Explorez tous les épisodes du podcast CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax
| Titre | Date | Durée | |
|---|---|---|---|
| CRE values inch higher as bigger deals drive Q2 2026 | 27 Aug 2026 | 00:34:33 | |
Omar Eltorai sits down with Mike Amthor, who leads US Performance Evaluation Analytics, and Cole Perry, Associate Director of US Research at Altus Group, to compare the Q2 2026 NCREIF ODCE Index against the Investment and Transactions Quarterly (ITQ) report. Two separate data sets, but a cohesive story: values continue a light upward trend driven by cash flow fundamentals, while transaction dollar volume climbs even as deal count still lags year-over-year. The conversation covers a capital movement from multifamily into industrial, cross-validated strength in storage and medical office, and a caveat on the office recovery narrative. Key moments
Resources mentioned
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| Where is OB3 one year later, and what's next for opportunity zones? | 20 Aug 2026 | 00:39:23 | |
A year after the One Big Beautiful Bill Act passed and with Opportunity Zones now entering a second act, the tax and structuring landscape for CRE has evolved. In this episode of CRE Exchange, Cole Perry and Omar Eltorai sit down with Lisa Knee, Managing Partner of Real Estate Services at EisnerAmper, to unpack what has changed. Lisa shares her knowledge on which OB3 provisions are impacting deals a year later, walks through the mechanics of Opportunity Zones 2.0, including the adjustment to a permanent program with rolling five-year deferrals, and discusses what she’s seeing in fund formation as investors demand more transparency and standardized reporting. Key moments
Resources mentioned
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| Treasuries up, spreads down, and office improving | 13 Aug 2026 | 00:28:23 | |
Treasuries moved up, spreads continued to compress, and office financing costs kept improving; that's the Q2 2026 story in broad strokes, though the drama is in the details. In this episode of CRE Exchange, Cole Perry and Omar Eltorai sit down with Andrew Pabon, Altus Group's Director of Debt Advisory, to break down what the Q2 Debt Capital Markets Survey is showing. SOFR has effectively bottomed while five and ten-year Treasuries moved up 20 to 30 basis points, spread compression continued but fell short of fully offsetting those benchmark moves on fixed-rate products, and deal structuring conversations have fully repriced to a higher-for-longer world. The episode also covers a split signal in CMBS delinquency data, what the private credit stress story might mean for private CRE credit, and why office's improving financing picture comes with an important caveat. Key moments 00:56 Market backdrop 03:08 Q2 survey shift 07:50 Rates and curve moves 11:24 Spread compression 15:26 Property type signals 19:02 Banks and lender mix 22:09 Post survey changes 23:15 Credit stress readthrough 26:15 Survey Invitation Wrap Resources mentioned Andrew Pabon - https://www.linkedin.com/in/andrew-pabon-15a6976/ Debt Capital Market Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/ | |||
| Capital rotation, real assets, and a new era for CRE deals | 30 Jul 2026 | 00:33:50 | |
Capital is rotating, the line between real estate and infrastructure is blurring, and the deals getting done today look different from those of even three years ago. In this episode of CRE Exchange, Omar Eltorai sits down with Tim Bodner, who leads PwC's US and global real estate deals practice, to discuss the firm's 2026 midyear CRE outlook. They cover the real assets convergence thesis, why operational prowess is replacing cap rate compression as the primary value driver, where REIT consolidation goes from here, and how private capital is redefining the dealmaking landscape. Key moments
Resources mentioned Tim Bodner - https://www.linkedin.com/in/timbodner/ Navigating the capital rotation and AI-driven convergence reshaping real estate and real assets dealmaking - https://www.pwc.com/us/en/industries/financial-services/library/asset-wealth-management-real-estate-deals-outlook.html | |||
| Credit conditions, consumer stress, and office finding a bottom | 16 Jul 2026 | 00:44:40 | |
The latest CRE Exchange covers a packed week of data and market. Cole Perry and Omar Eltorai work through the June CPI print, consumer credit pullback, and existing home sales data before digging into the WSJ economist survey and Fed meeting minutes, where the most notable detail is a credit market splitting between large and small borrowers. The episode closes with early Q2 bank earnings from the four largest US banks, including reserve releases on office CRE loans at Bank of America and Wells Fargo that suggest the office credit cycle may be turning, and lender scrutiny around data center financing may be growing. Key moments 01:50 Inflation hedge data 03:13 Patriotic owners trivia 06:57 Consumer credit update 08:56 Housing and CPI prints 12:31 WSJ Economist Survey 22:59 Fed minutes breakdown 29:34 Big bank earnings takeaways 36:23 New segment: CRE Bag O’ Random! 42:38 Upcoming Calendar and Wrap Resources mentioned Consumer Credit — G.19 (May 2026) - https://www.federalreserve.gov/releases/g19/current/default.htm Existing Home Sales — June 2026 - https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-2-4-decrease-in-june Consumer Price Index — June 2026 - https://www.bls.gov/news.release/cpi.nr0.htm WSJ Economist Survey — July 2026 - https://www.wsj.com/articles/economic-forecasting-survey-archive-11617814998 FOMC Meeting Minutes — June 16–17, 2026 - https://www.federalreserve.gov/monetarypolicy/fomcminutes20260617.htm Massachusetts YIGBY Bill — H.5562 - https://malegislature.gov/Bills/194/H5562 | |||
| Midyear CRE recap: Growth, inflation, and the exit bet | 09 Jul 2026 | 00:31:31 | |
The first half of 2026 opened with a soft-landing story and closed with reignited inflation, sub-2% growth, and a hawkish Fed. In this midyear episode of CRE Exchange, Cole Perry and Omar Eltorai work through what did happen: four straight Fed holds, consumer confidence at its lowest in the survey's 70-plus year history, and a frozen housing market. Omar follows with the public markets story, where REITs returned nearly 14%, and REIT M&A is on pace for its most active year in a decade, even as private CRE remained in a gradual recovery mode. The episode closes with original Altus Group research on implied versus realized growth in CRE: when buyers price in growth at acquisition, does that growth actually materialize? And does it protect value? Key moments:
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| Fed shifts, ROAD to Housing Act, and CRE as an inflation hedge | 25 Jun 2026 | 00:35:14 | |
For their 100th episode, Cole Perry and Omar Eltorai cover three topics relevant to the CRE landscape right now. First, a new Fed era: Kevin Warsh's first meeting signaled less transparency, five active policy task forces, and markets now pricing in one to two rate hikes by year's end. Second, the Road to Housing Act has cleared both chambers (but a presidential signing is now in question after Trump canceled the ceremony pending passage of a separate voter ID bill). The episode breaks down what the institutional SFR ban, the build-to-rent provisions, and the supply-side reforms mean for investors if and when it becomes law. Third, Omar shares findings from forthcoming research re-examining whether CRE actually functions as an inflation hedge, and where the data says it does and doesn't hold up. Key moments 01:31 Fed holds and policy shift 07:37 ROAD to Housing Act bill timeline 10:44 What the bill changes 13:19 CRE winners and losers 17:20 Housing data pullback 21:07 Retail sales snapshot 23:34 Is CRE an inflation hedge? 33:31 Where to find our inflation hedge research Resources mentioned ROAD to Housing Act: https://www.banking.senate.gov/imo/media/doc/bill_text_of_the_21st_century_road_to_housing_act.pdf FOMC meeting: https://www.federalreserve.gov/monetarypolicy/fomcminutes20260318.htm | |||
