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In the 27th edition of the Investment Strategy Annual, we address the themes that will shape the real estate investment environment for at least the next three years and likely longer. The pandemic has simultaneously accelerated and interrupted these trends. Some assets and strategies amplify the effects of COVID-19, while others are much more insulated. In the coming year, investors should prepare for the COVID endgame.
Our Research & Strategy team includes experts in economics, capital markets, demographics and spatial analysis. The team is based in, and covers, major real estate markets in Europe, North America and Asia Pacific – the three regions of the world where we invest. The team also has privileged access to JLL’s 300 market analysts around the globe. Their analyses of investor and corporate occupier trends provide valuable insights to our research.
Dr. Gordon is the Global Strategist for LaSalle Investment Management (LaSalle). He is responsible for the macro strategy and micro research used to guide all investment decisions in 30 countries. He serves on the Management and Investment Committees of LaSalle and directs the investment strategy group, which analyzes capital markets, regional economies and property markets.
Jacques received the “Graaskamp Award” from the Pension Real Estate Association (PREA) for his contributions to real estate research and education. He originated the Jones Lang LaSalle Transparency Index in 1999, which has become the world standard for understanding international real estate.
Jacques received his PhD from the Massachusetts Institute of Technology, a Masters degree from the London School of Economics and an undergraduate degree from the University of Pennsylvania. He also teaches “International Real Estate” at the Kellogg School of Management of Northwestern University.
Jacques serves on the Boards of the JLL Income Property Trust, The Homer Hoyt Institute, The Institute for Urban Research at the University of Pennsylvania, and the Metropolitan Planning Council (Chicago, non-profit). He is active in NAREIT, PREA, the Urban Land Institute, and he is an honorary fellow of the Real Estate Research Institute.
Elysia Tse re-joined LaSalle in 2016 and is the Head of Research & Strategy in Asia Pacific and a member of the Asia Pacific Investment Committee.
Elysia was previously the Head of Investment Governance, Strategy & Research Asia Pacific for Aviva Investors and subsequently the Head of Research and Strategy for J.P. Morgan Asset Management – Real Estate Asia Pacific (as part of the M&A). Before returning to Asia, Elysia has over a decade of experience in real estate investment research and strategy in the U.S. She has held positions in real estate research and strategy teams at BlackRock based in New York and LaSalle based in Chicago. Elysia started her career in Hong Kong in 1998.
She holds a B.S. from Xiamen University and a Master’s degree in Real Estate from Cornell University. In 2011, Elysia was named a Rising Leader by Commercial Property Executive in the U.S. She sits on the Advisory Board of Cornell University Baker Program in Real Estate and the Research Committee of ANREV.
Brian Klinksiek is Head of European Research and Global Portfolio Strategies. He leads LaSalle’s European Research & Strategy team, and is responsible for forecasts of property markets, capital markets and metro economies across the region. Brian is a member of the Continental European Investment Committee and will join the UK and Debt & Special Situations Investment Committees. Additionally, Brian takes a leading role in establishing LaSalle’s global strategy outlook, relative value assessments and portfolio strategies. He works closely with the firm’s global clients and portfolio managers in developing and implementing comprehensive, integrated global investment strategies. Brian also leads the expansion and enhancement of LaSalle’s global analytical tools and support the firm’s capital raising and investor relations activities.
Prior to joining LaSalle in 2020, over nearly 17 years Mr. Klinksiek held various research and strategy leadership roles at Heitman, with diverse experience across a wide range of markets and property sectors in Europe, North America and Asia. He most recently served as Director of Strategy & Research Operations, based in Hong Kong, focused on global portfolio strategy and developing Heitman’s framework for global portfolio construction. Prior to that, he built and managed a new on-the-ground investment strategy and research capability in Europe for a period of 10 years. Brian began his career in Heitman’s North America business, focused on research analysis across a wide range of property types and risk categories.
Brian holds a BA with honors and distinction from Stanford University, and an MBA with high honors from the Booth School of Business at the University of Chicago. He is an active member of the Urban Land Institute, serving on the Global Exchange Council and the European Office/Mixed-Use Product Council. He is a dual US and UK national.
Rich Kleinman is Head of LaSalle's U.S. Research and Strategy group and serves as Co-Chief Investment Officer for the Americas. He serves on the Americas Investment Committee and is the lead representative of the Research and Strategy team for several LaSalle funds and separate accounts.
In this capacity he works with the Research and Strategy team in to developing investment strategies for clients, formulating a House View on the real estate market outlook, assessing market conditions associated with specific investment decisions, and monitoring capital market conditions. He helps represent LaSalle’s US market views and research process to clients and consultants.
He has spoken at the Real Estate Research Institute (RERI), Urban Land Institute, and NCREIF Conferences, published in the PREA Quarterly, and contributed to the PWC/ULI Emerging Trends Publication. Mr. Kleinman earned at BA in Economics and American Studies from Williams College and a Masters Degree in Urban Studies from the London School of Economics. He is a past Co-chair of the NCREIF Research Committee and is currently on the NCREIF Board of Directors.
Chris is the Head of Research & Strategy for Canada. He is responsible for developing real estate investment strategy for the Canadian business and provides market analysis for existing and potential new investments. Chris has 22 years of commercial real estate experience in real estate research, consulting, portfolio management and brokerage, and is the author of a number of white papers and reports.
Prior to joining LaSalle, Chris was Manager of Portfolio Analysis & Research at GWL Realty Advisors. Prior to that, he led the industrial market research team at Royal LePage Commercial in Toronto. He also conducted real estate analysis and consulting work at Clayton Research and was a licensed real estate broker with CB Commercial.
Chris earned a Master of Applied Environmental Studies in Economic Development from University of Waterloo and a Bachelor of Applied Arts in Urban and Regional Planning from Ryerson University.
Asia Pacific has come through the pandemic in stronger shape than any other region to date. Uncertainty will remain a dominant theme in 2021, although there are signs of bifurcated economic and real estate market performance in the region, according to the LaSalle Investment Strategy Annual (ISA) 2021.
LaSalle is projecting that the U.S. and Canadian real estate markets will begin to recover in 2021 as market conditions thaw amid the accelerating rollout of COVID-19 vaccines and the associated economic rebound. Increasing clarity is expected throughout the year on real estate pricing and the direction of government policy. However, according to LaSalle’s 2021 Investment Strategy Annual (ISA), uncertainty remains for certain property types including office, retail and lodging as long-term hurdles remain.
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