In this episode of Leaning In, Terry Montesi sits down with Mark Gibson to break down the current state of real estate capital markets and what’s actually happening beneath the headlines. Mark shares a data-driven perspective on investor behavior, capital flows, and why many widely discussed risks may be overstated. The conversation covers everything from the return of core capital and shifting investment strategies to the evolving outlook across office, retail, and multifamily sectors. Throughout, Mark emphasizes the importance of focusing on fundamentals, playing through market noise, and structuring investments to withstand uncertainty.

They discuss:

• Why institutional investors are shifting back toward core assets and what that means for pricing and deal flow
• How capital availability remains strong, with debt markets wide open and becoming a substitute for asset sales
• The resurgence of retail as a top-performing sector and what’s driving tenant expansion and landlord leverage
• The multifamily supply cycle, current oversupply dynamics, and why long-term fundamentals still point to strong demand
• How office is bifurcating, with top-tier assets thriving while lower-quality inventory faces an uncertain future
• The growing importance of operational excellence and sponsor quality in attracting institutional capital

Links:

Trademark Property

Terry on LinkedIn

Mark on LinkedIn

JLL Capital Markets North America

Topics:

(00:00:00) - Intro
(00:01:41) - Mark’s career journey
(00:04:21) - Markets playing through noise
(00:07:32) - Core capital returns
(00:15:39) - Managing systemic risk
(00:23:35) - DFW and Sunbelt outlook
(00:28:44) - Capitulation and deal flow
(00:31:35) - Retail leads the pack
(00:34:45) - Multifamily supply reset
(00:38:12) - Acquisition versus development
(00:39:44) - Loan maturities reality check
(00:40:38) - Debt markets
(00:46:28) - Mall debt returns
(00:47:48) - Retail capital surge
(00:50:31) - Retail development subsidies
(00:53:02) - Ignore headlines, use data
(00:55:48) - Multifamily supply cycle
(01:00:42) - Institutional multifamily math
(01:02:59) - Office capital returns
(01:06:34) - Office culture and AI
(01:10:27) - Development risk shifts
(01:15:05) - Operational excellence wins
(01:16:32) - Career advice and wrap