| US CRE pricing hits records as transaction patterns diverge | 11 Jun 2026 | 00:40:19 | |
Commercial real estate just hit an all-time high at $129 per square foot median price, however the pricing records mask stark divergences in property transaction patterns; Multifamily buildings are 23% smaller than 2019 yet selling for record prices. Older stock is outpricing newer product. Deal sizes are hitting all-time highs while building sizes shrink. The team breaks down the Q1 2026 Investment and Transactions Quarterly report to surface these inversions, and why CRE pricing showed surprising resilience through Q1’s macro shocks. Key moments 01:31 What is the US CRE Investment and Transactions Quarterly report? 03:05 National activity trends 04:58 Deal size and property age 07:01 Pricing headlines by sector 12:05 Subtype pricing winners and losers 17:14 Pricing by property vintage 22:09 Building size and deal size records 26:34 Large deal share by sector 32:34 Key surprises and takeaways 35:35 Inflation-adjusted deal analysis 38:57 Where to find the report Resources mentioned US CRE Investment and Transactions Quarterly Report – Q1 2026 - https://www.altusgroup.com/featured-insights/cre-transactions/ | |||
| What the Q1 2026 ODCE and REIT data say about CRE right now | 28 May 2026 | 00:38:16 | |
US commercial real estate started 2026 on steady footing, but the story varies considerably depending on what part of the market you look at. In this episode of CRE Exchange, our hosts are joined by Alex Jaffe and Mike Amthor from Altus Group's Valuation Advisory practice to discuss Q1 2026 ODCE index results alongside REIT earnings themes. The team also takes a look at the residential market inversion between Sun Belt and gateway cities, the SoCal industrial softness that isn't clearing yet, and what fund managers are saying about 2026 and 2027 as a potential entry point for long-term capital deployment. | |||
| A split market: Commercial real estate lending trends from Q1 2026 | 14 May 2026 | 00:32:55 | |
From a 24% quarter-over-quarter rebound in lender quotes to the diverging paths of floating and fixed rate borrowers, the episode offers a data-driven read from Andrew Pabon, Director of Debt Advisory at Altus Group, on where the debt market stands today. Andrew and the CRE Exchange team also dig into the maturity wall, multifamily delinquencies hitting new highs, the lender mix leaning toward debt funds, and what the private credit stress story might mean for private credit in commercial real estate going forward. Key moments https://www.linkedin.com/in/andrew-pabon-15a6976/ https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/ | |||
| CRE workouts, maturity walls, and the art of restructuring | 30 Apr 2026 | 00:47:25 | |
We sit down with returning guest Shlomo Chopp, Managing Partner of Case Equity Partners, for a candid discussion about CRE distress; the causes, the workout process, and what it takes to get to resolution. Shlomo draws on more than two decades of restructuring and advisory experience to explain why fatigued capital is pulling back from existing deals, what the maturity wall actually means for borrowers and lenders in 2026 and 2027, and why good intentions can walk a borrower straight into a recourse situation. The conversation also covers Shlomo’s LinkedIn series The Road to Default, the real job of a workout advisor, and what he thinks the industry consistently gets wrong about distress.
Key moments 01:35 Shlomo’s background and firm 04:57 Why capital is pulling back 09:34 Extensions and operator reality 11:04 Office green shoots 13:58 Hope trades and rate bets 15:09 Maturity wall and data limits 19:57 Liquidity paradox and DPOs 25:54 Debt and fundamentals 27:11 Distress cycle warning 29:00 Bankruptcy and CMBS shift 34:33 Building the workout plan 37:41 Industry pitfalls and accountability 40:03 Road To Default thesis 43:58 Fixes and final takeaways
Resources mentioned Shlomo Chopp – https://www.linkedin.com/in/chopp/ Case Equity Partners – The Road To Default - | |||
| The growing case for real estate secondaries | 16 Apr 2026 | 00:35:24 | |
Most CRE professionals have heard of the secondaries market, but few understand how it actually works, or how active it's become. In this episode of CRE Exchange, host Cole Perry sits down with Chris Muoio, Managing Director of Data and Research at Madison International Realty, to unpack the mechanics of direct real estate secondaries, why liquidity needs are accelerating across property types, and what Madison's proprietary liquidity index is signaling about where the market stands today. Key moments 01:10 Madison and direct secondaries 02:19 What is a secondary deal 04:03 Secondaries market size 06:08 Why secondaries exist 06:59 Misconceptions and control rights 08:17 Cycle tailwinds and sector rotation 10:18 Hot sectors 13:05 Liquidity crunch and fund structures 15:59 Madison Liquidity Index explained 18:00 Latest reading and what’s next 21:27 Deal flow and typical transactions 23:13 GP led secondaries and continuation 24:57 Valuation gaps and NAV discounts 30:34 Future of the secondaries market 32:26 Global differences US vs Europe Resources mentioned | |||
| Hot inflation, soft growth, and a CRE market caught in the middle | 26 Mar 2026 | 00:29:17 | |
Cole Perry and Omar Eltorai dig into the latest macro data and benchmark today's landscape against some uncomfortable historical parallels. Drawing on three major economist surveys covering more than 100 forecasters, they also map out where there's consensus, where there's divergence, and what it all means for CRE performance and capital markets. Key moments: 00:48 Stat of the day: Commercial real estate pricing through the 1970s 02:29 70’s déjà vu 06:31 Hot PPI inflation 08:40 Fed holds rates 13:33 Housing sales slide 16:21 Wholesale inventories 18:56 Economist surveys outlook 26:19 Upcoming data and events 27:02 Catch us at the ARES conference Resources mentioned: Producer Price Index – February 2026 - https://www.bls.gov/news.release/archives/ppi_03182026.htm FOMC Rate Decision – March 18, 2026 - https://www.federalreserve.gov/newsevents/pressreleases/monetary20260318a.htm FOMC Summary of Economic Projections – March 18, 2026 - https://www.federalreserve.gov/monetarypolicy/fomcpresconf20260318.htm New Residential Sales – January 2026 -https://www.census.gov/construction/nrs/current/index.html Advance Economic Indicators (Wholesale Inventories) – January 2026 - https://www.census.gov/wholesale/ Survey of Professional Forecasters – Q1 2026 - https://www.philadelphiafed.org/surveys-and-data/real-time-data-research/spf-q1-2026 Wall Street Journal Economic Forecasting Survey - https://www.wsj.com/articles/economic-forecasting-survey-archive-11617814998 | |||
| The 70s are calling, are the CRE markets listening? | 12 Mar 2026 | 00:36:50 | |
Note: This episode was recorded prior to recent developments in the Middle East and the associated impact on global energy markets. Some macroeconomic context discussed in this episode reflects conditions at the time of recording.
Lenders are re-engaging, origination activity is picking up, and the market is beginning to find its footing around the wall of maturities, but rising operating expenses are outpacing rent growth in select segments, and a new set of macro uncertainties is changing the capital markets math for CRE. In this episode, we’re joined by Brian Bailey, Senior Managing Director and Head of Research at Trimont, to examine CRE debt market conditions, sector-level operating trends, and the risks the industry may be underestimating heading into 2026. Brian draws on 14 years as the Federal Reserve System's CRE subject matter expert and Trimont's $700B loan servicing portfolio to share what the data is revealing about credit conditions, expense pressures, and lender behavior across the market.
