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

What does the CRE credit landscape really look like heading into 2026? Cole Perry is joined by Andy Boettcher, Head of Research at Trepp, to pull back the curtain on bank lending behavior, refinancing risk, extensions, and why fears around the “maturity wall” may be overstated. Drawing on decades of experience from the Federal Reserve to today’s lending data, Andy offers a seasoned, data-driven outlook on where CRE credit is stabilizing, and where it’s still sorting itself out.   Key Moments: 01:53 Andy’s Background and career journey 07:06 From the Fed to Trepp 09:53 Macro and CRE market analysis 16:34 Bank lending vs. CMBS market 25:53 2026 forecast and predictions 27:45 Final thoughts and industry wishes   Resources Mentioned: Andy Boettcher - https://www.linkedin.com/in/aboettcher/   Trepp - https://www.trepp.com/   Federal Reserve H.8 Report – Weekly Assets and Liabilities of Commercial Banks - https://www.federalreserve.gov/releases/h8/current/default.htm   Federal Reserve Z.1 Financial Accounts of the United States - https://www.federalreserve.gov/releases/z1/   Atlanta Fed GDPNow - https://www.atlantafed.org/cqer/research/gdpnow   New York Fed Staff Nowcast - https://www.newyorkfed.org/research/policy/nowcast    What CREFC Miami revealed about CRE debt markets in 2026 - https://www.altusgroup.com/insights/what-crefc-miami-revealed-about-cre-debt-markets-in-2026 Email us: [email protected] 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 

We examine the economic data and policy developments setting the tone for the US commercial real estate market in early 2026.  Discussing what recent labor reports, GDP estimates, and financing trends suggest about growth, risk, and capital markets conditions heading into the year. The conversation also turns to housing policy, including new local initiatives and national proposals, and how these policy signals could influence supply, affordability, and investment strategy across CRE sectors.   Key Moments: 00:58 Key statistics and market trends 03:26 Economic data and labor market insights 07:56 GDP and service sector analysis 12:18 Housing market update 15:13 Consumer data and AI impact 19:03 Housing policy and national proposals 27:34 Upcoming events and announcements   Resources Mentioned: Debt Capital Market Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/ Altus Connect Conference - https://events.altusgroup.com/event/altus-connect-2026/summary Job Openings and Labor Turnover Survey (JOLTS) - https://www.bls.gov/jlt/ ADP National Employment Report - https://adpemploymentreport.com/ BLS Employment Situation / December Jobs Report - https://www.bls.gov/news.release/empsit.htm Atlanta Fed GDPNow Estimate - https://www.atlantafed.org/cqer/research/gdpnow S&P Global US Services PMI - https://www.pmi.spglobal.com/ ISM Services PMI - https://www.ismworld.org/supply-management-news-and-reports/reports/ism-reports/ Consumer Credit (G19) - https://www.federalreserve.gov/releases/g19/current/ University of Michigan Consumer Sentiment Index - https://data.sca.isr.umich.edu/ Email us: [email protected] 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

The biggest risk in multifamily right now isn’t oversupply, it’s misunderstanding the data. Jay Parsons joins CRE Exchange to discuss where public housing datasets fall short, why headline narratives around supply, rents, and defaults spread so quickly, and how investors should interpret conflicting signals as the market moves into its next phase.   Key moments 01:09 Jay Parsons' background and career 02:26 Evolving perspectives in rental housing 05:17 Supply and demand dynamics in multifamily housing 08:40 Demographic trends and housing preferences 11:36 Cost pressures and operational challenges 15:09 Interest rates and multifamily market impact 20:22 Affordability and nuances in rental housing 23:27 Historical context of housing affordability 25:00 Potential solutions to housing affordability 26:14 The role of GSEs in the housing market 28:51 Public vs. private data in housing 37:00 Misconceptions and myths in housing 40:50 Challenges in data collection and market segments   Resources mentioned Jay Parsons: https://jayparsons.com/ The Rent Roll: https://podcasts.apple.com/us/podcast/the-rent-roll-with-jay-parsons/id1770512765 Email us: [email protected] 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 

