Podcasts about Altus Group

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

“80-90% of my job is to engage the business. It's a KPI.”   This is a special episode only available to our podcast subscribers, which we call The Mini Chief. These are short, sharp highlights from our fabulous guests, where you get a 5 to 10 minute snapshot from their full episode. This Mini Chief episode features Ben Marsonet, CEO of Altus Group. His full episode is titled The 6 stages of executive evolution, leading with visibility, and how powerful stories shape culture. You can find the full audio and show notes here:

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

“If you want to know how you actually build a culture, it's through stories you tell of the amazing things that people do inside of the business that make you sit back in awe.” In this episode of The Inner Chief podcast, I speak to Ben Marsonet, CEO of Altus Group, on The 6 stages of executive evolution, leading with visibility, and how powerful stories shape culture.

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

In this episode of the Professional Services Pursuit, Banoo is joined by Meredith Brake, VP and Head of Service Ops and Enablement at Altus Group, to kick off a new series simplifying the complex process of purchasing technology or software solutions. This series breaks down each step, making it easier to navigate. Meredith shares actionable insights on evaluating workflows, addressing pain points, and setting clear goals for implementing new software solutions. The discussion highlights the selection and implementation of a platform, offering best practices for success.Core topics covered:Defining business requirements: Separating must-haves from nice-to-havesImplementation best practices and successful change managementUsing data to improve decision-making and track engagement marginsStrategies for effective training and ongoing support Hosted on Acast. See acast.com/privacy for more information.

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

Greg Brady spoke with Alex Beheshti, Sr Consultant, Economic Consulting, Altus Group, Consultant specializing in urban planning and land economics about Bonnie Crombie's housing plan would axe land-transfer tax for first-time home buyers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Greg Brady spoke with Alex Beheshti, Sr Consultant, Economic Consulting, Altus Group, Consultant specializing in urban planning and land economics about Bonnie Crombie's housing plan would axe land-transfer tax for first-time home buyers. Learn more about your ad choices. Visit megaphone.fm/adchoices

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

In this episode of the “How I Lead Change” podcast, Kim Carter, the Chief People Officer for Altus Group, takes us on a discussion about the importance of clear communication during change and why it is important to know your "why" when undergoing change. Kim brings over two decades of executive Human Resources experience that built highly effective teams that support profitable growth in transforming companies. She has proven experience creating inclusive environments that attract and retain top industry talent. In 2023, Kim was recognized by DiversityCan Magazine as one of the Top 10 Chief Human Resources and Chief People Officers for her efforts in implementing diversity, equity, and inclusion in the workplace. Under her leadership, Altus Group was named one of Built In's Top 100 Places to Work in 2024.www.pragilis.com

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

Discover the future of real estate with AI:   AI is not just a trend.   It's a game-changer.   This week, Sally Johnstone from Altus Group (from whence the Argus software we all know and love comes) reveals how AI is revolutionizing commercial real estate.   Consider this: AI-Driven Insights for NOI Predictions: AI models now predict net operating income (NOI) with pinpoint accuracy. This helps investors make smarter choices about buying, holding, or selling properties. Gentrification Indicators: AI can identify future gentrification indicators, like the presence of flower shops (of all things!). These indicators signal areas ripe for growth and investment. Tailored Market Insights: Altus Group's Market Insights Premium uses machine learning to provide fair market NOI predictions. This helps you know if your property is underperforming or overperforming based on factors like population growth and home values. Overperforming Properties: Properties near open spaces like parks or trails can overperform in NOI by 20-30%. This offers a hidden gem for savvy investors. Leverage AI to optimize your real estate investments.   Don't miss out on these actionable insights from Sally Johnstone at the Altus Group, one of the true pioneers in real estate data analytics. ***** The only Podcast you need on real estate and AI.   Learn how other real estate pros are using AI to get ahead of their competition.   Get early notice of hot new game-changing AI real estate apps.   Walk away with something you can actually use in every episode.   PLUS, subscribe to my free newsletter and get: • practical guides, • how-to's, and • news updates   All exclusively for real estate investors that make learning AI fun and easy and insanely productive, for free.   EasyWin.AI

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

Just in time for Women's History Month, this episode of the NAA Apartmentcast is the first in a series discussing women in technology, supported by and featuring two members of NAA's Technology Committee, Michele Crochetiere, Senior Director of Client Services for One11 Advisors, an Altus Group business; and Gina Carter, Vice President of Operations at Blue Ridge Companies. Learn more at https://www.naahq.org

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

In this video interview, Chris Alexander, President of RE/MAX Canada, discusses the real estate company's latest 2024 Tax Report and the impact of taxes and other rising costs on housing affordability in the country.   FULL PRESS RELEASE  TORONTO, Feb. 6, 2024 /CNW/ — While land transfer taxes and new property assessments in key markets appear to have little effect on the surface, eroding affordability levels are slowly shifting migration patterns and changing the landscape in major Canadian centres, according to a new report released today by RE/MAX Canada. RE/MAX Canada's 2024 Tax Report examined key markets in six Canadian provinces, including Vancouver, Calgary, Winnipeg, Toronto, Montreal and Halifax, and found governments at all levels are collecting billions from Canadian homebuyers through levies and development fees on new construction, as well as land transfer and property taxes on residential properties. Tax rate increases, in tandem with record-high housing values and mortgage rates, have sparked a post-pandemic exodus from the country's most expensive markets, contributing to a significant uptick in interprovincial migration numbers in Alberta and Atlantic Canada in 2023. While some homebuyers were content to move outside of core markets within their province, close to 60,000 Canadians found their answer to the current housing crisis in Alberta and, to a lesser extent, Nova Scotia, New Brunswick and Prince Edward Island. According to Statistics Canada's Quarterly Demographic Estimates, Provinces and Territories Interactive Map, interprovincial migration doubled over already-strong year-ago levels in the first three quarters of 2023 in Alberta, with the province welcoming 45,194 people, compared to 22,278 during the same period in 2022. Alberta gained the most interprovincial migrants in the third quarter of 2023, with the highest influx coming from Ontario (6,262), followed by BC (5,269), Saskatchewan (1,579) and Manitoba (1,316). Nova Scotia also saw more than 5,000 new residents in the first three quarters of 2023, following an influx of close to 10,000 interprovincial migrants during the same period in 2022. New Brunswick's net interprovincial total was almost 4,500 in the first three quarters of 2023, while Prince Edward Island posted a net interprovincial increase of just over 1,000. All other provinces noted negative net interprovincial numbers, with more people leaving than arriving.                                                         Source: Real Estate Board of Greater Vancouver (REBGV), Calgary Real Estate Board (CREB), Toronto Regional Real Estate Board (TRREB), Quebec Professional  Association of Real Estate Brokers (QPAREB). Local boards provided  by RE/MAX brokers.  *Benchmark Price for all properties in December  **Non-residents pay five per cent deed transfer tax in Nova Scotia ***First-time Home Buyer exemption/rebate applied to Vancouver and Toronto/GTA “Given today's housing market realities, it comes as no surprise that buyers are willing to travel across the country to achieve home ownership,” says RE/MAX Canada President Christopher Alexander. “In addition to affordable housing values and extensive job opportunities, Alberta is well known for its position on taxation, with no provincial sales tax and zero land transfer tax on residential real estate. Cash-rich buyers from provinces such as Ontario and British Columbia are aware that the sale of their property in Toronto or Vancouver will stretch that much further in Alberta or Atlantic Canada's major centres. And for first-time buyers, it's an opportunity to get into the market at an affordable price point and gain equity, as opposed to paying down someone else's mortgage by renting.” According to the Fraser Institute's 24 Facts for 2024 Report, the average Canadian family pays 45.3 per cent of its income to taxes – more than the 35.6 per cent spent on necessities of life. Regressive tax policies are also to blame for the changing migration patterns. Land transfer taxes were introduced across Canada in the 1970s as a method of generating revenue for municipalities, regardless of income. The highest land transfer taxes are found in Toronto, where buyers pay a municipal land transfer tax as well as a provincial tax. On January 1, 2024, Toronto upped the ante, introducing a luxury tax on home sales over $3 million. While the existing municipal land transfer tax (MLTT) essentially remains the same under $3 million, homebuyers that cross the threshold will find a sliding scale of taxes that range from 3.5 per cent on sales over $3 million to 7.5 per cent on sales over $20 million. On an average-priced home in the city, buyers can expect to pay close to $40,000 in taxes. “When you think about what a $40,000 tax bill payable upon closing could do if it was applied to a down payment, it's clearly time to incentivize the first domino,” says Alexander. “The first order of business should be revisiting the first-time buyer rebate/exemption in Toronto and Vancouver, because at $400,000 and $500,000–$525,000 respectively, they're woefully inadequate given the average or benchmark price of properties in those cities.” A survey conducted by Leger on behalf of RE/MAX in mid-2023 found that more than one in four Canadians (28 per cent) agreed the land transfer tax has impacted their decision to participate in the housing market. The home-buying decisions of young Canadians were particularly impacted, with 40 per cent of Gen Z and 35 per cent of Millennials agreeing that the land transfer tax has played a role in their pursuit of home ownership, compared to 26 per cent of Gen X and 21 per cent of Baby Boomers.* As a result, there is a growing wave of younger people who are choosing to leave major centres and provinces to attain home ownership. Not surprisingly, some of the fastest-growing municipalities are inside or close to urban areas, according to Statistics Canada 2021 Census. For example, East Gwillimbury in the Greater Toronto Area experienced the greatest increase in population between 2016 and 2021 with a 44.4-per-cent uptick; Langford, outside of Victoria, BC, and Southern Gulf Islands just outside Vancouver, were up 31.8 and 28.9 per cent respectively; Niverville, on the outskirts of Winnipeg was up 29 per cent; Carignan just outside Montreal was up 24.1 per cent; while Wolfville, Nova Scotia was up 20.5 per cent. New and proposed property tax reassessments are also creating confusion in markets across the country, including Toronto, Montreal and Halifax, with some properties assessed above recent sale prices. The Province of Ontario has yet again postponed its reassessment. With the Municipal Property Assessment Corporation (MPAC) still operating at levels assessed in 2016, new assessments in the province for the years 2023 and 2024 will likely be significantly higher when distributed. The burden is even higher on new home construction within Canada's most expensive markets. In Toronto, for example, taxes, levies and development fees on new condominiums – the first step to home ownership for many Canadians – is estimated to account for approximately 25 to 30 per cent of the overall purchase price. On a unit priced at $717,000, the average price for a condominium in Toronto at year-end, that accounts for roughly $180,000 to $215,000 paid by the purchaser. New low-rise housing is no exception. Based on a study by Altus Group, the Building Industry and Land Development Association (BILD) found that government fees, taxes and charges added $222,000 to the cost of an average, new single-family home in the Greater Toronto Area (GTA) in 2019 – three times higher than in major U.S. markets such as San Francisco, Miami, Boston, New York City, Chicago, and Houston. “The goal should be to make home ownership more accessible, not less,” says Alexander. “Taxation is contributing to the demise of the Canadian dream, with home ownership across the country falling from peak levels reported in 2011, and it will continue to decline unless there is some intervention. A greater supply of affordable housing in major centres will have a sizeable impact on keeping the dream alive. However, if we don't heed the call, we risk continued out-migration of our youth.” Rising tax levels and quality of life have become a growing concern in cities throughout North America as well. Driven by domestic out-migration, more than 600,000 people left New York State for Florida, Texas, and other low-tax states in 2020 and 2023, according to US Census Data. Internal Revenue Services (IRS) data show the state lost an estimated $45 billion in taxable income between 2020 and 2023. Florida, on the other hand, welcomed more than 700,000 people during the same period, as the state's favourable tax structure proved irresistible to buyers. “Clearly, public policy is contributing to a myriad of issues – with affordability front and centre – and there's no relief in sight,” says Alexander. “Shelter is a basic human need, yet accessibility is becoming increasingly problematic as government reliance on the housing sector as a means of funding creates a greater divide. Affordability and opportunity are key to healthy and sustainable real estate market activity and a vibrant economy. As such, the potential economic impact of ongoing out-migration on the future of individual provinces should raise alarm bells.” Market by Market Overview** Greater Vancouver The tax burden weighs most heavily on buyers in markets such as the Greater Vancouver Area where housing values are amongst the highest in the country. Yet first time, move up, and downsizing buyers remain determined to move forward, regardless of tax implications. In fact, home-buying activity in the Greater Vancouver Area is off to a strong start in 2024, as buyers who've sat on the sidelines throughout 2023 re-enter the market en masse. The imbalance between supply and demand has prompted a flurry of multiple offers on properties at affordable price points. While land transfer taxes are the cost of doing business in Vancouver and purchasers have come to begrudgingly accept that reality, property taxes are amongst the lowest in the country. High interest rates were the greatest impediment to home-buying activity in Vancouver throughout 2023, with the threat of ever-rising mortgage rates creating havoc in the market. With the expectation of an end to quantitative tightening, homebuyers are hoping to get into the market before values climb once again. Evidence of the trending has been apparent over the past two months, as fixed rates have now come down about one half of a per cent. Inflation appears to be heading in the right direction, although slower than originally anticipated. The first-time buyer's rebate has proven inadequate in a market that had an average benchmark price of $1,168,700. Few first-time buyers qualify at the current $525,000 threshold. Properties up to $499,999 are eligible for a full tax exemption while properties priced from $500,000 to $524,999 are eligible for partial repayment. There are currently 43 properties listed for sale under $525,000 in the City of Vancouver. The full land transfer tax is obligatory on property priced at more than $525,000. Surprisingly, the first-time buyer's exemption on new construction is considerably higher, with exemption available on homes priced up to $750,000. While buyers are faced with the additional cost of a government sales tax (GST) on their new home, there's really no reason the threshold of $750,000 shouldn't be applied equitably. Unfortunately, the higher cost of living in the province is driving movement out of the province, with many young families and retirees heading for neighbouring Alberta where BC dollars go a lot further.  Data compiled for the first nine months of 2023 by the Statistics Canada Quarterly Demographic Estimates: Provinces and Territories Interactive Map showed a decline in net interprovincial migration numbers, with British Columbia registering close to 6,000 people leaving BC. Years ago, the trend had been to move to the Okanagan to take advantage of lower prices, but in recent years, strong migration levels have accelerated housing values in cities such as Kelowna, Kamloops and Penticton. Net international migration numbers for the same period show more than 150,000 immigrants, net emigration and net non-permanent residents entering the province in the first three-quarters of 2023. Methodology for Residential Property Transfer Tax First $200,000 – taxed at 1 per cent $200,000 – $2,000,000 – taxed at 2 per cent $2 million to $3 million – taxed at 3 per cent Over $3 million – taxed at 5 per cent Calgary Home-buying activity continues at a frenzied pace in the Calgary area as affordable housing values and lower tax rates incentivize an increasing number of out-of-province buyers to move to Alberta. In the first three quarters of 2023, the province welcomed just over 45,000 interprovincial residents, according to the Statistics Canada Quarterly Demographic Estimates: Provinces and Territories Interactive Dashboard. During the same period, net international migration rose by almost 100,000 people, including new immigrants, net emigration, and net non-permanent residents. Buyers from Ontario and BC remain most active in the province, with the vast majority settling in the City of Calgary where the average price at year end 2023 hovered at $539,313, according to the Calgary Real Estate Board. Home ownership in the city can be attained for as low as $350,000, with the condominium apartment category seeing the highest year-over-year increase in sales in 2023. Younger buyers as well as retirees and investors are behind the push for housing. Tight market conditions persist throughout the city, however, with local buyers vying for prime properties with cash-rich purchasers from Ontario and British Columbia. As a result, many seasoned local buyers have moved to the sidelines in the latter half of 2023, choosing not to participate in the frothy market. Entry-level buyers, representing approximately 20 to 30 per cent of the market, are driving activity between $350,000 to $650,000. Those first-time buyers that have scrimped and saved for a down payment are largely targeting two-bedroom, one bath condominium apartment properties priced between $350,000 to $400,000. First-time buyers are fortunate enough to have some help from the bank of mom and dad are typically seeking single detached starter homes in the $500,000 to $650,000 price range. Land transfer taxes are non-existent in Alberta, although most buyers pay a registration fee around $300. There are no provincial sales taxes. The combination of lower taxes, affordable housing, and greater job opportunities are expected to continue to draw purchasers from out-of-province, many of whom have been priced out by rapidly rising housing values and taxes in their own provinces. Zero Residential Property Transfer Tax – All properties, all price points Winnipeg A significant uptick in housing sales and values in the last six weeks of 2023 has set the stage for home-buying activity in Winnipeg in 2024. Listings that had lingered on the market were quickly snapped up, some in multiple-offer situations, between mid-November and mid-December. The same momentum has been noted in the first two weeks of January as the potential for an end to the Bank of Canada's stance on quantitative tightening grows increasingly likely after four rate pauses in a row. There has been a considerable increase in the number of renters getting into the market, in large part due to rental rates that look more like mortgage payments at present. First time buyers, many of whom are new to the country, would rather own their homes than paying off someone else's mortgage. As such, the land transfer and property taxes are just part of the process, despite property rate taxes that are amongst the highest in the country. The vast majority of first-time purchasers are coming to the table with at least two percent of the property's value set aside for land transfer taxes and closing costs. For move up buyers, they've generally factored the land transfer tax into the equation. However, at higher price points, from $750,000 to $1 million, buyers may put their decision to move on pause, opting to renovate instead. Seniors, particularly those who have lost partners and live alone, may choose to age in place rather than undertaking the additional costs, not to mention the stress of a move. The greatest activity remains at lower price points, where inventory levels are particularly low. Winnipeg is one of the most affordable housing markets in the country with an average price in 2023 hovering at just over $400,000 (approximately $5,700 in land transfer tax). Most first-time buyers are looking at properties priced between $350,000 and $450,000. Trade-up buyers are typically active between $500,000 and $750,000. Like other parts of the country, overall housing stock in the city remains low. Yet, net international migration, comprised of immigrants, net emigration, and net non-permanent residents, added an estimated 36,000 to Manitoba's population in the first three quarters of 2023, according to Statistics Canada Quarterly Demographic Estimates: Provinces and Territories Interactive Dashboard. Population growth is expected to contribute to housing market activity in Winnipeg in the year ahead, bolstered by an anticipated fall in interest rates in the second or third quarters. Methodology for Residential Land Transfer Tax 0 – $30,000 – No Tax $30,001 to $90,000 – 0.5 per cent $90,001 to $150,000 – 1 per cent $150,001 to $200,000 – 1.5 per cent $200,000 and above – 2 per cent Greater Toronto Area After a flurry of home-buying activity at luxury price points in the final quarter of 2023 in Toronto Proper due to upcoming changes to the city's 2024 land transfer taxes, the housing market has slowed in the Greater Toronto Area. Sales are currently trending on par or slightly ahead of year-ago levels, with economic concerns and high interest rates leaving many buyers sitting on the sidelines. While the Bank of Canada (BOC) held firm on rates in January for the fourth consecutive time since its July 2023 rate hike, inflation remains high, placing the BOC in a challenging position. That said, there are signs that quantitative tightening is drawing to a close and some economists predict rates will start coming down by mid-year. With the promise of lower rates on the horizon, the spring market is expected to be active, with trade-up buyers leading the charge, cashing in on equity gains realized over the past decade. Unlike years prior, this spring market will be characterized by a greater selection of homes available for sale and less competition in the marketplace. Sales in the spring will ideally position seasoned buyers with a three-month closing to potentially dovetail with interest rate cuts. First-time buyers, however, will continue to struggle to achieve home ownership, given a continuation of tight inventory levels at entry-level price points from $500,000 to $1,000,000.  That, combined with the government stress test that adds an additional two percentage points to existing rates is hurting those who've been able to accumulate a down payment and transfer taxes but are unable to qualify at today's rates plus two per cent. The unfortunate fact is that many potential homebuyers are already paying rates similar to a mortgage on their rental units while inflation continues to eat away at their savings. The 416 area-code remains popular with younger buyers who want to be close to shops, restaurants and transportation. The additional municipal land transfer tax fails to deter this segment of the market. However, for those starting a family, the 905 area-code generally offers greater affordability and one less transfer tax. Hybrid workplaces have also made moving north, east, and west of the city an easier transition, requiring only one or two days a week travelling on the GTA's busy highways. For existing homeowners located in the city core, the expense of a move with its associated municipal and provincial land transfer taxes and closing costs have prompted some to consider renovation. By upgrading their home, making cosmetic changes to kitchen, bathrooms and flooring, homeowners are adding value to their properties down the road. While renovation can have its own