Key moments 01:29 - Brian’s career journey 07:00 - From Fed to Trimont 09:09 - Office lending sentiment 11:55 - Trimont data advantage 14:11 - Stagflation and expenses 18:20 - Capital markets inflection 22:03 - Wall of maturities 25:54 - Non-bank lending risks 29:52 - 2026 themes by sector 32:37 - Underappreciated 2026 risks 34:36 - An industry wish for transparency
Resources mentioned Brian Bailey - https://www.linkedin.com/in/brian-bailey-1a73888/ Trimont - https://trimont.com/ | |||
| 560 billion reasons the US CRE market is finding its footing | 26 Feb 2026 | 00:52:01 | |
The CRE transaction market posted its first annual property count increase since 2021, industrial dollar volume surged 54%, and office may finally be finding a floor. In this episode of CRE Exchange, hosts Omar Eltorai and Cole Perry break down Q4 and full-year 2025 transaction data, pricing trends across major sectors and MSAs, and what the numbers say about where the market is heading. Featuring a special conversation with Phil Tily, Alex Jaffe, and Mike Amthor from Altus Group's advisory practice on valuation and performance trends across the ODCE Index.
Key moments 01:28 Key stat of the day and macro backdrop 05:50 Q4 and full year transactions 09:12 Velocity and pricing trends 12:36 Subsector and deal size comparisons 14:13 Geographic winners and losers 19:15 Biggest surprises in 2025 21:48 Sector shockers: retail, industrial, office 27:21 ODCE data and Q4 returns 31:46 Apartments trends and outlook 35:20 Industrial markets and SoCal repricing 40:56 Office stabilization and green Shoots 46:58 Retail resilience and mark-to-market
Resources mentioned Phil Tily: https://www.linkedin.com/in/phil-tily-7b9a9027/ Mike Amthor: https://www.linkedin.com/in/michael-amthor-40865154/ Alex Jaffe: https://www.linkedin.com/in/alexander-jaffe-mai-31425123/ Q4 2025 US CRE Investment and Transactions quarterly report: https://www.altusgroup.com/featured-insights/cre-transactions/ Altus' Q4 valuation and performance trends analysis of the NCREIF ODCE Index: https://www.altusgroup.com/webinars/ncreif-odce-index-quarterly-analysis/#featured Email us: altusresearch@altusgroup.com | |||
| What the latest lending data tells us about CRE financing | 12 Feb 2026 | 00:49:58 | |
Bank lending standards are easing, CRE financing competition is rising, and even office is seeing selective reengagement. In this episode, our hosts, Omar Eltorai and Cole Perry, share and discuss the latest SLOOS data, earnings insights from major banks and asset managers, county-level GDP data, consumer sentiment, and small business optimism. Featuring a special conversation with Andrew Pabon, Director of Debt Advisory at Altus Group, on the latest trends from Altus Group’s Debt Capital Market Survey. Key moments 01:47 Stat of the Day: Multifamily property age 03:09 Senior Loan Officer Opinion Survey insights 07:48 ADP employment data analysis 10:07 County-level GDP data breakdown 16:19 Consumer and business sentiment reports 20:58 Earnings season highlights 27:55 CRE Debt Capital Market Survey results with Andrew Pabon 47:02 Upcoming Data Releases and Announcements Resources mentioned Reonomy: https://www.altusgroup.com/solutions/reonomy/ Senior Loan Officer Opinion Survey: https://www.federalreserve.gov/data/sloos/sloos-202601.htm ADP Employment Report: https://adpemploymentreport.com BEA County-Level GDP & Personal Income: https://www.bea.gov/news/2026/gross-domestic-product-county-and-personal-income-county-2024 University of Michigan Consumer Sentiment: https://www.sca.isr.umich.edu/ NFIB Small Business Optimism Index: https://www.nfib.com/news/press-release/new-nfib-survey-small-business-optimism-remains-above-52-year-average/ Altus Debt Capital Market Survey: https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/ Altus Connect: https://www.altusgroup.com/connect/ | |||
| Why 2026 could be a surprisingly strong year for CRE credit | 29 Jan 2026 | 00:29:16 | |
What does the CRE credit landscape really look like heading into 2026? Cole Perry is joined by Andy Boettcher, Head of Research at Trepp, to pull back the curtain on bank lending behavior, refinancing risk, extensions, and why fears around the “maturity wall” may be overstated. Drawing on decades of experience from the Federal Reserve to today’s lending data, Andy offers a seasoned, data-driven outlook on where CRE credit is stabilizing, and where it’s still sorting itself out.
Key Moments: 01:53 Andy’s Background and career journey 07:06 From the Fed to Trepp 09:53 Macro and CRE market analysis 16:34 Bank lending vs. CMBS market 25:53 2026 forecast and predictions 27:45 Final thoughts and industry wishes
Resources Mentioned: Andy Boettcher - https://www.linkedin.com/in/aboettcher/ Trepp - https://www.trepp.com/ Federal Reserve H.8 Report – Weekly Assets and Liabilities of Commercial Banks - https://www.federalreserve.gov/releases/h8/current/default.htm Federal Reserve Z.1 Financial Accounts of the United States - https://www.federalreserve.gov/releases/z1/ Atlanta Fed GDPNow - https://www.atlantafed.org/cqer/research/gdpnow New York Fed Staff Nowcast - https://www.newyorkfed.org/research/policy/nowcast What CREFC Miami revealed about CRE debt markets in 2026 - https://www.altusgroup.com/insights/what-crefc-miami-revealed-about-cre-debt-markets-in-2026 Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Data and policy shaping the early 2026 CRE market | 15 Jan 2026 | 00:30:48 | |
We examine the economic data and policy developments setting the tone for the US commercial real estate market in early 2026. Discussing what recent labor reports, GDP estimates, and financing trends suggest about growth, risk, and capital markets conditions heading into the year. The conversation also turns to housing policy, including new local initiatives and national proposals, and how these policy signals could influence supply, affordability, and investment strategy across CRE sectors.
Key Moments: 00:58 Key statistics and market trends 03:26 Economic data and labor market insights 07:56 GDP and service sector analysis 12:18 Housing market update 15:13 Consumer data and AI impact 19:03 Housing policy and national proposals 27:34 Upcoming events and announcements
Resources Mentioned: Debt Capital Market Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/ Altus Connect Conference - https://events.altusgroup.com/event/altus-connect-2026/summary Job Openings and Labor Turnover Survey (JOLTS) - https://www.bls.gov/jlt/ ADP National Employment Report - https://adpemploymentreport.com/ BLS Employment Situation / December Jobs Report - https://www.bls.gov/news.release/empsit.htm Atlanta Fed GDPNow Estimate - https://www.atlantafed.org/cqer/research/gdpnow S&P Global US Services PMI - https://www.pmi.spglobal.com/ ISM Services PMI - https://www.ismworld.org/supply-management-news-and-reports/reports/ism-reports/ Consumer Credit (G19) - https://www.federalreserve.gov/releases/g19/current/ University of Michigan Consumer Sentiment Index - https://data.sca.isr.umich.edu/ Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Multifamily myth busting, data, and what actually matters | 18 Dec 2025 | 00:44:11 | |
The biggest risk in multifamily right now isn’t oversupply, it’s misunderstanding the data. Jay Parsons joins CRE Exchange to discuss where public housing datasets fall short, why headline narratives around supply, rents, and defaults spread so quickly, and how investors should interpret conflicting signals as the market moves into its next phase.
