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

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The CRE Exchange is your go-to podcast for all matters of commercial real estate. It hosts cutting-edge conversations with industry experts that offer CRE professionals timely insight into market behaviors and analysis to discover new opportunities and better manage risks and costs. We discuss Commercial Real Estate, Property Valuations, Real Estate Analytics, and Property Tax. Whether you buy or build, assist or advise, if you are a key stakeholder in the CRE space, this show is for you. bumper-verify-f47d90bf

  1. Fed shifts, ROAD to Housing Act, and CRE as an inflation hedge

    25 jun

    Fed shifts, ROAD to Housing Act, and CRE as an inflation hedge

    For their 100th episode, Cole Perry and Omar Eltorai cover three topics relevant to the CRE landscape right now. First, a new Fed era: Kevin Warsh's first meeting signaled less transparency, five active policy task forces, and markets now pricing in one to two rate hikes by year's end. Second, the Road to Housing Act has cleared both chambers (but a presidential signing is now in question after Trump canceled the ceremony pending passage of a separate voter ID bill). The episode breaks down what the institutional SFR ban, the build-to-rent provisions, and the supply-side reforms mean for investors if and when it becomes law. Third, Omar shares findings from forthcoming research re-examining whether CRE actually functions as an inflation hedge, and where the data says it does and doesn't hold up. Key moments 01:31 Fed holds and policy shift 07:37 ROAD to Housing Act bill timeline 10:44 What the bill changes 13:19 CRE winners and losers 17:20 Housing data pullback 21:07 Retail sales snapshot 23:34 Is CRE an inflation hedge? 33:31 Where to find our inflation hedge research Resources mentioned ROAD to Housing Act: https://www.banking.senate.gov/imo/media/doc/bill_text_of_the_21st_century_road_to_housing_act.pdf FOMC meeting: https://www.federalreserve.gov/monetarypolicy/fomcminutes20260318.htm

    35 min.
  2. US CRE pricing hits records as transaction patterns diverge

    11 jun

    US CRE pricing hits records as transaction patterns diverge

    Commercial real estate just hit an all-time high at $129 per square foot median price, however the pricing records mask stark divergences in property transaction patterns; Multifamily buildings are 23% smaller than 2019 yet selling for record prices. Older stock is outpricing newer product. Deal sizes are hitting all-time highs while building sizes shrink. The team breaks down the Q1 2026 Investment and Transactions Quarterly report to surface these inversions, and why CRE pricing showed surprising resilience through Q1’s macro shocks. Key moments 01:31 What is the US CRE Investment and Transactions Quarterly report? 03:05 National activity trends 04:58 Deal size and property age 07:01 Pricing headlines by sector 12:05 Subtype pricing winners and losers 17:14 Pricing by property vintage 22:09 Building size and deal size records 26:34 Large deal share by sector 32:34 Key surprises and takeaways 35:35 Inflation-adjusted deal analysis 38:57 Where to find the report Resources mentioned US CRE Investment and Transactions Quarterly Report – Q1 2026 - https://www.altusgroup.com/featured-insights/cre-transactions/

    40 min.
  3. What the Q1 2026 ODCE and REIT data say about CRE right now

    28 mei

    What the Q1 2026 ODCE and REIT data say about CRE right now

    US commercial real estate started 2026 on steady footing, but the story varies considerably depending on what part of the market you look at. In this episode of CRE Exchange, our hosts are joined by Alex Jaffe and Mike Amthor from Altus Group's Valuation Advisory practice to discuss Q1 2026 ODCE index results alongside REIT earnings themes. The team also takes a look at the residential market inversion between Sun Belt and gateway cities, the SoCal industrial softness that isn't clearing yet, and what fund managers are saying about 2026 and 2027 as a potential entry point for long-term capital deployment. Key moments 01:27 Meet the guests02:25 ODCE data primer03:17 Q1 returns and CapEx06:38 REIT crosscheck08:43 Sector pecking order11:08 Multifamily market split13:55 Industrial soft spots16:12 SoCal strategy and REIT themes19:14 Office leasing reality22:21 Retail strength and risks28:31 Self storage spotlight31:50 Client questions and outlook35:00 Rates leverage and wrap up Resources mentioned Altus’ Q1 valuation and performance trends analysis of the NCREIF ODCE Index: https://www.altusgroup.com/webinars/ncreif-odce-index-quarterly-analysis/#featured Alex Jaffe: https://www.linkedin.com/in/alexander-jaffe-mai/ Mike Amthor: https://www.linkedin.com/in/michael-amthor-40865154/

    38 min.
  4. A split market: Commercial real estate lending trends from Q1 2026

    14 mei

    A split market: Commercial real estate lending trends from Q1 2026

    From a 24% quarter-over-quarter rebound in lender quotes to the diverging paths of floating and fixed rate borrowers, the episode offers a data-driven read from Andrew Pabon, Director of Debt Advisory at Altus Group, on where the debt market stands today. Andrew and the CRE Exchange team also dig into the maturity wall, multifamily delinquencies hitting new highs, the lender mix leaning toward debt funds, and what the private credit stress story might mean for private credit in commercial real estate going forward. Key moments 01:10 SLOOS signals02:39 Earnings call takeaways06:30 Split market outlook10:12 Benchmark rollercoaster13:47 Spreads and liquidity17:06 Collateral by property type19:57 Maturity wall risks24:22 Changes in lender mix25:21 Macro crosscurrents28:38 Private credit stress31:01 Survey invitation Resources mentioned Andrew Pabonhttps://www.linkedin.com/in/andrew-pabon-15a6976/ Commercial real estate debt capital markets surveyhttps://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/

    33 min.
  5. CRE workouts, maturity walls, and the art of restructuring

    30 apr

    CRE workouts, maturity walls, and the art of restructuring

    We sit down with returning guest Shlomo Chopp, Managing Partner of Case Equity Partners, for a candid discussion about CRE distress; the causes, the workout process, and what it takes to get to resolution. Shlomo draws on more than two decades of restructuring and advisory experience to explain why fatigued capital is pulling back from existing deals, what the maturity wall actually means for borrowers and lenders in 2026 and 2027, and why good intentions can walk a borrower straight into a recourse situation. The conversation also covers Shlomo’s LinkedIn series The Road to Default, the real job of a workout advisor, and what he thinks the industry consistently gets wrong about distress.   Key moments 01:35 Shlomo’s background and firm 04:57 Why capital is pulling back 09:34 Extensions and operator reality 11:04 Office green shoots 13:58 Hope trades and rate bets 15:09 Maturity wall and data limits 19:57 Liquidity paradox and DPOs 25:54 Debt and fundamentals 27:11 Distress cycle warning 29:00 Bankruptcy and CMBS shift 34:33 Building the workout plan 37:41 Industry pitfalls and accountability 40:03 Road To Default thesis 43:58 Fixes and final takeaways   Resources mentioned Shlomo Chopp – https://www.linkedin.com/in/chopp/ Case Equity Partners – https://www.caseinv.com The Road To Default - https://www.linkedin.com/posts/chopp_the-road-to-default-and-potentially-recourse-activity-7445125862422691840-So7x

    47 min.
  6. The growing case for real estate secondaries

    16 apr

    The growing case for real estate secondaries

    Most CRE professionals have heard of the secondaries market, but few understand how it actually works, or how active it's become. In this episode of CRE Exchange, host Cole Perry sits down with Chris Muoio, Managing Director of Data and Research at Madison International Realty, to unpack the mechanics of direct real estate secondaries, why liquidity needs are accelerating across property types, and what Madison's proprietary liquidity index is signaling about where the market stands today. Key moments 01:10 Madison and direct secondaries 02:19 What is a secondary deal 04:03 Secondaries market size 06:08 Why secondaries exist 06:59 Misconceptions and control rights 08:17 Cycle tailwinds and sector rotation 10:18 Hot sectors 13:05 Liquidity crunch and fund structures 15:59 Madison Liquidity Index explained 18:00 Latest reading and what’s next 21:27 Deal flow and typical transactions 23:13 GP led secondaries and continuation 24:57 Valuation gaps and NAV discounts 30:34 Future of the secondaries market 32:26 Global differences US vs Europe Resources mentioned Chris Muoio Madison International Realty

