Commercial Property Executive

Taking stock of the real estate capital markets is a tall order right now. At this volatile moment, it's invaluable to hear insights from an executive who's been there and done that through multiple market cycles.Welcome back to Investment Matters. Our guest is Toby Cobb, a 30-year industry veteran and the co-founder of 3650 Capital, a diversified lender and loan servicer. Previously, as co-CEO of LNR Property, he built the company's loan origination platform and led its restructuring and sale. At Deutsche Bank, he served as managing director & co-head of U.S. commercial real estate.In part 1 of this special two-part episode, you'll hear Cobb's frank insights on what it takes to get projects financed today, the prospects for interest rates and the telling tale of three neighboring office buildings in Midtown Manhattan. Take a listen. Episode highlights: Taking the pulse of the credit and equity markets and policy changes in a volatile time (1:12)Why higher-for-longer looks more likely (5:21)  The Fed's impact on market cycles (8:25)Snapshot of bank lending—the top 50 and beyond(10:15)     How extend-and-pretend is undermining assetvalue (13:08)      What's getting construction financing today (15:30)   A tale of three Manhattan assets (19:25 )  

The last quarter of 2024 was a busy time for Los Angeles and pushed the metro to rank third nationally in terms of investment. Despite a slight slowdown compared to previous years, the metro kept a stabilized vacancy rate, below the national average. As economic uncertainty continues to influence the office sector, no market remains immune to the current shifting dynamics and investors are trying to adapt.While uncertainty remains a concern, there's space for optimism in the sector. The rise of flex office spaces, as well as creative offices and the flight of tenants toward higher quality, amenitized spaces, keeps the metro in flux. In this episode of Step Into My Office, I delved into the market dynamics with John Anthony, SIOR, Executive Vice President and Managing Director at Kidder Mathews. Anthony highlighted some of the shifts reshaping demand and examined the current occupancy patterns and the evolving tenant roster.Anthony believes that Los Angeles is “going through an evolution, a recalibration”, as landlords adapt to hybrid work patterns and ongoing market volatility. He pointed out two key trends shaping the metro's dynamics: the flight to quality, as tenants seize to upgrade their spaces without long-term commitments and “somewhat of a flight to the suburbs”, since flexible campus-style environments are becoming more attractive than traditional office space, such as downtown towers.Here's what we touched on:LA's current office landscape (01:31)The main trends influencing demand (03:29)Finding opportunities in Los Angeles (04:53)What role does the government play? (06:29)The pause in office development (08:23)How are investors recalibrating their strategies? (10:12)What's fueling flex office space growth? (17:19)What's up with conversions? (20:23)What's next? (23:40)

Welcome back to Sustainability Street, our podcast on theintersection of commercial real estate and the world we live in. For this episode, I'm talking about brownfield remediation with David Greek, managing partner of Greek Real Estate Partners.Based in New Jersey, the nation's densest state, Greek iswell-versed in turning remnants of the past into real estate opportunities for the future. And, while there are state incentives for cleaning up contaminated sites, he said the best driver for remediation is the market. That's why brownfields are having their moment. As thedemand for industrial real estate has boomed in recent years, more developers have turned to brownfields to unlock development sites. "While the Brownfields program in New Jersey has beenaround for a long time, a lot of uptick in the remediation activity only really occurred when the value of the underlying real estate justified it," Greek said.Here are some of the topics we covered: Third-generation developer (1:18)Remediation as a necessity in New Jersey (6:54)    What's driving brownfield demand nationally (10:49)The national picture (13:03) Case in point: Linden Logistics Center (14:16)Incentives vs. market forces (20:16)The New Jersey model for remediation (23:16)Managing brownfield risk (29:06)Brownfields and the Trump-era EPA (33:00)How to learn more about brownfields (36:09)

Commercial real estate investment inquiries have improved to their strongest level since early 2022 in the first quarter of the year, despite growing concerns about the impact of the tariffs imposed by the Trump administration, according to the latest Global Commercial Property Monitor released by the Royal Institution of Chartered Surveyors in London.The same survey found that credit conditions are improving to some degree, though the pace has slowed down. Tariffs are clearly dominating the business news, and the related uncertainty has been reflected in a sharp pullback across the financial markets, although these have settled down a little bit following the 90-day pause that was announced.CPE's Laura Calugar and RICS Senior Economist Tarrant Parsons discuss the latest data on CRE sentiment in this podcast episode.

Happy Earth Day and welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, I'm taking listeners beneath the earth's surface to reveal the potential for geothermal energy in commercial real estate.Joining me for this episode is CPE Senior Associate Editor Anca Gagiuc, our lead climate and energy reporter. We discuss geothermal's advantages over other renewables and how forces, including the backing of President Trump, are aligning to increase geothermal investment and exploration." Geothermal energy is accessible, it's widespread and has always been there," Gagiuc said. "Somehow it feels like it's the energy industry's massive overlook."Here are some highlights of our conversation:President Trump's favorite renewable (1:31)Accessing geothermal (5:08)What's driving geothermal in CRE (8:52) Geothermal for data centers? (12;57)Geothermal in urban environments (15:18)Action plan for geothermal

For the first episode of the CREW Up podcast series in 2025, CPE Senior Editor Laura Calugar spoke with CREW Network's Cindy MacMillan. As president of the organization, she has clear goals for the year: help the soon-to-be-elected new CEO to settle in, further expand the organization worldwide, and also oversee CREW's benchmark study on women's progress in commercial real estate.While discussing women's advancement in the real estate space, MacMillan referred to how the recent disturbance to DEI programs is impacting companies. MacMillan is vice president of asset management at Grosvenor and a member of CREW Vancouver, Canada.

Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in.For this episode, I had the privilege of interviewing Juliette Apicella, director of sustainability at Gables Residential, a privately held owner and manager of multifamily and mixed-use properties.I don't cover many multifamily topics on the podcast, but when I heard that Gables was awarded Best ESG Program by our sister publication Multi-Housing News in their Excellence Awards competition, I had to learn more. Apicella is steeped in everything Gable is doing with sustainability—and that's a lot. I think you'll enjoy hearing about the company's solar initiatives, its net zero commitment, efforts to engage residents and more.“Gable's mission is taking care of the way you live," Apicella said. "That means taking care of people and, for the company, that extends to being a good steward to the environment in which we live." Here are some of the topics Apicella and I discussed:The making of a sustainability director (2:39)Future-proofing properties (5:36)Gables' goals (8:19)Resilience on a number of levels (17:30)Enter transition risk (19:42)Split incentive residential-style (26:50)Enlisting tenants in sustainability (29:04)

Almost three quarters of fully remote or hybrid U.S. workers would seek alternative employment if required to return to office full time at their current pay, the latest survey from FTI Consulting found. At the same time, the majority of employees are excited or OK to be back in the office for some portion of the week. A large part of the workforce understands the benefits of being together in person, particularly those working in architecture, engineering, arts and culture, retail and banking.Ingrid Rivera Noone, senior managing director & co-leader of the Real Estate Solutions practice at FTI Consulting and Josh Herrenkhol, senior managing director in the same department, talk to CPE Senior Editor Laura Calugar in this quarter's episode of FTI Experts' Hub.

Once considered one of the most stable markets due to its reliance on government agencies, Washington, D.C.'s office market is now facing a period of volatility, with rising vacancy rates and a low development pipeline. As investors wait on the sidelines or turn to more flexible solutions, the overall sentiment is to “wait and see,” as the market is navigating this period of redefining itself.Although JLL's latest report showed some signs of improvement in terms of absorption and trophy assets asking rent, it might be too early to anticipate recovery, believes the company's Vice Chairman Bobby Blair.Blair joins me as we delve into the market's performance in the past year, what needs to change in the leasing scene and what comes next in a new political climate. Is there space for the private sector and flexible solutions in DC? As the market undergoes challenges due to volatility and tries to recalibrate, the question remains the same: what is takes for it to get back on track?Here's what they discussed about:Government downsizing and market volatility pose challenges (01:50)DC's historic stability vs. current uncertainty (02:50)The unique architectural constraints of DC  (06:20)What's up with trophy assets? (08:10)What can the private sector bring to DC? (10:50)Leasing trends: expansion, downsizing and stagnation (18:35)The rise and role of flexibility (23:58)Is there an opportunity for conversions? (27:50)“ We're trying to figure out what happens next week here.” (30:15)

Back in 2007, Peter Ciganik joined GTIS Partners, which was then a two-year-old real estate investment management firm. Fast forward to 2025. GTIS is marking its 20th anniversary, it now manages $4.7 billion in assets and Ciganik himself is the company's head of capital markets, handling a wide range of responsibilities. In this episode, you'll get an insider's view of the factors shaping the real estate capital markets in these highly fluid conditions. Offering insights into the industrial sector, Ciganik comments on the shifting supply-demand dynamic, the types of properties GTIS finds especially attractive and a region that offers standout potential. He discusses why build-to-rent residential figures prominently in the company's investment strategy. And on a personal note, you'll hear about a favorite pastime that keeps this executive on the go. In college, Peter pursued his lifelong enthusiasm for architecture and art history. Maybe those topics seem a little removed from his executive duties today, but they still contribute to his perspective.As he puts it: We spend a lot of time thinking about the right designs, the right location and the right product. Take a listen.Episode highlights: Capital markets indicators to watch in '25, plus a trend that bucks the norm (1:35)Will industrial continue to be a strong performer? (5:37)Where to find the most attractive industrial markets now (8:17)Finding financing: a big improvement and the biggest challenge (12:13)How BTR fits into GTIS's strategy (13:38)"Something is not quite right with the for-sale market" (17:19)Origin story of a CRE investment and finance career (23:27)How design informs his perspective on investment (25:24)Executive off the clock: Discovering destinations around the globe (26:59) 

Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. Last month, I chatted with Elizabeth Beardsley, senior policy counsel for the U.S. Green Building Council, about the state of climate action in the U.S. and globally. Despite concerns that our new president would be less eco-friendly than President Biden, Beardsley said there was optimism that sustainable progress in the U.S. and abroad would continue. Three weeks into Trump administration, that optimism has been rattled. On his day in office, President Trump rescinded Biden-era executive orders that sought to put climate action and environmental justice front and center, he shifted the country away from renewable energy and he froze Congressionally-approved funds from the Inflation Reduction Act and Bipartisan Infrastructure Act. He has also taken aim at environmental regulation.For this episode, I discuss the effects of the president's early actions with Ben Evans, Federal legislative director for the U.S. Green Building Council—what they mean for commercial real estate, the nation and the world. *"Shock and awe" comes to sustainability (1:22)*An international retreat (3:59)*The funding freeze and the Inflation Reduction Act (6:47)*Unplugging the electrification push (10:40)*The loss of GSA leadership (12:12)*The shift back to fossil fuels (13:50)*Deregulation concerns (15:40)*The road ahead (19:50)

Sometimes the most accomplished investors and developers thrive while keeping a relatively low public profile. That's clearly true of The Fallon Company. For nearly 20 years, the Boston-based firm has been the driving force behind Fan Pier, the three million-square-foot development on Boston Harbor that ranks among the most significant urban placemaking initiatives of the past couple of decades. Hello and welcome back to Investment Matters. My guest for this episode is Michael Fallon, the firm's CEO and the successor to Joe Fallon, the company's founder and Mike's dad. In this conversation, you'll also hear about the pivotal experience Mike gained from working in another industry, the new markets that he views as promising, and the company initiative that opens doors for young people to real estate careers. Take a listen. Episode highlights: Origin story of a Boston landmark (2:56) The life science lease that became a turning point (7:20) Boosting resilience with a U.S. first (10:45) Where The Fallon Co. sees the next big opportunities (15:39) Growing a footprint in the South (20:54) Early influences: getting the flavor of the business (24:49) Takeaways from construction industry experience (28:38) Tips for aspiring professionals (31:22) An innovative, “wildly impactful” program for young people (34:29) How to revitalize U.S. downtowns (39:41) Mike Fallon off the clock (44:53)

Globally, sentiment toward real estate in 2024 was a bit of a mixed bag. The first three quarters saw steady improvement, but then sentiment softened in the last three months of the year, mainly due to the rise in bond yields.   “But even so, it is worth noting that investor inquiries did rise slightly in several markets, which could be taken as a more positive sign,” said Senior Economist Tarrant Parsons of the Royal Institution of Chartered Surveyors in the latest RICS Monitor podcast episode hosted by Commercial Property Exeuctive Senior Editor Laura Calugar. Tune in for more insights!

Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. Happy New Year! On the verge of a new year and a new Federal administration, I interviewed Elizabeth Beardsley, senior policy counsel, for the U.S. Green Building Council, about the state of climate action in the United States and globally. Beardsley had just returned from COP 29, the annual United Nations climate conference, and she generously shared what she heard and saw at the event, where more than 200 countries were represented. The COP is a pretty important meeting. It was at COP 15 in 2016 that the Paris Agreement was formed, and each year the "Conference of the Parties" meets to track progress on limiting global warming and to establish new agreements and targets. According to Beardsley, "the U.S. was there with the message that we've gone way beyond the commitments and promises phase. We're doing this and there's a lot of momentum. So, the intent from all parties is really to keep that momentum up." Here are some of the topics Beardsley and I covered: COP explained (1:32) Moderate optimism and a bigger finance commitment (2:56) At last, rules for carbon credit trading (5:03) Building-specific initiatives (7:10) U.S. sustainability post-Biden (9:52) The regulatory outlook (13:38) AI as solution and stressor (16:50) Beardsley's own near-term outlook (17:50)

Over the past couple of years, landlords and companies have been reevaluating their office space needs. Many have resized their portfolios and adapted to the need for more flexibility in office settings. Although return-to-office strategies are widely reinforced, there's still a gap between actual attendance and these policies. While some regions and industries register higher office return rates, CBRE's Head of Occupier Research Julie Whelan noted a 25 percent decrease in average lease sizes and a 9 percent reduction in space per worker across the country. Despite these changes, leasing activity and space utilization have plateaued, leading to a higher possibility of market stabilization in 2025. In this episode of CPE's Step Into My Office podcast series, Whelan joins Associate Editor Olivia Bunescu to discuss the future of the office market and the factors that will influence hit performance in the upcoming year. She also highlights the importance of adopting flexibility across your portfolio and some barriers and trends shaping the future of work and the traditional office as we know it today. Here are the main topics they discussed: The hybrid work revolution: where are we now? (1:55) Regional and industry differences driving office utilization (04:09) Bridging the gap between attendance policies and actual practice (08:33) Strategies for integrating flex solutions into traditional office settings (11:10) Lack of experience remains a barrier to the wider adoption of flex office models (15:08) Defining success in office and flex office portfolios (20:09) Where technology comes into play (24:50) Other trends shaping the sectors (27:39) Will the office market stabilize in 2025? (30:06)

The Super Bowl of Tax or Taxmageddon—just a couple of the labels that experts have put on 2025 when referring to imminent tax policy changes. With a new administration in the White House, commercial real estate owners, developers and asset managers need to be ready for what's next. Leland Collins, senior director in FTI Consulting's Real Estate Tax Advisory Group, and Asha Shettigar, managing director in the same department, talk to Commercial Property Executive Senior Editor Laura Calugar about upcoming changes in the tax regime.

Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. Therese Fitzgerald's guest for this episode is Ethan Elser, executive vice president of PACE Equity LLC.  The Commercial Property Assessed Energy Program, otherwise known as C-PACE, was launched 15 years ago to provide property owners with low-cost, long-term financing for sustainability and efficiency improvements, with borrowers repaying their loans through a special tax assessment.   But the program was still pretty niche until the pullback in capital—first during COVID-19 and then when interest rates spiked—sent borrowers looking for creative financing solutions. Today, C-PACE can be found in an increasing number of borrowers' capital stacks and the project sizes are getting larger. Meanwhile, on the investor side, the ESG-driven program has caught the attention of some of biggest names in real estate like Nuveen, CDPQ and Carlyle.  As the capital markets loosen, can C-PACE's streak continue? Elser thinks it can.   "There's actually 40 cities around the country—most major metropolitan areas," he said, "who all have higher standards and then fines if you're not complying with certain emissions criteria. And so, we're seeing more interest in C-PACE being a solution for that. I think that'll be a bigger part of the marketplace going forward." Here are some of the topics Elser and I covered: • Esler's journey to sustainable finance (2:03) • C-PACE explained (4:17) • Simultaneous objectives (10:08) • 38 separate C-PACE programs (13:11) • Busting myths about C-PACE (15:54) • The future of C-PACE (22:22)

Most commercial real estate companies are currently getting positioned to take a greater leap into generative artificial intelligence. CREW Network CEO Wendy Mann expects to see more extensions into AI over the next 24 months. A recent study conducted by the organization showed that as of right now there's still a very low level of actual usage of AI in day-to-day business. Additionally, as Mann puts it, generative AI is only as neutral as the information it canvasses, so the technology is far from being unbiased, as one would think. Press play for the last episode of CPE's CREW Up series this year, hosted by Senior Editor Laura Calugar!

Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, my guests—Sairah Burki, managing director & head of Regulatory Affairs & Sustainability at the Commercial Real Estate Finance Council, and David McCarthy, CREFC managing director & head of Legislative Affairs—delve into the legislative logjam around the National Flood Insurance Program, which, though basically insolvent, is the only flood insurance alternative for many. They also discuss the need for long-term authorization, and innovative strategies around flood coverage. “The policymakers have to decide who is going to pay for this,” McCarthy said. "Is it going to be the Federal government? " Here are some highlights from our conversation: A worsening problem (1:30) The rising cost of coverage (7:17) What it means for owners and lenders (8:37) A bi-partisan concern (12:58) The industry lobbies for clarity and resilience (15:22) What a new administration means for sustainability (23:27) Follow, rate and review CPE's podcasts on ⁠Spotify⁠ and ⁠Apple Podcasts⁠! 

The global real estate market is in the early stages of recovery, according to the latest survey by the Royal Institution of Chartered Surveyors in London. In fact, the indicators tracking lending conditions posted the most positive reading since 2015, but this doesn't mean there aren't any elements that could derail global business activity. “We need to avoid seeing a re-escalation in inflationary pressures to allow a continued easing in monetary policies to support the market,” Senior Economist Tarrant Parsons told Commercial Property Executive Senior Editor Laura Calugar in this podcast episode. Tune in now!

Change is in the air this fall for commercial real estate investment. The Fed's announcement of a 50-basis-point interest rate cut in late September, and the expectation that more cuts are ahead, signals a reopening of the spigot for real estate finance. But there's plenty more in the mix these days. In this conversation, CPE Executive Editor Therese Fitzgerald gives us a snapshot of what's around the corner for investment, explores trends in CMBS and debt funds, and brings key takeaways from CREFC's recent conference in New York City. Episode highlights: ·    The impact of interest rate cuts (1:23) ·    What's ahead for the rest of 2024 (2:40) ·    Market momentum: will investors wait? (3:40) ·    The “wall of maturities” and other CREFC conference takeaways (5:20) ·    CMBS snapshot (6:56) ·    Why capital is flowing to debt funds (8:49) ·   What's next for bank lending? ·   Some good news for borrowers (11:11) ·    Signs of an office sector reset (12:27)

Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, I'm tackling carbon credits with my guest Mahesh Ramanujam, CEO of Global Network for Zero and formerly the president & CEO of USGBC. For Ramanujam, carbon credits are a necessary bridge to achieving net zero in commercial real estate and the world. Not everyone shares that view, so we talk about why carbon credits have a public relations problem and the need for greater transparency and verification. “Our work is to really make the invisible visible so that the visible becomes actionable so that the actionable things then could be scalable.” Ramanujam said. Here are some highlights from our conversation: Carbon credits defined (2:26) Carbon credits under the microscope (5:33) SBTi's mixed message on credits (8:20 Offsetting vs. insetting (16:31) Achieving high-quality credits (20:52) Growing the supply of carbon credits (24:08)

With property valuations at historic lows, buying office or retail space instead of leasing it might make a lot of sense today. But there are lots of caveats to it. Shifting from owner to occupier has many implications and requires a different skillset than managing a portfolio of leased real estate. However, a long-term commitment to a specific location—probably a company headquarter or a flagship store—is a good enough reason for a tenant to purchase the space. Nevertheless, there are risks and concerns. Hear all about them in this FTI Experts' Hub episode with Jahn Brodwin, senior managing director & co-leader of the Real Estate Solutions practice at FTI Consulting, and Rob Raymond, who serves as managing director in the Real Estate Advisory group within the Real Estate Solutions practice.

As the president of Colliers International's Real Estate Management Services division, Karen Whitt leads a team of almost 2,000 people. Recently, she noticed that talent availability is loosening up at both the executive and the entry level, but finding qualified, experienced candidates is still a challenge. So retaining current employees is critical, and creative, empathetic leaders that understand the power of investing in training can go a long way. Whitt serves as the 2024 President of CREW Network. In this CREW Up podcast episode, she talks to Commercial Property Executive Senior Editor Laura Calugar about the current hiring market.

