Financial Services >> Analyst Interviews >> March 23, 2026
Key Takeaway: Stephen Sheldon of William Blair indicates that while residential real estate remains at a transactional bottom, commercial firms like JLL and CBRE have evolved into high-quality, resilient businesses with 50% to 70% recurring profits. He highlights a major pending pickup in capital markets and identifies JLL, FirstService ($FSV), and The Real Brokerage ($REAX) as top picks. While AI poses disruption risks to residential listing distribution for players like Zillow, Sheldon notes that proprietary data keeps commercial brokers essential and that data center growth provides a natural hedge against AI-driven office space reductions. Profile
Stephen Sheldon, CFA, CPA, is a Partner with William Blair & Co., which he joined in September 2011. Mr. Sheldon is a technology Research Analyst focused on the real estate, education, and restaurant/hospitality verticals. In 2018, Institutional Investor named him a Rising Star for the All-America Research Team. Before 2018, Mr. Sheldon spent more than six years as an associate covering companies in the HR technology, information services, and staffing industries. He graduated with a B.S. in accounting and business administration from the University of Kansas and a master’s degree in professional accounting from the University of Texas. Profile
