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

Altus Group
  • 5.0 (8)
  • Investing
  • Updated Weekly

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. 6d ago

    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

  2. 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

  3. Jul 16

    Credit conditions, consumer stress, and office finding a bottom

    The latest CRE Exchange covers a packed week of data and market. Cole Perry and Omar Eltorai work through the June CPI print, consumer credit pullback, and existing home sales data before digging into the WSJ economist survey and Fed meeting minutes, where the most notable detail is a credit market splitting between large and small borrowers. The episode closes with early Q2 bank earnings from the four largest US banks, including reserve releases on office CRE loans at Bank of America and Wells Fargo that suggest the office credit cycle may be turning, and lender scrutiny around data center financing may be growing. Key moments 01:50 Inflation hedge data 03:13 Patriotic owners trivia 06:57 Consumer credit update 08:56 Housing and CPI prints 12:31 WSJ Economist Survey 22:59 Fed minutes breakdown 29:34 Big bank earnings takeaways 36:23 New segment: CRE Bag O’ Random! 42:38 Upcoming Calendar and Wrap Resources mentioned Consumer Credit — G.19 (May 2026) - https://www.federalreserve.gov/releases/g19/current/default.htm Existing Home Sales — June 2026 - https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-2-4-decrease-in-june Consumer Price Index — June 2026 - https://www.bls.gov/news.release/cpi.nr0.htm WSJ Economist Survey — July 2026 - https://www.wsj.com/articles/economic-forecasting-survey-archive-11617814998 FOMC Meeting Minutes — June 16–17, 2026 - https://www.federalreserve.gov/monetarypolicy/fomcminutes20260617.htm Massachusetts YIGBY Bill — H.5562 - https://malegislature.gov/Bills/194/H5562

    Credit conditions, consumer stress, and office finding a bottom

  4. Jul 9

    Midyear CRE recap: Growth, inflation, and the exit bet

    The first half of 2026 opened with a soft-landing story and closed with reignited inflation, sub-2% growth, and a hawkish Fed. In this midyear episode of CRE Exchange, Cole Perry and Omar Eltorai work through what did happen: four straight Fed holds, consumer confidence at its lowest in the survey's 70-plus year history, and a frozen housing market. Omar follows with the public markets story, where REITs returned nearly 14%, and REIT M&A is on pace for its most active year in a decade, even as private CRE remained in a gradual recovery mode. The episode closes with original Altus Group research on implied versus realized growth in CRE: when buyers price in growth at acquisition, does that growth actually materialize? And does it protect value? Key moments: 01:29 Midyear economy recap02:08 Growth and inflation shocks04:06 Consumer and labor check06:56 Housing and construction trends08:30 Fed holds and rate reality10:14 Public markets snapshot11:50 Credit and data center capital14:12 Rates macro and REIT rally19:04 Fresh labor and construction prints23:22 Implied vs realized growth research29:41 How to access our in-depth research

    Midyear CRE recap: Growth, inflation, and the exit bet

  5. Jun 25

    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

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

  6. Jun 11

    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/

    US CRE pricing hits records as transaction patterns diverge

  7. May 28

    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/

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

  8. May 14

    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/

    A split market: Commercial real estate lending trends from Q1 2026
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5
out of 5
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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. bumper-verify-f47d90bf

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