The demand for traditional office environments is shifting, leading to significant impacts on vacancy rates, lease structures and development activity. As companies are looking for ways to right-size their portfolios and office spaces, the market's current outlook is showing some improvement. Office attendance is now closer to ⁠pre-pandemic levels⁠, and some companies have found the right formula for increasing leasing rates. In the first episode of Step Into My Office, CPE's new quarterly podcast series, Associate Editor Olivia Bunescu delves into the current office market trends across New York with Nick Berger, director of commercial leasing at The Moinian Group. Berger shares some of the company's leasing strategies as it adapts to changing tenants' needs and ⁠hybrid work models⁠. Here's what he discussed about: Major trends across NYC's office landscape (01:04) Financial and legal services are leading the office market (02:05) “The office market is a bit better than the start of the pandemic, but it's not quite where we want it to be.” (03:13) How have office lease terms changed across the office market? (04:34) Accommodating tenants' expectations as part of leasing strategies (05:50) Competition for tenancy is an ongoing challenge in the office sector (07:23) Approaching leasing from a customer-centric standpoint (09:17) NYC's scene is set up for improvement, but there's a long way to go (11:35) How proximity to major transportation hubs and quality attracts tenants (12:55) The Moinian Group's formula for portfolio growth and leasing success (14:38) Keeping a closer look at the Grand Central area (17:24) Embracing conversions as an expansion strategy (19:30) The inspiration behind The Moinian's Mile (20:44) What's next for NYC's office scene? (22:52)

Commercial real estate is often a family business, and some family-run firms have uncommon origin stories. Take BEB Capital. Headquartered in Port Washington, New York, a suburb on Long Island, the company reflects the entrepreneurial energy of the Brodsky family, led by its patriarch, Bert Brodsky. Decades of success in the health care and technology industries evolved into a lateral move into commercial real estate investment. In a relatively short period, BEB Capital has emerged as a nimble industrial and office investor on the East Coast, and, most recently, has expanded into real estate finance. In this episode, you'll meet BEB Capital's founding CEO, Lee Brodsky. He offers his take on the next wave of industrial opportunity, what's driving demand, and the benefits of having investment and finance capacity under a single roof. And he still calls himself a big fan of office. Probably not too surprising—before he took on his current CEO duties, he had a long run as a top New York City office leasing broker. You'll hear how that experience informs his approach to leading a diversified investment and finance shop. Episode highlights: Birth of an investment business (1:53) New industrial opportunities, strategies and new niches (3:23) Scouting the next hotspots (6:28) Factors that are shaping demand(7:46) Why he's still “a big fan of office” (9:46) Private lender perspectives: thinking like an owner (11:59) Lessons of a leasing broker (15:06)  “Obsessed with communication” and being proactive (19:19) Advancing a legacy of philanthropy (22:30) CEO off the clock: family matters (25:09)

Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, my guest is CRE Finance Council Managing Director Saraih Burki, head of regulatory affairs and sustainability for the organization. Burki and I discuss how CREFC's Sustainability Initiative is helping members make sense of expanding imperatives and opportunities through education, advocacy and transparency. "As a reputational issue, you want to be seen as as sort of a forward-thinking green type of institution, and honestly a lot of it is very practical," Burki said. "CRE lenders, investors have been focused on sustainability even before ESG."  Here are some highlights from our conversation: A personal and corporate journey (1:28) CREF's Sustainability Initiative (7:00) The challenge of insurance (11:00) Regulatory uncertainty (14:45) ESG under fire (22:18) The U.S. leaps forward (23:30) Follow, rate and review CPE's podcasts on Spotify and Apple Podcasts! 

More than a decade ago, CPE profiled Mesa West Capital, then an up-and-coming alternative commercial real estate lender, and its co-founders, Jeff Friedman and Mark Zytko. In the years since, the firm has continued to build its platform as an institutional capital source. As Mesa West marks its 20th anniversary, this episode of Investment Matters catches up with the firm's current leadership. Ronnie Gul is co-CEO in Los Angeles, where the firm was founded. Raphael Fishbach opened Mesa West's New York City office in 2010 and now serves as co-CEO. In this episode, you'll hear their expectations on what's next for the real estate capital markets and investment in the second half. Episode highlights: Capital market trends to watch now (1:24) Will investment start loosening up soon? (6:38) Why it's a good time to be a lender (8:37) What debt providers are looking for in investors and project sponsors (11:33) Securing capital in a tight market (15:13) Inside a recent major project financing (19:00). The value of joining forces with an institutional investment manager (23:53) Raphael Fishbach's journey: Building business relationships, forging opportunity (27:09) Ronnie Gul's journey: Entrepreneurial goals take an unexpected turn (29:55) CEOs off the clock: Quality time on the links—and with family (34:33)

Investor and occupier sentiment across the globe is still recovering, with no major changes from the first quarter of the year. This is the main trend stemming from the most recent Global Commercial Property Monitor survey released by the Royal Institution of Royal Surveyors in London. A growing number of CRE players sense that the market has reached the bottom of this cycle or is very close to reaching that level. In this podcast episode of our RICS Monitor quarterly series, Senior Economist Tarrant Parsons told Commercial Property Executive Senior Editor Laura Calugar that the mood that stems from the organization's latest survey is that the worst is now behind us.

Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live. For this episode, I am chatting with Jessica Long, NAREIT's senior vice president of Environmental Stewardship & Sustainability, following the release of the sixth annual REIT Industry Sustainability Report. The report tracks ESG progress for the 100 largest REITs by market capitalization in five areas: transparency and reporting, leadership & governance, resources & resilience, workforce & culture and community and business connections. Here are some highlights of the topics we discussed: The public path to sustainability (2:39) Energized by results (7:35) Room for improvement (11:45) A maze of frameworks & standards (16:40) The business case for DE&I and ESG (19:10) Reimaging real estate amid the climate crisis (23:30)

EV charging has become a must-have amenity for apartment dwellers as well as commercial tenants. But the planning and placing of EV chargers is no small task for property managers. Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. My guest for this episode is FirstService Residential's George Barriere, general manager of the Marina Palms Yacht Club & Residences, a 470-unit condominium complex in North Miami Beach, Fla. When EV usage began increasing at Barriere's luxury property, he installed the ADS-TEC Energy Charge Box, which consists of a battery-booster box and two fast-charging dispensers. Tune into hear how and why he chose this system to meet his residents' current and future charging needs. As Barriere puts it, if residents have the charging capability they require, they will buy more EVs. If they buy more EVs, buildings will need more chargers. Here a sample of the topics we discussed: Rising demand for charging (3:13) Multifamily pain points (4:59) A million different business models (6:53) A solution for the future (8:42) The value proposition (15:48) Who bears the cost? (20:23)

Wendy Mann came into the workforce in the late '80s, and until the early 2000s, roughly 98 percent of the CEOs she worked for were men. As they began retiring, an increasing number of women took their places. Additionally, more women have now become leaders of the organizations that represent the real estate industry. Why did that happen? Women are great multitaskers, great problem-solvers and great collaborators and these skills became more required for success as time passed, according to CREW Network's CEO. Man spoke to Laura Calugar, senior editor with Commercial Property Executive, in a new podcast episode of our quarterly CREW Up series with CREW Network leaders and, among other things, she had a message for all real estate CEOs. Tune in now!

The commercial real estate retail market has been quite a roller-coaster over the past decades. And Annie Malo, a specialized attorney at Holland & Knight, has witnessed all the disruptions the industry has had to adapt to. With an extensive retail leasing and development practice, Malo has been representing national retailers and developers for years. Commercial Property Executive Senior Editor Laura Calugar asked her to share what she's seeing and hearing when it comes to the retail market.

When you're developing a high-profile, high-stakes project, how do you balance all the complex priorities? That's the challenge that MCB Real Estate is taking on with Baltimore's Harborplace, one of the nation's most prominent current redevelopments of an urban waterfront. In this episode of "Investment Matters," you'll meet MCB's president, Gina Baker Chambers. She takes us inside the company's mission to create projects that are economically sound, environmentally sustainable and serve the community's needs.   Yet fulfilling this mission calls for a special level of commitment. As Baker Chambers puts it, “You have to have faith, you have to be creative, you have to have a certain amount of tolerance for pain, and really good lawyers.” Baker Chambers is no stranger to major challenges. Fifteen years ago, she was one of the original team members at Artemis Real Estate Partners, where she played a key role in raising the firm's first fund during the aftermath of the Great Financial Crisis. The insights she gained still resonate in today's climate. Take a listen.

The total value of offices that were in danger of defaults, foreclosures or other forms of distress rose to more than $38 billion at the end of the first quarter of the year, according to data from MSCI Real Estate. In this context, no wonder many office landlords are considering handing back the keys of their properties to the lenders. But is that the best approach? What are the implications from a tax standpoint? Are there alternatives to capitulation? In the second episode of FTI Experts' Hub, our quarterly podcast series with FTI Consulting specialists, Commercial Property Executive Senior Editor Laura Calugar talks to Managing Director Scott Drago, who advises clients on a broad range of real estate and transactional tax matters.

In today's energy-driven economy, microgrids play an increasingly critical role. These local self-contained electrical systems supplement the power supply from the main grid while providing resiliency and the opportunity to incorporate alternative sources of energy. Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode on microgrids, my guest is Doug Mackenzie, vice president, Energy Resilience, for JLL's Clean Energy and Infrastructure Advisory team. Mackenzie and I discuss how microgrids help drive profitability and enable sustainability objectives for commercial real estate owners and users. Here's a sample of the topics we covered: Why CRE needs microgrids? (1:58) Microgrids and data centers (4:34) The microgrid value proposition (12:37) Sharing risks and costs (14:26) Adaptability and flexibility (17:15) Microgrids and AI (19:46)

Commercial real estate sentiment across the globe is gradually recovering, according the most recent Global Commercial Property Monitor survey released by the Royal Institution of Royal Surveyors in London. Senior Economist Tarrant Parsons told Commercial Property Executive Senior Editor Laura Calugar that the first quarter of 2024 was the second successive quarter in which RICS' indexes turned less negative. "Global economic growth is expected to remain relatively sluggish, but if all goes to plan, it should lay the groundwork for a more meaningful acceleration in 2025," said Parsons toward the end of this podcast episode. Tune in now for the entire conversation!

Construction financing carries a higher risk profile than most other loan categories. But even in today's uncertain climate, some lenders are not only keeping a hand in this category but embracing it. One example is Kennedy Wilson. In a blockbuster $4.1 billion deal last year, the L.A.-based investment company bought Pacific Western Bank's construction loan portfolio. That move helped double Kennedy Wilson's debt origination portfolio to $7 billion. In this episode, you'll from Tom Whitesell, who heads the debt investment group at Kennedy Wilson. He tells why construction finance is a sweet spot for the company and looks ahead to how the capital markets will respond when the Federal Reserve eventually does lower interest rates. Whitesell gives a lender's perspective on which assets are most attractive right now and weighs in on what makes an office building a good candidate for conversion to multifamily. Some of his answers might surprise you.  Episode highlights: Capital market conditions: When will the Fed move? (1:36) The ripple effect of rate cuts (3:56) How quickly will lenders respond? (6:51) Waiting for problem loan cleanup (8:21) Giant steps in the CRE debt market (9:44 ) Managing construction lending risk, and how sponsors get funded (13:05) A young lawyer's drive to be in the room where it happens (19:13) An office-to-multifamily success story (and why they're hard to find) (25:59) Financing industrial projects: avoiding the elephants (32:58) The multiple demand drivers for new industrial product (35:05) Where to find standouts in CRE's toughest sector (37:46) Going off the clock (40:54) Follow CPE's podcasts on Spotify and Apple Podcasts! 

Today is the 55th Earth Day! How will you be marking the occasion? Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this special Earth Day episode, I interviewed Marta Shantz of the Urban Land Institute. Marta is co-executive director of ULI's Randall Lewis Center for Sustainability in Real Estate and a fount of knowledge about CRE's reckoning with climate change. The theme of this year's Earth Day is "Plastics vs. the Planet," so Schantz and I discussed how CRE is progressing with the circular economy and other impact-reducing strategies and opportunities. This is a critical time for CRE sustainability. Firms are being more "strategic" than ever about getting to net zero and being greener overall, Schantz said, while having to contend with anti-ESG and now anti-DEI sentiments. Here's a sample of what you'll hear: Tactical sustainability (1:17) Leaders and laggards (2:39) Landlord & tenant collaboration (4:30) ESG, DEI and greenhushing (6:22) Circular strategies and future-proofed buildings (9:25) The IRA and untapped opportunity (13:21)

Climate regulation is sweeping the nation, and commercial real estate is often the focal point of environmentalists, legislators, and regulators. Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, I am joined by Anca Gaijuc, CPE's climate and energy editor, and you'll also hear insights from Yardi Energy's Randy Moss. We'll take you inside some of the new groundbreaking local, state and federal rules designed to get building owners counting and reporting their carbon emissions, and making a plans for remediating them. As mentioned in previous episodes, ESG is not a voluntary practice anymore. It is increasingly mandatory, and, while these compulsory practices make the planet cleaner, they can have a big impact on operations and asset values. What these rules have in common (2:00) Local Law 97 in action (3:14) The role of RECs (7:20) Boston's Local Law 97 (10:47) California's Climate Accountability Package (13:13) The "California Effect" and regulations to come (17:05) Will the final SEC Climate Disclosure Rules stick? (21:24)

Professors of Architecture Ellen Dunham-Jones and June Williamson have been tracking changes in suburban areas since the early 1990s. They put their observations in a series of books about retrofitting suburbia, hoping that they will serve both young architects and city planners who are looking for models to replicate in their own suburban areas. Their first book, Retrofitting Suburbia, was published in 2008 and updated in 2011. The pair's second book—Case Studies in Retrofitting Suburbia: Urban Design Strategies for Urgent Challenges, released in 2021—serves the starting point of an insightful conversation between the two authors and Commercial Property Executive Senior Editor Laura Calugar. In this special edition of our podcasts (a video version is available on YouTube), they dive into what is stimulating change in how and where people live, and discuss trends shaping suburban America.

Brick and mortar retail is on a roll again, and that's no surprise to Josh Poag. The pendulum, he points out, always swings back. And he's in a good position to know. As the CEO of Poag Development Group—and with more than a quarter century in the business—Poag leads a firm whose predecessor developed the first purpose-built lifestyle center in the U.S. These days, Poag Development is still out in front. At a time when new retail projects are still relatively rare, the company is planning what's believed to be the only new lifestyle center underway in the U.S. In this episode, he weighs on the trends that are shaping the next generation of these properties. You'll also hear about Josh Poag's unexpected journey. As a chemical engineering student at Princeton, he had no intention of joining the family business. Yet he discovered that commercial real estate offers opportunities for creativity, for contributing to communities, that have become his passion. Episode highlights: Brick and mortar, back in favor (1:46) Top retailer trends to watch in ‘24 (3:33) Why institutional investors love retail—again (5:20) The customer experience and the evolution of marketing (7:44) Inventing the modern lifestyle center (9:48) New and legacy projects: What goes around, comes around (12:25) The joint venture that's helping launch the company's next era (16:04) Mix-and-match redevelopment (22:43) Building lifestyle centers: discovering the joy of creation (26:56) Why a broad education builds a solid background for business (32:55)  Poag Development's CEO goes off the clock (37:17)

Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live. For this episode, I invited Breanna Wheeler, director of Operations for BREEAM USA, back on the program to discuss the certification organization's impressive recent growth. She also previewed BREEAM's much-anticipated Version 7, which will reflect the latest science in controlling carbon emissions and developments in international regulation. Wheeler, whose knowledge about and passion for sustainability comes through loud and clear, has led the North American arm of the BREEAM International rating system since it landed on U.S. soil in 2016. BREEAM International was founded in 1990, about a decade ago. Here's a sample of the topics covered: Inside BREEAM's growth (1:38) BREEAM's new and improved version (4:07) The devil in the details of defining net zero (8:29) Resiliency and decarbonization (11:00) The question of adaptive reuse (13:21) Fear vs. opportunity (17:05) Wheeler's "action" plan for the industry (21:24)

Nearly 60 percent of women cited interest rates as their primary concern when it comes to escalating costs for commercial real estate projects and deals. This was one of the main findings of CREW Network's latest survey that covered global economic sentiment and a range of industry topics, including barriers to career advancement. Almost 1,000 professionals provided their responses in the fourth CRE Women Speak survey series that was distributed in December. In this podcast interview with Commercial Property Executive Senior Editor Laura Calugar, CREW Network CEO Wendy Mann also revealed that four out of five women in the industry admit they've encountered barriers to their career advancement. Press PLAY and listen to the entire conversation!

Office is on a slow recovery path, and it is said that 2024 will be a transitional phase that will ultimately bring the sector closer to a post-pandemic norm. Several structural trends are bifurcating the market, so we asked industry veteran Glenn Brill, who serves as managing director with FTI Consulting, to share his views in the first episode this year of our quarterly podcast series, FTI Experts' Hub.

Camille Renshaw has closed upward of $30 billion in deals, but she got her start in commercial real estate after an earlier life as a technology entrepreneur. She became an owner when she sold a successful startup and invested some of the proceeds in commercial real estate assets. At first her goal was to become a better owner, but she soon caught the bug for the business itself. She went on to serve in senior positions at several top brokerage firms before she co-founded B+E in 2017. She's made major contributions to net lease investment and 1031 exchanges, and of equal note, she's an innovator in commercial real estate technology. In 2020, her accomplishments earned her recognition by her fellow real estate executives as both CPE's Innovator of the Year and Net Lease Executive of the Year. In this episode of Investment Matters, you'll hear her thoughts on 1031 exchange trends, what's ahead for the debt markets, the changing role of technology and much more. Episode highlights: 1:58 Takeaways from 2023 4:05 Top 1031 Exchange trends 6:32 Generational wealth strategies 8:56 Debt markets and net lease 12:47 Family offices pick their spots 14:41 An overlooked issue in securing debt 16:57 Where the 1031 action is 18:51 Good time for sale-leasebacks? 20:24 Catching the bug for brokerage 24:18 Learning the ropes 26:36 Brokers and technology come together 28:34 Launching a platform 30:38 CRE's technology report card 34:48 Off the clock: From the Alps to the Appalachian Trail

There's no sign of a meaningful improvement in momentum across commercial real estate markets, but there are a few reasons to be somewhat more optimistic about the outlook for 2024, according to the fourth quarter Global Commercial Real Estate Monitor released by the Royal Institution of Chartered Surveyors in London. Tune in to hear what RICS Senior Economist Tarrant Parsons revealed to Commercial Property Executive Senior Editor Laura Calugar in the first episode this year of our quarterly podcast series!

For CRE investors, an understanding of environmental, social and governance considerations has quickly gone from a nice-to-have to a must-have, according to Uma Moriarity, global ESG lead for CenterSquare Investment Management. And that will only intensify given mounting regulation and the increasing frequency of extreme weather events. Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. In my latest episode, Moriarity and I discuss the drivers that make having an ESG strategy compulsory rather than voluntary, and how her firm tracks and manages these factors in its listed and private real estate investments. Here's a sample of the topics covered: Who is CenterSquare? (1:42) ESG data and global REIT investment (3:10) Influencing impacts on the private side (6:53) Is ESG one thing or three separate things? (10:28) Rising insurance costs and due diligence (15:52) Regulatory pressures on the horizon(19:32)

During Shlomo Chopp's two decades in commercial real estate, his experience has touched on investment management, finance, securitization, brokerage and technology. These days he's got a full plate as managing partner of Terra Strategies, a diversified investment management, finance and advisory firm. But when he does allow himself a breather, there's a pretty good chance you'll find him with a book in his hand. On any given day, it could be a memoir by a commercial real estate titan or a 2,500-year-old Chinese treatise on military strategy. Chopp says that his lifelong love of learning has helped train his mind and provided the capacity to navigate extremely complex investment and finance deals, but it's more than that. It provides valuable insights into life and business that he brings to his work every day. In this conversation, he offers perspectives on finance, investment and real estate trends that are subtle, plain-spoken and humorous. In this lively and thought-provoking conversation, Chopp weighs in on the opportunities and challenges ahead in distressed assets, and on the property categories that are most likely to be at risk. No less compelling are his comments on special servicing, the fine art of negotiation, and setting career goals. And he has some no-nonsense advice to young professionals who aspire to the top tiers of success in a tough business.   Episode highlights: Market dislocation and the prospects for 2024 (2:15) The sector that's most at risk of distress right now—and how other property categories stack up (3:53) Inside Terra Strategies' approach to investment (7:26) Why special servicing is “one of the one of the most difficult negotiations you could ever be in” (11:19) What CMBS is up against; special servicing practices (17:37) Drive for success and the value of perpetual learning (21:37) Shout-out to mentors (25:30) No. 1 suggestion for young professionals—and some blunt advice (28:40) Must-reads for success (32:12) Off the clock (38:55)    

In the sustainable community, there is no bigger annual event than Conference of the Parties or "COP."  The two-week U.N Climate Change Conference draws delegates from around the globe to assess progress and commitments. The built environment, of course, is a key topic for discussion and resolutions. Welcome Back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, I chatted with Liz Beardsley, senior policy council, U.S. Green Building Council, upon her return from COP28 UAE in Dubai. This COP was not as historic as COP21, at which the Paris Agreement was signed, but it resulted in a number of milestones and announcements for world and for real estate. After you listen to the episode, check out State of Decarbonization: Progress in U.S. Commercial Buildings 2023, a report prepared by USGBC and Arup and released at the conference.   Here's a sample of the topics covered: A dramatic finish (2:56) Can fossil fuels be tripled? (7:49) U.S. efforts on the global stage (9:15) Progress in the built environment (10:28) Embodied carbon commitments (14:41) A holistic approach to climate change (18:49)

In January, the Biden administration will release its definition for zero emissions buildings. At last, the Federal government will provide much-needed clarity when it comes to green commitments and the growing collection of state and local regulations and standards. Welcome Back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, I spoke to executives at some of the trade organizations that are weighing in on definition. They talked about the significance of this move and the momentum behind it. Here's a sample of the topics covered: Three core principles (1:43) Stitching together disparate regulations (3:30) ASHRAE moves first (4:15) From research to reality (5:14) Zero energy or zero emissions? (6:10) The challenge of existing stock (9:09)