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

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

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/

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

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

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/

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/

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/

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

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

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

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

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 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/

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/

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