CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax – Details, episodes & analysis

Cole Perry, Associate Research Director at Altus Group, recaps the first full week of REIT earnings calls. Cole shares key highlights and insights across a selection of industrial, office, retail, manufactured housing, gaming, and data center REITs.

Key Takeaways:

(01:36) Industrial REITs results

(05:39) Office REITs results

(10:39) Retail REITs results

(15:01) Manufacturing housing REIT results

(17:52) Gaming REIT results

(19:43) Data center REIT results 

(24:15) Participate in our Q4 industry conditions and sentiment survey

(24:48) Upcoming data releases

Resources Mentioned:



Participate in the Q4 2024 CRE Industry Conditions and Sentiment survey

https://altusdxm.qualtrics.com/jfe/form/SV_bCw519OV8S9r2sK?Q_CHL=CREExchange

Leave us a message!

https://www.speakpipe.com/CREexchange

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

Co-host Cole Perry, shares insights he gained from the recent NAIOP CRE.Converge and Groceryshop conference. Discussion then turns to economic indicators covering NFIB Small Business Optimism Index, labor market, and the potential impact on inflation from the latest CPI and PPI releases. With US elections looming, Omar and Cole also touch on potential implications for CRE.

The team then welcomes special guest Sandi Prendergast, from Altus Group’s Tax Research team. Together, they dig into property tax with a deep dive into the complicated world of 'doom loops'. Sandi helps to unravel what doom loops are, how they can affect both CRE property owners and the local community, and how state and municipal governments can avoid them.

Key Takeaways:

(01:14) Conferences recap: NAIOP CRE Converge

(02:55) Conferences recap: GroceryFest insights

(04:49) Economic data and market trends

(10:17) NFIB Small Business Optimism Index and CRE impact

(13:17) CRE Industry Conditions and Sentiment Survey results and political uncertainty

(14:55) Property Tax Benchmark Report

(18:15) Doom loop theory and property tax

(21:03) Understanding property tax policies

(21:23) Factors putting cities at risk

(22:46) Political influence on property taxes

(24:56) Addressing the doom loop

(27:25) Property tax reforms and their implications

(29:35) Challenges with additional taxes

(35:08) Recommendations for property owners and investors

(37:19) Multifamily sector insights

(40:11) Survey announcements and closing remarks

Resources Mentioned:

Participate in the Q4 2024 CRE Industry Conditions and Sentiment survey

https://altusdxm.qualtrics.com/jfe/form/SV_bCw519OV8S9r2sK?Q_CHL=CREExchange

US multifamily sector rallies for quick rebound as sentiment slips for other CRE sectors

https://www.altusgroup.com/insights/us-multifamily-sector-rallies-for-quick-rebound-as-sentiment-slips-for-other-cre-sectors/

CRE industry conditions and sentiment survey - US Q3 2024 results

https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-survey/

CRE industry conditions and sentiment survey - Canada Q3 2024 results

https://www.altusgroup.com/featured-insights/canada-cre-industry-conditions-and-sentiment-survey/

Leave us a message!

https://www.speakpipe.com/CREexchange

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

James Nelson, Principal and Head of Avison Young’s Tri-State Investment Sales group, and Scott Singer, Principal and Co-Lead of Avison Young’s Tri-State Debt & Equity Finance team join our latest episode of CRE Exchange!  

James and Scott share their extensive experience and discuss the unique challenges and opportunities they’re seeing in the national and New York Tri-State commercial real estate market. 

The episode highlights their career paths to Avison Young, the importance of leveraging relationships, innovative deal structuring, and adapting to economic shifts. The discussion also covers their involvement in industry organizations, and touches on James’ success in podcasting and authoring his best-selling real estate book, “The Insider’s Edge to Real Estate Investing.”

Key Takeaways:

00:29 Introduction to James Nelson and Scott Singer.

02:09 James and Scott share their backgrounds and career paths.

03:43 Avison Young’s unique structure and culture.

10:11 Market trends and challenges.

17:24 Financing and investment strategies.

32:08 Industry involvement and networking.

