CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax

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 overview01:57 - Transaction volume and pricing trends12:47 - Detailed analysis by property sector18:16 - Key takeaways22:81 – Biggest surprises25:47 - Report Access InformationResources Mentioned:Q1 2025 US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/Email us - altusresearch@altusgroup.comThanks 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

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 journey02:33 Launching Topaz Capital: Opportunities and challenges05:32 Topaz Capital's current operations and strategy08:43 Investment focus: Workforce housing in Florida11:10 Recent deals and investment strategies13:00 The 1031 Exchange platform15:08 Florida's multifamily market: Risks and opportunities25:29 Foreign investment and local knowledge28:01 Using data analytics for investment decisions29:09 Outlook for multifamily investments Resources Mentioned:Marc Hershberg - https://www.linkedin.com/in/marchershberg/Topaz Capital Group - https://topazcg.com/Email us - altusresearch@altusgroup.comThanks 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 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 career03:21 Founding Jones Street Investment Partners06:05 Investment philosophy and market focus12:51 Capital stack and funding strategies15:49 Resident profiles and thematic investments19:18 Current market drivers and opportunities23:03 Challenges in multifamily housing development28:18 Insurance volatility and strategic adjustments32:52 Impact of policy and geopolitical changes39:39 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.comThanks 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

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:The long-term impact of historically low new constructionHow malls are evolving into multi-purpose lifestyle hubsThe rise of tech-enabled, omni-channel retail strategiesWhat market participants should be watching for in retail performance and tenant mix Tune in to our latest episode to keep pace with one of the fastest-evolving CRE segments. Key Moments: 01:23 Brandon's career journey04:11 Role at Newmark and current projects06:40 North American Research Group and ICSC09:27 Retail sector's uniqueness and challenges14:38 Impact of e-commerce and brick-and-mortar synergy17:54 Warehouse clubs and superstores22:25 The future of department stores25:56 The resilience of malls26:33 Generational shifts in shopping habits28:25 The role of management and finance in mall success31:43 Investment trends in retail real estate36:46 The golden era of retail38:04 The impact of generative AI on retail42:12 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/agendaWhat 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.comThanks 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

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 background02:12 Automation and efficiency in commercial real estate04:38 Founding of CRE Agents06:49 Building a digital coworker09:32 The role of AI in commercial real estate17:56 The technical bench strength behind CRE Agents19:41 Challenges and future of CRE technology23:12 The AI multiplier effect32:07 Zero friction adoption for AI in CRE34:42 Advice for industry professionalsResources Mentioned:Spencer Burtonhttps://www.linkedin.com/in/spencerburton/CRE Agents | LinkedInhttps://www.linkedin.com/company/creagents/CRE Agents | Website https://www.creagents.com/Email us -altusresearch@altusgroup.comThanks 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 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 journey04:41 Role at AEW and credit platform06:37 Market trends and strategies13:40 Senior housing opportunities17:13 CRE debt market analysis25:54 Private credit and portfolio construction31:00 Bank and non-bank lenders33:59 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.comEmail 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

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 Career03:36 The rise of REITs05:00 Teaching experience and generational Insights06:32 Christine's role at Whitestone REIT08:14 Strategic decisions and market focus11:55 Whitestone's IPO journey14:41 Wearing a lot of hats at Whitestone19:51 COVID-19 response and adaptation26:09 Entrepreneurial mindset and growth of the “small business”28:45 Impact of high Interest rates and inflation31:10 Generational shifts in consumer behavior36:36 The role of retail in community building42:44 Challenges and opportunities in retail development49:03 Advice for breaking into the CRE industry50:45 Redefining retail for the future Resources Mentioned:Whitestone REIT - https://www.whitestonereit.com/ESRI – https://www.esri.com/en-us/homePlacer.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

We discuss the latest installment of Altus Group's US CRE Investment and Transactions Quarterly report. The team delivers a retrospective on transaction volumes nationally and then zooms in on pricing trends and sector-by-sector insights, covering industrial, hospitality, multifamily, office, retail, and general commercial/mixed use. Tune in for the numbers, the analysis, and a few surprises. Key Moments:00:49 Overview of the Investment and Transactions Quarterly Report02:06 Key changes in the latest report03:13 Headline volume figures for 202405:15 Transaction activity and trends09:05 Pricing trends and market insights12:55 Sector-specific analysis: Industrial, hospitality, and commercial general19:40 Sector-Specific analysis: Multifamily, office, and retail21:37 Key takeaways and surprises from the report29:12 Conclusion and how to access the full report Resources Mentioned:Q4 2024 US CRE Investment and Transactions Quarterly reportUS commercial real estate investment trends and transaction volume - https://www.altusgroup.com/featured-insights/cre-transactions/US commercial real estate investment sales - pricing and pacing - https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/US commercial real estate investment sales - property sectors - https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/ Email us - altusresearch@altusgroup.comThanks 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

We break down the Federal Reserve's latest rate decision, the release of their minutes, the press conference, and the updated Summary of Economic Projections. We'll also take a look at key macroeconomic highlights from the past week, including retail sales, housing data, and insights from regional Fed surveys and indices. Finally, we sift for some key takeaways from the Mortgage Bankers Association's Q4 2024 report on commercial mortgage debt outstanding. Key Moments:01:36 Federal Reserve Rate Decision and Economic Projections06:27 Impact on Commercial Real Estate08:18 Macro Highlights: Retail Sales and Housing Data10:44 Manufacturing Indexes and Industrial Real Estate19:41 Financial Conditions and Stress Indexes24:18 Mortgage Bankers Association Q4 Report29:07 Upcoming Conferences and Events Resources Mentioned:FOMC meeting – https://www.federalreserve.gov/monetarypolicy/fomcpresconf20250319.htmAdvance Monthly Sales For Retail And Food Services, February 2025 - https://www.census.gov/retail/marts/www/marts_current.pdfMonthly New Residential Constructino, February 2025 - https://www.census.gov/construction/nrc/current/index.htmlEmpire State Manufacturing Survey - https://www.newyorkfed.org/survey/empire/empiresurvey_overviewPhilly Fed Manufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/manufacturing-business-outlook-surveyMortgage Bankers Association's Commercial/Multifamily Mortgage Debt Outstanding quarterly report - https://www.mba.org/news-and-research/newsroom/news/2025/03/18/commercial-and-multifamily-mortgage-debt-outstanding-increased--47.7-billion-in-third-quarter-of-2024Email us - altusresearch@altusgroup.comThanks 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