Newmark’s President of Capital Markets, North America, Chad Lavender, breaks down the sector-by-sector changes that are redefining today’s capital markets. From the surge in data center demand to senior housing’s NOI outperformance and the resurgence of banks in lending, Chad share a well-defined read on where CRE capital is actually flowing, and why it matters heading into 2026.   Key Moments: 01:34 Chad Lavender's career journey 05:08 Overview of Newmark Capital Markets 07:35 Current trends in US CRE capital markets 16:40 Deep dive into alternative sectors 20:26 Healthcare and senior housing insights 25:19 Data centers and life sciences 31:39 Medical office, SFR, and BTR 36:35 Alternatives on the move and market structures   Resources Mentioned: Chad Lavender: https://www.linkedin.com/in/chad-lavender-03551bb/ Newmark: https://www.nmrk.com/services/investor-solutions/capital-markets Email us: [email protected] 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 

The latest wave of delayed government data is finally in, and it’s helping the CRE community reestablish a clearer view of the economy heading into 2026. Join Omar and Cole as they interpret new banking, retail, PPI, and sentiment indicators, translating them into implications for capital availability, demand, and development pipelines.   Key Moments: 01:12 Quarterly Banking Profile insights 05:49 Commercial real estate lending trends 10:36 Retail sales and economic indicators 13:02 Producer Price Index analysis 15:07 Federal Reserve's Beige Book highlights 22:42 Consumer Confidence and GDP Nowcast 28:11 Upcoming data releases and final thoughts   Resources Mentioned: FDIC Quarterly Banking Profile - https://www.fdic.gov/quarterly-banking-profile US Bureau of Labor and Statistics Producer Price Index - https://www.bls.gov/pPI/ US Census Bureau Advance Retail Trade Report - https://www.census.gov/retail/sales.html Federal Reserve Beige Book - https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm The Conference Board US Consumer Confidence Index - https://www.conference-board.org/topics/consumer-confidence/index.cfm GDP Now - https://www.atlantafed.org/cqer/research/gdpnow US Commercial Real Estate Transaction Analysis – Q3 2025 - https://www.altusgroup.com/insights/us-commercial-real-estate-transaction-analysis-q3-2025 Email us: [email protected] 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  

Our hosts, Omar Eltorai and Cole Perry, unpack an unexpectedly strong Q3 2025, one that defied seasonal norms and signaled potential momentum building across US commercial real estate. They break down what drove transaction growth, why large deals may have returned, and how pricing trends varied across sectors and major metros. Tune into this data-rich recap for valuable context heading into year-end. Key Moments: 00:50 Overview of Q3 2025 and market environment 01:28 Macroeconomic trends and Federal Reserve actions 04:44 Credit and equity market performance 09:13 US CRE investment and transaction market in Q3 11:54 Detailed analysis of CRE pricing and pacing trends 20:20 Geographic differences in CRE market performance 25:46 Surprising trends and insights from Q3 data Resources Mentioned: Q3 2025 US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/ Email us: [email protected] 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

Every quarter, we dig into dozens of CRE earnings calls, tuning in, reading the releases, and looking for what really stands out. This time, we’re taking a different approach. Instead of focusing on individual companies, we’re pulling out the biggest themes across lenders, REITs, and brokers, from credit thawing to where capital is flowing next in 2026. Key Moments: 01:51 Lenders' insights and trends 06:41 Retail REIT earnings highlights 11:51 Office sector analysis 18:18 Industrial sector developments 26:30 Multifamily sector review 31:15 Brokerages and asset managers outlook 41:13 Overarching takeaways Resources Mentioned: Email us: [email protected] 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

Legendary New York broker Bob Knakal shares lessons from more than four decades shaping the city’s investment landscape. He discusses the founding of Massey Knakal, the power of specialization, and how zoning and policy continue to define opportunity. Knakal also explains why he’s integrating AI and data analysis into his brokerage, and why, despite political headwinds, he still believes you should never bet against New York.    Key Moments: 01:01 Meet Bob Knakal 03:24 The early days of Massey Knakal 04:50 Lessons learned and keys to success 08:14 The importance of market expertise 11:26 Founding BK Real Estate Advisors 13:14 Specialization and market changes 17:37 AI and technology in real estate 24:15 The unique challenges of the New York market 26:20 Current market cycles and trends 29:57 Impact of political changes on housing 32:42 Proposed solutions for housing issues 38:35 Future of New York real estate   Resources Mentioned: Bob Knakal - https://www.linkedin.com/in/bobknakal/ BKREA - https://www.bkrea.com/ 485-x Program - https://www.nyc.gov/site/hpd/services-and-information/tax-incentives-485-x.page Major Capital Improvement program - https://www.nyc.gov/site/finance/property/landlords-mci.page Individual Apartment Improvement program - https://hcr.ny.gov/apartment-iai-and-building-mci-improvements Email us: [email protected] 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

