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

On today's episode, we have the privilege of hosting two esteemed guests: Omar Eltorai, US Director of Research at Altus Group, and Peter Norman, Chief Economist at Altus Group. Together, we delve into the latest news and movements that are shaping the commercial real estate landscape in North America for the month of May.

With valuable insights from Eltorai and Norman, this episode shares an overview of the ever-evolving commercial real estate sector, including macroeconomic indicators, policy developments, and a deep dive into the dynamic retail property market.

We talk about:

- The strong pace of employment growth in Canada and what this means.

- The recent recovery in home sales.

- What’s happening with central banks, and how that affects housing prices and more.

- How the recent earnings calls will impact the economic narrative.

- What has been happening specifically in retail over the last few years?

- Predictions for 2023 in terms of retail and commercial real estate.

- Positive reflections on the state of commercial real estate and what the future holds.

Resources mentioned:

Peter Norman -

https://www.linkedin.com/in/peter-norman-20637043/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

Altus ODCE Webinar -

https://info.altusgroup.com/quarterly-analysis-ncreif-odce-index/

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

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

In this episode of CRE Exchange, Cole Perry, Senior Market Analyst of Altus Group, and Omar Eltorai, Director of Research of Altus Group, discuss the overall market’s return to Earth as it moderates its expectations around the pace and magnitude of the Fed rate cuts. The team also discusses PMI, home sales, construction, and REIT earnings that portray a mixed CRE sector whose values and activity continue to be weighed down by the delay in rate cuts. 

Key takeaways:

(00:56) Market expectations for Fed cuts

(08:07) Purchasing Manager’s Index

(10:31) Existing home sales

(11:36) New home sales

(12:31) Building permits and new residential construction

(14:02) Retail sales

(15:04) University of Michigan consumer sentiment index

(16:30) Takeaways for the broad market

(19:43) REIT performance

(22:27) Retailer earnings

(27:15) Data releases this week

(28:16) Earnings calls this week

Resources mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

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

In the latest episode of the CRE Exchange podcast, Omar Eltorai, US Director of Research, and Cole Perry, Senior Market Analyst of Altus Group, discuss the latest FOMC minutes and the probability of a final rate hike for the year, findings from the Federal Reserve’s Survey of Consumer Expectations (SCE) on credit access, which indicates a decline in expectations for credit availability, the increase in permits and starts for multi-family housing, mixed news from major retail chains with a glimpse of hope for the holiday season, and much more!

Key Takeaways:

(00:58) The latest US Leading Economic Index

(02:12) FOMC minutes (Nov. 21 release) with odds for an interest rate hike before end of year

(04:46) A view into consumer expectations for credit demand and credit approval

(10:26) The latest read on building permits, housing starts and home sales

(13:21) Earnings reports from Walmart, Target, Macy’s, TJX, Home Depot and Lowes

(22:31) Capital markets update

(26:43) Q4 2023 CRE Industry Conditions and Sentiment Survey results

(34:26) Upcoming data releases Omar and Cole are keeping an eye on over the next two weeks

Resources Mentioned:

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Altus Group -

https://www.linkedin.com/company/altus-group/

US Leading Economic Index -

https://www.conference-board.org/topics/us-leading-indicators

SCE Credit Access Survey -

https://www.newyorkfed.org/microeconomics/sce/credit-access#/

FOMC minutes -

https://www.newyorkfed.org/microeconomics/sce/credit-access#/

US and Canada CRE Industry Conditions and Sentiment survey results (Q4 results to be released December 5, 2023) -

https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/

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

In this episode of the CRE Exchange, Cole Perry, Senior Market Analyst at Altus Group, and Omar Eltorai, Director of Research at Altus Group, delve into the latest economic indicators and their implications for the commercial real estate market.

We discuss:

- [00:00:29] The current state of the CRE market and the macroeconomic scene.

- [00:00:51] The significant rise in the Atlanta Fed’s GDP forecast and insights from the Fed minutes.

- [00:02:34] Concerns about potential inflation and the market’s reaction to the FOMC minutes.

- [00:04:22] The impact of rising interest rates on CRE transactions and the challenges in determining property values.

- [00:08:33] Key takeaways from recent retail earnings and the shift in consumer behavior toward discount stores.

- [00:11:35] The potential downstream effects of retail trends on the industrial sector and the role of e-commerce.

- [00:16:40] What to watch out for in the coming week, including Powell’s speech from Jackson Hole.

Resources mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

GDPNow -

https://www.atlantafed.org/cqer/research/gdpnow

CME FedWatch Tool -

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html 

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

As of this episode (April 30, 2024), approximately 25% of the near 200 publicly-traded REITs in the US have reported their Q1 2024 results. Over the next week, the remaining 75% of REITs will be reporting their results and hosting their earnings calls.

During this episode, we share the more interesting highlights we've heard from REITs that have already been reported. We'll go sector by sector, calling out key takeaways that we noted on a handful of these company calls.

Key highlights:



02:20 Industrial REIT results.

07:28 Office REIT results.

18:46 Retail REIT results.

27:05 Multifamily REIT results.

32:43 Multifamily adjacent - self-storage results.

36:26 Mortgage REIT results.

38:32 Upcoming REIT earnings calls.

39:13 Upcoming macroeconomic updates.

Resources Mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

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

On this episode, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both of Altus Group, navigate various compelling topics that have recently been in the spotlight. They unpack the latest inflation and job market numbers, provide insights from the Federal Reserve's minutes and consider indicators of small business optimism. This episode provides insightful critical analyses and reflections on the state of the economy and the CRE market.

Key Takeaways:

(01:08)  A close look at the U.S. consumer price index and its rise in September. 

(01:55) September's employment report reveals strength across the labor market. Nonfarm payrolls and other key metrics shed light on the current state of employment.

(08:33) JP Morgan, Wells Fargo and Citigroup's recent performances are discussed —  highlighting significant growth in earnings and revenue. 

(11:22) A brief touch on the performances of PNC and the airline industry, particularly United and Delta.

(13:10) From U.S. bank capital regulations to the ECB's increased scrutiny on CRE loans in Europe, the episode covers crucial regulatory shifts and their implications.

(16:29) Insights from the Walker & Dunlop Most Insightful Hour in CRE and the State of the Market webinar provide a holistic view of current market dynamics.

(21:05) The resilience of regional malls and the evolving work-from-home trends are examined, offering a window into changing consumer and workforce behaviors.

Resources mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

Altus Group’s US Commercial Real Estate Industry Conditions and Sentiment Survey -

https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/

Federal Reserve's Federal Open Market Committee Minutes -

https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

NFIB Small Business Optimism Index Report -

https://www.nfib.com/content/press-release/economy/small-business-optimism-dips-in-september-as-inflation-remains-top-problem/

State of the Market Webinar Replay -

https://www.altusgroup.com/webinars/us-state-of-the-market-quarterly-analysis/

Young Real Estate Professionals of New York -

http://www.yrepny.org/

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 impact of housing affordability is a fast-growing concern, when housing becomes less affordable, it can change employment patterns, limit economic growth, and affect the demand for rental properties, including commercial properties.

On today’s episode, we’re joined by Peter Norman, Vice President & Chief Economist at Altus Group, and Omar Eltorai, Director of Research at Altus Group who are here to help us unpack how housing affordability affects commercial real estate in both Canada and the US.

We talk about:

- The state of housing affordability in the post-pandemic world.

- Some factors driving up the cost of housing.

- What’s happening with supply and demand for housing?

- The impact of rising costs on multi-family homes.

- What is being done to help ease the affordability pains in the housing market?

- Resources for people to stay informed about affordable housing.

Resources mentioned:

Peter Norman -

https://www.linkedin.com/in/peter-norman-20637043/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

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

Today’s episode is the June edition of the CRE monthly market update, where we delve into the North American CRE market and uncover some of its newest developments and trends.

To do that, we’re joined by Peter Norman, Vice President and Chief Economist at Altus Group, and Omar Eltorai, Director of Research, also at Altus Group.

We talk about:

- Canada’s wildfires and their impact on the economy.

- Implications for the interest hike rise in Canada and the debt ceiling resolution in the US.

- Ongoing concerns around recession for North America

- Observations from the CREFC Annual Conference 

- Office property sector sentiment and data points

- Predicting future behaviors around office space.

Resources mentioned:

Peter Norman -

https://www.linkedin.com/in/peter-norman-20637043/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

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

James Nelson, Principal and Head of Avison Young’s Tri-State Investment Sales group, and Scott Singer, Principal and Co-Lead of Avison Young’s Tri-State Debt & Equity Finance team join our latest episode of CRE Exchange!  

James and Scott share their extensive experience and discuss the unique challenges and opportunities they’re seeing in the national and New York Tri-State commercial real estate market. 

The episode highlights their career paths to Avison Young, the importance of leveraging relationships, innovative deal structuring, and adapting to economic shifts. The discussion also covers their involvement in industry organizations, and touches on James’ success in podcasting and authoring his best-selling real estate book, “The Insider’s Edge to Real Estate Investing.”

Key Takeaways:

00:29 Introduction to James Nelson and Scott Singer.

02:09 James and Scott share their backgrounds and career paths.

03:43 Avison Young’s unique structure and culture.

10:11 Market trends and challenges.

17:24 Financing and investment strategies.