Cole Perry and Omar Eltorai unwrap the latest parcel of US economic data, from shifting labor and employment trends to insights from the NFIB Small Business Optimism Index. They explore what these signals suggest for small business growth and economic momentum. The conversation sharpens around market reactions to proposed tariffs, the ripple effects on monetary policy decisions, and the potential implications for commercial real estate investors navigating an unpredictable landscape. Key Moments:01:21 NFIB Small Business Optimism Index08:00 Labor market data analysis13:19 Market reactions to tariff policies15:18 Impact of tariffs on real estate29:30 President Trump's address to congress32:51 Upcoming data releases and announcements Resources Mentioned:NFIB Small Business Optimism Index - https://www.nfib.com/wp-content/uploads/2025/03/NFIB-SBET-Report-Feb.-2025.pdfADP National Employment Report - https://mediacenter.adp.com/2025-03-05-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-77,000-Jobs-in-February-Annual-Pay-was-Up-4-7The Challenger Report - https://www.challengergray.com/blog/job-cuts-surge-on-doge-actions-retail-woes-highest-monthly-total-since-july-2020/BLS Employment Situation - https://www.bls.gov/news.release/empsit.toc.htmBLS JOLTS - https://www.bls.gov/jlt/Balancing returns and responsibility - Strategic innovation in impact investing - https://www.altusgroup.com/insights/strategic-innovation-in-impact-investing/Email us - altusresearch@altusgroup.comThanks 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

Our hosts, Omar Eltorai and Cole Perry, deliver a packed agenda this week with a discussion on recently released economic data, including PCE, GDP, consumer confidence, and housing statistics. They also share a brief update on the state of the markets, focusing on movements in equities and fixed income, as well as the latest earnings reports from retailers. Finally, the team serves up a "policy potluck," where we cover a variety of topics from Washington, and provide updates on aggregate banking information. Key Moments:0:51 Economic data highlights05:50 Market updates and retailer earnings08:45 Housing market insights12:08 Treasury yields and market movements16:58 Retailer earnings deep dive21:55 Policy potluck: Banking and government updates39:23 Upcoming data releases and announcements Resources Mentioned:Email us - altusresearch@altusgroup.comThanks 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

We're excited to welcome Dr. Brad Case, Chief Economist at Middleburg Communities, to the program! Dr. Case shares his extensive experience in real estate economics through his perspectives on market conditions, forecasting recessions, driving investment decisions with data, and the rise of the build-to-rent housing sector. Learn about the advantages Middleburg Communities have cultivated with their data modeling capabilities, better understand the macroeconomic environment, and explore the factors driving demand for residential rental communities. Key Moments:01:31 Dr. Brad Case's background and career journey06:04 Middleburg Communities overview08:16 Role and contributions of a Chief Economist17:01 Build-to-rent community demand22:18 Current market environment and economic concerns33:19 Revenue management and market conditions36:16 Insights on private and public real estate markets39:34 Future of real estate transactions and technologyResources Mentioned:Middleburg Communities - https://www.middleburg.com/Email us - altusresearch@altusgroup.comThanks 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

Another week, another round-up of earnings releases and earnings management calls from the commercial real estate market. Last week, Omar Eltorai and Cole Perry covered REITs across the four major sectors. This week, they analyze calls from four specialty REITs and two brokerages, sharing performance metrics, key takeaways, and insights on prevailing trends.Key Moments:00:50 - Earnings coverage: Specialty REITs and brokerages01:55 - Macro update on retail sales03:28 - Deep dive: Triple Net REIT analysis07:20 - Specialty REITs: Timberland and tariffs13:45 - Iron Mountain: Records and data Centers19:12 - Equinix: Digital infrastructure and AI23:57 - Brokerage Insights: CBRE and Newmark32:49 - Upcoming REITs and data releases Resources Mentioned:Q1 2025 CRE Industry Conditions and Sentiment Survey - https://altusdxm.qualtrics.com/jfe/form/SV_b9o1eKvI9zglrZc?Q_CHL=CREThisWeekLeave us a message! - https://www.speakpipe.com/CREexchange%C2%A0 Email us - altusresearch@altusgroup.comThanks 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

Every quarter, Omar Eltorai and Cole Perry listen in to the latest round of REIT earnings calls. The calls provide a glance into REIT portfolio performance, and some insight into what the management teams at these companies are focused on for the coming quarters. Today's episode is devoted to covering a selection of calls they've listened into over the last couple of weeks touching on the company overviews, key results, and valuable nuggets they picked up during each call's Q and A portion. Key moments:00:50 - Overview of REIT earnings calls01:42 - Retail sector insights10:27 - Office sector insights18:05 - Industrial sector insights23:58 - Multifamily sector insights33:17 - Upcoming data releases and REIT earnings calls Resources:Q1 2025 CRE Industry Conditions and Sentiment Survey - https://altusdxm.qualtrics.com/jfe/form/SV_b9o1eKvI9zglrZc?Q_CHL=CREThisWeekLeave us a message! - https://www.speakpipe.com/CREexchange%C2%A0 Email us - altusresearch@altusgroup.comThanks 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 Exchange hosts Omar Eltorai and Cole Perry discuss the latest macroeconomic news, including the Federal Reserve's recent interest rate decision, along with data on housing, construction spending, and GDP releases. They also touch on what has been moving the markets with a look at recent earnings across banks and commercial real estate firms. Finally, they share a review of sentiment findings from CREFC's most recent Board of Governors survey, and share a round-up of all the upcoming earnings calls and releases they will be monitoring over the next week. Key moments:00:50 Macro Update: Inflation and Economic Indicators04:36 Housing Market Insights07:49 Construction Spending Analysis11:55 Market Movements and Earnings Season16:20 Bank Earnings and CRE Impact18:58 Asset Management and REITs22:25 CREFC Survey and Future Outlook24:54 Upcoming Earnings Calls and Data Releases Resources mentioned:CREFC Board of Governors Survey - https://www.crefc.org/cre/content/News/Items/advocacy-items/CREFCs_4Q_2024_Sentiment_Index_Highlights_Broad_Optimism_as_Market_Dynamics_Stabilize.aspxFOMC Meeting - https://www.federalreserve.gov/monetarypolicy/fomcpresconf20250129.htmBureau of Economic Analysis - Personal Income and Outlays release - https://www.bea.gov/data/income-saving/personal-incomeUniversity of Michigan Survey of Consumers - http://www.sca.isr.umich.edu/ US Census Bureau's new residential sales release - https://www.census.gov/construction/nrs/current/index.htmlUS Census Bureau's Construction Spending release - https://www.census.gov/construction/c30/current/index.htmlThanks 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

We welcome back Dr. Stephen Buschbom, co-host of The TreppWire Podcast and real estate and finance lecturer at Clemson University. Just over a year ago, Stephen joined us for an episode where he made a number of prescient calls on what lay ahead for 2024. In this episode, he joins Omar Eltorai and Cole Perry once again to share a retrospective on the 2024 US debt market, and discuss potential developments for 2025. Key moments:01:26 Recap of 2024 predictions02:50 Key debt market trends in 202403:32 Maturity defaults and loan performance07:25 Regional market insights: Washington, DC and San Francisco09:47 2024 market figures and issuance trends14:20 SASB and conduit issuance analysis18:53 Economic scenarios and 2025 outlook38:47 Insurance market challenges44:33 Predictions for 2025 Resources mentioned:CREFC Miami Conference: https://www.crefc.org/january2025CRE Exchange Podcast Episode EP21 – CRE debt market - Past, present and the future: https://www.altusgroup.com/podcasts/cre-exchange-cre-debt-market-past-present-future-with-stephen-buschbom-of-trepp/The TreppWire Podcast: https://www.trepp.com/treppwire-podcastThanks 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

Omar and Cole kick off this week's episode with some recent macro releases that help set the stage for 2025, then touch on some of what's happened in the capital markets since this year started. Finally, they share a number of initial industry themes for 2025 from the recent CREFC conference in Miami, and others based on personal observations of the commercial real estate market. Key moments:01:23 Federal Reserve's Beige Book insights06:38 Capital markets and economic indicators07:50 Small Business Optimism Index and housing data11:26 Retail sales and market reactions21:58 Commercial Real Estate Finance Council Conference highlights26:13 Legislative and regulatory priorities31:25 Upcoming episodes and announcements Resources mentioned:Beige Book - https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htmNFIB Small Business Optimism Index - https://www.nfib.com/news-article/optimism-index-reaches-six-year-high-as-inflation-remains-top-concern/CREFC conference – Miami - https://www.crefc.org/january2025Q4 2024 CRE Industry Conditions and Sentiment Survey - https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-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

CRE Exchange hosts, Omar Eltorai and Cole Perry, share the Q4 2024 results from the CRE Industry Conditions and Sentiment Survey. They discuss major shifts in market perceptions of property pricing, top-performing property types, transaction intentions for 2025, expected capital availability, and the various risks and opportunities predicted for the coming year. Additionally, they spotlight their biggest takeaways and surprises from this quarter's results.Key Takeaways:(00:56) Survey overview and objectives(01:47) Key findings: Pricing perceptions(03:43) Property sector performance insights(06:04) Transaction intentions and capital availability(09:41) Survey takeaways and future outlook(13:32) Surprises and priority issues(17:46) Accessing survey resultsResources Mentioned:Q4 US CRE Conditions and Sentiment Survey report - https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-surveyQ4 Canada CRE Conditions and Sentiment Survey report - https://www.altusgroup.com/featured-insights/canada-cre-industry-conditions-and-sentiment-surveyLeave us a message! - https://www.speakpipe.com/CREexchange%C2%A0Email us - altusresearch@altusgroup.comThanks 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

Shlomo Chopp, managing partner of Case Equity Partners, drops in for a discussion about distressed commercial real estate. Shlomo shares his career path and expertise in advisory, restructuring, investing, and asset and property management. Chopp provides an in depth perspective, and important lessons on the complexities of investing in and restructuring distressed CRE assets. He also details the challenges of the current market environment, the importance of strategic planning for borrowers, and the disconnect between lenders ang borrowers.Key Takeaways:(01:36) Shlomo's career journey(06:59) Founding Case Equity Partners(08:03) Navigating distressed assets(12:15) Due diligence in deal assessment and client selection (21:17) Challenges and solutions for borrowers(27:26) Investing in distressed properties(30:12) Navigating tight liquidity in deals(31:25) Current macro and market environment(33:48) Interconnectivity and distressed sales(34:47) Challenges in commercial real estate(45:49) Restructuring and market realities(48:21) Innovation and technology in real estate(50:47) Staying up-to-date in CRE debt(54:19) Final thoughts and industry changesResources Mentioned:Shlomo Chopp -https://www.linkedin.com/in/chopp/Case Equity Partners | LinkedIn -https://www.linkedin.com/company/case-equity-partners-llc/Case Equity Partners | Website - https://www.caseinv.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

Our hosts, Omar Eltorai and Cole Perry, share a round-up of the latest macroeconomic indicators, upcoming policy changes, and CRE market matters both present and future. During the episode, they review US economic releases covering GDP, inflation, housing, construction, and manufacturing data; discuss upcoming moves by the incoming administration, including potential effects of tariffs planned for the new year; and analyze recent retail earnings calls along with preliminary retail data for Black Friday. They wrap up with some observations and important questions about the market outlook for 2025.Key Takeaways:00:48 - Macro releases: GDP, inflation, and more05:31 - Housing and construction data insights10:47 - Policy and market reactions14:44 - Potential tariffs in 202519:32 - Credit and equity market updates29:16 - Retail sector performance and Black Friday data37:11 - Looking ahead to 202543:59 - Upcoming earnings calls and economic data45:26 - Announcement and closing remarksResources Mentioned:Q3 2024 US CRE Investment and Transactions Quarterly reportUS commercial real estate investment trends and transaction volume: https://www.altusgroup.com/featured-insights/cre-transactions/ US commercial real estate investment sales - pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/ US commercial real estate investment sales - property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/ US commercial real estate investment sales - markets: https://www.altusgroup.com/featured-insights/cre-transactions/markets/ The 5 US cities for retail investing that are most likely to outperform benchmarks - https://www.altusgroup.com/insights/5-us-cities-for-retail-investing-to-outperform-benchmarks/ CRE market hits lowest transaction count since 2011https://www.globest.com/2024/11/21/cre-borrowers-split-on-financing-outlook-despite-improving-economic-conditions/ Commercial real estate recovery hinted at in reporthttps://www.mpamag.com/us/specialty/commercial/commercial-real-estate-recovery-hinted-at-in-report/516261CRE investment falls to decade low, but that could soon changehttps://www.bisnow.com/national/news/capital-markets/report-finds-cre-investment-has-hit-a-decade-low-but-that-could-soon-change-126978 Leave us a message! - https://www.speakpipe.com/CREexchange 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

We discuss Altus Group's newly launched report, the US CRE Investment and Transactions Quarterly. This report introduces uniquely expansive and granular insights into the volume, pricing, and pacing of commercial property investment sales during Q3 2024, both at the national level and within select metropolitan statistical areas (MSAs). Don't miss this episode where our hosts, Cole Perry and Omar Eltorai, break down some of the most interesting trends from the report across major property sectors and leading markets.Key Takeaways:01:21 - US CRE Investment and Transactions Quarterly report overview05:16 - How this report differentiates itself from other CRE transaction activity reports06:56 - US CRE transaction volume insights09:03 - US CRE transaction pacing trends10:29 - US CRE transaction pricing - nationally and by major property sectors12:32 - MSA-specific transaction data16:35 - Market environment and sentiment22:57 - How to access the report22:48 - Conclusion and request for feedbackResources Mentioned:Q3 2024 US CRE Investment and Transactions Quarterly reportUS commercial real estate investment trends and transaction volume: https://www.altusgroup.com/featured-insights/cre-transactions/ US commercial real estate investment sales - pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/ US commercial real estate investment sales - property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/ US commercial real estate investment sales - markets: https://www.altusgroup.com/featured-insights/cre-transactions/markets/ Leave us a message! - https://www.speakpipe.com/CREexchange 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

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 releasesResources Mentioned:Participate in the Q4 2024 CRE Industry Conditions and Sentiment surveyhttps://altusdxm.qualtrics.com/jfe/form/SV_bCw519OV8S9r2sK?Q_CHL=CREExchangeLeave us a message!https://www.speakpipe.com/CREexchangeThanks 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 remarksResources Mentioned:Participate in the Q4 2024 CRE Industry Conditions and Sentiment surveyhttps://altusdxm.qualtrics.com/jfe/form/SV_bCw519OV8S9r2sK?Q_CHL=CREExchangeUS multifamily sector rallies for quick rebound as sentiment slips for other CRE sectorshttps://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 resultshttps://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/CREexchangeThanks 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

We share a digest of the biggest quarter-over-quarter changes and most surprising takeaways from the Q3 CRE Industry Conditions and Sentiment Survey. Our hosts, Omar Eltorai and Cole Perry, touch on key findings across US capital conditions, expectations for debt and equity capital availability, transaction intentions, market pricing and more!Key Takeaways:(01:07) Overview of the CRE Industry Conditions and Sentiment Survey.(02:05) Current and expected capital environment.(07:07) Capital availability expectations.(10:43) Near-term transaction intentions.(11:58) Pricing across property sectors.(13:29) Property type performance.(16:20) Biggest takeaways — swing in anticipated outlook for future capital conditions.(18:17) Priority issues.(22:00) Direction and conviction across key metrics.(24:44) How to access the results of our CRE survey.Resources Mentioned:Omar Eltorai -https://www.linkedin.com/in/omareltorai/Cole Perry -https://www.linkedin.com/in/coleperry1/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/CREexchangeThanks 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-hosts Omar Eltorai and Cole Perry are joined by Mat Dellorso, Managing Director of SEI, and Co-Founder of the Altigo platform (acquired by SEI) and WealthForge. Mat shares his entrepreneurial journey in finance and technology and discusses the challenges, opportunities and explosive growth of alternative investments and the private market. He also explains how innovative tech is providing better access for individual investors and financial advisors to the private market, offering a wider set of options for these parties to diversify and fortify portfolios with commercial real estate investments and other alternative investments.Key Takeaways:(02:41) Mat Dellorso's background and early career.(04:27) Founding WealthForge.(06:42) The growth and evolution of WealthForge.(11:00) The acquisition of Altigo by SEI and Impact.(21:25) Private market size and potential.(24:19) Current trends in alternative investments.(30:09) Private market challenges for financial advisors.(32:27) Current and future role of alternatives and private market investments.Resources Mentioned:Omar Eltorai - https://www.linkedin.com/in/omareltorai/Cole Perry - https://www.linkedin.com/in/coleperry1/Mat Dellorso -https://www.linkedin.com/in/mathewdellorso/SEI | LinkedIn - https://www.linkedin.com/company/sei/WealthForge | LinkedIn - https://www.linkedin.com/company/wealthforge/SEI Altigo - https://www.altigo.com/WealthForge - https://www.wealthforge.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

Rich Hill, SVP and Head of Real Estate Strategy and Research at Cohen & Steers, joins the show. With more than 23 years of experience in commercial real estate, Rich has cultivated a strong appreciation for approaching the market with a strategic, data-driven mindset, utilizing research and alternative data to identify valuable investments, especially in a shifting landscape. Rich discusses the generational opportunity to acquire private real estate as valuations fall, the stabilizing of transaction volumes and the evolving role of debt markets. He also underlines the importance of diversifying portfolios with public and private investments and shares his perspective on rising distress as a bullish signal for market entry.Key Takeaways:(01:49) Rich Hill's background and career journey.(05:38) Rich's current role and responsibilities at Cohen & Steers.(08:48) Takeaways from transitioning from sell-side to buy-side.(12:00) The Cohen & Steers difference.(14:24) View of the current macro landscape.(17:17) Capital markets and lending conditions.(20:05) CRE risk within the US banking space.(23:06) The outlook on private credit.(25:05) The role of CRE in investment portfolios.(27:55) Public versus private investment.(31:05) Themes that Rich is paying attention to.(35:24) Takeaways from second-quarter earnings calls.(38:18) Distress and opportunity.(39:48) The role of research in CRE Investment.(42:09) The future of AI in CRE research.(44:12) Final thoughts and industry wishes.Resources Mentioned:Richard Hill -https://www.linkedin.com/in/richard-hill-2156387/Coheen & Steers | LinkedIn -https://www.linkedin.com/company/cohen-&-steers/Cohen & Steers | Website -https://www.cohenandsteers.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

In this week's episode of CRE Exchange, our hosts, Omar Eltorai and Cole Perry, discuss the latest macroeconomic releases, such as the Producer Price Index, Consumer Price Index and business formations. They also break down earnings reports from Walmart and Home Depot, offering insights into consumer behavior and market sentiment. Additionally, they share a sneak peek into the results of our Q3 CRE Industry Conditions and Sentiment Survey and what to watch in the coming weeks between upcoming earnings calls and economic data releases.Key Takeaways:(00:56) Macro Releases: PPI and CPI insights(04:29) Business Formations and Advance Retail Sales(08:23) New Residential Construction Data(10:00) Consumer Sentiment and GDP Forecast(12:53) Retailer Earnings: Home Depot and Walmart(21:37) Preview of Q3 CRE Industry Conditions and Sentiment Survey results(27:25) Five themes playing out in commercial real estate(29:13) Why things are “choppy” right now in commercial real estate(37:46) Announcements and what to watch out for in the coming weeksResources Mentioned:Omar Eltorai -https://www.linkedin.com/in/omareltorai/Cole Perry -https://www.linkedin.com/in/coleperry1/PPI -https://www.bls.gov/news.release/pdf/ppi.pdfCPI -https://www.bls.gov/cpi/Business Formations -https://www.census.gov/econ/bfs/current/index.htmlAdvance Monthly Retail Sales -https://www.census.gov/economic-indicators/New Residential Construction -https://www.census.gov/construction/nrc/index.htmlWalmart earnings call -https://corporate.walmart.com/news/events/fy2025-q2-earnings-releaseHome Depot earnings call -https://event.choruscall.com/mediaframe/webcast.html?webcastid=iqykKpRMThanks 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, Associate Director of Research, and Omar Eltorai, Director of Research at Altus Group, offer a comprehensive analysis of recent trends and data in the commercial real estate market. They discuss the latest macroeconomic updates and spend the lion's share of the episode on the latest REIT earnings, providing insights from each of the sectors.Key Takeaways:(01:27) Labor data and job openings trends. (03:00) Construction spending data insights. (04:48) Federal Reserve policy statement.(06:55) BLS June employment report.(09:04) Prologis Q2 performance.(10:33) Rexford Industrial Realty Q2 performance. (16:44) Cousins Q2 performance. (19:43) Brixmor Property Group Q2 performance.(21:55) Agree Realty Corp. Q2 performance.(26:07) Equity Residential Q2 performance.(29:58) Equity Lifestyle Properties Q2 performance.(34:24) Public Storage Q2 performance.(36:55) Extra Space Q2 performance.(42:33) Summit Hotel Properties Q2 performance.Resources Mentioned:Altus Group - https://www.linkedin.com/company/altus-group/ US Q2 2024 Employment Situation Report - https://www.bls.gov/news.release/pdf/empsit.pdfUS Construction Spending Data - https://www.census.gov/construction/c30/c30index.htmlAgree Realty Q2 Earnings - https://investors.agreerealty.com/quarterly-earningsBrixmor Property Group Q2 Earnings - https://s1.q4cdn.com/531584854/files/doc_financials/2024/q2/BRX2Q24ER-Tables.pdfCousins Properties Q2 Earnings - https://s201.q4cdn.com/928444072/files/doc_financials/2023/ar/2024-final-proxy.pdfRexford Industrial Realty Q2 Earnings - https://ir.rexfordindustrial.com/news-releases/news-release-details/rexford-industrial-announces-second-quarter-2024-financialEquity Lifestyle Q2 Earnings - https://equitylifestyle.gcs-web.com/quarterly-supplemental-packagesEquity Residential Q2 Earnings - https://s1.q4cdn.com/843629197/files/doc_earnings/2024/q2/earnings-result/eqrpr2Q24.pdfExtra Space Q2 Earnings - https://ir.extraspace.com/financial-stock-info/quarterly-earningsPrologis Q2 Earnings - https://ir.prologis.com/press-releases/detail/991/prologis-reports-second-quarter-resultsPublic Storage Q2 Earnings - https://investors.publicstorage.com/investor-relations/default.aspxSL Green Realty Corp. Q2 Earnings - https://slgreen.gcs-web.com/Summit Hotel Properties Q2 Earnings - https://investor.shpreit.com/financials/financial-statements-as-reported/default.aspxLeave us your feedback:CRE Exchange - SpeakPipe - https://www.speakpipe.com/CREexchangeThanks 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

If commercial property taxes are based on market value, why can property tax assessments go up when market values are going down? And how can you compare property taxes for different property types across different cities? We get some answers to those questions and more as we sit down with Sandi Prendergast, Director of Altus Group's research team, to discuss findings from Altus Group's US Real Property Tax Benchmark report. With over 25 years of property tax expertise, Sandi walks us through the report, shedding light on effective tax rates, assessment disparities and actionable strategies for managing your portfolio's tax burden.Key Takeaways:(01:53) Sandi Prendergast's background.(03:39) Overview of the US Real Property Tax Benchmark Report.(09:20) Key findings and insights from the report.(13:03) Comparing taxes and impacts across different markets.(15:13) Comparing taxes and impacts across property types.(16:53) The biggest takeaway from the report.(18:55) Why is there such a long period between revaluations in certain cities?(20:04) Urban doom loop and property tax implications.(23:07) The outlook on US property tax.(24:33) Recommendations for property owners dealing with tax problems/assessment disparities.(25:58) How to access the US Real Property Tax Benchmark Report.Resources Mentioned:Sandi Prendergast -https://www.linkedin.com/in/sandi-prendergast-0b266722/?originalSubdomain=caAltus Group -https://www.linkedin.com/company/altus-group/US Real Property Tax Benchmark Report -https://www.altusgroup.com/featured-insights/united-states-property-tax-benchmark-report/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

Join us for an engaging discussion featuring Tim Savage, Clinical Assistant Professor at NYU's Schack Institute of Real Estate. With expertise in econometrics, machine learning and data science, Tim discusses his career path from consulting to academia, his work at NYU's Applied Analytics Lab and CREFC Center for Real Estate Finance, and the current dynamics driving the market. We'll also cover Tim's views on the bifurcation of office space, the rising significance of data science in commercial real estate, the critical role of climate change in insurance and valuations, and more. Don't miss Tim's perspective on the future of real estate analytics and the pressing need for the industry to accelerate its pace of adaptation.Key Takeaways:(00:29) Introduction and guest overview.(02:19) Tim Savage's background and career path.(05:40) Teaching at NYU and the Applied Analytics Lab.(08:26) CREFC Center for Real Estate Finance.(11:11) Impact of work from home and market trends.(12:20) Interest rates and monetary policy.(16:32) Bifurcation of office space.(18:33) The evolution of retail real estate.(24:14) What the CRE market still needs to price in: Climate change and insurance.(29:16) Data science and analytics in real estate.(33:20) How real estate analysis has changed.(35:19) Where CRE sits on the innovation curve for data science.(38:34) The future of real estate data analytics.(44:09) Advice for aspiring CRE professionals.(44:57) Final thoughts and conclusion.Resources Mentioned:Tim Savage -https://www.linkedin.com/in/timothy-h-savage-ph-d-cre-63037032/NYU | LinkedIn -https://www.linkedin.com/school/new-york-university/NYU Schack Institute for Real Estate -https://www.sps.nyu.edu/homepage/academics/executive-education/schack-institute-of-real-estate.html CREFC Center for Real Estate Finance - https://www.crefc.org/cre/content/learn/CREFC_Center_for_Real_Estate_Finance.aspx 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

Our hosts, Cole Perry, Senior Market Analyst at Altus Group, and U.S. Director of Research, Omar Eltorai, share a brief analysis of the latest CRE Industry Conditions and Sentiment Survey. With over 600 respondents from the U.S. and Canada, this episode looks at the biggest shifts between the first and second quarters of 2024, including surprising trends in de-risking, cost of capital, and market expectations. Cole and Omar also discuss capital availability, property type performance, and the evolving role of artificial intelligence in commercial real estate.Key moments:01:06 - About the Commercial Real Estate Industry Conditions and Sentiment Survey02:09 - Primary focus for CRE firms over the next six months03:17 - Reported cost of debt financing in CRE05:31 - Expectations for capital availability in the next 12 months07:43 - Expectations for target returns by fund strategy10:16 - Property type performance and expectations around property sectors12:36 - Pricing perceptions for different property types16:11 - Transaction intentions over the next six months17:08 - Top priority issues CRE professionals are worried about19:16 - Omar's biggest takeaway - industry participants aligning with higher for longer20:36 - Cole's biggest takeaway - participants are still really worried about the cost of capital21:46 - Cole's biggest surprise - perception of artificial intelligence23:48 - Omar's biggest surprise - intention to transact vs. actual transaction activity25:05 - How to access this quarter's survey results Resources mentioned:US Q2 2024 Commercial Real Estate Conditions and Sentiment Survey -https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-survey/Canada Q2 2024 Commercial Real Estate Conditions and Sentiment Survey -CRE Industry Conditions & Sentiment Survey - Canada | Altus Group Featured InsightsThanks 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/bookThe Insider's Edge to Real Estate Investing podcast -https://jamesnelson.com/podcastThanks 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 Nareit07:56 - Overview of real estate investment trusts11:07 - Overview of Nareit12:53 - Biggest areas of focus for Nareit and its membership15:20 - The status of REITs in American investments17:29 - What questions is Nareit trying to answer in the market?19:21 - Trends affecting REITs today22:37 - Perspectives on REITs in the broader macro environment26:44 - Nareit's T-Tracker27:47 - What are investors looking for in Q1 REIT earnings? 28:56 - Emerging trends for REITs31:11 - Recommendations for professionals just starting their careers in commercial real estate32:08 - About REITweekResources 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-seriesREITweek -https://www.reit.com/events/reitweek/retweek-2024-investor-conferenceContact Nareit -https://www.reit.com/reit/contact-usThanks 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/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 releasesThanks 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 weekResources 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

We welcome Conrad Madsen, Co-Founder and Partner at Dallas-based Paladin Partners, to this week's podcast. Conrad shares his journey into commercial real estate, specifically what led him to establish a leading industrial real estate brokerage in North Texas. We also dig into Conrad's perspective on the industrial real estate sector, discussing Texas' role as a dominant player in America's manufacturing reshoring, market drivers for growth and resiliency, and the changing ways tenants use industrial space.Key Takeaways:(02:04) What led Conrad to a career in commercial real estate(03:41) Seeing brokers at Addison Circle provided inspiration(05:47) Getting started as a commercial real estate broker(08:24) Why Conrad chose the industrial sector(10:56) Texas' advantages in the industrial real estate market(14:46) The founding of Paladin Partners focused on industrial real estate(18:10) Starting the Paladin Partners Foundation for charitable work(21:57) Industrial subsectors and DFW's role as a logistics hub(25:57) How industrial space is evolving(28:23) Conrad's optimistic forecast for industrial real estate in 2024(31:56) The impact of AI and technology on CRE's future(34:00) Conrad's wish for a change in the industry: reversing rate hikesResources Mentioned:Conrad Madsen -https://www.linkedin.com/in/conradmadsen/Paladin Partners | LinkedIn -https://www.linkedin.com/company/paladin-partners-commercial-real-estate-services/Paladin Partners | Website -https://paladin-partners.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

On this episode of the CRE Exchange, Cole Perry, Senior Market Analyst of Altus Group, and Omar Eltorai, Director of Research of Altus Group, take a look at recent central bank actions across the globe as each major market grapples with whether to hike, hold or cut their rates. Narrowing the lens to US regional banks, they review the latest earnings reports, which continue to contend with CRE-related risk in their portfolios. In addition, they analyze how the latest US macro indicators support an evolving narrative toward a soft landing or no landing for the economy.Key Takeaways: (00:56) Global central banks are pursuing diverse monetary policies.(04:38) December's PCE and income data indicate strong US consumer spending and potential for a soft economic landing.(05:52) Q4 2023 GDP growth exceeded expectations, driven by strong consumer spending.(07:18) LEI indicates potential economic contraction in Q2 and Q3 2024.(08:52) Consumer sentiment significantly improved in January.(09:54) Home sales declined, reflecting high mortgage rates.(11:48) Regional banks report declining earnings and deposits.(14:22) The airline sector reports increased revenue and strong leisure travel demand.(17:38) Cole discusses the resilience and growth of the grocery sector in post-pandemic retail trends.(19:37) The CRE sentiment survey is live, seeking broad industry participation for comprehensive insights.(20:53) Upcoming economic data releases include consumer confidence, FOMC rate decisions and job market insights.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/CRE Industry Conditions and Sentiment Survey Signup -https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/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 last week's CREFC conference, a panelist perfectly captured the initial CRE outlook for 2024 as “not negative.” There's much in those two words but also in what's not being said.On this week's podcast episode, we recap key themes for the 2023 CRE market, including the importance of monetary policy and the potential potency of technology, also saw capital and credit concerns overshadowing positive factors. Looking ahead to 2024, we discuss the latest macroeconomic indicators covering jobs, inflation, consumer credit, construction spending, rates expectations and more!For a more in-depth recap of 2023's trends, check out the US Monthly Market Update article on the Altus Group website.Key takeaways:(01:06) 2023 market recap.(04:00) Initial themes for 2024.(05:58) December jobs numbers from JOLTS.(09:19) December inflation numbers from the Consumer Price Index and Producer Price Index.(10:22) Consumer credit.(12:59) Construction spending.(15:30) Rate expectations – Fed vs. Market.(16:48) Q4 earnings from the big 4 US banks.(18:34) CREFC conference top takeaways.(23:01) Upcoming data releases and earnings.(24:30) Announcements. Resources mentioned during this episode:Q1 2024 CRE Industry Conditions and Sentiment Survey - https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/Job Openings and Labor Turnover Survey (JOLTS) - https://www.bls.gov/jlt/Consumer Price Index - https://www.bls.gov/cpi/Producer Price Index - https://www.bls.gov/ppi/Consumer credit - https://www.federalreserve.gov/releases/g19/current/Construction spending - https://www.census.gov/construction/c30/pdf/release.pdfCREFC - https://www.crefc.org/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 the CRE Exchange podcast, we welcome a special guest, Stephen Buschbom, Research Director of Trepp. Our hosts, Omar Eltorai and Cole Perry, pick Stephen's brain on a wide spectrum of topics focused on the US commercial real estate debt space. Their discussion covers parallels to past markets, prevalent themes in 2023, predictions on market shifts, performance in 2024, and more.Key Takeaways:(03:39) Stephen's passion for the CRE asset class(06:54) Background on Trepp(10:27) 2023's key CRE debt market themes (11:57) Drawing parallels between today's market and past periods(13:11) Breakdown of the CRE debt space(16:16) Thoughts on what will get transaction activity back up(19:33) Capital availability over the next 12 months(20:29) Areas of risk(21:25) Outlook for 2024(23:08) Main priority for lenders in 2024(25:32) CRE debt market performance expectations for 2024(28:19) How Stephen expects to focus his research in 2024(30:53) Biggest expected industry changes in the next 3-5 years(32:06) Expected changes to capital stacks in the next 3-5 years(33:02) Career tips for young CRE professionalsResources Mentioned:Stephen Buschbom -https://www.linkedin.com/in/stephen-buschbom-36738a64/Omar Eltorai -https://www.linkedin.com/in/omareltorai/Cole Perry -https://www.linkedin.com/in/coleperry1/Trepp Website -https://www.trepp.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

In a special episode of the CRE Exchange podcast, Altus Group's Omar Eltorai, Director of Research, and Cole Perry, Senior Market Analyst, reveal some of the most valuable takeaways we gathered from polling almost 500 CRE professionals from the US and Canada for our Q4 2023 CRE Industry Conditions and Sentiment survey. From insights on current conditions around market competition, interest rates and pricing, to outlooks on economic recession, capital availability and transaction activity, you won't want to miss this knowledge-packed episode.Key Takeaways:(00:19) What is the CRE Industry Conditions and Sentiment Survey?(02:06) Primary focus for CRE firms.(02:54) Current state of market competition.(04:32) 2023 market pricing.(06:50) 2023 cost of financing and interest rates.(09:23) Recession expectations.(11:33) Interest rates over the next 12 months.(12:11) Cost of financing over the next 12 months.(14:12) Top priorities for 2024.(15:19) Who is planning on transacting and what side of the table do they expect to be on?(16:27) Capital availability over the next 12 months.(18:26) Top issues for 2024.Resources Mentioned:Altus Group -https://www.linkedin.com/company/altus-group/Omar Eltorai -https://www.linkedin.com/in/omareltorai/Cole Perry -https://www.linkedin.com/in/coleperry1/Commercial real estate industry conditions and sentiment survey - US Q4 2023 results -https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-us-q4-2023/Commercial real estate industry conditions and sentiment survey - Canada Q4 2023 results -https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-canada-q4-2023/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, hosts Omar Eltorai, Director of Research, and Cole Perry, Senior Market Analyst, both of Altus Group, talk to Adriana de Alcantara, Senior Managing Director of Hines and Fund Manager for Hines US Property Partners, Hines' flagship core plus open-end fund. They explore a range of topics, offering a dive into Adriana's career, Hines' fund strategy and the current trends and outlook for the commercial real estate industry.Key Takeaways:(00:34) The unique journey Adriana made from Brazil to the US which enriched her global real estate perspective.(04:37) The US market's dynamic nature, from consumer habits to the longevity of properties.(09:15) Embracing diversity in CRE. (11:14) The current market environment analysis and technology's role in transforming the industry.(17:04) Insights into the operation and strategy of Hines US Property Partners.(20:06) Adriana's approach to managing next-generation assets and diversified portfolios.(25:09) The process of identifying and measuring top-performing markets.(27:19) The evolving landscape of office spaces and the future of mixed-use developments.(29:54) The increasing importance of sustainability in real estate and its impact on investment value.Resources Mentioned:Hines US Property Partners OverviewThanks 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, Omar Eltorai, US Director of Research, and Cole Perry, Senior Market Analyst of Altus Group, discuss the latest FOMC minutes and the probability of a final rate hike for the year, findings from the Federal Reserve's Survey of Consumer Expectations (SCE) on credit access, which indicates a decline in expectations for credit availability, the increase in permits and starts for multi-family housing, mixed news from major retail chains with a glimpse of hope for the holiday season, and much more! Key Takeaways:(00:58) The latest US Leading Economic Index(02:12) FOMC minutes (Nov. 21 release) with odds for an interest rate hike before end of year(04:46) A view into consumer expectations for credit demand and credit approval(10:26) The latest read on building permits, housing starts and home sales(13:21) Earnings reports from Walmart, Target, Macy's, TJX, Home Depot and Lowes(22:31) Capital markets update(26:43) Q4 2023 CRE Industry Conditions and Sentiment Survey results(34:26) Upcoming data releases Omar and Cole are keeping an eye on over the next two weeks Resources Mentioned:Omar Eltorai -https://www.linkedin.com/in/omareltorai/Cole Perry -https://www.linkedin.com/in/coleperry1/Altus Group -https://www.linkedin.com/company/altus-group/US Leading Economic Index -https://www.conference-board.org/topics/us-leading-indicatorsSCE Credit Access Survey -https://www.newyorkfed.org/microeconomics/sce/credit-access#/FOMC minutes -https://www.newyorkfed.org/microeconomics/sce/credit-access#/US and Canada CRE Industry Conditions and Sentiment survey results (Q4 results to be released December 5, 2023) -https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/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 Group's Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, take on the latest economic developments and their impact on CRE.They dive into the recent policy rate announcements by the global central banks, lending trends from the lens of SLOOS, house price trends, REIT earnings and more. Key Takeaways:(00:56) Analysis of recent policy rate announcements by global central banks and their implications on the market.(04:43) A discussion of how inflation and interest rates impact consumer sentiment in the US.(07:21) Trends in bank lending based on the SLOOS.(13:30) Analysis of the FHFA house price index and Case-Shiller index in the context of housing market trends.(16:40) Fluctuations in Treasury yields and mortgage rates, and the implications for the housing market.(17:36) The negative yield curve is an indicator of potential economic downturns.(19:43) Highlights from recent earnings calls of major REITs and their market performance.(25:28) A preview of upcoming analyses on remote work trends and their impact on office markets.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/Federal Reserve's Federal Open Market Committee Minutes - https://www.federalreserve.gov/monetarypolicy/fomccalendars.htmFHFA House Price Index - https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspxS&P Case-Shiller Home Price Index - https://fred.stlouisfed.org/series/CSUSHPISASenior Loan Officer Opinion Survey (SLOOS) - https://www.federalreserve.gov/data/sloos/sloos-202307.htmUniversity of Michigan Consumer Sentiment Index - http://www.sca.isr.umich.edu/Measuring remote work impact on office uncertainty - https://www.altusgroup.com/insights/measuring-remote-work-impact-on-office-uncertainty/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 week's episode of the CRE Exchange podcast, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both at Altus Group, break down the current economic conditions, focusing on the Federal Reserve's reports, GDP releases and key insights from the housing, industrial, retail, office, and banking sectors.Key Takeaways: (01:05) Analysis of the Federal Reserve's Beige Book: subdued commercial real estate activity. (02:15) Challenges faced in the office sector, in leasing, rent and valuations. (03:40) US Real GDP's annualized growth reached 4.9% for Q3 2023. (06:06) Update on retail sales and consumer spending.(08:37) Housing market trends — home sales, supply, mortgage rates and what it means for multifamily.(10:33) The latest on large banks' earnings and the appetite for commercial real estate lending.(14:04) Asset managers signal that dry powder is primed for opportunistic CRE investment.(16:30) Brokerages' shift from 2022 expansion to 2024 cost reduction. (17:52) Interesting themes across industrial, office and retail sectors.(24:41) Announcements: State of the market Canada edition and Altus ODCE webinars.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/Federal Reserve's Beige Book -https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20231018.pdfWebinar recording: US State of the Market -https://www.altusgroup.com/webinars/us-state-of-the-market-quarterly-analysis/Upcoming webinar: NCREIF ODCE Index - Q3 2023 analysis -https://www.altusgroup.com/webinars/ncreif-odce-index-quarterly-analysis/Upcoming webinar: Canada State of the Market -https://www.altusgroup.com/webinars/canada-state-of-the-market/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, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both of Altus Group, navigate various compelling topics that have recently been in the spotlight. They unpack the latest inflation and job market numbers, provide insights from the Federal Reserve's minutes and consider indicators of small business optimism. This episode provides insightful critical analyses and reflections on the state of the economy and the CRE market.Key Takeaways:(01:08) A close look at the U.S. consumer price index and its rise in September. (01:55) September's employment report reveals strength across the labor market. Nonfarm payrolls and other key metrics shed light on the current state of employment.(08:33) JP Morgan, Wells Fargo and Citigroup's recent performances are discussed — highlighting significant growth in earnings and revenue. (11:22) A brief touch on the performances of PNC and the airline industry, particularly United and Delta.(13:10) From U.S. bank capital regulations to the ECB's increased scrutiny on CRE loans in Europe, the episode covers crucial regulatory shifts and their implications.(16:29) Insights from the Walker & Dunlop Most Insightful Hour in CRE and the State of the Market webinar provide a holistic view of current market dynamics.(21:05) The resilience of regional malls and the evolving work-from-home trends are examined, offering a window into changing consumer and workforce behaviors.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/Altus Group's US Commercial Real Estate Industry Conditions and Sentiment Survey -https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/Federal Reserve's Federal Open Market Committee Minutes -https://www.federalreserve.gov/monetarypolicy/fomccalendars.htmNFIB Small Business Optimism Index Report -https://www.nfib.com/content/press-release/economy/small-business-optimism-dips-in-september-as-inflation-remains-top-problem/State of the Market Webinar Replay -https://www.altusgroup.com/webinars/us-state-of-the-market-quarterly-analysis/Young Real Estate Professionals of New York -http://www.yrepny.org/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 week's episode of the CRE Exchange podcast, Cole Perry and Omar Eltorai, both of Altus Group, cover the latest US economic print, including consumer signals from Costco, CarMax and Carnival's earnings reports. Additionally, they discuss the current housing trends in San Francisco and the rest of the country. Lastly, they share some observations from the CREFC Capital Markets Conference which took place last week.Key Takeaways:(01:13) Core PCE inflation was up 3.9% year-over-year in August 2023, the smallest monthly increase since November 2020.(02:29) Bank credit card delinquency rates are at the highest level in more than a decade.(8:41) The FHFA House Price Index and the S&P Case-Shiller Home Price Index reached their respective highs in August 2023.(12:42) Securitization markets are still functioning despite seeing a few down quarters.(13:00) Banks are better capitalized and better positioned than they have been heading into historical down cycles. (14:02) Credit concerns will likely take time to work out, possibly years. (14:51) The FDIC is selling a large portion of the Signature Loan portfolio, which is heavily New York and multifamily.(15:15) The San Francisco office market faces challenges, but the long-term outlook is positive. 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/FHFA House Price Index -https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspxS&P Case-Shiller Home Price Index -https://fred.stlouisfed.org/series/CSUSHPISAEmail: altusresearch@altusgroup.comThanks 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 week's CRE Exchange, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both of Altus Group, tackle FOMC's decision on rates, current trajectories for building permits and home starts, potential consumer demand signals from four recent earnings reports, WP Carey's shift in investments, Airbnb's predicament with NYC's Local Law 18, looming threats of a government shutdown and a sneak peek into critical upcoming market indicators.Key Takeaways:[00:55] Latest news from the FOMC: Rates hold, but expectations of higher for longer persist.[03:18] US and Canada housing starts and building permits diverge — is it a blip or just a lag?[06:27] KB Homes' earnings report confirms a tough environment for home sales but a silver lining around consumer attitudes toward smaller homes.[10:51] Three major companies, three indications of weakening consumer demand.[16:12] WP Carey's Investment Evolution: WP Carey plans to exit office spaces and reallocate investments into essential retail, industrial warehouses and self-storage assets. They introduce the Net Lease Office Properties REIT.[18:41]The Airbnb Challenge in NYC: NYC experienced a 77% drop in Airbnb listings due to Local Law 18, potentially reviving the traditional hotel sector in Manhattan and providing other major cities with a glimpse into how similar laws could impact their short-term rental markets.[21:37] Implications of a Government Shutdown: Apprehensions and discussions concerning a looming shutdown, potentially disrupting crucial economic metrics.[22:56] Market Pulse: Upcoming market indicators and corporate earnings calls, such as Costco, CarMax, and Carnival Cruise Lines, offer insights into evolving market trends.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/Financial reports from WP Carey -https://s29.q4cdn.com/223055717/files/doc_earnings/2023/q2/earnings-result/W-P-Carey-Inc-Announces-Second-Quarter-2023-Financial-Results.pdfLocal Law 18's impact on Airbnb listings -https://therealdeal.com/new-york/2023/06/13/nyc-postpones-enforcing-short-term-rental-law/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