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

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

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.

  1. REIT earnings recap - Q3 2024

    OCT 31

    REIT earnings recap - Q3 2024

    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:  Participate in the Q4 2024 CRE Industry Conditions and Sentiment survey https://altusdxm.qualtrics.com/jfe/form/SV_bCw519OV8S9r2sK?Q_CHL=CREExchange 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

    28 min
  2. Economics, elections, and the art of evading doom loops

    OCT 17

    Economics, elections, and the art of evading doom loops

    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 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

    43 min
  3. Gauging commercial real estate conditions and sentiment in Q3 2024

    OCT 3

    Gauging commercial real estate conditions and sentiment in Q3 2024

    We share a digest of the biggest quarter-over-quarter changes and most surprising takeaways from the Q3 CRE Industry Conditions and Sentiment Survey. Our hosts, Omar Eltorai and Cole Perry, touch on key findings across US capital conditions, expectations for debt and equity capital availability, transaction intentions, market pricing and more! Key Takeaways: (01:07) Overview of the CRE Industry Conditions and Sentiment Survey. (02:05) Current and expected capital environment. (07:07) Capital availability expectations. (10:43) Near-term transaction intentions. (11:58) Pricing across property sectors. (13:29) Property type performance. (16:20) Biggest takeaways — swing in anticipated outlook for future capital conditions. (18:17) Priority issues. (22:00) Direction and conviction across key metrics. (24:44) How to access the results of our CRE survey. Resources Mentioned: Omar Eltorai - https://www.linkedin.com/in/omareltorai/ Cole Perry - https://www.linkedin.com/in/coleperry1/ CRE industry conditions and sentiment survey - US Q3 2024 results - https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-survey/ CRE industry conditions and sentiment survey - Canada Q3 2024 results - https://www.altusgroup.com/featured-insights/canada-cre-industry-conditions-and-sentiment-survey/ Leave us a message! - https://www.speakpipe.com/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

    27 min
  4. Unlocking private capital for CRE growth with Mat Dellorso of SEI

    SEP 19

    Unlocking private capital for CRE growth with Mat Dellorso of SEI

    Co-hosts Omar Eltorai and Cole Perry are joined by Mat Dellorso, Managing Director of SEI, and Co-Founder of the Altigo platform (acquired by SEI) and WealthForge. Mat shares his entrepreneurial journey in finance and technology and discusses the challenges, opportunities and explosive growth of alternative investments and the private market. He also explains how innovative tech is providing better access for individual investors and financial advisors to the private market, offering a wider set of options for these parties to diversify and fortify portfolios with commercial real estate investments and other alternative investments. Key Takeaways: (02:41) Mat Dellorso’s background and early career. (04:27) Founding WealthForge. (06:42) The growth and evolution of WealthForge. (11:00) The acquisition of Altigo by SEI and Impact. (21:25) Private market size and potential. (24:19) Current trends in alternative investments. (30:09) Private market challenges for financial advisors. (32:27) Current and future role of alternatives and private market investments. Resources Mentioned: Omar Eltorai - https://www.linkedin.com/in/omareltorai/ Cole Perry - https://www.linkedin.com/in/coleperry1/ Mat Dellorso - https://www.linkedin.com/in/mathewdellorso/ SEI | LinkedIn - https://www.linkedin.com/company/sei/ WealthForge | LinkedIn - https://www.linkedin.com/company/wealthforge/ SEI Altigo - https://www.altigo.com/ WealthForge - https://www.wealthforge.com/ Thanks for listening to the CRE Exchange podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property

    38 min
  5. Capitalizing on shifts in commercial real estate with Rich Hill of Cohen & Steers

    SEP 5

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

    Rich Hill, SVP and Head of Real Estate Strategy and Research at Cohen & Steers, joins the show. With more than 23 years of experience in commercial real estate, Rich has cultivated a strong appreciation for approaching the market with a strategic, data-driven mindset, utilizing research and alternative data to identify valuable investments, especially in a shifting landscape.  Rich discusses the generational opportunity to acquire private real estate as valuations fall, the stabilizing of transaction volumes and the evolving role of debt markets. He also underlines the importance of diversifying portfolios with public and private investments and shares his perspective on rising distress as a bullish signal for market entry. Key Takeaways: (01:49) Rich Hill’s background and career journey. (05:38) Rich’s current role and responsibilities at Cohen & Steers. (08:48) Takeaways from transitioning from sell-side to buy-side. (12:00) The Cohen & Steers difference. (14:24) View of the current macro landscape. (17:17) Capital markets and lending conditions. (20:05) CRE risk within the US banking space. (23:06) The outlook on private credit. (25:05) The role of CRE in investment portfolios. (27:55) Public versus private investment. (31:05) Themes that Rich is paying attention to. (35:24) Takeaways from second-quarter earnings calls. (38:18) Distress and opportunity. (39:48) The role of research in CRE Investment. (42:09) The future of AI in CRE research. (44:12) Final thoughts and industry wishes. Resources Mentioned: Richard Hill - https://www.linkedin.com/in/richard-hill-2156387/ Coheen & Steers | LinkedIn - https://www.linkedin.com/company/cohen-&-steers/ Cohen & Steers | Website - https://www.cohenandsteers.com/ Thanks for listening to the CRE Exchange podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property

    46 min
  6. US CRE market trends - Inflation, retail data and sentiment shifts

    AUG 22

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

    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: Omar Eltorai - https://www.linkedin.com/in/omareltorai/ Cole Perry - https://www.linkedin.com/in/coleperry1/ PPI - https://www.bls.gov/news.release/pdf/ppi.pdf CPI - https://www.bls.gov/cpi/ Business Formations - https://www.census.gov/econ/bfs/current/index.html Advance Monthly Retail Sales - 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 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

    41 min
  7. REIT results recap — Q2 2024

    AUG 8

    REIT results recap — Q2 2024

    In this episode of CRE Exchange, Cole Perry, Associate Director of Research, and Omar Eltorai, Director of Research at Altus Group, offer a comprehensive analysis of recent trends and data in the commercial real estate market. They discuss the latest macroeconomic updates and spend the lion’s share of the episode on the latest REIT earnings, providing insights from each of the sectors. Key Takeaways: (01:27) Labor data and job openings trends.  (03:00) Construction spending data insights.  (04:48) Federal Reserve policy statement. (06:55) BLS June employment report. (09:04) Prologis Q2 performance. (10:33) Rexford Industrial Realty Q2 performance.  (16:44) Cousins Q2 performance.  (19:43) Brixmor Property Group Q2 performance. (21:55) Agree Realty Corp. Q2 performance. (26:07) Equity Residential Q2 performance. (29:58) Equity Lifestyle Properties Q2 performance. (34:24) Public Storage Q2 performance. (36:55) Extra Space Q2 performance. (42:33) Summit Hotel Properties Q2 performance. Resources Mentioned: Altus Group - https://www.linkedin.com/company/altus-group/ US Q2 2024 Employment Situation Report - https://www.bls.gov/news.release/pdf/empsit.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 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

    48 min
  8. Benchmarking commercial property taxes with Sandi Prendergast

    JUL 25

    Benchmarking commercial property taxes with Sandi Prendergast

    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 Altus Group - https://www.linkedin.com/company/altus-group/ US Real Property Tax Benchmark Report - https://www.altusgroup.com/featured-insights/united-states-property-tax-benchmark-report/ Thanks for listening to the CRE Exchange podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation. #CRE #CommercialRealEstate #Property

    28 min
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About

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.

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