389. Why Smart Capital Is Still Betting on Office with Mike McDonald, JLL Capital Markets

In this special guest episode of The TreppWire Podcast, we sit down with Mike McDonald, Senior Managing Director of JLL Capital Markets, Americas, to unpack the current reality and outlook of the U.S. office real estate market. Mike shares his career journey, from managing boutique firms to co-leading JLL’s national office investment platform, and offers a 25-year perspective on how office real estate has evolved, particularly in the wake of COVID-19. He explains why traditional Class A and Class B labels no longer tell the full story and how JLL’s new tiering system better evaluates office assets based on quality, location, and vintage. Despite the challenges facing the sector, Mike remains bullish on office investment, and he walks through his three core investment strategies. We also highlight opportunity-rich markets such as Dallas and Austin and discuss AI’s impact on the sector. Tune in now.Episode NotesBackground & Start in the Industry (1:18)Office Sector Evolution (3:08)Three Strategies for Investing in the Office Sector (14:36)Market Trends & Cycles: 2023 to Today (23:28)Opportunities in Dallas and Austin (26:54)AI's impact on the Office Sector (36:47)Betting on Office (40:54)Closing Thoughts (45:27)Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp