Chang, head of research at Marcus and Millichap and a veteran real estate investor since 2007, dives into a transformative proposal that could let U.S. retirement funds invest in private markets, especially commercial real estate. He reveals how this shift could dramatically reshape cap rates, challenging the belief that they closely follow interest rates. Instead, Chang emphasizes the importance of capital flows and investor demand on market dynamics, urging listeners to prepare for a potential wave of capital that could significantly impact property values.