Key moments 01:09 Jay Parsons' background and career 02:26 Evolving perspectives in rental housing 05:17 Supply and demand dynamics in multifamily housing 08:40 Demographic trends and housing preferences 11:36 Cost pressures and operational challenges 15:09 Interest rates and multifamily market impact 20:22 Affordability and nuances in rental housing 23:27 Historical context of housing affordability 25:00 Potential solutions to housing affordability 26:14 The role of GSEs in the housing market 28:51 Public vs. private data in housing 37:00 Misconceptions and myths in housing 40:50 Challenges in data collection and market segments
Resources mentioned Jay Parsons: https://jayparsons.com/ The Rent Roll: https://podcasts.apple.com/us/podcast/the-rent-roll-with-jay-parsons/id1770512765 Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| What's driving demand for alternative CRE sectors in 2026 | 11 Dec 2025 | 00:41:03 | |
Newmark’s President of Capital Markets, North America, Chad Lavender, breaks down the sector-by-sector changes that are redefining today’s capital markets. From the surge in data center demand to senior housing’s NOI outperformance and the resurgence of banks in lending, Chad share a well-defined read on where CRE capital is actually flowing, and why it matters heading into 2026.
Key Moments: 01:34 Chad Lavender's career journey 05:08 Overview of Newmark Capital Markets 07:35 Current trends in US CRE capital markets 16:40 Deep dive into alternative sectors 20:26 Healthcare and senior housing insights 25:19 Data centers and life sciences 31:39 Medical office, SFR, and BTR 36:35 Alternatives on the move and market structures
Resources Mentioned: Chad Lavender: https://www.linkedin.com/in/chad-lavender-03551bb/ Newmark: https://www.nmrk.com/services/investor-solutions/capital-markets Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| The CRE picture sharpens as delayed government data lands | 04 Dec 2025 | 00:30:22 | |
The latest wave of delayed government data is finally in, and it’s helping the CRE community reestablish a clearer view of the economy heading into 2026. Join Omar and Cole as they interpret new banking, retail, PPI, and sentiment indicators, translating them into implications for capital availability, demand, and development pipelines.
Key Moments: 01:12 Quarterly Banking Profile insights 05:49 Commercial real estate lending trends 10:36 Retail sales and economic indicators 13:02 Producer Price Index analysis 15:07 Federal Reserve's Beige Book highlights 22:42 Consumer Confidence and GDP Nowcast 28:11 Upcoming data releases and final thoughts
Resources Mentioned: FDIC Quarterly Banking Profile - https://www.fdic.gov/quarterly-banking-profile US Bureau of Labor and Statistics Producer Price Index - https://www.bls.gov/pPI/ US Census Bureau Advance Retail Trade Report - https://www.census.gov/retail/sales.html Federal Reserve Beige Book - https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm The Conference Board US Consumer Confidence Index - https://www.conference-board.org/topics/consumer-confidence/index.cfm GDP Now - https://www.atlantafed.org/cqer/research/gdpnow US Commercial Real Estate Transaction Analysis – Q3 2025 - https://www.altusgroup.com/insights/us-commercial-real-estate-transaction-analysis-q3-2025 Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property
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| Q3 surprise: Confirmations of a CRE turnaround? | 20 Nov 2025 | 00:36:14 | |
Our hosts, Omar Eltorai and Cole Perry, unpack an unexpectedly strong Q3 2025, one that defied seasonal norms and signaled potential momentum building across US commercial real estate. They break down what drove transaction growth, why large deals may have returned, and how pricing trends varied across sectors and major metros. Tune into this data-rich recap for valuable context heading into year-end. Key Moments: 00:50 Overview of Q3 2025 and market environment 01:28 Macroeconomic trends and Federal Reserve actions 04:44 Credit and equity market performance 09:13 US CRE investment and transaction market in Q3 11:54 Detailed analysis of CRE pricing and pacing trends 20:20 Geographic differences in CRE market performance 25:46 Surprising trends and insights from Q3 data Resources Mentioned: Q3 2025 US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/ Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Q3 CRE earnings: Trends across lenders, REITs and brokers | 13 Nov 2025 | 00:44:51 | |
Every quarter, we dig into dozens of CRE earnings calls, tuning in, reading the releases, and looking for what really stands out. This time, we’re taking a different approach. Instead of focusing on individual companies, we’re pulling out the biggest themes across lenders, REITs, and brokers, from credit thawing to where capital is flowing next in 2026. Key Moments: 01:51 Lenders' insights and trends 06:41 Retail REIT earnings highlights 11:51 Office sector analysis 18:18 Industrial sector developments 26:30 Multifamily sector review 31:15 Brokerages and asset managers outlook 41:13 Overarching takeaways Resources Mentioned: Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Never bet against New York City: Bob Knakal talks markets, policy, and opportunity | 30 Oct 2025 | 00:44:33 | |
Legendary New York broker Bob Knakal shares lessons from more than four decades shaping the city’s investment landscape. He discusses the founding of Massey Knakal, the power of specialization, and how zoning and policy continue to define opportunity. Knakal also explains why he’s integrating AI and data analysis into his brokerage, and why, despite political headwinds, he still believes you should never bet against New York.
Key Moments: 01:01 Meet Bob Knakal 03:24 The early days of Massey Knakal 04:50 Lessons learned and keys to success 08:14 The importance of market expertise 11:26 Founding BK Real Estate Advisors 13:14 Specialization and market changes 17:37 AI and technology in real estate 24:15 The unique challenges of the New York market 26:20 Current market cycles and trends 29:57 Impact of political changes on housing 32:42 Proposed solutions for housing issues 38:35 Future of New York real estate
Resources Mentioned: Bob Knakal - https://www.linkedin.com/in/bobknakal/ BKREA - https://www.bkrea.com/ 485-x Program - https://www.nyc.gov/site/hpd/services-and-information/tax-incentives-485-x.page Major Capital Improvement program - https://www.nyc.gov/site/finance/property/landlords-mci.page Individual Apartment Improvement program - https://hcr.ny.gov/apartment-iai-and-building-mci-improvements Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Hello uncertainty, my old friend, we're back to cautious optimism again | 23 Oct 2025 | 00:45:35 | |
What if the economy could sing? The CRE Exchange team explores what the Fed’s Beige Book, homebuilder sentiment, and recent banking data reveal about the broader economy, and how those trends ripple through commercial real estate. Our hosts, Omar Eltorai and Cole Perry, then turn to Peter Norman, Altus Group’s VP and Economic Strategist, for a deep dive into Canadian economic and CRE trends.
Key Moments:
Resources Mentioned: Peter Norman – https://www.linkedin.com/in/peter-norman-20637043/ 2025 Canada State of the Market webinar – https://www.altusgroup.com/webinars/canada-state-of-the-market/ Federal Reserve Beige Book - https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm NAHB/Wells Fargo Housing Market Index - https://www.nahb.org/news-and-economics/housing-economics/indices/housing-market-index ISM Manufacturing PMI - https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/pmi/september/ Philadelphia Fed Large Bank Credit Card and Mortgage Data - https://www.philadelphiafed.org/surveys-and-data/large-bank-credit-card-and-mortgage-data Philadelphia Fed Manufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regionaleconomy/manufacturing/business-outlook-survey Philadelphia Fed Nonmanufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regionaleconomy/nonmanufacturing/business-outlook-survey Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Tracking the economy and CRE through a government data blackout | 16 Oct 2025 | 00:43:19 | |
Even with the federal data slowdown, there are still alternative indicators that give us a view into what’s happening in the US economy and commercial real estate. In this episode, our hosts, Omar Eltorai and Cole Perry, lean on data from private providers and trade organizations to uncover what’s happening across consumers, small businesses, labor, and financial markets and what it all means for CRE. They’re joined by Andrew Pabon from Altus Group’s Valuation Advisory team to share insights on the CRE debt space.