challenges, it is an option that many are taking given the high cost of moving. Ongoing conversations regarding a 10 to 16 per cent increase in property taxes are another issue that stems from a city that is burdened by rising costs and a stagnating downtown core. Fundamentally regressive taxing punishes the city's most vulnerable homeowners – its seniors – many who are on fixed incomes. Taxes are based on the value of the property but have nothing to do with income. While the only certainties in life are death and taxes, there needs to be better solution to the current structure. Taxation is not actually deterring most buyers from getting into the market, but it is somewhat hampering, especially at entry-level price points. The current structure allows for a full rebate of municipal and provincial land transfer taxes of up to $400,000 for first-time buyers. There are currently close to 250 “properties” listed for sale under the $400,000 price point, the vast majority of which are parking spaces, lockers and vacant land. Although buyers are still active in the Toronto market, there are those that are moving to areas outside of the GTA where housing values are lower.  And, in the first three quarter of 2023, there were more people leaving the province than arriving, with net interprovincial migration numbers down by just over 32,500, according to Statistics Canada Quarterly Demographic Estimates: Provinces and Territories Interactive Dashboard. While interprovincial migration has been offset by close to half a million immigrants, net emigration, and net non-permanent residents, it's clear the cost of living in Ontario – with its high housing values and tax base – is resulting in migration to other areas of the country. Methodology for Municipal Land Transfer Tax on Residential Properties Up to $55,000: 0.5 per cent Up to $250,000: 1 per cent Up to $400,000: 1.5 per cent Up to $2 million: 2 per cent $2 million Up to $2.999 million: 2.5 per cent $3 million to $3.999 million: 3.5 per cent $4 million to $4.999 million: 4.5 per cent $5 million to $9.999 million: 5.5 per cent $10 million to $19.999 million: 6.5 per cent $20 million plus: 7.5 per cent Methodology for Provincial Land Transfer Tax on Residential Properties Up to $55,000: 0.5 per cent Up to $250,000: 1 per cent Up to $400,000: 1.5 per cent Up to $2 million: 2 per cent More than $2 million: 2.5 per cent Montreal While higher interest rates and the threat of a possible recession seriously hampered home-buying activity in Montreal over the past year, housing taxes –in the form of a welcome tax and property tax—proved to be a negligible part of the equation in 2023. The sentiment is largely due to Montreal's affordable housing market, where average price at year-end 2023 ($574,845) remains well below other large Canadian markets such as Toronto and Vancouver. Buyers can expect to pay a welcome tax of close to $8,000, payable upon closing, based on the 2023 year-end average. First-time buyers, defined as those who have never owned a home, are not eligible for a rebate but can receive the Quebec Home Buyers Tax Credit on their tax return. Set by the city, property tax rates currently run at approximately 0.63000 per cent in Montreal, adding another $3,183 to the annual cost of home ownership, based the average price. A recent update to property assessments have made headlines in Quebec as the province moves to bring assessments in line with today's housing values. The new assessments have, however, caused confusion in the market, particularly given that some homes have been assessed above recent sale prices. After a dismal 2023, renewed momentum is expected to characterize home-buying activity in Montreal in 2024. Properties appear to be moving at a faster pace than year-ago levels while showings and open houses are growing busier. First-time buyers are cautiously optimistic, entering the market at price points ranging between $450,000 and $750,000. While condominiums are the first step to home ownership at lower price points in the city, first-time buyers willing to move farther afield may find small, detached homes priced around $750,000. The trade-up market has been impacted by an abundance of offers conditional on the sale of the buyers' home within 30 days in recent months. Many of these offers are falling through as buyers fail to sell their homes and new buyers lie waiting in the wings. As a result, existing homeowners are choosing to sit tight, hesitant to sell first for fear that they won't find another suitable home. Yet, they are also hesitant to buy first and go through the motions, only for the deal to die after 30-days. As a result, some buyers will choose to renovate their property, instead of embarking on a move. The promise of lower interest rates down the road is bringing some comfort to buyers and sellers. Once rates start to decline, which could potentially happen as early as April, home buying activity is expected to gain traction. The market at present, however, remains tenuous, with any unexpected development having the potential to disrupt the whole market. Methodology for residential land transfer tax in Montreal 0.5 per cent on the first $58,000 1.0 percent between $58,900 and $294,600 1.5 per