Capital Markets On the Rise in '14
Continuing the trend and growing at a faster pace than other service sectors in the US, retail and capital markets lead activity as the economy heads down a gradual path to recovery, says newly appointed Jones Lang LaSalle markets CEO John Gates. Exhibit A: JLL's Dallas corporate office grew its capital markets business by six-fold in '13. As the recovery moves along, it is compounding and broadening across the country, as a whole. John says there are multiple positive data points, including what appears to be compromise between political parties to resolve funding issues. (We’re guessing John didn’t play the State of the Union drinking game last night.)
John (with his wife, Dallas City councilwoman Jennifer Gates, who marked their 30th wedding anniversary yesterday) says the Fed isn’t being as active in the economy, which is creating a mixed response. Some are cautious, but others feel the economy is getting healthier. It's infusing a greater confidence in business leaders to make more long-term decisions with capital investments, opening new locations, adding new service lines, as well as hiring. John also says he doesn’t remember another time in his career when boutique firms were as interested in joining larger firms as they are today. He anticipates more industry consolidation. On John’s agenda for his new role: more traveling to meet with the various JLL offices he’ll supervise and spending more time with his first grandson, who was born last fall.