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

Altus Group
  • 5.0 (8)
  • Investing
  • Weekly

CRE Exchange is a podcast for commercial real estate professionals who want to stay current on the data, trends, and market forces shaping the industry. Hosted by Omar Eltorai and Cole Perry from Altus Group's US Research team, the show covers macro and capital markets, sector-level trends, policy developments, and original research. Alongside regular market updates, Omar and Cole sit down with leaders from across the industry for in-depth conversations on how they're navigating the current environment. Whether you buy or build, assist or advise, if you're a stakeholder in the CRE space, this show is for you. New episodes drop every other Thursday.

  1. Oct 22

    Developers diversify as data centers reshape CRE capital and demand

    Cole and Omar just got back from the CREDA conference in Denver, and they brought Shawn Moura, Executive Director of the Commercial Real Estate Development Association (CREDA) Research Foundation, into the studio to break down what he’s seeing in the industry. With 16 years of research experience (including a PhD in history and time at Hanover Research), Shawn leads CREDA’s research efforts for the organization’s 21,000+ members across 55 chapters. CREDA represents the full spectrum of commercial real estate development, and through its Research Foundation, delivers forward-looking insights on trends and challenges shaping the industry. In this episode, we talk about why developers are spreading across more property types, how data centers became the force reshaping everything - from capital flows to electricity access to office demand - and what CREDA’s research is showing heading into 2027. Industrial is rebounding, multifamily is softening, and office keeps declining, but data centers are the story everyone needs to understand. Resources mentioned: Shawn Moura Cole Perry Omar Eltorai Commercial Real Estate Development Association (CREDA) Research Foundation CREDA Sentiment Index Industrial Space Demand Forecast, Third Quarter 2026 Managing Sustainability Risk in Data Center Development Developing, Owning and Operating Shallow Bay Industrial Buildings Key moments: 01:18 Introducing Shawn Moura 06:01 Why CREDA rebranded from NAIOP 09:17 What value CREDA research provides to members 14:29 Industrial demand forecast 19:35 How data centers are reshaping the entire industry 22:17 CREDA’s priorities heading into 2027 and beyond

    Developers diversify as data centers reshape CRE capital and demand

  2. Oct 8

    Rates spike, spreads diverge, and power infrastructure reshapes industrial

    Cole Perry and Omar Eltorai work through the latest economic data that's reshaping commercial real estate: labor weakening in office sectors, construction capital concentrating almost entirely in data centers, and the 10-year treasury closing at 5.29% - the highest since 2002. Credit spreads tell an interesting story, diverging sharply between investment-grade and high-yield. The back half dives into Cole's research on power infrastructure and industrial pricing: whether proximity to power generation actually moves property values, how that premium has shifted since 2022, and what it signals about where industrial demand is headed. Key moments: 02:00 Labor data 05:30 Consumer confidence falling, personal savings at record lows 11:50 Treasury yields spike to 5.29% 13:40 K-shape in credit spreads 18:50 CRE sorting market 20:30 Fundamentals remain strong 28:00 Power infrastructure research Resources: Cole Perry - https://www.linkedin.com/in/coleperry1/ Omar Eltorai - https://www.linkedin.com/in/omareltorai/ S&P Cotality Case-Shiller Home Price Index - https://www.spglobal.com/spdji/en/index-announcements/article/sp-cotality-case-shiller-index-reports-annual-gain-in-july-2026/ Consumer Confidence - https://www.conference-board.org/topics/consumer-confidence/ Job Openings and Labor Turnover Survey (JOLTS) - https://www.bls.gov/news.release/jolts.nr0.htm GDP (Third Estimate) - https://www.bea.gov/data/gdp/gross-domestic-product Personal Income and Outlays - https://www.bea.gov/news/2026/personal-income-and-outlays-august-2026 September Employment Situation - https://www.bls.gov/news.release/empsit.nr0.htm ADP National Employment Report - https://adpemploymentreport.com/

