The first half of 2023 saw the average mortgage rate in the U.S. rise to 7.09%, its highest level in over 20 years, according to Freddie Mac. With steep borrowing costs and low inventory, the U.S. faces its worst point in housing affordability in nearly four decades. How does this compare with residential real estate in Asia? What trends should we expect in both geographies in the short and long term? How have economic shifts since the start of the pandemic shaped the market in 2023? 

As part of ASSC's U.S.-Asia Real Estate Initiative (USAREI), the panel discussion "Transpacific Residential Real Estate Horizon – Insights and Innovative Strategies" offers expert perspectives on investment and management of residential properties in urban areas in the U.S. and Asia. From innovative strategies in real estate investment to the economic factors shaping our communities, the discussion will provide multifaceted viewpoints on the current and future state of residential real estate in America and Asia. The conversation will focus on multifamily residents, value-add strategies, workforce housing opportunities, the rental market, and transportation infrastructure.

In this talk, ASSC invites top experts in the fields of real estate and economics to join its latest USAREI program. The speakers will be Faculty Director of UCLA Anderson Forecast and Adjunct Professor of Economics Jerry Nickelsburg, Founder & CEO of New Standard Equities Edward Ring, and President and Co-Founder of PAG Jon-Paul Toppino, along with Moderator and Executive Director of UCLA Ziman Center for Real Estate Tim Kawahara. Don't miss this opportunity to explore the diverse perspectives and expertise of our speakers as they navigate the ever-evolving world of the residential real estate market.

Schedule:

Tuesday, September 26, 2023
5:00 p.m. Registration & Networking
5:45 p.m. - 6:45 p.m. Program

Speakers:

Jerry Nickelsburg
Faculty Director, UCLA Anderson Forecast; Adjunct Professor of Economics

Jerry Nickelsburg joined the UCLA Anderson School of Management and the UCLA Anderson Forecast in 2006. Since 2017, he has served as faculty director of the Forecast. He earned his Ph.D. in economics from the University of Minnesota, specializing in monetary economics and econometrics.

Nickelsburg plays a key role in the economic modeling and forecasting of the national, California and regional economic forecasts. He researches labor economics, industrial organization, statistics and international monetary economics, focusing on the development of new data and the application of economic theory and statistical methods to sector-specific policy issues. His current research encompasses transportation and environmental economics, and the relationships between highly skilled persons and their demand for social insurance. He has conducted special studies into the future of manufacturing in Los Angeles, the economic impact of the writers’ strike, the undocumented construction and manufacturing labor force, and the garment industry.

Formerly a professor of economics at the University of Southern California, Nickelsburg held executive positions with McDonnell Douglas, FlightSafety International and FlightSafety Boeing during a 15-year span in the aviation business. He developed forecasting tools for the Federal Reserve Board of Governors and has advised banks, investors and financial institutions. From 2000 to 2006, he was the managing principal of Deep Blue Economics, a consulting firm he founded.

Nickelsburg teaches economics in UCLA Anderson’s MBA program, with a focus on business forecasting and international business economics. He travels regularly with students to Asia as professor and advisor in their global immersion courses.

Nickelsburg is cited by the national media, with frequent mentions in the Financial Times, Wall Street Journal, New York Times, Los Angeles Times, and Reuters. He has published more than 100 scholarly and popular articles on economic policy, monetary economics, statistics, labor economics, and industrial organization, and he is the author of two books on monetary economics and exchange rates. 

Edward Ring 
Founder & CEO, New Standard Equities

Edward Ring founded New Standard Equities in 2010 and serves as its Chief Executive Officer. He has ultimate responsibility for NSE’s investment strategy, operations, risk management, and investor relationships. He has over 25 years of real estate and financial consulting experience, with 16 years of dedicated investing and operating experience in the multifamily sector. Under Ring’s leadership, NSE is known as a full-service, vertically integrated organization, and a leading investor of multifamily properties primarily located in the Western U.S. including Seattle, Northern and Southern California, and San Diego.

Prior to forming NSE, Ring was Chief Operating Officer at Kennedy Wilson Multifamily. During his nearly 8-year tenure, he was responsible for the strategic leadership of the firm’s multifamily investment platform, including deal sourcing, business plan development, capital structuring, and asset management. Additionally, he was instrumental in developing relationships with a global base of notable institutional investors. Previously, he was with Evensen Dodge Financial and Investment Advisors, Inc., served as financial advisor to California Governor Gray Davis’ Commission on Building the 21st Century, and managed a portfolio of industrial assets at family-owned MSR, Inc. Ring began his career in television and wrote comedies for NBC, UPN, Saban Entertainment, VH1, and HBO where he earned a Cable ACE nomination for his work on The Larry Sanders Show.

Ring received his Bachelor of Arts degree from the University of California, Berkeley, a Master of Fine Arts degree from New York University, and a Master of Business Administration degree from the Anderson School of Management at the University of California, Los Angeles. He is an active member of the Board of Directors at Center Theatre Group, one of the nation’s largest non-profit regional theaters; he is joining the Board of Trustees for the Children’s Bureau, which is dedicated to preventing child abuse through community outreach, education and mental health services; he serves on the Board of Governors at Cedars Sinai Medical Center in Los Angeles; and he is a member of Mensa and the Writers Guild of America (Emeritus).

Jon-Paul Toppino
President and Co-Founder, PAG

Jon-Paul Toppino is the President, Co-Founder and Member of the Board of PAG. Toppino has over 30 years of experience in real estate and distressed asset investment management and founded PAG’s Real Assets business which was established in 1997. Toppino has been the President and a Director of our Group since April 2011. Prior to joining PAG, Toppino held several senior positions at Secured Capital Corp (USA) and Secured Capital Japan Co., Ltd. (the predecessor of PAG Real Assets) from January 1993 to March 2011, including President and Representative Director.

Toppino received his Bachelor’s degree in Economics from Florida International University in April 1993. Toppino is a member of the Young Presidents Organisation. He is a full member of the Urban Land Institute and serves on the Japan Council.

Moderator:

Tim Kawahara
Executive Director, UCLA Ziman Center for Real Estate

Tim Kawahara is the founding Executive Director of the UCLA Ziman Center for Real Estate, a joint research center of the UCLA Anderson School of Management and the UCLA School of Law. Kawahara is responsible for the day-to-day operations of the Center, including the development, implementation and oversight of the Center's numerous programs and activities. As the Center's founding executive director, Kawahara has guided the Center through a period of immense growth leading to global recognition.

Kawahara serves on several boards, including the Urban Land Institute’s Los Angeles District Council (ULI), were he also serves as chair of the ULI Housing Council; Lambda Alpha International (LAI), an honorary society for the advancement of land economics; and Commercial Real Estate Women (CREW). He has cultivated numerous strategic partnerships with both public and private organizations and institutions. Kawahara serves as an expert resource to the media, and frequently speaks to audiences on a wide range of topics related to real estate and the built environment.

Kawahara is a graduate of UCLA and the Executive Program of the UCLA Anderson School of Management.

Founding Sponsor:

In partnership with: