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

#CRE #CommercialRealEstate #Property

Q3 CRE earnings: Trends across lenders, REITs and brokers

altusgroup.podcast@gmail.com (Altus Group) — Thu, 13 Nov 2025 04:54:12 -0500

Every quarter, we dig into dozens of CRE earnings calls, tuning in, reading the releases, and looking for what really stands out. This time, we’re taking a different approach. Instead of focusing on individual companies, we’re pulling out the biggest themes across lenders, REITs, and brokers, from credit thawing to where capital is flowing next in 2026.

Key Moments:

01:51 Lenders' insights and trends

06:41 Retail REIT earnings highlights

11:51 Office sector analysis

18:18 Industrial sector developments

26:30 Multifamily sector review

31:15 Brokerages and asset managers outlook

41:13 Overarching takeaways

Resources Mentioned:

#CRE #CommercialRealEstate #Property

Never bet against New York City: Bob Knakal talks markets, policy, and opportunity

altusgroup.podcast@gmail.com (Altus Group) — Thu, 30 Oct 2025 03:39:07 -0400

Legendary New York broker Bob Knakal shares lessons from more than four decades shaping the city’s investment landscape. He discusses the founding of Massey Knakal, the power of specialization, and how zoning and policy continue to define opportunity. Knakal also explains why he’s integrating AI and data analysis into his brokerage, and why, despite political headwinds, he still believes you should never bet against New York.

Key Moments:

01:01 Meet Bob Knakal

03:24 The early days of Massey Knakal

04:50 Lessons learned and keys to success

08:14 The importance of market expertise

11:26 Founding BK Real Estate Advisors

13:14 Specialization and market changes

17:37 AI and technology in real estate

24:15 The unique challenges of the New York market

26:20 Current market cycles and trends

29:57 Impact of political changes on housing

32:42 Proposed solutions for housing issues

38:35 Future of New York real estate

Resources Mentioned:

Bob Knakal - https://www.linkedin.com/in/bobknakal/

BKREA - https://www.bkrea.com/

485-x Program - https://www.nyc.gov/site/hpd/services-and-information/tax-incentives-485-x.page

Major Capital Improvement program - https://www.nyc.gov/site/finance/property/landlords-mci.page

Individual Apartment Improvement program - https://hcr.ny.gov/apartment-iai-and-building-mci-improvements

Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Hello uncertainty, my old friend, we're back to cautious optimism again

altusgroup.podcast@gmail.com (Altus Group) — Thu, 23 Oct 2025 00:00:00 -0400

What if the economy could sing? The CRE Exchange team explores what the Fed’s Beige Book, homebuilder sentiment, and recent banking data reveal about the broader economy, and how those trends ripple through commercial real estate. Our hosts, Omar Eltorai and Cole Perry, then turn to Peter Norman, Altus Group’s VP and Economic Strategist, for a deep dive into Canadian economic and CRE trends.

Key Moments:

01:34 Diving into the Fed Beige Book
02:21 Labor market and employment trends
03:30 Consumer spending and manufacturing Insights
07:25 Home Builder Confidence Index
10:43 Large Bank Credit Card and Mortgage Report
13:57 Manufacturing Business Outlook Survey
16:31 Non-Manufacturing Business Outlook Survey
20:52 Canadian CRE trends with Peter Norman
43:19 Upcoming events

Resources Mentioned:

Peter Norman – https://www.linkedin.com/in/peter-norman-20637043/

2025 Canada State of the Market webinar – https://www.altusgroup.com/webinars/canada-state-of-the-market/

Federal Reserve Beige Book - https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm

NAHB/Wells Fargo Housing Market Index - https://www.nahb.org/news-and-economics/housing-economics/indices/housing-market-index

ISM Manufacturing PMI - https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/pmi/september/

Philadelphia Fed Large Bank Credit Card and Mortgage Data - https://www.philadelphiafed.org/surveys-and-data/large-bank-credit-card-and-mortgage-data

Philadelphia Fed Manufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regionaleconomy/manufacturing/business-outlook-survey

Philadelphia Fed Nonmanufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regionaleconomy/nonmanufacturing/business-outlook-survey

#CRE #CommercialRealEstate #Property

Tracking the economy and CRE through a government data blackout

altusgroup.podcast@gmail.com (Altus Group) — Thu, 16 Oct 2025 00:00:00 -0400

Even with the federal data slowdown, there are still alternative indicators that give us a view into what’s happening in the US economy and commercial real estate. In this episode, our hosts, Omar Eltorai and Cole Perry, lean on data from private providers and trade organizations to uncover what’s happening across consumers, small businesses, labor, and financial markets and what it all means for CRE. They’re joined by Andrew Pabon from Altus Group’s Valuation Advisory team to share insights on the CRE debt space.

Key Moments:

01:31 Labor market indicators

05:35 Consumer data insights

13:21 Financial market conditions and business data

17:01 Small business economic trends

20:51 CRE credit trends and debt market insights

28:41 Interview with Andrew Pabon on the US CRE debt landscape

41:24 Upcoming economic data releases

Resources Mentioned:

Andrew Pabon - https://www.linkedin.com/in/andrew-pabon-15a6976/

Altus Group CRE Debt Capital Markets Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/

Alternative version of Kansas City Fed’s Labor Market Conditions Indicators (LMCI) - https://www.kansascityfed.org/research/economic-bulletin/an-alternative-version-of-the-kc-fed-lmci-suggests-little-change-in-the-labor-market-in-september/

University of Michigan Consumer Sentiment Index - https://www.sca.isr.umich.edu/

Federal Reserve G.19 Consumer Credit Report - https://www.federalreserve.gov/Releases/g19/current/

New York Fed Survey of Consumer Expectations - https://www.newyorkfed.org/microeconomics/sce#/

Chicago Fed's National Financial Conditions Index - https://www.chicagofed.org/research/data/nfci/current-data

NFIB Small Business Economic Trends report - https://www.nfib-sbet.org/MainPage.html

Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Why “hometown” markets are delivering real returns in retail

altusgroup.podcast@gmail.com (Altus Group) — Thu, 09 Oct 2025 00:00:00 -0400

Retail’s comeback isn’t new news, but its investment potential is still underestimated. In this episode, RockStep Capital’s President, Andy Weiner, joins Omar Eltorai and Cole Perry to shed light on why the most rational capital in CRE is rotating toward shopping centers and “hometown” markets.

From positive leverage dynamics to the structural limits on new supply, Andy explains how disciplined operators are capturing double-digit yields while strengthening the communities they invest in. For investors, developers, and lenders, it’s a revealing look at where the next durable returns may come from.

Key Moments:

01:34 Meet Andy Wiener of Rock Step Capital

03:38 The birth of Rock Step Capital

05:21 Retail strategy and store metrics

07:29 Improving communities through retail

10:39 The Rock Steps: Company culture and values

16:51 Evolution of Rock Step Capital

20:52 Hometown focus and investment strategy

22:21 Community involvement and local partnerships

24:55 Investment strategies and fund structure

27:00 Retail Renaissance and e-commerce integration

30:24 Supply and demand dynamics in retail

41:38 Public-private partnerships and redevelopment

45:37 Exit strategies and market insights

46:44 Chick-fil-A fandom and personal insights

Resources Mentioned:

Andy Weiner - https://www.linkedin.com/in/andy-weiner/

RockStep Capital - https://rockstep.com/

The RockStep way - https://rockstep.com/company/rockstep-way

#CRE #CommercialRealEstate #Property

From jobs to housing to the human edge in CRE

altusgroup.podcast@gmail.com (Altus Group) — Thu, 02 Oct 2025 06:05:00 -0400

From a 20.5% surge in new home sales and persistent affordability challenges in the existing market, to rising inflation, consumer sentiment drops, and labor market paradoxes, our hosts Omar Eltorai and Cole Perry explore how these factors are influencing CRE demand and investment strategy.

Also, special guest Dan Kudrik, Senior Director at Altus, adds his perspective on the human edge in real estate, and highlights how valuation, residual values, and transparency are evolving in the US market.

Key moments

01:19 Latest Housing Market Data
06:29 Consumer spending and inflation insights
15:07 GDP and corporate profits analysis
18:47 Labor market trends
21:59 Special Guest: Dan Kudrik on human capital, valuations, and residual values

Resources mentioned

New Home Sales: https://www.census.gov/construction/nrs/index.html
Existing home sales: https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
PCE: https://www.bea.gov/data/personal-consumption-expenditures-price-index
GDP: https://www.bea.gov/data/gdp/gross-domestic-product
University of Michigan’s Consumer Sentiment Index: https://www.sca.isr.umich.edu/
JOLTS: https://www.bls.gov/jlt/
Dan Kudrik: https://www.linkedin.com/in/danielkudrik/
Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

From outdated to advanced: The rise of modern industrial development

altusgroup.podcast@gmail.com (Altus Group) — Thu, 25 Sep 2025 00:00:00 -0400

Industrial real estate is transforming, and fast. Aasif Bade, founder and CEO of Ambrose, shares his journey, his firm’s conviction for modern warehouses, and why staying ahead of technology and global supply chain shifts is crucial. From outdated infrastructure to AI-driven innovation, Bade highlights what investors and developers need to know to navigate the industrial sector’s next chapter.

Key Moments:

01:21 Guest introduction: Aasif Bade

01:54 Founding Ambrose: A journey

04:53 People-first philosophy

05:49 Ambrose's core investment strategy

07:55 Pivot to industrial focus

10:39 Fundraising and investor insights

15:35 Current industrial market trends and challenges

29:24 Technological advancements in warehousing

32:25 Future trends and reshoring

Resources Mentioned:

Ambrose: https://ambrosepg.com/

Aasif Bade: https://www.linkedin.com/in/aasif-bade-a3b1851a4/

#CRE #CommercialRealEstate #Property

Inflation pressures, labor gaps, and CRE market signals

altusgroup.podcast@gmail.com (Altus Group) — Thu, 18 Sep 2025 00:00:00 -0400

Inflation is running above the Fed’s 2% target, labor quality remains a top concern for small businesses, and consumer credit growth is sending mixed signals. Together, these forces are framing the near-term outlook for CRE, from leasing demand to borrowing costs. In this episode, Omar and Cole analyze the NFIB small business survey, break down the latest CPI and PPI readings, and examine consumer credit data alongside sentiment trends to provide a clearer picture of the current market signals.

Key Moments:

01:23 NFIB Small Business Optimism Index recap

04:22 Inflation data: PPI and CPI insights

07:35 Consumer Credit and sentiment analysis

13:45 Upcoming Fed decision and market expectations

18:19 Conference highlights and networking

20:49 Upcoming events and data releases

Resources Mentioned:

NFIB Small Business Optimism Index: https://www.nfib.com/news/monthly_report/sbet/

Product Price Index: https://www.bls.gov/pPI/

Consumer Price Index: https://www.bls.gov/cpi/

Consumer credit – G.19 report: https://www.federalreserve.gov/Releases/g19/current/

Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Cooling jobs, rising costs, and where CRE sectors are still winning

altusgroup.podcast@gmail.com (Altus Group) — Thu, 11 Sep 2025 00:00:00 -0400

The Beige Book signals an economy under pressure, with slowing growth, rising costs, and cooling labor markets weighing on CRE. In this episode of CRE Exchange, Cole Perry and Omar Eltorai break down where challenges are mounting and where opportunities remain.

They spotlight resilient sectors like data centers, industrial, and high-quality office, alongside the surprising momentum of unanchored strip centers. The discussion closes with a look at key upcoming economic data and what it could mean for investment strategies.

Key Moments:

01:14 Federal Reserve Beige Book insights

07:40 Labor market data analysis

11:19 Employment Situation Report breakdown

16:20 Deep dive into strip center data

20:30 Upcoming conferences and data releases

Resources Mentioned:

Beige Book: https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm

Job Openings and Labor Turnover (JOLTS): https://www.bls.gov/jlt/

ADP National Employment Report: https://mediacenter.adp.com/2025-09-04-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-54,000-Jobs-in-August-Annual-Pay-was-Up-4-4

Employment Situation Report: https://www.bls.gov/news.release/empsit.nr0.htm

Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Bank resilience, consumer pessimism, multifamily momentum & more

altusgroup.podcast@gmail.com (Altus Group) — Thu, 04 Sep 2025 00:00:00 -0400

The latest FDIC banking profile shows resilience in CRE lending even as past-due rates improve, but consumer confidence is slipping, with inflation and job concerns weighing heavily on sentiment. At the same time, multifamily continues to absorb demand while single-family sales stall under high mortgage rates. In this episode of CRE Exchange, we connect these dots alongside fresh GDP revisions, construction spending shifts, and private market price trends. Tune in to uncover what these signals mean for CRE financing, sector strategies, and where opportunities may emerge next.

Key Moments:

01:13 FDIC Quarterly Banking Profile insights

05:28 Consumer confidence and sentiment analysis

08:35 Personal income and spending trends

11:30 New home sales and housing market update

13:55 GDP growth and economic indicators

16:34 Construction spending and sector analysis

19:54 Capital markets and investment trends

24:28 Non-listed CRE space and pricing trends

28:03 Upcoming events and announcements

Resources Mentioned:

FDIC Quarterly Banking Profile: https://www.fdic.gov/quarterly-banking-profile/quarterly-banking-profile-q2-2025

SLOOS: https://www.federalreserve.gov/data/sloos.htm

Q2 2025 US CRE Investment and Transaction Quarterly report

National transaction activity: https://www.altusgroup.com/featured-insights/cre-transactions/
Pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/
Property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/

Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

US commercial real estate transaction trends – Q2 2025

altusgroup.podcast@gmail.com (Altus Group) — Thu, 28 Aug 2025 04:23:53 -0400

We share insights from Altus Group’s Q2 2025 Investment and Transactions Quarterly report. From multifamily’s continued strength to industrial’s surprising slowdown, we explore the quarterly and annual changes in investment volume, pricing, and deal trends impacting CRE today. Tune in for data-backed takeaways to help you navigate your investment strategy across major markets and sectors.

Key Moments:

00:52 Overview of Q2 2025 Investments and Transactions Report

01:47 Investment Volume Highlights

03:11 Pricing Trends Analysis

04:44 Geographical Performance Insights

06:12 Property Sector Trends

07:51 Key Takeaways and Conclusions

Resources Mentioned:

Q2 2025 US CRE Investment and Transaction Quarterly report

National transaction activity: https://www.altusgroup.com/featured-insights/cre-transactions/
Pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/
Property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/

Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

CRE’s mid-year earnings themes: Market insights across sectors and players

altusgroup.podcast@gmail.com (Altus Group) — Thu, 14 Aug 2025 00:00:00 -0400

We’re deep into the Q2 2025 earnings season, and with most calls now behind us, it’s time to zoom out. In this episode, we recap key themes from REITs and explore takeaways from other players in CRE, including capital allocators, brokerages, and development firms. It’s a sector-spanning look at the market trends, investment signals, and opportunities influencing the second half of 2025.

Key Moments:

00:49 Q2 2025 earnings releases and general themes

01:31 Capital allocators: Banks vs. non-banks

08:37 Sector-specific insights: Retail, office, industrial, and multifamily

16:28 Niche sectors: Data centers, healthcare, hospitality, and self-storage

25:09 Brokerages and their holistic market views

28:32 Cross-sectional themes: Tariffs, build vs. buy, and consumer health

36:21 Overall sentiment and outlook for commercial real estate

38:06 Conclusion and upcoming reports

Resources Mentioned:

Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Q2 REIT earnings: What we’re seeing across industrial, retail, office, and multifamily

altusgroup.podcast@gmail.com (Altus Group) — Thu, 07 Aug 2025 00:00:00 -0400

With Q2 earnings season at its midpoint, this episode offers a snapshot of how select REITs across industrial, office, residential, and retail sectors are performing and positioning. Hosts Omar Eltorai and Cole Perry highlight key takeaways from recent calls and early reporting trends. Stay tuned for our wrap-up episode once earnings season concludes, we’ll cover overarching themes across both property types and sector players.

Key Moments:

01:40 Industrial REIT highlights

14:25 Office REIT highlights

27:46 Multifamily REIT highlights

38:06 Retail REIT highlights

47:19 Next week's episode preview

Resources Mentioned:

Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Proptech at a crossroads: Data, M&A, and the quest for vertical integration

altusgroup.podcast@gmail.com (Altus Group) — Thu, 31 Jul 2025 00:00:00 -0400

Proptech is evolving, albeit at different speeds across sectors. KBW’s Ryan Tomasello joins our hosts, Omar Eltorai and Cole Perry, to explore how data access, market consolidation, and the drive toward vertical integration are shaping both residential and commercial real estate technology stacks. From digital mortgage platforms and MLS disruption to CRE’s fragmented data landscape, get an informed view at where real estate technology stands today, and where it’s headed.

Key Moments:

01:30 Overview of KBW and market perception

04:00 Trends in real estate technology

06:50 Mergers, acquisitions, and funding trends

08:45 Macro trends affecting real estate tech

17:29 Commercial real estate technology

25:28 The future of MLS and residential real estate

30:26 The rise and fall of iBuying

Resources Mentioned:

Ryan Tomasello: https://www.linkedin.com/in/ryantomasello/

KBW: https://www.kbw.com/

Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Inside the CRE securitization market: Trends, risks, and optimism ahead

altusgroup.podcast@gmail.com (Altus Group) — Thu, 24 Jul 2025 00:00:00 -0400

Despite elevated distress levels and refinancing risks, investor appetite for CMBS and CRE-CLOs remained strong through the first half of 2025. Andrew Foster, Senior Director of Business Development at KBRA, talks to us about what’s happening in the US CRE securitization market, and covers a wide range of topics from CMBS issuance trends to sector performance and the rise of private credit. For lenders and borrowers navigating today’s capital markets, Andrew offers practical insights into what’s changing, why it matters, and how to prepare for the quarters ahead.

Key Moments:

02:02 Understanding KBRA and Andrew's role

03:45 Current market trends and issuance

06:40 Investor appetite and market dynamics

08:41 Private capital and non-bank lending

10:52 Regulatory and policy changes

15:07 Future outlook and optimism in CRE finance

17:42 Data centers and AI in CRE financing

21:11 The importance of CMBS

22:31 Diversity in CRE leadership

23:23 Closing remarks and follow-up

Resources Mentioned:

Andrew Foster: https://www.linkedin.com/in/andrew-foster-cmbs/

KBRA: https://www.kbra.com/

Real Estate Issues: https://cre.org/real-estate-issues/

Email us: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Beyond gut feel: The power of data analytics in modern CRE investing

altusgroup.podcast@gmail.com (Altus Group) — Thu, 17 Jul 2025 02:00:00 -0400

Ryan Severino, Chief Economist and Head of Research at BGO, discusses how data science is transforming commercial real estate investing. From outperforming rent growth projections in Las Vegas to forecasting macroeconomic shifts with machine learning, Severino takes us through the power and challenges of blending traditional insights with modern analytics. This is a must-listen for CRE professionals navigating today’s increasingly data-driven landscape.

Key Moments:

01:17 Ryan Severino's team and economic modeling

02:08 Data science in real estate forecasting

03:12 Impact of research on investment decisions

06:55 Challenges in aligning research with investments

08:55 Ryan's curiosity and approach to research

12:36 Current macroeconomic environment

17:08 CRE market predictions for 2025

20:52 Augmented base case model for US Economy

26:25 State of CRE markets

36:00 Teaching and mentoring the next generation

Resources Mentioned:

Ryan Severino: https://www.linkedin.com/in/ryan-severino-cfa-4409022/

The Chief Economist newsletter: https://www.linkedin.com/newsletters/the-chief-economist-7100087057724702720/

#CRE #CommercialRealEstate #Property

Just how liquid is commercial real estate?

altusgroup.podcast@gmail.com (Altus Group) — Thu, 10 Jul 2025 03:05:41 -0400

Dr. Philip English from Temple University joins us to discuss our upcoming research paper on CRE liquidity, how liquidity shapes investment decisions, why traditional market measures may fall short, and what new research reveals about true liquidity. From transaction-based indices to the evolution of market structures, this discussion sheds light on the complexities and opportunities facing investors and lenders when it comes to the liquidity of commercial real estate.

Key Moments:

00:50 Meet Dr. Philip English

04:29 Exploring CRE market liquidity

08:35 Key findings and insights

10:25 The importance of liquidity in CRE

12:28 Current market conditions and trends

14:12 The role of data in CRE research

22:03 Practical applications for investors

24:33 Evaluating portfolio manager performance

27:20 Understanding the research frontier

32:06 Liquidity and market investability

36:25 Future of CRE research and market structure

45:38 Challenges and opportunities in CRE data

Resources Mentioned:

Email us - altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

CRE’s mid-year market pulse: Rates, risks, and real assets

altusgroup.podcast@gmail.com (Altus Group) — Thu, 26 Jun 2025 02:00:00 -0400

We share the key macroeconomic signals and policy decisions affecting commercial real estate as we move into the second half of 2025. From declining retail sales and builder sentiment to insights from the latest FOMC meeting, we explore how economic headwinds are influencing CRE strategy, pricing gaps, and transaction volume.

Tune in for analysis on capital access, operational priorities, the evolving definition of real assets, and takeaways from the recent CREFC Annual Conference.

Key Moments:

01:16 Economic indicators: Retail sales

05:02 Economic indicators: Housing data

10:26 FOMC meeting highlights

14:26 Summary of Economic Projections

15:15 Major themes: Higher for longer

16:20 Major themes: Price vs. value

17:23 Major themes: Operations and cash flow

18:38 Major themes: Lumpy transactions

20:59 Major themes: Real asset merge

24:23 CREFC Annual Conference Insights

31:12 Upcoming Episodes and Data Releases

Resources Mentioned:

Advance retail sales: https://www.census.gov/retail/sales.html

NAHB Housing Market Index: https://www.nahb.org/News-and-Economics/Housing-Economics/Indices/Housing-Market-Index

FOMC Summary of Economic Projections: https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20250618.htm

CREFC Annual Conference 2025 – Key takeaways: https://www.altusgroup.com/insights/crefc-annual-conference-2025-key-takeaways/

#CRE #CommercialRealEstate #Property

From uncertainty to stability: How CRE is adapting to the latest mix of volatility

altusgroup.podcast@gmail.com (Altus Group) — Wed, 18 Jun 2025 23:00:00 -0400

PwC’s Tim Bodner joins us to explore how commercial real estate firms are navigating today’s volatility and laying the groundwork for a long-term recovery. We discuss the move toward strategic consolidation, the rise of real assets as a unified investment class, and the technologies driving change in operations and asset selection. Tune in for an expert perspective on strategy, adaptability, and emerging opportunities in a new era of complexity.

Key Moments:

01:01 Tim Bodner's career

02:52 Industry involvement and roles

05:02 PwC's global real estate practice

09:50 Findings from PwC’s US Deals 2025 Midyear Outlook

20:43 Strategic consolidation in real estate

26:40 Office to residential conversions

30:05 Policy changes and their impact

33:27 Future Outlook and Technology Adoption

Resources Mentioned:

PwC: https://www.pwc.com/us

The Real Estate Roundtable: https://www.rer.org/

Real estate: US deals 2025 midyear outlook: https://www.pwc.com/us/en/industries/financial-services/library/asset-wealth-management-real-estate-deals-outlook.html

Emerging trends in real estate® 2025: https://www.pwc.com/us/en/industries/financial-services/asset-wealth-management/real-estate/emerging-trends-in-real-estate.html

#CRE #CommercialRealEstate #Property

REIT results recap – Q1 2025

altusgroup.podcast@gmail.com (Altus Group) — Thu, 12 Jun 2025 02:00:00 -0400

Every quarter we take a close look at a sample of REIT earnings calls across key property sectors, including industrial, office, retail, multifamily, data centers, and healthcare. We drill into how each segment is performing in the face of macroeconomic pressures, emerging opportunities, and evolving investor expectations. Listen in to this episode to uncover where resilience is taking hold and what may lie ahead for commercial real estate.

Key Moments:

00:49 Q1 REIT Earnings Recap

01:53 Industrial REITs

14:09 Office REITs

26:23 Retail REITs

36:32 Multifamily REITs

45:59 Data center REITs

53:08 Healthcare REITs

56:19 Key Takeaways and Market Sentiment

Resources Mentioned:

#CRE #CommercialRealEstate #Property

What the Fed, banks, and consumers are telling us about CRE’s future

altusgroup.podcast@gmail.com (Altus Group) — Wed, 04 Jun 2025 23:00:00 -0400

We dig into the Fed’s recent meeting minutes, Q1 GDP revisions, consumer confidence trends, and the latest FDIC banking data. From inflation signals and trade tensions to CRE lending slowdowns and cooling construction activity, the episode connects the dots between the broader economy and the decisions facing market participants in 2025. Whether you're watching the labor market, pricing strategies, or borrower behavior, you’ll want to press play on this pulse check.

Key Moments:

01:28 FOMC Minutes and market reactions

04:04 GDP numbers and economic projections

09:15 Personal income, outlays, and consumer confidence

13:55 Manufacturing and construction data

19:47 FDIC Quarterly Banking Profile insights

26:14 Upcoming reports and announcements

Resources Mentioned:

Q1 2025 US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/

US CRE Transaction Analysis – Q1 2025 - https://www.altusgroup.com/insights/us-cre-transactions/

Multifamily sentiment rebounds as the US housing market rebalances - https://www.altusgroup.com/insights/multifamily-sentiment-rebounds-as-us-housing-market-rebalances/

FOMC Minutes - https://www.federalreserve.gov/monetarypolicy/fomcminutes20250507.htm

OECD Economic Outlook - https://www.oecd.org/en/topics/economic-outlook.html

PCE index - https://www.bea.gov/data/personal-consumption-expenditures-price-index

Conference Board Consumer Confidence Survey - https://www.conference-board.org/topics/consumer-confidence

US Census Bureau Construction spending - https://www.census.gov/construction/c30/c30index.html

FDIC Quarterly Banking Profile - https://www.fdic.gov/quarterly-banking-profile

https://www.creagents.com/

#CRE #CommercialRealEstate #Property

US commercial real estate transaction trends – Q1 2025

altusgroup.podcast@gmail.com (Altus Group) — Thu, 29 May 2025 03:08:35 -0400

What do 33,000+ CRE transactions tell us about the Q1 2025 market?

Cole Perry and Omar Eltorai walk through Altus Group’s Q1 2025 US CRE Investment and Transactions Quarterly report providing analysis of the numbers sector by sector and highlighting trends worth watching.

From tentative recovery signs for office and multifamily to regional variations in retail, this episode puts a lens on where the market stands and what questions CRE investors should be asking.

Key Moments:

00:49 - Q1 2025 US CRE Investment and Transactions Quarterly report overview

01:57 - Transaction volume and pricing trends

12:47 - Detailed analysis by property sector

18:16 - Key takeaways

22:81 – Biggest surprises

25:47 - Report Access Information

Resources Mentioned:

Q1 2025 US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/

Email us - altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Beyond the beach: Strategic multifamily investing in Florida with Marc Hershberg

altusgroup.podcast@gmail.com (Altus Group) — Thu, 22 May 2025 02:58:17 -0400

Marc Hershberg, Managing Partner and CEO at Topaz Capital, joins us to unpack the real story behind Florida’s multifamily market. While headlines tend to spotlight Florida’s coastal glamour, Marc takes us beyond the beach by highlighting why inland markets, workforce housing, and Class B assets are where the smart money is headed. We discuss the strategic importance of inland geography, the philosophy of "market-first, deal-second", the risks of climate-driven insurance volatility, and how foreign capital is approaching the Sunshine State.

Tune in for a grounded, forward-looking conversation you won't want to miss.

Key Moments:

00:58 Mark Hershberg's early real estate journey

02:33 Launching Topaz Capital: Opportunities and challenges

05:32 Topaz Capital's current operations and strategy

08:43 Investment focus: Workforce housing in Florida

11:10 Recent deals and investment strategies

13:00 The 1031 Exchange platform

15:08 Florida's multifamily market: Risks and opportunities

25:29 Foreign investment and local knowledge

28:01 Using data analytics for investment decisions

29:09 Outlook for multifamily investments

Resources Mentioned:

Marc Hershberg - https://www.linkedin.com/in/marchershberg/

Topaz Capital Group - https://topazcg.com/

Email us - altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

What we can learn about multifamily investing from the Northeast and Mid-Atlantic

altusgroup.podcast@gmail.com (Altus Group) — Wed, 14 May 2025 00:00:00 -0400

The Northeast and Mid-Atlantic aren’t the easiest regions for multifamily investment, but they might be the most instructive.

We sit down with Matt Frazier, Founder and CEO at Jones Street Investment Partners, to explore how the region’s regulatory complexity, persistent housing undersupply, and stable demand create an environment that rewards long-term thinking and local expertise.

Matt shares how his team leverages vertical integration to manage risk, capitalize on operational efficiencies, and respond quickly to changing market conditions. He also offers his thoughts on rising insurance costs, evolving capital structures, and secondary urban markets.

Tune in for valuable lessons on resilience, discipline, and execution in multifamily real estate.

Key Moments:

01:10 Matt Frazier's background and career

03:21 Founding Jones Street Investment Partners

06:05 Investment philosophy and market focus

12:51 Capital stack and funding strategies

15:49 Resident profiles and thematic investments

19:18 Current market drivers and opportunities

23:03 Challenges in multifamily housing development

28:18 Insurance volatility and strategic adjustments

32:52 Impact of policy and geopolitical changes

39:39 Technology in real estate development and management

Resources Mentioned:

Matt Frazier - https://www.linkedin.com/in/matt-frazier-a1b5963/

Jones Street Investment Partners - https://www.jonesstreet.com/

How Northeast and Mid-Atlantic real estate developers can help drives multifamily housing growth | Forbes - https://www.forbes.com/councils/forbesbusinesscouncil/2025/04/21/how-nema-real-estate-developers-can-help-drive-multifamily-housing-growth/

Email us - altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Gen Z, AI, and the mall: What’s driving retail real estate’s next golden age

altusgroup.podcast@gmail.com (Altus Group) — Wed, 30 Apr 2025 23:15:00 -0400

Retail real estate is back, and it looks nothing like the past. We sit down with Brandon Isner, Head of Retail Research at Newmark, to celebrate retail’s emergence as one of the most compelling asset classes in 2025. From Gen Z’s interest in in-person shopping to the role of AI in optimizing operations and experiences, we break down the factors fueling a potential golden age for retail.

Also in this episode:

The long-term impact of historically low new construction
How malls are evolving into multi-purpose lifestyle hubs
The rise of tech-enabled, omni-channel retail strategies
What market participants should be watching for in retail performance and tenant mix

Tune in to our latest episode to keep pace with one of the fastest-evolving CRE segments.

Key Moments:

01:23 Brandon's career journey

04:11 Role at Newmark and current projects

06:40 North American Research Group and ICSC

09:27 Retail sector's uniqueness and challenges

14:38 Impact of e-commerce and brick-and-mortar synergy

17:54 Warehouse clubs and superstores

22:25 The future of department stores

25:56 The resilience of malls

26:33 Generational shifts in shopping habits

28:25 The role of management and finance in mall success

31:43 Investment trends in retail real estate

36:46 The golden era of retail

38:04 The impact of generative AI on retail

42:12 Final thoughts and industry wishes

Resources Mentioned:

Brandon Isner - https://www.nmrk.com/people/brandon-isner & https://www.linkedin.com/in/brandonisner/

Shoptalk conference - https://shoptalk.com/us/agenda

What the biggest names in tech, media, and retail are saying about the future of commerce - https://www.altusgroup.com/insights/what-the-biggest-names-in-tech-media-retail-are-saying-about-future-of-commerce/

Newmarks - https://www.nmrk.com/

Email us - altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

From data grind to deal time: CRE’s AI edge with Spencer Burton

altusgroup.podcast@gmail.com (Altus Group) — Thu, 24 Apr 2025 01:27:40 -0400

Spencer Burton, CEO and co-founder of CRE Agents, joins us to explore how AI is transforming the way CRE professionals work. From eliminating repetitive tasks to enabling smarter, faster decision-making, Spencer shares how digital coworkers are already creating a multiplier effect for their human counterparts across the industry.

In conversation with our host, Omar Eltorai, they discuss strategies for adopting AI without overhauling your entire operation, and why building reflexive AI usage habits now will give both professionals and firms an edge in the years ahead.

Tune in if you’re looking to work smarter, move faster, and stay competitive.

Key Takeaways:

00:46 Spencer Burton's background

02:12 Automation and efficiency in commercial real estate

04:38 Founding of CRE Agents

06:49 Building a digital coworker

09:32 The role of AI in commercial real estate

17:56 The technical bench strength behind CRE Agents

19:41 Challenges and future of CRE technology

23:12 The AI multiplier effect

32:07 Zero friction adoption for AI in CRE

34:42 Advice for industry professionals

Resources Mentioned:

Spencer Burton

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

CRE Agents | LinkedIn

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

CRE Agents | Website

Email us -

altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

From volatility to opportunity: AEW’s Justin Pinckney on the CRE debt landscape

altusgroup.podcast@gmail.com (Altus Group) — Thu, 17 Apr 2025 04:43:51 -0400

From interest rate volatility and sector-specific repricing to evolving strategies across construction lending and senior housing, Justin Pinckney, Head of Private Debt at AEW, offers a tactical lens on balancing risk and opportunity in today’s CRE debt market. Together with our host, Omar Eltorai, they also explore the case for standardized valuation benchmarks, results and findings from Altus Group's Q1 2025 Debt Capital Markets Survey, and how AEW is positioning itself for the next phase of the cycle.

Tune in for Justin’s engaging and data-driven perspectives on lending and underwriting strategies in 2025’s US CRE environment.

Key Moments:

01:52 Justin Pinckney's career journey

04:41 Role at AEW and credit platform

06:37 Market trends and strategies

13:40 Senior housing opportunities

17:13 CRE debt market analysis

25:54 Private credit and portfolio construction

31:00 Bank and non-bank lenders

33:59 Future of CRE lending

Resources Mentioned:

AEW – https://www.aew.com/

Searching for gold: Strategies for navigating debt opportunities in uncertain times - https://www.aew.com/research/searching-for-gold

Altus Group’s Debt Capital Markets Survey - For more information about the survey findings or to participate in future surveys, please reach out to the team at AltusResearch@altusgroup.com

Email us - altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Driving retail real estate success through community anchors

altusgroup.podcast@gmail.com (Altus Group) — Thu, 10 Apr 2025 01:00:00 -0400

Christine Mastandrea, President and COO of Whitestone REIT, shares how a community-first mindset can drive long-term value in commercial real estate. From tailoring retail environments to local culture, to acknowledging and leveraging psychographics and generational shifts, Christine lays out Whitestone’s strategy of turning shopping centers into vibrant and diverse hubs for community.

We explore how retail spaces can serve as the “living rooms” of their neighborhoods, and why flexible, experience-driven developments are key to succeeding in today’s constantly changing landscape.

Tune in to better understand the value of building resilience and relevance into a retail property investment.

Key Moments:

01:07 Meet Christine Mastandrea: Background and early Career

03:36 The rise of REITs

05:00 Teaching experience and generational Insights

06:32 Christine's role at Whitestone REIT

08:14 Strategic decisions and market focus

11:55 Whitestone's IPO journey

14:41 Wearing a lot of hats at Whitestone

19:51 COVID-19 response and adaptation

26:09 Entrepreneurial mindset and growth of the “small business”

28:45 Impact of high Interest rates and inflation

31:10 Generational shifts in consumer behavior

36:36 The role of retail in community building

42:44 Challenges and opportunities in retail development

49:03 Advice for breaking into the CRE industry

50:45 Redefining retail for the future

Resources Mentioned:

Whitestone REIT - https://www.whitestonereit.com/

ESRI – https://www.esri.com/en-us/home

Placer.AI - https://www.placer.ai/

#CRE #CommercialRealEstate #Property

US commercial real estate transaction trends — Q4 2024

altusgroup.podcast@gmail.com (Altus Group) — Thu, 03 Apr 2025 01:00:00 -0400

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 Report

02:06 Key changes in the latest report

03:13 Headline volume figures for 2024

05:15 Transaction activity and trends

09:05 Pricing trends and market insights

12:55 Sector-specific analysis: Industrial, hospitality, and commercial general

19:40 Sector-Specific analysis: Multifamily, office, and retail

21:37 Key takeaways and surprises from the report

29:12 Conclusion and how to access the full report

Resources Mentioned:

Q4 2024 US CRE Investment and Transactions Quarterly report

Email us - altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Rate updates, retail resilience, and housing pipelines

altusgroup.podcast@gmail.com (Altus Group) — Thu, 27 Mar 2025 01:00:00 -0400

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 Projections

06:27 Impact on Commercial Real Estate

08:18 Macro Highlights: Retail Sales and Housing Data

10:44 Manufacturing Indexes and Industrial Real Estate

19:41 Financial Conditions and Stress Indexes

24:18 Mortgage Bankers Association Q4 Report

29:07 Upcoming Conferences and Events

Resources Mentioned:

FOMC meeting – https://www.federalreserve.gov/monetarypolicy/fomcpresconf20250319.htm

Advance Monthly Sales For Retail And Food Services, February 2025 - https://www.census.gov/retail/marts/www/marts_current.pdf

Monthly New Residential Constructino, February 2025 - https://www.census.gov/construction/nrc/current/index.html

Empire State Manufacturing Survey - https://www.newyorkfed.org/survey/empire/empiresurvey_overview

Philly Fed Manufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/manufacturing-business-outlook-survey

Mortgage 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-2024

#CRE #CommercialRealEstate #Property

Tariff turbulence and whipsawed markets

altusgroup.podcast@gmail.com (Altus Group) — Thu, 13 Mar 2025 00:00:00 -0400

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 Index

08:00 Labor market data analysis

13:19 Market reactions to tariff policies

15:18 Impact of tariffs on real estate

29:30 President Trump's address to congress

32:51 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.pdf

ADP 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-4-7

The 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.htm

BLS 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/

#CRE #CommercialRealEstate #Property

From GDP insights to policy potluck

altusgroup.podcast@gmail.com (Altus Group) — Thu, 06 Mar 2025 02:40:21 -0500

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 highlights

05:50 Market updates and retailer earnings

08:45 Housing market insights

12:08 Treasury yields and market movements

16:58 Retailer earnings deep dive

21:55 Policy potluck: Banking and government updates

39:23 Upcoming data releases and announcements

Resources Mentioned:

#CRE #CommercialRealEstate #Property

Tracking trends: Macroeconomic insights and real estate realities with Dr. Brad Case of Middleburg Communities

altusgroup.podcast@gmail.com (Altus Group) — Thu, 27 Feb 2025 00:00:00 -0500

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 journey

06:04 Middleburg Communities overview

08:16 Role and contributions of a Chief Economist

17:01 Build-to-rent community demand

22:18 Current market environment and economic concerns

33:19 Revenue management and market conditions

36:16 Insights on private and public real estate markets

39:34 Future of real estate transactions and technology

Resources Mentioned:

Middleburg Communities - https://www.middleburg.com/

Email us - altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

REIT results recap – Specialty REITs and brokerages

altusgroup.podcast@gmail.com (Altus Group) — Wed, 19 Feb 2025 00:00:00 -0500

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 brokerages

01:55 - Macro update on retail sales

03:28 - Deep dive: Triple Net REIT analysis

07:20 - Specialty REITs: Timberland and tariffs

13:45 - Iron Mountain: Records and data Centers

19:12 - Equinix: Digital infrastructure and AI

23:57 - Brokerage Insights: CBRE and Newmark

32:49 - 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=CREThisWeek

Leave us a message! - https://www.speakpipe.com/CREexchange%C2%A0

Email us - altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

REIT results recap – Major sectors Q4 2024

altusgroup.podcast@gmail.com (Altus Group) — Thu, 13 Feb 2025 01:00:00 -0500

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 calls

01:42 - Retail sector insights

10:27 - Office sector insights

18:05 - Industrial sector insights

23:58 - Multifamily sector insights

33:17 - Upcoming data releases and REIT earnings calls

Resources Mentioned:

Q1 2025 CRE Industry Conditions and Sentiment Survey - https://altusdxm.qualtrics.com/jfe/form/SV_b9o1eKvI9zglrZc?Q_CHL=CREThisWeek

Leave us a message! - https://www.speakpipe.com/CREexchange%C2%A0

https://www.globest.com/2024/11/21/cre-borrowers-split-on-financing-outlook-despite-improving-economic-conditions/

#CRE #CommercialRealEstate #Property

Rates, returns, and realities for US CRE

altusgroup.podcast@gmail.com (Altus Group) — Thu, 06 Feb 2025 01:44:00 -0500

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 Indicators

04:36 Housing Market Insights

07:49 Construction Spending Analysis

11:55 Market Movements and Earnings Season

16:20 Bank Earnings and CRE Impact

18:58 Asset Management and REITs

22:25 CREFC Survey and Future Outlook

24:54 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.aspx

FOMC Meeting - https://www.federalreserve.gov/monetarypolicy/fomcpresconf20250129.htm

Bureau of Economic Analysis - Personal Income and Outlays release - https://www.bea.gov/data/income-saving/personal-income

University 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.html

US Census Bureau’s Construction Spending release - https://www.census.gov/construction/c30/current/index.html

#CRE #CommercialRealEstate #Property

US CRE debt market: 2024 recap and 2025 outlook with Stephen Buschbom

altusgroup.podcast@gmail.com (Altus Group) — Thu, 30 Jan 2025 05:56:00 -0500

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 predictions

02:50 Key debt market trends in 2024

03:32 Maturity defaults and loan performance

07:25 Regional market insights: Washington, DC and San Francisco

09:47 2024 market figures and issuance trends

14:20 SASB and conduit issuance analysis

18:53 Economic scenarios and 2025 outlook

38:47 Insurance market challenges

44:33 Predictions for 2025

Resources Mentioned:

CREFC Miami Conference - https://www.crefc.org/january2025

CRE 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-podcast

#CRE #CommercialRealEstate #Property

Early CRE vibes for 2025: Moderate growth and cautious optimism?

altusgroup.podcast@gmail.com (Altus Group) — Thu, 23 Jan 2025 02:00:00 -0500

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 insights

06:38 Capital markets and economic indicators

07:50 Small Business Optimism Index and housing data

11:26 Retail sales and market reactions

21:58 Commercial Real Estate Finance Council Conference highlights

26:13 Legislative and regulatory priorities

31:25 Upcoming episodes and announcements

Resources Mentioned:

Beige Book - https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm

NFIB 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/january2025

Q4 2024 CRE Industry Conditions and Sentiment Survey - https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-survey/

#CRE #CommercialRealEstate #Property

2024 shifts and 2025 expectations - Insights from our latest CRE industry survey

altusgroup.podcast@gmail.com (Altus Group) — Thu, 16 Jan 2025 00:16:00 -0500

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 results

Resources Mentioned:

Q4 US CRE Conditions and Sentiment Survey report - https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-survey

Q4 Canada CRE Conditions and Sentiment Survey report - https://www.altusgroup.com/featured-insights/canada-cre-industry-conditions-and-sentiment-survey

Leave us a message! - https://www.speakpipe.com/CREexchange%C2%A0

Email us - altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Dealing with distressed commercial real estate with Shlomo Chopp

altusgroup.podcast@gmail.com (Altus Group) — Thu, 19 Dec 2024 04:18:39 -0500

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 changes

Resources 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/

#CRE #CommercialRealEstate #Property

Macro moves, market metrics, and tariff talk

altusgroup.podcast@gmail.com (Altus Group) — Thu, 05 Dec 2024 00:00:00 -0500

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 more

05:31 - Housing and construction data insights

10:47 - Policy and market reactions

14:44 - Potential tariffs in 2025

19:32 - Credit and equity market updates

29:16 - Retail sector performance and Black Friday data

37:11 - Looking ahead to 2025

43:59 - Upcoming earnings calls and economic data

45:26 - Announcement and closing remarks

Resources Mentioned:

Q3 2024 US CRE Investment and Transactions Quarterly report

US 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 2011

Commercial real estate recovery hinted at in report

https://www.mpamag.com/us/specialty/commercial/commercial-real-estate-recovery-hinted-at-in-report/516261

CRE investment falls to decade low, but that could soon change

https://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

Thanks for listening to the CRE Exchange podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.

#CRE #CommercialRealEstate #Property

US commercial real estate transaction trends - Q3 2024

altusgroup.podcast@gmail.com (Altus Group) — Thu, 21 Nov 2024 01:52:00 -0500

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 overview

05:16 - How this report differentiates itself from other CRE transaction activity reports

06:56 - US CRE transaction volume insights

09:03 - US CRE transaction pacing trends

10:29 - US CRE transaction pricing - nationally and by major property sectors

12:32 - MSA-specific transaction data

16:35 - Market environment and sentiment

22:57 - How to access the report

22:48 - Conclusion and request for feedback

Resources Mentioned:

Q3 2024 US CRE Investment and Transactions Quarterly report

US 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

Participate in the Q4 2024 CRE Industry Conditions and Sentiment survey

#CRE #CommercialRealEstate #Property

REIT earnings recap - Q3 2024

altusgroup.podcast@gmail.com (Altus Group) — Thu, 31 Oct 2024 07:31:00 -0400

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

Key Takeaways:

(01:36) Industrial REITs results

(05:39) Office REITs results

(10:39) Retail REITs results

(15:01) Manufacturing housing REIT results

(17:52) Gaming REIT results

(19:43) Data center REIT results

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

(24:48) Upcoming data releases

Resources Mentioned:

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

Leave us a message!

https://www.speakpipe.com/CREexchange

#CRE #CommercialRealEstate #Property

Economics, elections, and the art of evading doom loops

altusgroup.podcast@gmail.com (Altus Group) — Thu, 17 Oct 2024 09:28:00 -0400

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

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

Key Takeaways:

(01:14) Conferences recap: NAIOP CRE Converge

(02:55) Conferences recap: GroceryFest insights

(04:49) Economic data and market trends

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

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

(14:55) Property Tax Benchmark Report

(18:15) Doom loop theory and property tax

(21:03) Understanding property tax policies

(21:23) Factors putting cities at risk

(22:46) Political influence on property taxes

(24:56) Addressing the doom loop

(27:25) Property tax reforms and their implications

(29:35) Challenges with additional taxes

(35:08) Recommendations for property owners and investors

(37:19) Multifamily sector insights

(40:11) Survey announcements and closing remarks

Resources Mentioned:

Participate in the Q4 2024 CRE Industry Conditions and Sentiment survey

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

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

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

CRE industry conditions and sentiment survey - US Q3 2024 results

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

CRE industry conditions and sentiment survey - Canada Q3 2024 results

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

Leave us a message!

https://www.speakpipe.com/CREexchange

#CRE #CommercialRealEstate #Property

Gauging commercial real estate conditions and sentiment in Q3 2024

altusgroup.podcast@gmail.com (Altus Group) — Thu, 03 Oct 2024 05:30:23 -0400

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:

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

CRE industry conditions and sentiment survey - US Q3 2024 results -

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

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

CRE industry conditions and sentiment survey - Canada Q3 2024 results -

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

Leave us a message! -

https://www.speakpipe.com/CREexchange

#CRE #CommercialRealEstate #Property

Unlocking private capital for CRE growth with Mat Dellorso of SEI

altusgroup.podcast@gmail.com (Altus Group) — Thu, 19 Sep 2024 03:18:56 -0400

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:

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

Coheen & Steers | LinkedIn -

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/

#CRE #CommercialRealEstate #Property

Capitalizing on shifts in commercial real estate with Rich Hill of Cohen & Steers

altusgroup.podcast@gmail.com (Altus Group) — Thu, 05 Sep 2024 07:52:00 -0400

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/

https://www.linkedin.com/company/cohen-&-steers/

Cohen & Steers | Website -

https://www.cohenandsteers.com/

#CRE #CommercialRealEstate #Property

US CRE market trends - Inflation, retail data and sentiment shifts

altusgroup.podcast@gmail.com (Altus Group) — Thu, 22 Aug 2024 04:50:00 -0400

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 weeks

Resources Mentioned:

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

Advance Monthly Retail Sales -

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

PPI -

https://www.bls.gov/news.release/pdf/ppi.pdf

CPI -

https://www.bls.gov/cpi/

Business Formations -

https://www.census.gov/econ/bfs/current/index.html

https://www.census.gov/economic-indicators/

New Residential Construction -

https://www.census.gov/construction/nrc/index.html

Walmart earnings call -

https://corporate.walmart.com/news/events/fy2025-q2-earnings-release

Home Depot earnings call -

https://event.choruscall.com/mediaframe/webcast.html?webcastid=iqykKpRM

#CRE #CommercialRealEstate #Property

REIT results recap — Q2 2024

altusgroup.podcast@gmail.com (Altus Group) — Thu, 08 Aug 2024 16:12:54 -0400

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:

US Q2 2024 Employment Situation Report -

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

https://www.bls.gov/news.release/pdf/empsit.pdf

US Construction Spending Data -

https://www.census.gov/construction/c30/c30index.html

Agree Realty Q2 Earnings -

https://investors.agreerealty.com/quarterly-earnings

Brixmor Property Group Q2 Earnings -

https://s1.q4cdn.com/531584854/files/doc_financials/2024/q2/BRX2Q24ER-Tables.pdf

Cousins Properties Q2 Earnings -

https://s201.q4cdn.com/928444072/files/doc_financials/2023/ar/2024-final-proxy.pdf

Rexford Industrial Realty Q2 Earnings -

https://ir.rexfordindustrial.com/news-releases/news-release-details/rexford-industrial-announces-second-quarter-2024-financial

Equity Lifestyle Q2 Earnings -

https://equitylifestyle.gcs-web.com/quarterly-supplemental-packages

Equity Residential Q2 Earnings -

https://s1.q4cdn.com/843629197/files/doc_earnings/2024/q2/earnings-result/eqrpr2Q24.pdf

Extra Space Q2 Earnings -

https://ir.extraspace.com/financial-stock-info/quarterly-earnings

Prologis Q2 Earnings -

https://ir.prologis.com/press-releases/detail/991/prologis-reports-second-quarter-results

Public Storage Q2 Earnings -

https://investors.publicstorage.com/investor-relations/default.aspx

SL 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.aspx

Leave us your feedback:

CRE Exchange - SpeakPipe -

https://www.speakpipe.com/CREexchange

#CRE #CommercialRealEstate #Property

Benchmarking commercial property taxes with Sandi Prendergast

altusgroup.podcast@gmail.com (Altus Group) — Thu, 25 Jul 2024 05:53:31 -0400

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=ca

US Real Property Tax Benchmark Report -

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

https://www.altusgroup.com/featured-insights/united-states-property-tax-benchmark-report/

#CRE #CommercialRealEstate #Property

CRE data science and market dynamics with Tim Savage

altusgroup.podcast@gmail.com (Altus Group) — Thu, 11 Jul 2024 06:35:45 -0400

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

#CRE #CommercialRealEstate #Property

Gauging commercial real estate conditions and sentiment in Q2 2024

altusgroup.podcast@gmail.com (Altus Group) — Wed, 26 Jun 2024 06:05:00 -0400

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 Survey

02:09 - Primary focus for CRE firms over the next six months

03:17 - Reported cost of debt financing in CRE

05:31 - Expectations for capital availability in the next 12 months

07:43 - Expectations for target returns by fund strategy

10:16 - Property type performance and expectations around property sectors

12:36 - Pricing perceptions for different property types

16:11 - Transaction intentions over the next six months

17:08 - Top priority issues CRE professionals are worried about

19:16 - Omar’s biggest takeaway - industry participants aligning with higher for longer

20:36 - Cole’s biggest takeaway - participants are still really worried about the cost of capital

21:46 - Cole’s biggest surprise - perception of artificial intelligence

23:48 - Omar’s biggest surprise - intention to transact vs. actual transaction activity

25:05 - 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 Insights

#CRE #CommercialRealEstate #Property

National and Tri-State Area transaction trends with James Nelson and Scott Singer of Avison Young

altusgroup.podcast@gmail.com (Altus Group) — Thu, 13 Jun 2024 04:00:00 -0400

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

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

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

Key Takeaways:

00:29 Introduction to James Nelson and Scott Singer.

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

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

10:11 Market trends and challenges.

17:24 Financing and investment strategies.

32:08 Industry involvement and networking.

38:52 Podcast and book insights.

42:46 Final thoughts and closing remarks.

Resources Mentioned:

James Nelson -

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

Scott Singer -

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

Avison Young -

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

Real Estate Board of New York (REBNY) -

https://www.rebny.com/

The Insider’s Edge to Real Estate Investing -

https://jamesnelson.com/book

The Insider’s Edge to Real Estate Investing podcast -

https://jamesnelson.com/podcast

#CRE #CommercialRealEstate #Property

May macro metrics and market movements

altusgroup.podcast@gmail.com (Altus Group) — Thu, 30 May 2024 02:00:00 -0400

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.

#CRE #CommercialRealEstate #Property

Navigating REITs with Ed Pierzak of Nareit

altusgroup.podcast@gmail.com (Altus Group) — Thu, 16 May 2024 06:00:00 -0400

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

Key moments:

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

07:56 - Overview of real estate investment trusts

11:07 - Overview of Nareit

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

15:20 - The status of REITs in American investments

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

19:21 - Trends affecting REITs today

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

26:44 - Nareit’s T-Tracker

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

28:56 - Emerging trends for REITs

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

32:08 - About REITweek

Resources mentioned:

Edward Pierzak -

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

Nareit | LinkedIn -

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

Nareit T-Tracker® | Website -

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

REITweek -

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

Contact Nareit -

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

#CRE #CommercialRealEstate #Property

REIT results recap

altusgroup.podcast@gmail.com (Altus Group) — Thu, 02 May 2024 08:37:52 -0400

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/

#CRE #CommercialRealEstate #Property

Succeeding in multifamily through differentiation

altusgroup.podcast@gmail.com (Altus Group) — Thu, 11 Apr 2024 09:00:00 -0400

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/

#CRE #CommercialRealEstate #Property

Spotlight – Q1 2024 CRE industry conditions and sentiment

altusgroup.podcast@gmail.com (Altus Group) — Thu, 28 Mar 2024 06:58:00 -0400

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

Key Takeaways:

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

01:56 Expectations for recession.

04:07 Shifts in capital deployment.

05:17 Cost of capital expectations for CRE.

07:17 Capital availability for CRE.

08:38 Perception of pricing and competition.

09:59 Operating environment expectations.

10:59 Transaction intentions.

12:56 Top concerns for CRE.

13:50 ESG’s place in CRE.

16:12 Biggest survey takeaway.

19:11 Biggest survey surprise.

22:56 Participating in the survey.

Resources Mentioned:

Commercial Real Estate Industry Conditions and Sentiment Survey:

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

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

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

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

A request for your participation in our quarterly survey

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

Participate in the survey

#CRE #CommercialRealEstate #Property

The economy slows its roll — some positive notes for CRE?

altusgroup.podcast@gmail.com (Altus Group) — Thu, 14 Mar 2024 07:13:00 -0400

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

Key Takeaways:

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

(03:31) - SEC climate disclosure walk back

(08:30) - February JOLTS and employment situation

(11:27) - Fed Beige Book

(18:01) - Construction spending

(19:56) - FDIC Quarterly Banking Profile

(26:59) - Banking and NYCB

(29:26) - Retailer Earnings

(34:21) - Upcoming data releases

#CRE #CommercialRealEstate #Property

Hopes for Fed cuts dissipate – what happened?

altusgroup.podcast@gmail.com (Altus Group) — Thu, 29 Feb 2024 12:29:17 -0500

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

Key takeaways:

(00:56) Market expectations for Fed cuts

(08:07) Purchasing Manager’s Index

(10:31) Existing home sales

(11:36) New home sales

(12:31) Building permits and new residential construction

(14:02) Retail sales

(15:04) University of Michigan consumer sentiment index

(16:30) Takeaways for the broad market

(19:43) REIT performance

(22:27) Retailer earnings

(27:15) Data releases this week

(28:16) Earnings calls this week

Resources mentioned:

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

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

Paladin Partners | Website -

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

#CRE #CommercialRealEstate #Property

US industrial property trends – from Texas to the nation

altusgroup.podcast@gmail.com (Altus Group) — Thu, 15 Feb 2024 07:19:32 -0500

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 hikes

Resources Mentioned:

Conrad Madsen -

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

Paladin Partners | LinkedIn -

https://www.linkedin.com/company/paladin-partners-commercial-real-estate-services/

https://paladin-partners.com/

#CRE #CommercialRealEstate #Property

US economy sees increased odds of soft or no landing

altusgroup.podcast@gmail.com (Altus Group) — Thu, 01 Feb 2024 07:02:22 -0500

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:

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

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

CRE Industry Conditions and Sentiment Survey Signup -

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

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

#CRE #CommercialRealEstate #Property

CRE 2024: Not negative?

altusgroup.podcast@gmail.com (Altus Group) — Thu, 18 Jan 2024 08:18:35 -0500

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.pdf

CREFC - https://www.crefc.org/

#CRE #CommercialRealEstate #Property

CRE debt market - past, present, future with Stephen Buschbom of Trepp

altusgroup.podcast@gmail.com (Altus Group) — Thu, 14 Dec 2023 02:13:00 -0500

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 professionals

Resources Mentioned:

Stephen Buschbom -

https://www.linkedin.com/in/stephen-buschbom-36738a64/

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

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

Trepp Website -

https://www.trepp.com/

#CRE #CommercialRealEstate #Property

Spotlight: Q4 2023 CRE industry conditions and sentiment

altusgroup.podcast@gmail.com (Altus Group) — Thu, 07 Dec 2023 12:40:38 -0500

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:

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

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

Commercial real estate industry conditions and sentiment survey - US Q4 2023 results -

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

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/

#CRE #CommercialRealEstate #Property

Discussions on market conditions, diversification and mixed-use concepts with Hines’ de Alcantara

altusgroup.podcast@gmail.com (Altus Group) — Thu, 07 Dec 2023 00:00:00 -0500

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 Overview

#CRE #CommercialRealEstate #Property

Odds of Fed hike slim; credit tightens; holidays boon for retail?

altusgroup.podcast@gmail.com (Altus Group) — Thu, 30 Nov 2023 11:45:19 -0500

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-indicators

SCE 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/

#CRE #CommercialRealEstate #Property

World banks hit pause; consumers still in a vibecession

altusgroup.podcast@gmail.com (Altus Group) — Thu, 16 Nov 2023 13:31:56 -0500

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:

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

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

Federal Reserve’s Federal Open Market Committee Minutes -

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

https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

FHFA House Price Index -

https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx

S&P Case-Shiller Home Price Index -

https://fred.stlouisfed.org/series/CSUSHPISA

Senior Loan Officer Opinion Survey (SLOOS) -

https://www.federalreserve.gov/data/sloos/sloos-202307.htm

University 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/

#CRE #CommercialRealEstate #Property

US economy shows positive glimmers, but market risks still drive caution

altusgroup.podcast@gmail.com (Altus Group) — Thu, 02 Nov 2023 16:07:10 -0400

On this week’s episode of the CRE Exchange podcast, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both at Altus Group, break down the current economic conditions, focusing on the Federal Reserve’s reports, GDP releases and key insights from the housing, industrial, retail, office, and banking sectors.

Key Takeaways:

(01:05) Analysis of the Federal Reserve’s Beige Book: subdued commercial real estate activity.

(02:15) Challenges faced in the office sector, in leasing, rent and valuations.

(03:40) US Real GDP’s annualized growth reached 4.9% for Q3 2023.

(06:06) Update on retail sales and consumer spending.

(08:37) Housing market trends — home sales, supply, mortgage rates and what it means for multifamily.

(10:33) The latest on large banks’ earnings and the appetite for commercial real estate lending.

(14:04) Asset managers signal that dry powder is primed for opportunistic CRE investment.

(16:30) Brokerages’ shift from 2022 expansion to 2024 cost reduction.

(17:52) Interesting themes across industrial, office and retail sectors.

(24:41) Announcements: State of the market Canada edition and Altus ODCE webinars.

Resources Mentioned:

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

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

Federal Reserve’s Beige Book -

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

https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20231018.pdf

Webinar recording: US State of the Market -

https://www.altusgroup.com/webinars/us-state-of-the-market-quarterly-analysis/

Upcoming webinar: NCREIF ODCE Index - Q3 2023 analysis -

https://www.altusgroup.com/webinars/ncreif-odce-index-quarterly-analysis/

Upcoming webinar: Canada State of the Market -

https://www.altusgroup.com/webinars/canada-state-of-the-market/

#CRE #CommercialRealEstate #Property

Sticky inflation; 3Q bank results; Altus dissects retail evolution

altusgroup.podcast@gmail.com (Altus Group) — Thu, 19 Oct 2023 14:27:10 -0400

On this episode, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both of Altus Group, navigate various compelling topics that have recently been in the spotlight. They unpack the latest inflation and job market numbers, provide insights from the Federal Reserve's minutes and consider indicators of small business optimism. This episode provides insightful critical analyses and reflections on the state of the economy and the CRE market.

Key Takeaways:

(01:08) A close look at the U.S. consumer price index and its rise in September.

(01:55) September's employment report reveals strength across the labor market. Nonfarm payrolls and other key metrics shed light on the current state of employment.

(08:33) JP Morgan, Wells Fargo and Citigroup's recent performances are discussed — highlighting significant growth in earnings and revenue.

(11:22) A brief touch on the performances of PNC and the airline industry, particularly United and Delta.

(13:10) From U.S. bank capital regulations to the ECB's increased scrutiny on CRE loans in Europe, the episode covers crucial regulatory shifts and their implications.

(16:29) Insights from the Walker & Dunlop Most Insightful Hour in CRE and the State of the Market webinar provide a holistic view of current market dynamics.

(21:05) The resilience of regional malls and the evolving work-from-home trends are examined, offering a window into changing consumer and workforce behaviors.

Resources mentioned:

Cole Perry -

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

Omar Eltorai -

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

Altus Group -

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

Altus Group’s US Commercial Real Estate Industry Conditions and Sentiment Survey -

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

Federal Reserve's Federal Open Market Committee Minutes -

https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

NFIB Small Business Optimism Index Report -

https://www.nfib.com/content/press-release/economy/small-business-optimism-dips-in-september-as-inflation-remains-top-problem/

State of the Market Webinar Replay -

https://www.altusgroup.com/webinars/us-state-of-the-market-quarterly-analysis/

Young Real Estate Professionals of New York -

http://www.yrepny.org/

#CRE #CommercialRealEstate #Property

Shutdown averted; consumer spending and home sales weaken

altusgroup.podcast@gmail.com (Altus Group) — Thu, 05 Oct 2023 06:00:00 -0400

On this week’s episode of the CRE Exchange podcast, Cole Perry and Omar Eltorai, both of Altus Group, cover the latest US economic print, including consumer signals from Costco, CarMax and Carnival’s earnings reports. Additionally, they discuss the current housing trends in San Francisco and the rest of the country. Lastly, they share some observations from the CREFC Capital Markets Conference which took place last week.

Key Takeaways:

(01:13) Core PCE inflation was up 3.9% year-over-year in August 2023, the smallest monthly increase since November 2020.

(02:29) Bank credit card delinquency rates are at the highest level in more than a decade.

(8:41) The FHFA House Price Index and the S&P Case-Shiller Home Price Index reached their respective highs in August 2023.

(12:42) Securitization markets are still functioning despite seeing a few down quarters.

(13:00) Banks are better capitalized and better positioned than they have been heading into historical down cycles.

(14:02) Credit concerns will likely take time to work out, possibly years.

(14:51) The FDIC is selling a large portion of the Signature Loan portfolio, which is heavily New York and multifamily.

(15:15) The San Francisco office market faces challenges, but the long-term outlook is positive.

Resources Mentioned:

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

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

S&P Case-Shiller Home Price Index -

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

FHFA House Price Index -

https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx

https://fred.stlouisfed.org/series/CSUSHPISA

Email: altusresearch@altusgroup.com

#CRE #CommercialRealEstate #Property

Higher for longer; housing permits jump; consumer demand shows cracks

altusgroup.podcast@gmail.com (Altus Group) — Thu, 28 Sep 2023 06:00:00 -0400

On this week’s CRE Exchange, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both of Altus Group, tackle FOMC’s decision on rates, current trajectories for building permits and home starts, potential consumer demand signals from four recent earnings reports, WP Carey’s shift in investments, Airbnb’s predicament with NYC’s Local Law 18, looming threats of a government shutdown and a sneak peek into critical upcoming market indicators.

Key Takeaways:

[00:55] Latest news from the FOMC: Rates hold, but expectations of higher for longer persist.

[03:18] US and Canada housing starts and building permits diverge — is it a blip or just a lag?

[06:27] KB Homes’ earnings report confirms a tough environment for home sales but a silver lining around consumer attitudes toward smaller homes.

[10:51] Three major companies, three indications of weakening consumer demand.

[16:12] WP Carey’s Investment Evolution: WP Carey plans to exit office spaces and reallocate investments into essential retail, industrial warehouses and self-storage assets. They introduce the Net Lease Office Properties REIT.

[18:41]The Airbnb Challenge in NYC: NYC experienced a 77% drop in Airbnb listings due to Local Law 18, potentially reviving the traditional hotel sector in Manhattan and providing other major cities with a glimpse into how similar laws could impact their short-term rental markets.

[21:37] Implications of a Government Shutdown: Apprehensions and discussions concerning a looming shutdown, potentially disrupting crucial economic metrics.

[22:56] Market Pulse: Upcoming market indicators and corporate earnings calls, such as Costco, CarMax, and Carnival Cruise Lines, offer insights into evolving market trends.

Resources Mentioned:

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

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

Financial reports from WP Carey -

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

https://s29.q4cdn.com/223055717/files/doc_earnings/2023/q2/earnings-result/W-P-Carey-Inc-Announces-Second-Quarter-2023-Financial-Results.pdf

Local Law 18’s impact on Airbnb listings -

https://therealdeal.com/new-york/2023/06/13/nyc-postpones-enforcing-short-term-rental-law/

#CRE #CommercialRealEstate #Property

Business inventories slim down; CPI trends upward; home builders make a deal

altusgroup.podcast@gmail.com (Altus Group) — Thu, 21 Sep 2023 07:31:30 -0400

In the latest episode of the CRE Exchange, Cole Perry, Altus Group’s Senior Market Analyst, and Omar Eltorai, the Director of Research, evaluate the most recent economic indicators, including Small Business Optimism Index, CPI, PPI and business inventory levels. They analyze how these numbers could potentially impact the commercial real estate market.

Key Takeaways:

[1:24] What the NFIB Small Business Optimism Index indicates about US small businesses’ appetite for investment in real estate.

[2:28] Whether the latest CPI and PPI numbers give us an idea of what the Fed and central banks will do next to address inflation.

[4:56] What may be in store for the industrial sector based on the recent retail and business inventory numbers.

[7:42] Whether higher prices and lower supplies of single-family homes may be in our future.

[12:17] What’s on Omar and Cole’s watchlist over the next week

Resources Mentioned:

Cole Perry -

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

Omar Eltorai -

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

Altus Group -

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

NFIB Small Business Optimism Index -

https://tradingeconomics.com/united-states/nfib-business-optimism-index

Consumer Price Index (CPI) -

https://www.bls.gov/news.release/cpi.nr0.htm

Producer Price Index (PPI) -

https://www.bls.gov/news.release/ppi.nr0.htm

#CRE #CommercialRealEstate #Property

Macro indicator rundown; NYC’s Local Law 18; Fifty Shades of Beige (Book)

altusgroup.podcast@gmail.com (Altus Group) — Thu, 14 Sep 2023 01:00:00 -0400

On this week’s episode of the CRE Exchange podcast, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both at Altus Group, delve into recent consumer credit trends, Kroger’s strategic shifts, and the implications of new rental regulations in NYC.

Key Takeaways:

- [00:06:38] Consumer Credit Surge: A significant rise in consumer credit in July, emphasizing the role of credit card debt.

- [00:06:54] Inflation’s Impact: Delving into how inflation is affecting consumer spending habits and the broader economy.

- [00:07:13] Kroger’s Financial Performance: Insights from Kroger’s recent earnings call, investment moves and the potential implications for the retail landscape.

- [00:09:27] Short-Term Rental Regulations in NYC: A deep dive into New York City’s new regulations and their potential impact on the short-term rental market.

- [00:13:27] US CRE industry conditions and sentiment: Our Q3 2023 results are in.

- [00:18:43] What we’re keeping an eye on this week.

Resources Mentioned:

Cole Perry -

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

Omar Eltorai -

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

Altus Group -

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

Altus Group’s US Commercial Real Estate Industry Conditions and Sentiment Survey -

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

Altus Group’s Canada Commercial Real Estate Industry Conditions and Sentiment Survey -

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

NYC Law 18 -

https://www.nyc.gov/site/specialenforcement/registration-law/registration-rules-and-laws.page

Federal Reserve’s Beige Book -

https://www.federalreserve.gov/monetarypolicy/beigebook202309.htm

#CRE #CommercialRealEstate #Property

Labor signals softening: market outlook improves, but office misses the memo

altusgroup.podcast@gmail.com (Altus Group) — Thu, 07 Sep 2023 00:00:00 -0400

On this week’s episode of the CRE Exchange podcast, Cole Perry, Senior Market Analyst at Altus Group, and Omar Eltorai, Director of Research at Altus Group, review the latest slew of policy rates, economic indicators and market data points impacting the US commercial real estate industry.

Key Takeaways:

[00:53] Market signals supporting a “softer landing” narrative for the economy.

[06:10] Limitations on market optimism within the real estate sector.

[08:34] Office lease rollover: the potential implications for some of the largest US office markets.

[11:27] Upcoming policy rate decisions from the Reserve Bank of Australia and the Bank of Canada and what they may mean to global central bank monetary policies.

[12:15] Top economic indicators to watch this week.

Resources mentioned:

Cole Perry -

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

Omar Eltorai -

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

Altus Group -

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

Reserve Bank of Australia -

https://www.rba.gov.au/

Bank of Canada -

https://www.bankofcanada.ca/

Federal Reserve’s Beige Book -

https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm

Near-term rollover risk endangers major office markets -

https://www.altusgroup.com/insights/near-term-rollover-risk-endangers-major-office-markets/

#CRE #CommercialRealEstate #Property

Market reacts to Fed; housing drags; retail earnings track to essentials

altusgroup.podcast@gmail.com (Altus Group) — Thu, 31 Aug 2023 01:02:19 -0400

On this episode of the CRE Exchange, Cole Perry, Senior Market Analyst at Altus Group, and Omar Eltorai, Director of Research at Altus Group, offer a comprehensive analysis of recent economic indicators and their potential ramifications on the commercial real estate sector.

Key Discussions:

- [00:00:34] Key revelations from the Jackson Hole symposium with emphasis on the Fed’s take on inflation and the looming rate hikes.

- [00:03:21] An examination of the current state of the mortgage market, noting the dramatic rise in rates to levels not seen since 2001.

- [00:04:43] A detailed analysis of housing data, highlighting the contrasting trajectories of new and existing home sales amidst escalating mortgage rates.

- [00:09:22] The earnings and trajectories of industry giants like Zoom and NVIDIA and the increasing role of artificial intelligence.

- [00:11:02] Insights from the retail sector with focus on evolving consumer behaviors based on the earnings reports of Lowe’s and Dollar Tree.

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/

- Jackson Hole Symposium - https://www.federalreserve.gov/newsevents/speech/powell20230825a.htm

- CME FedWatch Tool - https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

#CRE #CommercialRealEstate #Property

Concerns of higher-for-longer rates drown out positive earnings news

altusgroup.podcast@gmail.com (Altus Group) — Thu, 24 Aug 2023 00:58:24 -0400

In this episode of the CRE Exchange, Cole Perry, Senior Market Analyst at Altus Group, and Omar Eltorai, Director of Research at Altus Group, delve into the latest economic indicators and their implications for the commercial real estate market.

We discuss:

- [00:00:29] The current state of the CRE market and the macroeconomic scene.

- [00:00:51] The significant rise in the Atlanta Fed’s GDP forecast and insights from the Fed minutes.

- [00:02:34] Concerns about potential inflation and the market’s reaction to the FOMC minutes.

- [00:04:22] The impact of rising interest rates on CRE transactions and the challenges in determining property values.

- [00:08:33] Key takeaways from recent retail earnings and the shift in consumer behavior toward discount stores.

- [00:11:35] The potential downstream effects of retail trends on the industrial sector and the role of e-commerce.

- [00:16:40] What to watch out for in the coming week, including Powell’s speech from Jackson Hole.

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/

GDPNow -

https://www.atlantafed.org/cqer/research/gdpnow

CME FedWatch Tool -

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

#CRE #CommercialRealEstate #Property

Positive earnings and economic data push out recession fears for CRE

altusgroup.podcast@gmail.com (Altus Group) — Thu, 17 Aug 2023 13:09:52 -0400

In this week’s news roundup, Omar Eltorai, Director of Research at Altus Group, dives into the latest economic data and earnings reports. Is this the sigh of relief the CRE market has been looking for, or are there still causes for concern?

We talk about:

- Positive news around CPI and GDP.

- Encouraging signs for interest rates.

- Insights from recent earnings calls.

- What CRE can learn from the ODCE index.

Resources mentioned:

Omar Eltorai -

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

Altus Group -

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

#CRE #CommercialRealEstate #Property

The future of core real estate

altusgroup.podcast@gmail.com (Altus Group) — Thu, 10 Aug 2023 18:00:08 -0400

From changes in office demand to travel habits, many factors are contributing to what investors consider core. How do these shifts in the market impact valuations, allocations and the data needed to best manage outcomes?

On today’s episode, we’re joined by three guests: Phil Stone, Managing Director, Head of Canadian Research at BentallGreenOak; Omar Eltorai, Director of Research at Altus Group, and Raymond Wong, Vice President, Data Solutions Client Delivery at Altus Group.

We talk about:

- The current state of core investments in commercial real estate.

- How core is changing and how it’s staying the same.

- The impact of trends like recovering travel and technology on core allocation.

- Are we facing a ‘lower for longer’ return period for core funds?

- Risks and worrisome trends.

- Issues with housing affordability and shortages.

- How tools and data can help chart a path going forward in real estate.

Resources mentioned:

Phil Stone -

https://www.linkedin.com/in/phil-stone-b492472a/?originalSubdomain=ca

BentallGreenOak -

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

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

Raymond Wong -

https://www.linkedin.com/in/raymond-wong-cre-54b41111/?originalSubdomain=ca