    Rates spike, spreads diverge, and power infrastructure reshapes industrial

  3. Sep 24

    AI in CRE: What's real, what's hype, and what readiness looks like

    Om ar Eltorai and Cole Perry sit down with Michael Clawar, Senior Vice President of Innovation at Altus Group, to talk about where AI is creating real value in commercial real estate and where the industry still has work to do. Michael walks through how the cost of AI intelligence has dropped dramatically in just the past year and what that means for tasks like portfolio-level valuation reviews. The conversation covers why data infrastructure and institutional knowledge matter more than the model you pick, the trade-offs between centralized and business-led technology operating models, and a recent NBER study on how AI benefits senior and junior professionals differently, with real implications for talent development in CRE.Resources:Michael Clawar - https://www.linkedin.com/in/michael-clawar/Cole Perry - https://www.linkedin.com/in/coleperry1/Omar Eltorai - https://www.linkedin.com/in/omareltorai/ARGUS Assist - https://www.altusgroup.com/solutions/argus-intelligence/argus-assist/National Bureau of Economic Research Study - https://www.nber.org/system/files/working_papers/w35720/w35720.pdf

    AI in CRE: What's real, what's hype, and what readiness looks like

  4. Sep 10

    Labor data diverges, data centers dominate Beige Book, CRE implications from bond rout

    Cole Perry and Omar Eltorai break down a data-heavy week for the US economy and what it means for commercial real estate. They cover the latest construction, labor, and PMI readings, then turn to the Fed's August 2026 Beige Book for qualitative color on office bifurcation, multifamily concessions, and data centers as the dominant construction story across Districts. The back half focuses on a sharp move higher in global bond yields and what's driving it, followed by a historical look at how CRE has actually performed through four past episodes of rising real yields over the last three decades. Key moments: 01:30 Construction, labor, and PMIs 12:05 Fed Beige Book 18:10 Global bond market moves 24:35 What higher rates mean for CRE 29:10 How CRE has performed through past rate cycles 34:40 Inflation-adjusted transaction volume Resources: Cole Perry Omar Eltorai Census Bureau - Value of Construction Put in Place report JOLTS ADP BLS Federal Reserve Beige Book (August 2026) Q2 2026 US CRE investment and transactions quarterly

    Labor data diverges, data centers dominate Beige Book, CRE implications from bond rout

  5. Aug 27

    CRE values inch higher as bigger deals drive Q2 2026

    Omar Eltorai sits down with Mike Amthor, who leads US Performance Evaluation Analytics, and Cole Perry, Associate Director of US Research at Altus Group, to compare the Q2 2026 NCREIF ODCE Index against the Investment and Transactions Quarterly (ITQ) report. Two separate data sets, but a cohesive story: values continue a light upward trend driven by cash flow fundamentals, while transaction dollar volume climbs even as deal count still lags year-over-year. The conversation covers a capital movement from multifamily into industrial, cross-validated strength in storage and medical office, and a caveat on the office recovery narrative. Key moments 01:55 ODCE Index explained03:27 ITQ data overview04:41 Q2 ODCE headlines06:24 Q2 transactions headlines08:04 Valuations vs deals10:57 ODCE sector trends13:39 Transaction sector trends15:49 Storage and medical office18:50 Market spotlights23:43 New ITQ Metrics28:08 Client pulse and outlook Resources mentioned Mike Amthor – https://www.linkedin.com/in/michael-amthor-40865154/ Cole Perry - https://www.linkedin.com/in/coleperry1/ Altus ODCE Index results webinar – https://www.altusgroup.com/webinars/ncreif-odce-index-quarterly-analysis Altus US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/

    CRE values inch higher as bigger deals drive Q2 2026

  6. Aug 20

    Where is OB3 one year later, and what's next for opportunity zones?