38:52 Podcast and book insights.

42:46 Final thoughts and closing remarks.

Resources Mentioned:

James Nelson -

https://www.linkedin.com/in/jamesnelsonnyc/

Scott Singer -

https://www.linkedin.com/in/scottsinger767/

Avison Young -

https://www.linkedin.com/company/avison-young-commercial-real-estate/

Real Estate Board of New York (REBNY) -

https://www.rebny.com/

The Insider’s Edge to Real Estate Investing -

https://jamesnelson.com/book

The Insider’s Edge to Real Estate Investing podcast -

https://jamesnelson.com/podcast

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

In this episode of CRE Exchange, we provide an overview of the latest Fed news, discuss various macroeconomic releases, analyze current market conditions and touch on fixed-income equities. We also examine the commodities market, review current interest rates and discuss recent retail chain closures and downsizing.

Key Takeaways:

01:50 FOMC meeting minutes.

04:41 New home sales update.

06:21 Existing home sales update.

07:41 Durable goods orders’ impact on warehouse demand.

09:33 Capital markets update.

13:27 Retail chains downsizing portfolios.

18:26 Capital market expectations from our Q2 conditions and sentiment survey results.

21:11 Remaining retail earnings.

21:51 Upcoming data releases.

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

In this episode of CRE Exchange, special guest Ed Pierzak, Senior VP of Research at Nareit, discusses real estate investment trusts (REITs). Originally created in the 1960's, the REIT industry has grown significantly over the decades as it provides accessibility for many investors to invest in real estate. Ed discusses with the hosts Nareit's mission, research initiatives, investment characteristics of REITs, and recent market trends.

Key moments:

01:05 - Ed’s background and path to Nareit

07:56 - Overview of real estate investment trusts

11:07 - Overview of Nareit

12:53 - Biggest areas of focus for Nareit and its membership

15:20 - The status of REITs in American investments

17:29 - What questions is Nareit trying to answer in the market?

19:21 - Trends affecting REITs today

22:37 - Perspectives on REITs in the broader macro environment

26:44 - Nareit’s T-Tracker

27:47 - What are investors looking for in Q1 REIT earnings? 

28:56 - Emerging trends for REITs

31:11 - Recommendations for professionals just starting their careers in commercial real estate

32:08 - About REITweek

Resources mentioned:

Edward Pierzak -

https://www.linkedin.com/in/edwardfpierzak/

Nareit | LinkedIn -

https://www.linkedin.com/company/nareit/

Nareit T-Tracker® | Website -

https://www.reit.com/data-research/reit-market-data/nareit-t-tracker-quarterly-operating-performance-series

REITweek -

https://www.reit.com/events/reitweek/retweek-2024-investor-conference

Contact Nareit -

https://www.reit.com/reit/contact-us

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

As of this episode (April 30, 2024), approximately 25% of the near 200 publicly-traded REITs in the US have reported their Q1 2024 results. Over the next week, the remaining 75% of REITs will be reporting their results and hosting their earnings calls.

During this episode, we share the more interesting highlights we've heard from REITs that have already been reported. We'll go sector by sector, calling out key takeaways that we noted on a handful of these company calls.

Key highlights:



02:20 Industrial REIT results.

07:28 Office REIT results.

18:46 Retail REIT results.

27:05 Multifamily REIT results.

32:43 Multifamily adjacent - self-storage results.

36:26 Mortgage REIT results.

38:32 Upcoming REIT earnings calls.

39:13 Upcoming macroeconomic updates.

Resources Mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

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

On this episode of CRE Exchange, we’re joined by Forum Investment Group’s Founder and CEO, Darren Fisk, and Chief Investment Officer, Jay Miller. They discuss the founding of the company; their perspectives and philosophies on multifamily investment; how the company differentiates itself through its team; Forum’s diverse fund strategy and how this strategy has kept them nimble and opportunity-rich over the past few years.

Key Takeaways:

00:55 Introducing Darren Fisk and Jay Miller.

02:56 The story behind the founding of Forum Investment Group.

09:12 Forum’s philosophy, evolution and key milestones.

