"In today's market, it's time to throw out the old playbook. For those of us in the brokerage industry, navigating this landscape has been challenging." Those insights were shared by Hessam Nadji, president and CEO of Marcus & Millichap, during the opening keynote session at the GlobeSt.com Multifamily Fall Conference in Downtown Los Angeles.
According to Nadji, concerns are abound, from geopolitics and elections to climate change and beyond. "There's always something to worry about, and it's easy to overreact. Yet, if we take a step back and consider the big picture, the past decade reveals significant growth: The U.S. population has increased by 16.2 million people.We've added 8.4 million new households. Nearly 20 million jobs have been created, along with 2.7 million job openings as of 2024. Core retail sales have risen by 38.7%."
The unifying factor should be the facts, he explained. "The data speaks for itself. Looking ahead to 2034, I believe the outlook will remain as positive as what we've seen in the last decade. However, we must also recognize the challenges ahead."
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Those challenges are that every day, 11,000 people turn 65, highlighting the reality of an aging population. "This trend raises concerns about a shrinking labor force, but it also signals the transfer of unprecedented wealth to future generations."
Interestingly, while we face the implications of an aging demographic, we also see 12,000 young people turning 21 each day, he added. "This youthful demographic presents a powerful engine for housing demand and job growth."
Despite the recent turbulence caused by rising interest rates, the cycle is beginning to turn, Nadji explained. The labor market is cooling, and attitudes toward employment are evolving. Looking globally, the dynamics that once made China and India significant inflationary forces are changing as these nations mature, he said.
"While the road ahead may be complex, the fundamentals suggest a bright future for investment in the U.S. The era of low cost or free money is behind us and we need to recalibrate as an industry."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
