Sokol Media named Mission Capital‘s Jillian Mariutti one of the top 10 Women to Watch in Real Estate for 2018.
An industry leader in the world of commercial real estate finance, Jillian Mariutti was also named a 2014 Rising Star by the Women’s Bond Club of New York. This is an accolade given to women on Wall Street who have demonstrated leadership qualities and are viewed as future leaders in the financial services industry. A respected voice within the space, Mariutti has spoken at industry conferences produced by ALIS, IMN, and the New York State Society of CPAs, and keynoted an event of the YMBA. Her market commentary has been featured in a host of leading industry publications, including Commercial Observer Finance, Forbes.com, Bisnow and Connect Media.
The great thing about working in real estate finance is that I’m able to use my quantitative abilities and my relationship-building skills to help owners and developers secure capital to execute their visions. Being part of Mission Capital’s collaborative team, which is active in all aspects of real estate finance, gives me the wide-ranging expertise to solve my clients’ most complex problems.
See below for some photos from the event:
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“The cycle has already been a long one, no question. But we do not see any signs that the economy is nearing a turning point. In fact, I wouldn’t be surprised if this ends up being the longest expansion in history before it is over. Real estate investors will be looking at the leasing fundamentals of the property types they are considering and those vary widely depending on property type and location. One growing concern for office investors is the growing pipeline of new construction. Several markets have a large pipeline that needs to be absorbed, which is placing downward pressure on rents in certain markets or submarkets. In the industrial sector on the other hand, fundamentals remain firm and are likely to remain so. These concerns may explain part of the slowdown in sales this year as investors have become more cautious, but pricing is holding firm for the most part and as long as the economy continues to grow the market should remain firm.”
“Some say we’re in the ninth inning of the cycle, however I think we’re in what is the bottom of the first in a whole new ballgame. In some submarkets in New York, pricing is and always will be somewhat inflated. Yes, deal volume has dropped in recent quarters as rising interest rates have increased financing costs and caused a discrepancy of pricing expectations among buyers and sellers. Interestingly, the shift in rates caused some deals that were agreed upon to be primed for renegotiation.
“We are not in a cycle and there are no innings. I find it amazing how many people use that analogy and don’t understand the relationship between fund flows, interest rates and the growth in the economy.
“The business cycle has been very long by historical standards, and this is starting to permeate throughout the commercial real estate market. A divergence between those who look at still-healthy economic data and expect the cycle to perpetuate and those who are questioning how much longer it could possibly go on has emerged.
“Unfortunately, CRE investment, as measured by transaction activity, is down materially all over the U.S., and particularly in major markets. There are cyclical reasons for this: higher interest rates, increasing cap rates, the stage we are at in the perceived cycle, currency cost increases, construction cost increases, etc. There are also secular changes impacting investment: a decline in the average square footage an office user requires, changes in how and where we use office space, changes in how we shop and its impact on retail demand, migration back into cities with counter-migration away due to high costs.
“I think we’re in the later stages of the cycle. I think we’re in the 11th inning [but] I don’t know when the game is going to end. It’s really hard to see a catalyst other than a geopolitical event that is going to shake up or take down this marketplace. We’re definitely long in the tooth. I wouldn’t say there is room to grow, but there is a fair case to be made that we’ll continue like this for a while. I don’t see us growing, but I can’t see us falling off a cliff either.”
“The length of the cycle is not a determinant of a turn in cycle. New supply is tempering rent escalation and rising vacancy for office and multifamily, but there is adequate demand for all property types. This recovery is a job-full one, which is good for real estate. The omens for commercial real estate are technologically related, not cycle-related in 2018.”