20:02 Team and talent dynamics at Forum.

22:48 From equity to debt — creating and delivering diverse investment strategies at Forum.

27:45 Forum’s approach to identifying and assessing opportunities.

31:49 How are the macro and micro-level impacting Forum’s decision-making process?

33:48 What characterizes Forum’s next phase of growth?

38:13 Are there concerns for the multifamily market?

42:29 Major events or catalysts that Forum’s watching out for.

46:04 If you could snap your fingers and change something in the industry, what would it be?

Resources mentioned:

Forum Investment Group -

https://www.forumre.com/

Darren Fisk -

https://www.linkedin.com/in/dfiskforumre/

Jay Miller -

https://www.linkedin.com/in/james-miller-0bba47114/

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

On this episode, Altus Group's Director of Research, Omar Eltorai, and Senior Market Analyst, Cole Perry, are hosting a special episode of CRE Exchange. They discuss some of the most significant changes and surprises from the latest edition of the CRE Industry Conditions and Sentiments Survey. This quarterly survey is conducted across the US and Canada and provides valuable insights on market sentiment, conditions, metrics and other issues affecting the CRE industry.

Key Takeaways:

01:01 What is the CRE Industry Conditions and Sentiment Survey.

01:56 Expectations for recession.

04:07 Shifts in capital deployment.

05:17 Cost of capital expectations for CRE.

07:17 Capital availability for CRE.

08:38 Perception of pricing and competition.

09:59 Operating environment expectations.

10:59 Transaction intentions.

12:56 Top concerns for CRE.

13:50 ESG’s place in CRE.

16:12 Biggest survey takeaway.

19:11 Biggest survey surprise.

22:56 Participating in the survey.

Resources Mentioned:

Commercial Real Estate Industry Conditions and Sentiment Survey:

Omar Eltorai - https://www.linkedin.com/in/omareltorai/

Cole Perry - https://www.linkedin.com/in/coleperry1/

US Q1 2024 results - https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-us-q1-2024/

Canada Q1 2024 results - https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-canada-q1-2024/

A request for your participation in our quarterly survey

Your participation is instrumental in shaping the narrative of the commercial real estate landscape, please support this survey program by sharing your perspective on our next installment of the CRE Industry Conditions and Sentiment survey.

Participate in the survey

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

In the latest episode of the CRE Exchange podcast, Altus’ Omar Eltorai, Director of Research, and Cole Perry, Senior Market Analyst, cover Jerome Powell’s recent testimony on Capitol Hill and the SEC climate disclosure walkback. They also discuss last week’s macro data releases, including employment, construction data, beige book and the most recent FDIC quarterly banking profile. They wrap the episode up by touching on what’s happening in capital markets, the banking sector and some notable earnings calls from large retailers.

Key Takeaways:

(01:37) - Powell’s testimony on Capitol Hill

(03:31) - SEC climate disclosure walk back

(08:30) - February JOLTS and employment situation

(11:27) - Fed Beige Book

(18:01) - Construction spending

(19:56) - FDIC Quarterly Banking Profile

(26:59) - Banking and NYCB

(29:26) - Retailer Earnings

(34:21) - Upcoming data releases

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

In this episode of CRE Exchange, Cole Perry, Senior Market Analyst of Altus Group, and Omar Eltorai, Director of Research of Altus Group, discuss the overall market’s return to Earth as it moderates its expectations around the pace and magnitude of the Fed rate cuts. The team also discusses PMI, home sales, construction, and REIT earnings that portray a mixed CRE sector whose values and activity continue to be weighed down by the delay in rate cuts. 

Key takeaways:

(00:56) Market expectations for Fed cuts

(08:07) Purchasing Manager’s Index

(10:31) Existing home sales

(11:36) New home sales

(12:31) Building permits and new residential construction

(14:02) Retail sales

(15:04) University of Michigan consumer sentiment index

(16:30) Takeaways for the broad market

(19:43) REIT performance

(22:27) Retailer earnings

(27:15) Data releases this week

(28:16) Earnings calls this week

Resources mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

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