President, Chief Executive Officer & Director, Marcus Millichap
Search every verified Hessam Nadji interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Hessam Nadji, CEO of Marcus & Millichap, appeared on NYSE TV and CNBC in July 2026 to discuss the commercial real estate market. He stated that the market is showing improvement, citing economic resilience and positive job growth as underpinning demand across property types. Nadji noted that office daily attendance has returned to nearly 90% of pre-pandemic levels, describing the sector as "quietly gaining momentum." He also said that retail has "come back" as an experiential product type driven by restaurants, bars, and fitness, and that multifamily demand is strong due to a housing affordability gap that keeps people in rentals. Nadji attributed a 50% drop in new multifamily supply in 2026 and a projected 70% drop by 2027 to high interest rates and construction costs. Nadji said that price corrections of 15% to 30% on average across property types, with office seeing the most severe adjustment, are bringing capital back into the sector. He described the market as having "recalibrated" by 2025 after a severe shock from the Federal Reserve's 500-basis-point rate increase. Nadji stated that investors are responding by focusing on specific asset and market strategies rather than counting on interest rate reductions, and that transaction volumes are picking up as more inventory comes to market. He identified demographically favored markets such as the Southeast, Carolinas, Nevada, and Arizona as areas attracting investment due to migration and lower costs.
“And then of course the other story is return to office. We're almost at 90% daily attendance in office properties compared to the pre-pandemic levels. Almost 90% of where we were before the pandemic. It's been a long road of that coming back, but it's finally coming back.”
“What's really favoring the industry is 2 and 1/2 years, almost 3 years of price corrections from the Fed's extreme tightening of financial conditions and the 500 basis point increase in interest rates in just, you know, 2 years or so, that really challenged valuations and trading activity. We're finally recovering from...”
“We're almost at 90% daily attendance in office properties compared to the pre-pandemic levels. Almost 90% of where we were before the pandemic. It's been a long road of that coming back, but it's finally coming back.”
“Another really important trend in multi-family is the 50% drop in new supply coming into the market this year. By next year, that'll be as much as 70% drop in new construction from the peak.”
“The fears were not unfounded because with a 500 basis point increase in the federal funds rate in just a couple of years that shock to valuations and shock to the balance in the market was pretty severe. We saw the sort of bottoming effect of that in 2023, some recovery in 2024. By 25, the market had recalibrated. Ther...”
“We're seeing very strong apartment rental demand because people are staying in the rental market a lot longer. They can't afford to buy homes.”
“We saw that in 2023 after the Fed basically took a sledgehammer to interest rates to battle inflation and the market had to recalibrate.”
“We are coming out of that fog and that's why 2026 is a turning point given interest rates are coming in; values have adjusted by somewhere around 20% on average.”
“We saw that in 2023 after the Fed basically took a sledgehammer to interest rates to battle inflation and the market had to recalibrate. It's taken almost two years for prices to adjust and valuations to re-adjust to the higher interest rates, and 2026 is a turning point as interest rates are coming in and values have...”
“We're seeing a big resurgence of daily traffic into office space — about 80–85% of pre-pandemic levels — but the pandemic has caused a permanent shift to hybrid work that will reduce office space demand; nonetheless, limited new construction and market adjustment mean office investment is a diamond in the rough with gr...”
“We really believe that we just came through another Fed miss. The Fed's messaging is so reluctant to acknowledge the slowdown in the economy — especially the labor market — that it creates a lot of uncertainty and hesitation among investors in commercial real estate.”
“A 500 basis-point increase in a very short amount of time is the worst financial tightening our industry has experienced since 1980, and valuation was badly disrupted because real estate is so dependent on the cost of debt. I don't think interest rates are due to come down significantly, so the market has to adjust to...”
“Interest rates are coming down, and that's good for your business. When debt becomes more available and lenders are more confident, the lender spreads come in, which is a positive sign for commercial real estate.”
“The only real headwind we have is this uncertainty around the government shutdown and the data that the Fed relies on, as well as questions about the effect of tariffs on inflation and what the Fed will or will not do.”
“Since 2022, prices have gone down on average 15 to 20% across the industry, and financing is back with banks and credit unions lending again, which is a positive development for commercial real estate.”
CRE Investment on the Rise? The Forces Bolstering Investment Property Why retail continues to attract investor attention How office is quietly gaining momentum Multifamily gaining traction as wave of construction abates Why short-term headwinds shouldn’t overshadow long-term opportunity Visit the website for more: https://www.marcusmillichap.com/
Amid Elevated Interest Rates, Would ROAD to Housing Act Boost Housing Market? The interest rate outlook and how it’s influencing housing and CRE investment. The forces supporting CRE transaction activity and investor engagement. Will the ROAD to Housing Act invigorate homebuying? Falling housing construction levels could ultimately strain housing availability. How the housing affordability gap is bolstering apartment demand. Visit our website for more: https://www.marcusmillichap.com/
Commercial Real Estate At A Turning Point? Valuations and investor sentiment The forces shaping a fresh cycle for CRE in 2026 Performance outlook for apartment and retail How return to office momentum makes office assets a “diamond in the rough” How Marcus & Millichap’s footprint is a proxy for the broader CRE market Visit our site for more content: https://www.marcusmillichap.com/
How Fed Policies Are Shaping CRE Investment, and Why Office and Retail Property Outlook Continues To Shine Is the Fed being too cautious? How Fed messaging is weighing on investor sentiment. Commercial Real Estate pricing recalibration creating opportunities. Why office properties have emerged as a “diamond in the rough” investment opportunity. The forces driving retail property investor optimism for 2026. Visit the website for more: https://www.marcusmillichap.com/
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