Marcus & Millichap

Executive Spotlight: Hessam Nadji, Marcus & Millichap

November 19, 2018

Hessam Nadji is now approaching his third year as president & CEO of Marcus & Millichap, one of the most powerful brokerage houses in the industry. Following a unique path, Nadji joined the company in 1996 as head of research and advisory services and quickly established the firm among the top experts in research and investment trend forecasting. This led to overseeing the company’s specialty brokerage divisions, which grew significantly under his supervision. Then in 2013, he played a leading role in the preparation and execution of the firm’s IPO (NYSE: MMI). Commercial Property Executive will be honoring Nadji with the Service Executive of the Year award as part of our annual Executives of the Year awards in December. In advance of this honor, we took the opportunity to get his take on the economy and other potential disruptors to commercial real estate.

Where are we in the current economic cycle and how does it differ from the last upcycle?

Nadji: Here we are in late 2018 and the recovery began in 2010. If you look at the history, this far into any expansion, you typically see a lot of overbuilding and overleveraging. Historically, overbuilding or overleveraging are the most common reasons commercial real estate cycles have come to end.

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