In this episode of The Brinkman Report, Kevin Brinkman interviews John Chang, National Director of Research and Advisory Services at Marcus & Millichap, about the multifamily real estate market. They explore how interest rates and economic conditions are shaping supply, demand, and transaction dynamics. Chang notes a slowdown in new construction, particularly in secondary and tertiary markets, due to rising costs and high interest rates, which may lead to upward pressure on rents. While transaction activity has dipped since the 2021-2022 peak, significant capital remains poised for a resurgence if interest rates stabilize. Discussing potential recession risks, Chang expresses cautious optimism, citing strong consumer fundamentals and housing demand as key supports for the sector. GUEST BIO:

John Chang

Senior Vice President, National Director Research Services

Marcus & Millichap Real Estate Investment Services

John Chang serves as the National Director of Research Services for Marcus & Millichap. He is responsible for the production of the firm’s vast array of commercial real estate research publications, tools and services. Under his leadership, Marcus & Millichap has become a leading source of market analysis, insight and forecasting, and the firm’s research is regularly quoted throughout the industry and in mainstream business media.

John oversees a team of dedicated real estate research professionals who produce the firm’s more than 1,000 annual market research publications and conference presentations. These detailed reports, analyses and presentations integrate economic and financial market trends with insights on all major commercial property types including: Hotels, Industrial, Manufactured Housing, Multifamily, Office, Medical Office, Retail Multi-Tenant, Retail Single-Tenant, Self-Storage and Seniors Housing.

John is a seasoned industry analyst who has been qu ted in numerous publications and is an active member of the NMHC Research Foundation Advisory Committee, the ICSC North American Research Task Force and the NAIOP Research Foundation. He regularly presents at a wide range of conferences and events hosted by industry-leading organizations such as the NMHC, NAIOP, ULI, CCIM, ICSC, SSA and numerous others.

John joined Marcus & Millichap in April 1997 as a Research Manager in the Seattle office.

After holding executive marketing and e-business positions with premier residential real estate firms in the Pacific Northwest, he rejoined Marcus & Millichap in November 2007 as the head of its Research Services division.

John was elected as Vice President in 2010, advanced to First Vice President in 2013 and promoted to Senior Vice President in 2018.

This month, Kevin welcomes Ian Silverii, host of the Get More Smarter podcast and a prominent figure in Colorado politics. Together, they discuss political shifts in key states, what a supermajority means for business and real estate, and Ian’s thoughts on prediction markets, poll reporting, and the future of US debt. Ian also shares why real estate investors should engage more with government to influence policy outcomes.

They dive into the implications of ranked choice voting, state and federal ballot initiatives to watch, and how a divided government might impact real estate investment. Plus, Ian gives a glimpse into what it’s like co-parenting with a U.S. Congresswoman. Don’t miss this insightful discussion on the intersection of politics, business, and family.

In this episode, we sit down with Marcel Arsenault, a real estate entrepreneur and philanthropist, to hear his incredible journey from making ice cream in his dorm room to becoming one of the largest private owners of commercial real estate in the western United States, with investments totaling $5.1 billion in acquisition value. Marcel shares the key strategies that have helped him navigate the ups and downs of the real estate industry—what he calls the "real estate rodeos"—and offers his grim forecast for the economy and thus the real estate buying opportunities that will likely arise in 2025.

Beyond business, Marcel and his wife have turned their success into a force for good by establishing foundations aimed at solving some of the world's biggest challenges. As participants in The Giving Pledge, they are committed to using their wealth to make a lasting impact. Don't miss this inspiring conversation with one of real estate's most dynamic figures.

ABOUT MARCEL ARSENAULT

marsenault@realcapitalsolutions.com Marcel approaches the real estate business from an academic perspective, constantly reading and analyzing the industry to better understand the story behind the story of real estate cycles. His company, Real Capital Solutions, has purchased and managed more than 395 real estate assets, totaling approximately $5.1 billion in acquisition value. RCS currently has $2.4 billion in Assets Under Management. Marcel is one of the most active private owners of commercial real estate in the western United States. By constantly monitoring developments in the real estate industry, he tries to be ahead of the game. Marcel describes himself as a “real estate theorist who lives in the real world.”

During his career, Arsenault has completed workouts on more than 10 million square feet of property acquired during the RTC and savings and loan crisis and accurately predicted the housing-led U.S. recession, selling 80 percent of his portfolio at market peak. His considerable entrepreneurial experience has enabled him to build strong teams and direct rapidly growing companies. He is frequently contacted by the media to share his expertise; he’s appeared in INC Magazine, Colorado Real Estate Journal, TIME Magazine and Bloomberg News.

Marcel Arsenault is also the Founder & Chairman of One Earth Future Foundation.

One Earth Future Foundation leads initiatives to improve systems that prevent armed conflict through governance. To date, Marcel and his wife Cynda have contributed over $100 million to OEF and two related foundations. With 75 current employees, OEF is growing rapidly and expects to employ over 400 in the next 10 years. OEF’s areas of focus include: Enhancing maritime cooperation: Oceans Beyond Piracy (OBP) works to facilitate such cooperation around maritime piracy, and Secure Fisheries brings attention to global trends around illegal, unreported, and unregulated, fishing (which precipitates conflict and generated Somali piracy). OBP played an integral part in the release of 26 hostages after being held by Somali pirates in 2016.

Arsenault obtained a B.Sc. degree from McGill University and pursued a Ph.D. in molecular biology at the University of Colorado before embarking on his entrepreneurial career.