    35 min.
  7. Hot inflation, soft growth, and a CRE market caught in the middle

    26 mrt

    Hot inflation, soft growth, and a CRE market caught in the middle

    Cole Perry and Omar Eltorai dig into the latest macro data and benchmark today's landscape against some uncomfortable historical parallels. Drawing on three major economist surveys covering more than 100 forecasters, they also map out where there's consensus, where there's divergence, and what it all means for CRE performance and capital markets. Key moments: 00:48 Stat of the day: Commercial real estate pricing through the 1970s 02:29 70’s déjà vu 06:31 Hot PPI inflation 08:40 Fed holds rates 13:33 Housing sales slide 16:21 Wholesale inventories 18:56 Economist surveys outlook 26:19 Upcoming data and events 27:02 Catch us at the ARES conference Resources mentioned: Producer Price Index – February 2026 - https://www.bls.gov/news.release/archives/ppi_03182026.htm FOMC Rate Decision – March 18, 2026 - https://www.federalreserve.gov/newsevents/pressreleases/monetary20260318a.htm FOMC Summary of Economic Projections – March 18, 2026 - https://www.federalreserve.gov/monetarypolicy/fomcpresconf20260318.htm New Residential Sales – January 2026 -https://www.census.gov/construction/nrs/current/index.html Advance Economic Indicators (Wholesale Inventories) – January 2026 - https://www.census.gov/wholesale/ Survey of Professional Forecasters – Q1 2026 - https://www.philadelphiafed.org/surveys-and-data/real-time-data-research/spf-q1-2026 Wall Street Journal Economic Forecasting Survey - https://www.wsj.com/articles/economic-forecasting-survey-archive-11617814998

    29 min.
  8. The 70s are calling, are the CRE markets listening?

    12 mrt

    The 70s are calling, are the CRE markets listening?

    Note: This episode was recorded prior to recent developments in the Middle East and the associated impact on global energy markets. Some macroeconomic context discussed in this episode reflects conditions at the time of recording.   Lenders are re-engaging, origination activity is picking up, and the market is beginning to find its footing around the wall of maturities, but rising operating expenses are outpacing rent growth in select segments, and a new set of macro uncertainties is changing the capital markets math for CRE. In this episode, we’re joined by Brian Bailey, Senior Managing Director and Head of Research at Trimont, to examine CRE debt market conditions, sector-level operating trends, and the risks the industry may be underestimating heading into 2026. Brian draws on 14 years as the Federal Reserve System's CRE subject matter expert and Trimont's $700B loan servicing portfolio to share what the data is revealing about credit conditions, expense pressures, and lender behavior across the market.   Key moments 01:29 - Brian’s career journey 07:00 - From Fed to Trimont 09:09 - Office lending sentiment 11:55 - Trimont data advantage 14:11 - Stagflation and expenses 18:20 - Capital markets inflection 22:03 - Wall of maturities 25:54 - Non-bank lending risks 29:52 - 2026 themes by sector 32:37 - Underappreciated 2026 risks 34:36 - An industry wish for transparency   Resources mentioned Brian Bailey - https://www.linkedin.com/in/brian-bailey-1a73888/ Trimont - https://trimont.com/

    37 min.
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The CRE Exchange is your go-to podcast for all matters of commercial real estate. It hosts cutting-edge conversations with industry experts that offer CRE professionals timely insight into market behaviors and analysis to discover new opportunities and better manage risks and costs. We discuss Commercial Real Estate, Property Valuations, Real Estate Analytics, and Property Tax. Whether you buy or build, assist or advise, if you are a key stakeholder in the CRE space, this show is for you. bumper-verify-f47d90bf

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