    A year after the One Big Beautiful Bill Act passed and with Opportunity Zones now entering a second act, the tax and structuring landscape for CRE has evolved. In this episode of CRE Exchange, Cole Perry and Omar Eltorai sit down with Lisa Knee, Managing Partner of Real Estate Services at EisnerAmper, to unpack what has changed. Lisa shares her knowledge on which OB3 provisions are impacting deals a year later, walks through the mechanics of Opportunity Zones 2.0, including the adjustment to a permanent program with rolling five-year deferrals, and discusses what she’s seeing in fund formation as investors demand more transparency and standardized reporting. Key moments 01:18 Lisa’s role at Eisner Amper08:56 OB3 tax bill impacts14:00 Opportunity Zones 2.0 overview24:19 Avoiding QOF structuring pitfalls33:50 AI capital and city revivals36:21 Outlook on the next 12 months38:00 Where to follow Lisa38:43 One industry change wish Resources mentioned Lisa Knee – https://www.linkedin.com/in/lisaknee/ OZ 2.0 Guidebook - https://www.eisneramper.com/insights/real-estate/transitional-guidance-on-qualified-opportunity-zones-0826/

    Where is OB3 one year later, and what's next for opportunity zones?

  7. Aug 13

    Treasuries up, spreads down, and office improving

    Treasuries moved up, spreads continued to compress, and office financing costs kept improving; that's the Q2 2026 story in broad strokes, though the drama is in the details. In this episode of CRE Exchange, Cole Perry and Omar Eltorai sit down with Andrew Pabon, Altus Group's Director of Debt Advisory, to break down what the Q2 Debt Capital Markets Survey is showing. SOFR has effectively bottomed while five and ten-year Treasuries moved up 20 to 30 basis points, spread compression continued but fell short of fully offsetting those benchmark moves on fixed-rate products, and deal structuring conversations have fully repriced to a higher-for-longer world. The episode also covers a split signal in CMBS delinquency data, what the private credit stress story might mean for private CRE credit, and why office's improving financing picture comes with an important caveat. Key moments 00:56 Market backdrop 03:08 Q2 survey shift 07:50 Rates and curve moves 11:24 Spread compression 15:26 Property type signals 19:02 Banks and lender mix 22:09 Post survey changes 23:15 Credit stress readthrough 26:15 Survey Invitation Wrap Resources mentioned Andrew Pabon - https://www.linkedin.com/in/andrew-pabon-15a6976/ Debt Capital Market Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/

    Treasuries up, spreads down, and office improving

  8. Jul 30

    Capital rotation, real assets, and a new era for CRE deals

    Capital is rotating, the line between real estate and infrastructure is blurring, and the deals getting done today look different from those of even three years ago. In this episode of CRE Exchange, Omar Eltorai sits down with Tim Bodner, who leads PwC's US and global real estate deals practice, to discuss the firm's 2026 midyear CRE outlook. They cover the real assets convergence thesis, why operational prowess is replacing cap rate compression as the primary value driver, where REIT consolidation goes from here, and how private capital is redefining the dealmaking landscape. Key moments 02:10 Midyear outlook key shifts03:35 Real assets convergence07:18 Operating prowess and AI09:07 VCs owning hard assets10:56 Where AI gets used today13:50 Industry bifurcation and new entrants18:09 REIT discounts and consolidation24:26 Private capital and capital solutions28:27 Themes for the back half of 202629:51 Policy uncertainty and data centers31:06 Lightning round and wrap Resources mentioned Tim Bodner - https://www.linkedin.com/in/timbodner/ Navigating the capital rotation and AI-driven convergence reshaping real estate and real assets dealmaking - https://www.pwc.com/us/en/industries/financial-services/library/asset-wealth-management-real-estate-deals-outlook.html

    Capital rotation, real assets, and a new era for CRE deals
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About

CRE Exchange is a podcast for commercial real estate professionals who want to stay current on the data, trends, and market forces shaping the industry. Hosted by Omar Eltorai and Cole Perry from Altus Group's US Research team, the show covers macro and capital markets, sector-level trends, policy developments, and original research. Alongside regular market updates, Omar and Cole sit down with leaders from across the industry for in-depth conversations on how they're navigating the current environment. Whether you buy or build, assist or advise, if you're a stakeholder in the CRE space, this show is for you. New episodes drop every other Thursday.

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