Intelligent Investment
Navigating Change: Lee and Millon on CRE Investment Trends, Opportunities
October 17, 2025 6 Minute Watch
Tommy Lee and James Millon, Co-Heads of CBRE Capital Markets for U.S. and Canada, share perspectives on the evolving capital markets landscape. They discuss opportunities in office and multifamily, particularly in gateway markets, as well as the return of banks to the CRE lending market and a wave of refinancing activity.
Summary
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James Millon
Group President and Co-Head, US & Canada, Capital Markets, Advisory Services
Thomas Lee
Group President and Co-Head, US & Canada, Capital Markets, Advisory Services
- From Investor to Advisor
Tommy discusses his transition from managing a portfolio to advising across a wide range of assets. This shift has provided him with a broader view of capital behavior and market dynamics. - Lenders Maintain Underwriting Standards
Although spreads have compressed, lenders have maintained prudent underwriting standards. - Investment Opportunities
Gateway markets present attractive opportunities, particularly in high-quality office and multifamily. - Banks’ Return Broadens Debt Capital Availability
The return of bank lending has provided needed liquidity amid a wave of refinancing.