Spotlight On: Lisa Maki, Principal & Managing Director, Avison Young
September 2025 — In an interview with Invest:, Lisa Maki, principal and managing director at Avison Young, a global real estate advisor, discussed navigating market volatility, saying the past year in Nashville mirrors broader trends. “It’s been a period of transition. Some sectors are showing resilience and growth, while others continue to face headwinds,” Maki said.
What changes over the past year have most impacted Avison Young’s strategy in Nashville, and how are you adapting to those shifts?
Avison Young’s experience over the past year mirrors broader trends across commercial real estate and capital markets. It’s been a period of adjustment with some sectors showing resilience and growth, while others continue to face headwinds. There’s a strong demand for high-quality assets, especially in Nashville, and specialized sectors like data centers are gaining traction. At the same time, there’s growing pressure to address affordability in housing and to explore adaptive reuse solutions. These have become key themes shaping the landscape. This year is shaping up to be one of stabilization and cautious optimism. That’s something I’ve repeated throughout the year, and it seems to align with the sentiment in the investment community. Investors are approaching opportunities with a focus on adaptation and innovation to achieve the returns they’re used to, even amid ongoing challenges. These include persistently high interest rates and evolving tenant preferences, particularly around space usage. Several sectors are poised for growth, especially industrial and multifamily housing. The office market is working to find its footing. Downtown Nashville is performing well, but suburban offices are still trying to define their role in the new environment.
What financing trends are you seeing emerge in the market, especially among developers and value-add investors?
Financing has become more complex due to higher interest rates and limited access to capital. Many investors are hesitant to take on risk, particularly in markets with high supply. The scarcity of funding from traditional banks has made refinancing risk a central issue this year for maturing loans. While the market is facing headwinds, it’s also adapting. Industrial and multifamily sectors continue to perform well, while the office market is in gradual recovery. Sustainability, technology adoption and resilience to extreme weather are increasingly influencing investor decisions. Avison Young tracks each sector closely, helping identify which areas are performing and where improvement is needed. Over the past year, the market has sent mixed signals, but we’re seeing a slow shift toward stability. Interest rates may stabilize, but they’re likely to remain elevated compared to recent years. Because of this, many equity funds are shifting into preferred debt positions, where returns are more attractive than traditional equity investments.
How are you leveraging technology and data to guide decision-making, and what role do you see these tools playing in the future?
Technology, particularly AI, is becoming embedded in every part of real estate. At Avison Young, we’ve been fortunate to invest early in data and market intelligence, and our clients really value that. We produce regular “Data Bites” that explore critical topics, especially around technology and AI, and how they’re helping the industry operate more efficiently. The goal isn’t to replace professionals — it’s to make the work more effective. We’ve also strengthened our market reporting across all sectors, giving clients and investors the tools they need to make smart, informed decisions, market by market.
How would you describe the culture at Avison Young and the leadership philosophy that supports it?
I’ve been with the same team since 2012, and we joined Avison Young in 2015. From day one, the company delivered on everything it promised from a cultural standpoint, which was a major priority for us. What stands out is the accessibility of leadership. I can pick up the phone and call nearly anyone in the company, and they’ll answer. That kind of support is consistent across the board. We have shared services nationwide, so our clients benefit from a full team, not just one adviser, when we’re crafting a solution or a creative marketing or investment strategy. Leaders in the company have done an exceptional job supporting people like me in local markets, making sure we have the tools and resources to elevate our teams. The support enables our professionals to get out there with the right information and do their jobs effectively. It’s a people-first culture, and the company truly lives up to its motto: powered by people.
How do you view Nashville’s long-term growth, and what is needed to sustain it smartly and strategically
Nashville has been incredibly fortunate. For the past decade, we’ve consistently ranked in the Top 10 markets for investment, according to PwC and ULI. We were the first city to make the Top 10 three years in a row, and this past year we were ranked fifth. It’s an opportunity to pause and plan for smart, sustainable growth. As the city expands, we have to focus on infrastructure and preserving our authenticity. I think our local leaders are doing a great job of staying ahead of that. Recently, there was news about The Boring Company potentially building a transit route between the airport and Music City Center. That is the kind of project no one would have imagined years ago.
There is still a long runway for growth. Smart people are making good decisions, and the investment community remains active. The market is beginning to loosen up, and people are ready to move forward. Developments like Oracle and Amazon are still unfolding, and we have not yet seen the full impact of those. We are also watching the East Bank evolve. Bridgestone recently announced an expansion, following the Titans’ major investment across the river. We expect to see continued momentum in those neighborhoods. Nashville is a great city, and there is still so much opportunity ahead.
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