Thomas W. Hamilton PhD, MAI, CRE, FRICS

Thomas W. Hamilton PhD, MAI, CRE, FRICS

Executive Vice President

Current responsibilities:

Thomas W. Hamilton, PhD, MAI, CRE, FRICS is Executive Vice President of JLL Value and risk advisory. Previously, Dr. Hamilton was president of Karvel-Hamilton Value and risk advisory Services, where, for 30 years, he conducted valuation and appraisal services for the telecommunication, railroad, and public utility industries as well as for numerous local and state agencies in the valuation of real property.


Dr. Hamilton works nationally out of the Chicago office of JLL VAS on large-scale valuation and litigation assignments. He is currently a certified general real estate appraiser in Wisconsin and several other states. Dr. Hamilton specializes in the economic market analysis of large-scale, complex real estate assignments typically involving litigation or the threat of litigation. His extensive valuation consulting record includes valuation of owned versus possessed real property rights, separating real property and personal property rights in transactions, the economics of real estate market analysis and property marketability, highest and best use analysis, and quantitative valuation methodologies for complex real estate. Prior to joining JLL, served as President and Founding Partner at Karvel-Hamilton, 1992 to 2020, Chicago, Illinois and Minneapolis, Minnesota. He is the Fogelson Distinguished Chair of Real Estate in the Chicago School of Real Estate, Roosevelt University, in Chicago, Illinois. Dr, Hamilton also served as Commercial Real Estate Professor at the Shenehon Center for Real Estate, University of St. Thomas from 2000 to 2014, in Minneapolis, Minnesota. 


  • Doctor of Philosophy in Urban Land Economics | University of Wisconsin-Madison
  • Master of Science in Real Estate | University of Wisconsin-Madison
  • Master of Science in Finance | University of Wyoming
  • Bachelor of Science in Natural Resources | University of Wisconsin-Madison


  • Designated Member (MAI), Appraisal Institute
  • Designated Member (CRE), Counselors of Real Estate
  • Designated Member (FRICS), Royal Institute of Chartered Surveyors
  • Designated Member (CCIM), CCIM Institute
  • Certified Distance Education Instructor (CDEI), IDECC
  • Midwest Chapter of the Counselors of Real Estate, member. Chairperson of the Minnesota Chapter, 2007-2009
  • Certified General Real Estate Appraiser in Wisconsin, Minnesota, Michigan, New Hampshire, New York, North Carolina, and Iowa
  • Leads JLL Value and risk advisory’s real estate econometric and forensic valuation efforts for litigation assignments across the United States.
  • Certified General Real Estate Appraiser with over 30 years’ experience.
  • Nationally recognized expert in complex valuation methods and techniques.
  • Widely published author of real estate valuation issues