What if the economy could sing? The CRE Exchange team explores what the Fed’s Beige Book, homebuilder sentiment, and recent banking data reveal about the broader economy, and how those trends ripple through commercial real estate. Our hosts, Omar Eltorai and Cole Perry, then turn to Peter Norman, Altus Group’s VP and Economic Strategist, for a deep dive into Canadian economic and CRE trends.   Key Moments: 01:34 Diving into the Fed Beige Book02:21 Labor market and employment trends03:30 Consumer spending and manufacturing Insights07:25 Home Builder Confidence Index10:43 Large Bank Credit Card and Mortgage Report13:57 Manufacturing Business Outlook Survey16:31 Non-Manufacturing Business Outlook Survey20:52 Canadian CRE trends with Peter Norman43:19 Upcoming events Resources Mentioned: Peter Norman – https://www.linkedin.com/in/peter-norman-20637043/ 2025 Canada State of the Market webinar – https://www.altusgroup.com/webinars/canada-state-of-the-market/ Federal Reserve Beige Book - https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm NAHB/Wells Fargo Housing Market Index - https://www.nahb.org/news-and-economics/housing-economics/indices/housing-market-index ISM Manufacturing PMI - https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/pmi/september/ Philadelphia Fed Large Bank Credit Card and Mortgage Data - https://www.philadelphiafed.org/surveys-and-data/large-bank-credit-card-and-mortgage-data Philadelphia Fed Manufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regionaleconomy/manufacturing/business-outlook-survey Philadelphia Fed Nonmanufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regionaleconomy/nonmanufacturing/business-outlook-survey Email us: [email protected] 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

Even with the federal data slowdown, there are still alternative indicators that give us a view into what’s happening in the US economy and commercial real estate. In this episode, our hosts, Omar Eltorai and Cole Perry, lean on data from private providers and trade organizations to uncover what’s happening across consumers, small businesses, labor, and financial markets and what it all means for CRE. They’re joined by Andrew Pabon from Altus Group’s Valuation Advisory team to share insights on the CRE debt space.   Key Moments: 01:31 Labor market indicators 05:35 Consumer data insights 13:21 Financial market conditions and business data 17:01 Small business economic trends 20:51 CRE credit trends and debt market insights 28:41 Interview with Andrew Pabon on the US CRE debt landscape 41:24 Upcoming economic data releases   Resources Mentioned: Andrew Pabon - https://www.linkedin.com/in/andrew-pabon-15a6976/ Altus Group CRE Debt Capital Markets Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/ Alternative version of Kansas City Fed’s Labor Market Conditions Indicators (LMCI) - https://www.kansascityfed.org/research/economic-bulletin/an-alternative-version-of-the-kc-fed-lmci-suggests-little-change-in-the-labor-market-in-september/ University of Michigan Consumer Sentiment Index - https://www.sca.isr.umich.edu/ Federal Reserve G.19 Consumer Credit Report - https://www.federalreserve.gov/Releases/g19/current/ New York Fed Survey of Consumer Expectations - https://www.newyorkfed.org/microeconomics/sce#/ Chicago Fed's National Financial Conditions Index - https://www.chicagofed.org/research/data/nfci/current-data NFIB Small Business Economic Trends report - https://www.nfib-sbet.org/MainPage.html Email us: [email protected] 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

Retail’s comeback isn’t new news, but its investment potential is still underestimated. In this episode, RockStep Capital’s President, Andy Weiner, joins Omar Eltorai and Cole Perry to shed light on why the most rational capital in CRE is rotating toward shopping centers and “hometown” markets. From positive leverage dynamics to the structural limits on new supply, Andy explains how disciplined operators are capturing double-digit yields while strengthening the communities they invest in. For investors, developers, and lenders, it’s a revealing look at where the next durable returns may come from.   Key Moments: 01:34 Meet Andy Wiener of Rock Step Capital 03:38 The birth of Rock Step Capital 05:21 Retail strategy and store metrics 07:29 Improving communities through retail 10:39 The Rock Steps: Company culture and values 16:51 Evolution of Rock Step Capital 20:52 Hometown focus and investment strategy 22:21 Community involvement and local partnerships 24:55 Investment strategies and fund structure 27:00 Retail Renaissance and e-commerce integration 30:24 Supply and demand dynamics in retail 41:38 Public-private partnerships and redevelopment 45:37 Exit strategies and market insights 46:44 Chick-fil-A fandom and personal insights   Resources Mentioned: Andy Weiner - https://www.linkedin.com/in/andy-weiner/ RockStep Capital - https://rockstep.com/ The RockStep way - https://rockstep.com/company/rockstep-way Email us: [email protected] 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 

From a 20.5% surge in new home sales and persistent affordability challenges in the existing market, to rising inflation, consumer sentiment drops, and labor market paradoxes, our hosts Omar Eltorai and Cole Perry explore how these factors are influencing CRE demand and investment strategy. Also, special guest Dan Kudrik, Senior Director at Altus, adds his perspective on the human edge in real estate, and highlights how valuation, residual values, and transparency are evolving in the US market. Key moments 01:19 Latest Housing Market Data06:29 Consumer spending and inflation insights15:07 GDP and corporate profits analysis18:47 Labor market trends21:59 Special Guest: Dan Kudrik on human capital, valuations, and residual values Resources mentioned New Home Sales: https://www.census.gov/construction/nrs/index.html Existing home sales: https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales PCE: https://www.bea.gov/data/personal-consumption-expenditures-price-index GDP: https://www.bea.gov/data/gdp/gross-domestic-product University of Michigan’s Consumer Sentiment Index: https://www.sca.isr.umich.edu/ JOLTS: https://www.bls.gov/jlt/ Dan Kudrik: https://www.linkedin.com/in/danielkudrik/ Email us: [email protected] 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

Industrial real estate is transforming, and fast. Aasif Bade, founder and CEO of Ambrose, shares his journey, his firm’s conviction for modern warehouses, and why staying ahead of technology and global supply chain shifts is crucial. From outdated infrastructure to AI-driven innovation, Bade highlights what investors and developers need to know to navigate the industrial sector’s next chapter. Key Moments: 01:21 Guest introduction: Aasif Bade 01:54 Founding Ambrose: A journey 04:53 People-first philosophy 05:49 Ambrose's core investment strategy 07:55 Pivot to industrial focus 10:39 Fundraising and investor insights 15:35 Current industrial market trends and challenges 29:24 Technological advancements in warehousing 32:25 Future trends and reshoring Resources Mentioned:  Ambrose: https://ambrosepg.com/ Aasif Bade: https://www.linkedin.com/in/aasif-bade-a3b1851a4/ Email us: [email protected] 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

Inflation is running above the Fed’s 2% target, labor quality remains a top concern for small businesses, and consumer credit growth is sending mixed signals. Together, these forces are framing the near-term outlook for CRE, from leasing demand to borrowing costs. In this episode, Omar and Cole analyze the NFIB small business survey, break down the latest CPI and PPI readings, and examine consumer credit data alongside sentiment trends to provide a clearer picture of the current market signals. Key Moments: 01:23 NFIB Small Business Optimism Index recap 04:22 Inflation data: PPI and CPI insights 07:35 Consumer Credit and sentiment analysis 13:45 Upcoming Fed decision and market expectations 18:19 Conference highlights and networking 20:49 Upcoming events and data releases   Resources Mentioned: NFIB Small Business Optimism Index: https://www.nfib.com/news/monthly_report/sbet/ Product Price Index: https://www.bls.gov/pPI/ Consumer Price Index: https://www.bls.gov/cpi/ Consumer credit – G.19 report: https://www.federalreserve.gov/Releases/g19/current/ Email us: [email protected] 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

The Beige Book signals an economy under pressure, with slowing growth, rising costs, and cooling labor markets weighing on CRE. In this episode of CRE Exchange, Cole Perry and Omar Eltorai break down where challenges are mounting and where opportunities remain. They spotlight resilient sectors like data centers, industrial, and high-quality office, alongside the surprising momentum of unanchored strip centers. The discussion closes with a look at key upcoming economic data and what it could mean for investment strategies. Key Moments: 01:14 Federal Reserve Beige Book insights 07:40 Labor market data analysis 11:19 Employment Situation Report breakdown 16:20 Deep dive into strip center data 20:30 Upcoming conferences and data releases Resources Mentioned:  Beige Book: https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm Job Openings and Labor Turnover (JOLTS): https://www.bls.gov/jlt/ ADP National Employment Report: https://mediacenter.adp.com/2025-09-04-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-54,000-Jobs-in-August-Annual-Pay-was-Up-4-4 Employment Situation Report: https://www.bls.gov/news.release/empsit.nr0.htm Email us: [email protected] 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