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

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 a...

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...

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...

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.

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.

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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 in...

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...

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

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...

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...

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...

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 ac...

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.

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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 signals

02:39 Earnings call t...

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 wo...

Most CRE professionals have heard of the secondaries market, but few understand how it actually works, or how active it's become. In this episode of CRE Exchange, host Cole Perry sits down with Chris Muoio, Managing Director of Data and Research at Madison International Realty, to unpack the mechanics of direct real estate secondaries, why liquidity needs are accelerating across property types, and what Madison's proprietary liquidity index is signaling about where the market stands today.

Key moments

01:10 Madison and direct secondaries

02:19 What is a secondary deal<...

Cole Perry and Omar Eltorai dig into the latest macro data and benchmark today's landscape against some uncomfortable historical parallels. Drawing on three major economist surveys covering more than 100 forecasters, they also map out where there's consensus, where there's divergence, and what it all means for CRE performance and capital markets.

Key moments:

00:48 Stat of the day: Commercial real estate pricing through the 1970s

02:29 70’s déjà vu

06:31 Hot PPI inflation

08:40 Fed holds rates

13:33 Housing sales slide

16:21 Wholesale inventories

18:56 Economist surv...

Note: This episode was recorded prior to recent developments in the Middle East and the associated impact on global energy markets. Some macroeconomic context discussed in this episode reflects conditions at the time of recording.

Lenders are re-engaging, origination activity is picking up, and the market is beginning to find its footing around the wall of maturities, but rising operating expenses are outpacing rent growth in select segments, and a new set of macro uncertainties is changing the capital markets math for CRE. In this episode, we’re joined by Brian Bailey, Senior Managing Director and...

The CRE transaction market posted its first annual property count increase since 2021, industrial dollar volume surged 54%, and office may finally be finding a floor. In this episode of CRE Exchange, hosts Omar Eltorai and Cole Perry break down Q4 and full-year 2025 transaction data, pricing trends across major sectors and MSAs, and what the numbers say about where the market is heading. Featuring a special conversation with Phil Tily, Alex Jaffe, and Mike Amthor from Altus Group's advisory practice on valuation and performance trends across the ODCE Index.

Key moments

01:28 Key stat of the d...

Bank lending standards are easing, CRE financing competition is rising, and even office is seeing selective reengagement. In this episode, our hosts, Omar Eltorai and Cole Perry, share and discuss the latest SLOOS data, earnings insights from major banks and asset managers, county-level GDP data, consumer sentiment, and small business optimism. Featuring a special conversation with Andrew Pabon, Director of Debt Advisory at Altus Group, on the latest trends from Altus Group’s Debt Capital Market Survey.

Key moments

01:47 Stat of the Day: Multifamily property age

03:09 Senior Loan Officer Opinion Su...

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...

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

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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 press...

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 alterna...

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 Con...

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...

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 asse...

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...

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:

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:

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.

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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

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...

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 re...

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...

The latest FDIC banking profile shows resilience in CRE lending even as past-due rates improve, but consumer confidence is slipping, with inflation and job concerns weighing heavily on sentiment. At the same time, multifamily continues to absorb demand while single-family sales stall under high mortgage rates. In this episode of CRE Exchange, we connect these dots alongside fresh GDP revisions, construction spending shifts, and private market price trends. Tune in to uncover what these signals mean for CRE financing, sector strategies, and where opportunities may emerge next.

Key Moments:

We share insights from Altus Group’s Q2 2025 Investment and Transactions Quarterly report. From multifamily’s continued strength to industrial’s surprising slowdown, we explore the quarterly and annual changes in investment volume, pricing, and deal trends impacting CRE today. Tune in for data-backed takeaways to help you navigate your investment strategy across major markets and sectors.

Key Moments:

00:52 Overview of Q2 2025 Investments and Transactions Report

01:47 Investment Volume Highlights

03:11 Pricing Trends Analysis

04:44 Geographical Performance Insights

06:12 Property Sector Trends

07:51 Key Takeaways and Con...

We’re deep into the Q2 2025 earnings season, and with most calls now behind us, it’s time to zoom out. In this episode, we recap key themes from REITs and explore takeaways from other players in CRE, including capital allocators, brokerages, and development firms. It’s a sector-spanning look at the market trends, investment signals, and opportunities influencing the second half of 2025.

Key Moments:

00:49 Q2 2025 earnings releases and general themes

01:31 Capital allocators: Banks vs. non-banks

08:37 Sector-specific insights: Retail, office, industrial, and multifamily

16:28 Niche sectors: Da...

With Q2 earnings season at its midpoint, this episode offers a snapshot of how select REITs across industrial, office, residential, and retail sectors are performing and positioning. Hosts Omar Eltorai and Cole Perry highlight key takeaways from recent calls and early reporting trends. Stay tuned for our wrap-up episode once earnings season concludes, we’ll cover overarching themes across both property types and sector players.

Key Moments:

01:40 Industrial REIT highlights

14:25 Office REIT highlights

27:46 Multifamily REIT highlights

38:06 Retail REIT highlights

47:19 Next week's episode pre...

Proptech is evolving, albeit at different speeds across sectors. KBW’s Ryan Tomasello joins our hosts, Omar Eltorai and Cole Perry, to explore how data access, market consolidation, and the drive toward vertical integration are shaping both residential and commercial real estate technology stacks. From digital mortgage platforms and MLS disruption to CRE’s fragmented data landscape, get an informed view at where real estate technology stands today, and where it’s headed.

Key Moments:

01:30 Overview of KBW and market perception

04:00 Trends in real estate technology

06:50 Mergers...