Key Moments: 01:31 Labor market indicators 05:35 Consumer data insights 13:21 Financial market conditions and business data 17:01 Small business economic trends 20:51 CRE credit trends and debt market insights 28:41 Interview with Andrew Pabon on the US CRE debt landscape 41:24 Upcoming economic data releases
Resources Mentioned: Andrew Pabon - https://www.linkedin.com/in/andrew-pabon-15a6976/ Altus Group CRE Debt Capital Markets Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/ Alternative version of Kansas City Fed’s Labor Market Conditions Indicators (LMCI) - https://www.kansascityfed.org/research/economic-bulletin/an-alternative-version-of-the-kc-fed-lmci-suggests-little-change-in-the-labor-market-in-september/ University of Michigan Consumer Sentiment Index - https://www.sca.isr.umich.edu/ Federal Reserve G.19 Consumer Credit Report - https://www.federalreserve.gov/Releases/g19/current/ New York Fed Survey of Consumer Expectations - https://www.newyorkfed.org/microeconomics/sce#/ Chicago Fed's National Financial Conditions Index - https://www.chicagofed.org/research/data/nfci/current-data NFIB Small Business Economic Trends report - https://www.nfib-sbet.org/MainPage.html Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Why “hometown” markets are delivering real returns in retail | 09 Oct 2025 | 00:50:45 | |
Retail’s comeback isn’t new news, but its investment potential is still underestimated. In this episode, RockStep Capital’s President, Andy Weiner, joins Omar Eltorai and Cole Perry to shed light on why the most rational capital in CRE is rotating toward shopping centers and “hometown” markets. From positive leverage dynamics to the structural limits on new supply, Andy explains how disciplined operators are capturing double-digit yields while strengthening the communities they invest in. For investors, developers, and lenders, it’s a revealing look at where the next durable returns may come from.
Key Moments: 01:34 Meet Andy Wiener of Rock Step Capital 03:38 The birth of Rock Step Capital 05:21 Retail strategy and store metrics 07:29 Improving communities through retail 10:39 The Rock Steps: Company culture and values 16:51 Evolution of Rock Step Capital 20:52 Hometown focus and investment strategy 22:21 Community involvement and local partnerships 24:55 Investment strategies and fund structure 27:00 Retail Renaissance and e-commerce integration 30:24 Supply and demand dynamics in retail 41:38 Public-private partnerships and redevelopment 45:37 Exit strategies and market insights 46:44 Chick-fil-A fandom and personal insights
Resources Mentioned: Andy Weiner - https://www.linkedin.com/in/andy-weiner/ RockStep Capital - https://rockstep.com/ The RockStep way - https://rockstep.com/company/rockstep-way Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| From jobs to housing to the human edge in CRE | 02 Oct 2025 | 00:42:37 | |
From a 20.5% surge in new home sales and persistent affordability challenges in the existing market, to rising inflation, consumer sentiment drops, and labor market paradoxes, our hosts Omar Eltorai and Cole Perry explore how these factors are influencing CRE demand and investment strategy. Also, special guest Dan Kudrik, Senior Director at Altus, adds his perspective on the human edge in real estate, and highlights how valuation, residual values, and transparency are evolving in the US market. Key moments
Resources mentioned
Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| From outdated to advanced: The rise of modern industrial development | 25 Sep 2025 | 00:36:37 | |
Industrial real estate is transforming, and fast. Aasif Bade, founder and CEO of Ambrose, shares his journey, his firm’s conviction for modern warehouses, and why staying ahead of technology and global supply chain shifts is crucial. From outdated infrastructure to AI-driven innovation, Bade highlights what investors and developers need to know to navigate the industrial sector’s next chapter. Key Moments: 01:21 Guest introduction: Aasif Bade 01:54 Founding Ambrose: A journey 04:53 People-first philosophy 05:49 Ambrose's core investment strategy 07:55 Pivot to industrial focus 10:39 Fundraising and investor insights 15:35 Current industrial market trends and challenges 29:24 Technological advancements in warehousing 32:25 Future trends and reshoring Resources Mentioned: Ambrose: https://ambrosepg.com/ Aasif Bade: https://www.linkedin.com/in/aasif-bade-a3b1851a4/ Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Inflation pressures, labor gaps, and CRE market signals | 18 Sep 2025 | 00:23:09 | |
Inflation is running above the Fed’s 2% target, labor quality remains a top concern for small businesses, and consumer credit growth is sending mixed signals. Together, these forces are framing the near-term outlook for CRE, from leasing demand to borrowing costs. In this episode, Omar and Cole analyze the NFIB small business survey, break down the latest CPI and PPI readings, and examine consumer credit data alongside sentiment trends to provide a clearer picture of the current market signals. Key Moments: 01:23 NFIB Small Business Optimism Index recap 04:22 Inflation data: PPI and CPI insights 07:35 Consumer Credit and sentiment analysis 13:45 Upcoming Fed decision and market expectations 18:19 Conference highlights and networking 20:49 Upcoming events and data releases
Resources Mentioned: NFIB Small Business Optimism Index: https://www.nfib.com/news/monthly_report/sbet/ Product Price Index: https://www.bls.gov/pPI/ Consumer Price Index: https://www.bls.gov/cpi/ Consumer credit – G.19 report: https://www.federalreserve.gov/Releases/g19/current/ Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Cooling jobs, rising costs, and where CRE sectors are still winning | 11 Sep 2025 | 00:22:59 | |
The Beige Book signals an economy under pressure, with slowing growth, rising costs, and cooling labor markets weighing on CRE. In this episode of CRE Exchange, Cole Perry and Omar Eltorai break down where challenges are mounting and where opportunities remain. They spotlight resilient sectors like data centers, industrial, and high-quality office, alongside the surprising momentum of unanchored strip centers. The discussion closes with a look at key upcoming economic data and what it could mean for investment strategies. Key Moments: 01:14 Federal Reserve Beige Book insights 07:40 Labor market data analysis 11:19 Employment Situation Report breakdown 16:20 Deep dive into strip center data 20:30 Upcoming conferences and data releases Resources Mentioned: Beige Book: https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm Job Openings and Labor Turnover (JOLTS): https://www.bls.gov/jlt/ ADP National Employment Report: https://mediacenter.adp.com/2025-09-04-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-54,000-Jobs-in-August-Annual-Pay-was-Up-4-4 Employment Situation Report: https://www.bls.gov/news.release/empsit.nr0.htm Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Bank resilience, consumer pessimism, multifamily momentum & more | 04 Sep 2025 | 00:30:11 | |
The latest FDIC banking profile shows resilience in CRE lending even as past-due rates improve, but consumer confidence is slipping, with inflation and job concerns weighing heavily on sentiment. At the same time, multifamily continues to absorb demand while single-family sales stall under high mortgage rates. In this episode of CRE Exchange, we connect these dots alongside fresh GDP revisions, construction spending shifts, and private market price trends. Tune in to uncover what these signals mean for CRE financing, sector strategies, and where opportunities may emerge next.