cent between $294,600 to $552,300 2.0 per cent between $552,300 to $1,104,700 2.5 per cent between $1,104,700 to $2,136,500 3.5 per cent between $2,136,500 to $3,113,000 4.0 per cent on homes priced over $4,113,000 Halifax Regional Municipality (HRM) With housing market uncertainty seeping into January 2024, homebuyers in Halifax are banking of the prospect of lower interest rates down the road to revitalize home-buying activity. Demand remains relatively healthy in hot pocket areas, where well-priced properties are selling in short order, but in areas where greater selection exists, turnover is slow. Given the current high interest rate environment, many buyers are choosing to stay in place until the first interest rate cut is announced. Once that occurs, it's expected that buyers will enter the market in full force, hoping to get in before prices increase. Immigration and in-migration have factored into the housing equation, with both ramping up significantly since 2020. According to Statistics Canada, Nova Scotia's population rose five per cent between 2016 to 2021, settling in at just under 970,000, with the provincial government committed to doubling the population to two million by 2060. In 2023, more than 5,300 interprovincial migrants and over 20,000 immigrants moved to Nova Scotia in the first three quarters of the year – the vast majority settling in Halifax – according to Statistics Canada Quarterly Demographic Estimates, Provinces and Territories Interactive Dashboard. The increase came as a surprise, driving upward momentum in housing values, as buyers from other provinces and countries arrive flush with cash, outspending the average Halifax buyer in large part due to stronger buying power. Inventory levels have improved significantly over one year ago, but less than 1,000 homes are currently listed for sale. First-time buyers in the Halifax housing market are finding it particularly stressful as of late to compete for homes in the sweet spot – priced from $350,000 to $500,000. Some are moving between one and two hours outside of Halifax to take advantage lower house prices. With remote work increasingly accepted, the necessity to be located in Halifax has waned. Halifax urbanization and development in recent years is also a factor, with traffic, construction, and increased congestion prompting buyers to look at areas outside the Halifax Regional Municipality. Taxation has played a greater role in the market this year, as new reassessments mailed out in January reflected strong growth in housing values over the Covid years. Residential assessments are up about 20 per cent over last year, one of the largest increases in the history of the province. Numbers vary by community or municipality, with Halifax up 21.1 per cent. In addition, the new reassessments will not be capped after the sale of a home, which could see property taxes increase further for the next buyer. Deed transfer tax at 1.5 per cent on the purchase of a home in Halifax is an on-going hardship for first—time buyers, although there has been a first-time buyer plan in place that allows first-time buyers to repay the debt over a longer period. This is woefully inadequate at a time when it's important to incentivize the first domino. However, unlike other major areas of the country, housing values are still relatively affordable here. First-time buyers are laser focused on home ownership as rental rates rise. Many spend years saving 10 to 20 per cent down payments, only to be told they owe another 1.5 per cent upon closing, in addition to all other closing costs. The combination of reassessment and the deed transfer tax have also prompted some buyers to stay in place, especially at higher price points. Many are choosing to renovate rather than move. For non-residents, Nova Scotia charges a five per cent Provincial Deed Transfer Tax. Prices were up over 2022 at year-end 2023, sitting at $552,700 (up from $536,700 one year prior). Supply issues, like other parts of the country, exist and while development fees and approvals are slow and far between, there are more condominiums and freehold properties being added the city's housing stock. However, its estimated that the Halifax market is still 30,000 to 35,000 units short of what the city needs, given the governments vision for growth. Under the present conditions, there's no question that prices will continue to rise in the year ahead, with sales rising in tandem with falling interest rates. Methodology for Deed Transfer Tax in Nova Scotia Deed Transfer Tax in the Halifax Regional Municipality for residents is 1.5 per cent on purchase price. Deed Transfer Tax in Nova Scotia for out of province/country buyers is 5 per cent on purchase price. Mario Toneguzzi is Managing Editor of Canada's Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list About Us Canada's Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast. With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders. 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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 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 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 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