Key Moments: 01:13 FDIC Quarterly Banking Profile insights 05:28 Consumer confidence and sentiment analysis 08:35 Personal income and spending trends 11:30 New home sales and housing market update 13:55 GDP growth and economic indicators 16:34 Construction spending and sector analysis 19:54 Capital markets and investment trends 24:28 Non-listed CRE space and pricing trends 28:03 Upcoming events and announcements Resources Mentioned: FDIC Quarterly Banking Profile: https://www.fdic.gov/quarterly-banking-profile/quarterly-banking-profile-q2-2025 SLOOS: https://www.federalreserve.gov/data/sloos.htm Q2 2025 US CRE Investment and Transaction Quarterly report
Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| US commercial real estate transaction trends – Q2 2025 | 28 Aug 2025 | 00:11:37 | |
We share insights from Altus Group’s Q2 2025 Investment and Transactions Quarterly report. From multifamily’s continued strength to industrial’s surprising slowdown, we explore the quarterly and annual changes in investment volume, pricing, and deal trends impacting CRE today. Tune in for data-backed takeaways to help you navigate your investment strategy across major markets and sectors.
Key Moments: 00:52 Overview of Q2 2025 Investments and Transactions Report 01:47 Investment Volume Highlights 03:11 Pricing Trends Analysis 04:44 Geographical Performance Insights 06:12 Property Sector Trends 07:51 Key Takeaways and Conclusions
Resources Mentioned: Q2 2025 US CRE Investment and Transaction Quarterly report
Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| CRE’s mid-year earnings themes: Market insights across sectors and players | 14 Aug 2025 | 00:40:06 | |
We’re deep into the Q2 2025 earnings season, and with most calls now behind us, it’s time to zoom out. In this episode, we recap key themes from REITs and explore takeaways from other players in CRE, including capital allocators, brokerages, and development firms. It’s a sector-spanning look at the market trends, investment signals, and opportunities influencing the second half of 2025.
Key Moments: 00:49 Q2 2025 earnings releases and general themes 01:31 Capital allocators: Banks vs. non-banks 08:37 Sector-specific insights: Retail, office, industrial, and multifamily 16:28 Niche sectors: Data centers, healthcare, hospitality, and self-storage 25:09 Brokerages and their holistic market views 28:32 Cross-sectional themes: Tariffs, build vs. buy, and consumer health 36:21 Overall sentiment and outlook for commercial real estate 38:06 Conclusion and upcoming reports Resources Mentioned: Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Q2 REIT earnings: What we’re seeing across industrial, retail, office, and multifamily | 07 Aug 2025 | 00:48:55 | |
With Q2 earnings season at its midpoint, this episode offers a snapshot of how select REITs across industrial, office, residential, and retail sectors are performing and positioning. Hosts Omar Eltorai and Cole Perry highlight key takeaways from recent calls and early reporting trends. Stay tuned for our wrap-up episode once earnings season concludes, we’ll cover overarching themes across both property types and sector players.
Key Moments: 01:40 Industrial REIT highlights 14:25 Office REIT highlights 27:46 Multifamily REIT highlights 38:06 Retail REIT highlights 47:19 Next week's episode preview
Resources Mentioned: Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Proptech at a crossroads: Data, M&A, and the quest for vertical integration | 31 Jul 2025 | 00:37:24 | |
Proptech is evolving, albeit at different speeds across sectors. KBW’s Ryan Tomasello joins our hosts, Omar Eltorai and Cole Perry, to explore how data access, market consolidation, and the drive toward vertical integration are shaping both residential and commercial real estate technology stacks. From digital mortgage platforms and MLS disruption to CRE’s fragmented data landscape, get an informed view at where real estate technology stands today, and where it’s headed.
Key Moments: 01:30 Overview of KBW and market perception 04:00 Trends in real estate technology 06:50 Mergers, acquisitions, and funding trends 08:45 Macro trends affecting real estate tech 17:29 Commercial real estate technology 25:28 The future of MLS and residential real estate 30:26 The rise and fall of iBuying
Resources Mentioned: Ryan Tomasello: https://www.linkedin.com/in/ryantomasello/ KBW: https://www.kbw.com/ Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Inside the CRE securitization market: Trends, risks, and optimism ahead | 24 Jul 2025 | 00:24:50 | |
Despite elevated distress levels and refinancing risks, investor appetite for CMBS and CRE-CLOs remained strong through the first half of 2025. Andrew Foster, Senior Director of Business Development at KBRA, talks to us about what’s happening in the US CRE securitization market, and covers a wide range of topics from CMBS issuance trends to sector performance and the rise of private credit. For lenders and borrowers navigating today’s capital markets, Andrew offers practical insights into what’s changing, why it matters, and how to prepare for the quarters ahead.
Key Moments: 02:02 Understanding KBRA and Andrew's role 03:45 Current market trends and issuance 06:40 Investor appetite and market dynamics 08:41 Private capital and non-bank lending 10:52 Regulatory and policy changes 15:07 Future outlook and optimism in CRE finance 17:42 Data centers and AI in CRE financing 21:11 The importance of CMBS 22:31 Diversity in CRE leadership 23:23 Closing remarks and follow-up
Resources Mentioned: Andrew Foster: https://www.linkedin.com/in/andrew-foster-cmbs/ KBRA: https://www.kbra.com/ Real Estate Issues: https://cre.org/real-estate-issues/ Email us: altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property
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| Beyond gut feel: The power of data analytics in modern CRE investing | 17 Jul 2025 | 00:46:36 | |
Ryan Severino, Chief Economist and Head of Research at BGO, discusses how data science is transforming commercial real estate investing. From outperforming rent growth projections in Las Vegas to forecasting macroeconomic shifts with machine learning, Severino takes us through the power and challenges of blending traditional insights with modern analytics. This is a must-listen for CRE professionals navigating today’s increasingly data-driven landscape.
Key Moments: 01:17 Ryan Severino's team and economic modeling 02:08 Data science in real estate forecasting 03:12 Impact of research on investment decisions 06:55 Challenges in aligning research with investments 08:55 Ryan's curiosity and approach to research 12:36 Current macroeconomic environment 17:08 CRE market predictions for 2025 20:52 Augmented base case model for US Economy 26:25 State of CRE markets 36:00 Teaching and mentoring the next generation
Resources Mentioned: Ryan Severino: https://www.linkedin.com/in/ryan-severino-cfa-4409022/ The Chief Economist newsletter: https://www.linkedin.com/newsletters/the-chief-economist-7100087057724702720/ Email us: altusresearch@altusgroup.com
Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Just how liquid is commercial real estate? | 10 Jul 2025 | 00:47:48 | |
Dr. Philip English from Temple University joins us to discuss our upcoming research paper on CRE liquidity, how liquidity shapes investment decisions, why traditional market measures may fall short, and what new research reveals about true liquidity. From transaction-based indices to the evolution of market structures, this discussion sheds light on the complexities and opportunities facing investors and lenders when it comes to the liquidity of commercial real estate.
Key Moments: 00:50 Meet Dr. Philip English 04:29 Exploring CRE market liquidity 08:35 Key findings and insights 10:25 The importance of liquidity in CRE 12:28 Current market conditions and trends 14:12 The role of data in CRE research 22:03 Practical applications for investors 24:33 Evaluating portfolio manager performance 27:20 Understanding the research frontier 32:06 Liquidity and market investability 36:25 Future of CRE research and market structure 45:38 Challenges and opportunities in CRE data
Resources Mentioned: Email us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| CRE’s mid-year market pulse: Rates, risks, and real assets | 26 Jun 2025 | 00:33:31 | |
We share the key macroeconomic signals and policy decisions affecting commercial real estate as we move into the second half of 2025. From declining retail sales and builder sentiment to insights from the latest FOMC meeting, we explore how economic headwinds are influencing CRE strategy, pricing gaps, and transaction volume.
Tune in for analysis on capital access, operational priorities, the evolving definition of real assets, and takeaways from the recent CREFC Annual Conference.
Key Moments: 01:16 Economic indicators: Retail sales 05:02 Economic indicators: Housing data 10:26 FOMC meeting highlights 14:26 Summary of Economic Projections 15:15 Major themes: Higher for longer 16:20 Major themes: Price vs. value 17:23 Major themes: Operations and cash flow 18:38 Major themes: Lumpy transactions 20:59 Major themes: Real asset merge 24:23 CREFC Annual Conference Insights 31:12 Upcoming Episodes and Data Releases
Resources Mentioned: Advance retail sales: https://www.census.gov/retail/sales.html NAHB Housing Market Index: https://www.nahb.org/News-and-Economics/Housing-Economics/Indices/Housing-Market-Index FOMC Summary of Economic Projections: https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20250618.htm CREFC Annual Conference 2025 – Key takeaways: https://www.altusgroup.com/insights/crefc-annual-conference-2025-key-takeaways/ Email us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| From uncertainty to stability: How CRE is adapting to the latest mix of volatility | 19 Jun 2025 | 00:42:35 | |
PwC’s Tim Bodner joins us to explore how commercial real estate firms are navigating today’s volatility and laying the groundwork for a long-term recovery. We discuss the move toward strategic consolidation, the rise of real assets as a unified investment class, and the technologies driving change in operations and asset selection. Tune in for an expert perspective on strategy, adaptability, and emerging opportunities in a new era of complexity.
Key Moments: 01:01 Tim Bodner's career 02:52 Industry involvement and roles 05:02 PwC's global real estate practice 09:50 Findings from PwC’s US Deals 2025 Midyear Outlook 20:43 Strategic consolidation in real estate 26:40 Office to residential conversions 30:05 Policy changes and their impact 33:27 Future Outlook and Technology Adoption
Resources Mentioned: The Real Estate Roundtable: https://www.rer.org/ Real estate: US deals 2025 midyear outlook: https://www.pwc.com/us/en/industries/financial-services/library/asset-wealth-management-real-estate-deals-outlook.html Emerging trends in real estate® 2025: https://www.pwc.com/us/en/industries/financial-services/asset-wealth-management/real-estate/emerging-trends-in-real-estate.html Email us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| REIT results recap – Q1 2025 | 12 Jun 2025 | 00:59:17 | |
Every quarter we take a close look at a sample of REIT earnings calls across key property sectors, including industrial, office, retail, multifamily, data centers, and healthcare. We drill into how each segment is performing in the face of macroeconomic pressures, emerging opportunities, and evolving investor expectations. Listen in to this episode to uncover where resilience is taking hold and what may lie ahead for commercial real estate.
Key Moments: 00:49 Q1 REIT Earnings Recap 01:53 Industrial REITs 14:09 Office REITs 26:23 Retail REITs 36:32 Multifamily REITs 45:59 Data center REITs 53:08 Healthcare REITs 56:19 Key Takeaways and Market Sentiment
Resources Mentioned: Email us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| What the Fed, banks, and consumers are telling us about CRE’s future | 05 Jun 2025 | 00:28:54 | |
We dig into the Fed’s recent meeting minutes, Q1 GDP revisions, consumer confidence trends, and the latest FDIC banking data. From inflation signals and trade tensions to CRE lending slowdowns and cooling construction activity, the episode connects the dots between the broader economy and the decisions facing market participants in 2025. Whether you're watching the labor market, pricing strategies, or borrower behavior, you’ll want to press play on this pulse check.
Key Moments: 01:28 FOMC Minutes and market reactions 04:04 GDP numbers and economic projections 09:15 Personal income, outlays, and consumer confidence 13:55 Manufacturing and construction data 19:47 FDIC Quarterly Banking Profile insights 26:14 Upcoming reports and announcements
Resources Mentioned: Q1 2025 US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/ US CRE Transaction Analysis – Q1 2025 - https://www.altusgroup.com/insights/us-cre-transactions/ Multifamily sentiment rebounds as the US housing market rebalances - https://www.altusgroup.com/insights/multifamily-sentiment-rebounds-as-us-housing-market-rebalances/ FOMC Minutes - https://www.federalreserve.gov/monetarypolicy/fomcminutes20250507.htm OECD Economic Outlook - https://www.oecd.org/en/topics/economic-outlook.html PCE index - https://www.bea.gov/data/personal-consumption-expenditures-price-index Conference Board Consumer Confidence Survey - https://www.conference-board.org/topics/consumer-confidence US Census Bureau Construction spending - https://www.census.gov/construction/c30/c30index.html FDIC Quarterly Banking Profile - https://www.fdic.gov/quarterly-banking-profile Email us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| US commercial real estate transaction trends – Q1 2025 | 29 May 2025 | 00:27:40 | |
What do 33,000+ CRE transactions tell us about the Q1 2025 market?
Cole Perry and Omar Eltorai walk through Altus Group’s Q1 2025 US CRE Investment and Transactions Quarterly report providing analysis of the numbers sector by sector and highlighting trends worth watching.
From tentative recovery signs for office and multifamily to regional variations in retail, this episode puts a lens on where the market stands and what questions CRE investors should be asking.
Key Moments: 00:49 - Q1 2025 US CRE Investment and Transactions Quarterly report overview 01:57 - Transaction volume and pricing trends 12:47 - Detailed analysis by property sector 18:16 - Key takeaways 22:81 – Biggest surprises 25:47 - Report Access Information Resources Mentioned: Q1 2025 US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/ Email us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Beyond the beach: Strategic multifamily investing in Florida with Marc Hershberg | 22 May 2025 | 00:32:46 | |
Marc Hershberg, Managing Partner and CEO at Topaz Capital, joins us to unpack the real story behind Florida’s multifamily market. While headlines tend to spotlight Florida’s coastal glamour, Marc takes us beyond the beach by highlighting why inland markets, workforce housing, and Class B assets are where the smart money is headed. We discuss the strategic importance of inland geography, the philosophy of "market-first, deal-second", the risks of climate-driven insurance volatility, and how foreign capital is approaching the Sunshine State. Tune in for a grounded, forward-looking conversation you won't want to miss.
Key Moments: 00:58 Mark Hershberg's early real estate journey 02:33 Launching Topaz Capital: Opportunities and challenges 05:32 Topaz Capital's current operations and strategy 08:43 Investment focus: Workforce housing in Florida 11:10 Recent deals and investment strategies 13:00 The 1031 Exchange platform 15:08 Florida's multifamily market: Risks and opportunities 25:29 Foreign investment and local knowledge 28:01 Using data analytics for investment decisions 29:09 Outlook for multifamily investments
Resources Mentioned: Marc Hershberg - https://www.linkedin.com/in/marchershberg/ Topaz Capital Group - https://topazcg.com/ Email us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| What we can learn about multifamily investing from the Northeast and Mid-Atlantic | 14 May 2025 | 00:44:48 | |
The Northeast and Mid-Atlantic aren’t the easiest regions for multifamily investment, but they might be the most instructive. We sit down with Matt Frazier, Founder and CEO at Jones Street Investment Partners, to explore how the region’s regulatory complexity, persistent housing undersupply, and stable demand create an environment that rewards long-term thinking and local expertise.
Matt shares how his team leverages vertical integration to manage risk, capitalize on operational efficiencies, and respond quickly to changing market conditions. He also offers his thoughts on rising insurance costs, evolving capital structures, and secondary urban markets.
Tune in for valuable lessons on resilience, discipline, and execution in multifamily real estate.
Key Moments: 01:10 Matt Frazier's background and career 03:21 Founding Jones Street Investment Partners 06:05 Investment philosophy and market focus 12:51 Capital stack and funding strategies 15:49 Resident profiles and thematic investments 19:18 Current market drivers and opportunities 23:03 Challenges in multifamily housing development 28:18 Insurance volatility and strategic adjustments 32:52 Impact of policy and geopolitical changes 39:39 Technology in real estate development and management
Resources Mentioned: Matt Frazier - https://www.linkedin.com/in/matt-frazier-a1b5963/ Jones Street Investment Partners - https://www.jonesstreet.com/ How Northeast and Mid-Atlantic real estate developers can help drives multifamily housing growth | Forbes - https://www.forbes.com/councils/forbesbusinesscouncil/2025/04/21/how-nema-real-estate-developers-can-help-drive-multifamily-housing-growth/ Email us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Gen Z, AI, and the mall: What’s driving retail real estate’s next golden age | 01 May 2025 | 00:44:10 | |
Retail real estate is back, and it looks nothing like the past. We sit down with Brandon Isner, Head of Retail Research at Newmark, to celebrate retail’s emergence as one of the most compelling asset classes in 2025. From Gen Z’s interest in in-person shopping to the role of AI in optimizing operations and experiences, we break down the factors fueling a potential golden age for retail.
Also in this episode:
Tune in to our latest episode to keep pace with one of the fastest-evolving CRE segments. Key Moments:
01:23 Brandon's career journey 04:11 Role at Newmark and current projects 06:40 North American Research Group and ICSC 09:27 Retail sector's uniqueness and challenges 14:38 Impact of e-commerce and brick-and-mortar synergy 17:54 Warehouse clubs and superstores 22:25 The future of department stores 25:56 The resilience of malls 26:33 Generational shifts in shopping habits 28:25 The role of management and finance in mall success 31:43 Investment trends in retail real estate 36:46 The golden era of retail 38:04 The impact of generative AI on retail 42:12 Final thoughts and industry wishes
Resources Mentioned: Brandon Isner - https://www.nmrk.com/people/brandon-isner & https://www.linkedin.com/in/brandonisner/ Shoptalk conference - https://shoptalk.com/us/agenda What the biggest names in tech, media, and retail are saying about the future of commerce - https://www.altusgroup.com/insights/what-the-biggest-names-in-tech-media-retail-are-saying-about-future-of-commerce/ Newmarks - https://www.nmrk.com/ Email us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| From data grind to deal time: CRE’s AI edge with Spencer Burton | 24 Apr 2025 | 00:43:15 | |
Spencer Burton, CEO and co-founder of CRE Agents, joins us to explore how AI is transforming the way CRE professionals work. From eliminating repetitive tasks to enabling smarter, faster decision-making, Spencer shares how digital coworkers are already creating a multiplier effect for their human counterparts across the industry. In conversation with our host, Omar Eltorai, they discuss strategies for adopting AI without overhauling your entire operation, and why building reflexive AI usage habits now will give both professionals and firms an edge in the years ahead. Tune in if you’re looking to work smarter, move faster, and stay competitive. Key Takeaways: 00:46 Spencer Burton's background 02:12 Automation and efficiency in commercial real estate 04:38 Founding of CRE Agents 06:49 Building a digital coworker 09:32 The role of AI in commercial real estate 17:56 The technical bench strength behind CRE Agents 19:41 Challenges and future of CRE technology 23:12 The AI multiplier effect 32:07 Zero friction adoption for AI in CRE 34:42 Advice for industry professionals Resources Mentioned: https://www.linkedin.com/in/spencerburton/ CRE Agents | LinkedIn https://www.linkedin.com/company/creagents/ CRE Agents | Website Email us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| From volatility to opportunity: AEW’s Justin Pinckney on the CRE debt landscape | 17 Apr 2025 | 00:41:04 | |
From interest rate volatility and sector-specific repricing to evolving strategies across construction lending and senior housing, Justin Pinckney, Head of Private Debt at AEW, offers a tactical lens on balancing risk and opportunity in today’s CRE debt market. Together with our host, Omar Eltorai, they also explore the case for standardized valuation benchmarks, results and findings from Altus Group's Q1 2025 Debt Capital Markets Survey, and how AEW is positioning itself for the next phase of the cycle. Tune in for Justin’s engaging and data-driven perspectives on lending and underwriting strategies in 2025’s US CRE environment.
Key Moments: 01:52 Justin Pinckney's career journey 04:41 Role at AEW and credit platform 06:37 Market trends and strategies 13:40 Senior housing opportunities 17:13 CRE debt market analysis 25:54 Private credit and portfolio construction 31:00 Bank and non-bank lenders 33:59 Future of CRE lending
Resources Mentioned: AEW – https://www.aew.com/ Searching for gold: Strategies for navigating debt opportunities in uncertain times - https://www.aew.com/research/searching-for-gold Altus Group’s Debt Capital Markets Survey - For more information about the survey findings or to participate in future surveys, please reach out to the team at AltusResearch@altusgroup.com Email us - altusresearch@altusgroup.com
Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||
| Driving retail real estate success through community anchors | 10 Apr 2025 | 00:52:54 | |
Christine Mastandrea, President and COO of Whitestone REIT, shares how a community-first mindset can drive long-term value in commercial real estate. From tailoring retail environments to local culture, to acknowledging and leveraging psychographics and generational shifts, Christine lays out Whitestone’s strategy of turning shopping centers into vibrant and diverse hubs for community.
We explore how retail spaces can serve as the “living rooms” of their neighborhoods, and why flexible, experience-driven developments are key to succeeding in today’s constantly changing landscape.
Tune in to better understand the value of building resilience and relevance into a retail property investment.
Key Moments: 01:07 Meet Christine Mastandrea: Background and early Career 03:36 The rise of REITs 05:00 Teaching experience and generational Insights 06:32 Christine's role at Whitestone REIT 08:14 Strategic decisions and market focus 11:55 Whitestone's IPO journey 14:41 Wearing a lot of hats at Whitestone 19:51 COVID-19 response and adaptation 26:09 Entrepreneurial mindset and growth of the “small business” 28:45 Impact of high Interest rates and inflation 31:10 Generational shifts in consumer behavior 36:36 The role of retail in community building 42:44 Challenges and opportunities in retail development 49:03 Advice for breaking into the CRE industry 50:45 Redefining retail for the future
Resources Mentioned: Whitestone REIT - https://www.whitestonereit.com/ ESRI – https://www.esri.com/en-us/home Placer.AI - https://www.placer.ai/ Email us - altusresearch@altusgroup.com
Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property | |||