32:08 Industry involvement and networking.

38:52 Podcast and book insights.

42:46 Final thoughts and closing remarks.

Resources Mentioned:

James Nelson -

https://www.linkedin.com/in/jamesnelsonnyc/

Scott Singer -

https://www.linkedin.com/in/scottsinger767/

Avison Young -

https://www.linkedin.com/company/avison-young-commercial-real-estate/

Real Estate Board of New York (REBNY) -

https://www.rebny.com/

The Insider’s Edge to Real Estate Investing -

https://jamesnelson.com/book

The Insider’s Edge to Real Estate Investing podcast -

https://jamesnelson.com/podcast

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

On this week’s CRE Exchange, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both of Altus Group, tackle FOMC’s decision on rates, current trajectories for building permits and home starts, potential consumer demand signals from four recent earnings reports, WP Carey’s shift in investments, Airbnb’s predicament with NYC’s Local Law 18, looming threats of a government shutdown and a sneak peek into critical upcoming market indicators.

Key Takeaways:

[00:55] Latest news from the FOMC: Rates hold, but expectations of higher for longer persist.

[03:18] US and Canada housing starts and building permits diverge — is it a blip or just a lag?

[06:27] KB Homes’ earnings report confirms a tough environment for home sales but a silver lining around consumer attitudes toward smaller homes.

[10:51] Three major companies, three indications of weakening consumer demand.

[16:12] WP Carey’s Investment Evolution: WP Carey plans to exit office spaces and reallocate investments into essential retail, industrial warehouses and self-storage assets. They introduce the Net Lease Office Properties REIT.

[18:41]The Airbnb Challenge in NYC: NYC experienced a 77% drop in Airbnb listings due to Local Law 18, potentially reviving the traditional hotel sector in Manhattan and providing other major cities with a glimpse into how similar laws could impact their short-term rental markets.

[21:37]  Implications of a Government Shutdown: Apprehensions and discussions concerning a looming shutdown, potentially disrupting crucial economic metrics.

[22:56] Market Pulse: Upcoming market indicators and corporate earnings calls, such as Costco, CarMax, and Carnival Cruise Lines, offer insights into evolving market trends.

Resources Mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

Financial reports from WP Carey -

https://s29.q4cdn.com/223055717/files/doc_earnings/2023/q2/earnings-result/W-P-Carey-Inc-Announces-Second-Quarter-2023-Financial-Results.pdf

Local Law 18’s impact on Airbnb listings -

https://therealdeal.com/new-york/2023/06/13/nyc-postpones-enforcing-short-term-rental-law/

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

On this week’s episode of the CRE Exchange podcast, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both at Altus Group, break down the current economic conditions, focusing on the Federal Reserve’s reports, GDP releases and key insights from the housing, industrial, retail, office, and banking sectors.

Key Takeaways: 

(01:05) Analysis of the Federal Reserve’s Beige Book: subdued commercial real estate activity. 

(02:15) Challenges faced in the office sector, in leasing, rent and valuations. 

(03:40) US Real GDP’s annualized growth reached 4.9% for Q3 2023. 

(06:06) Update on retail sales and consumer spending.

(08:37) Housing market trends — home sales, supply, mortgage rates and what it means for multifamily.

(10:33) The latest on large banks’ earnings and the appetite for commercial real estate lending.

(14:04) Asset managers signal that dry powder is primed for opportunistic CRE investment.

(16:30) Brokerages’ shift from 2022 expansion to 2024 cost reduction. 

(17:52) Interesting themes across industrial, office and retail sectors.

(24:41) Announcements: State of the market Canada edition and Altus ODCE webinars.

Resources Mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

Federal Reserve’s Beige Book -

https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20231018.pdf

Webinar recording: US State of the Market  -

https://www.altusgroup.com/webinars/us-state-of-the-market-quarterly-analysis/

Upcoming webinar: NCREIF ODCE Index - Q3 2023 analysis  -

https://www.altusgroup.com/webinars/ncreif-odce-index-quarterly-analysis/

Upcoming webinar: Canada State of the Market -

https://www.altusgroup.com/webinars/canada-state-of-the-market/

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

In the latest episode of the CRE Exchange podcast, Altus’ Omar Eltorai, Director of Research, and Cole Perry, Senior Market Analyst, cover Jerome Powell’s recent testimony on Capitol Hill and the SEC climate disclosure walkback. They also discuss last week’s macro data releases, including employment, construction data, beige book and the most recent FDIC quarterly banking profile. They wrap the episode up by touching on what’s happening in capital markets, the banking sector and some notable earnings calls from large retailers.

Key Takeaways:

(01:37) - Powell’s testimony on Capitol Hill

(03:31) - SEC climate disclosure walk back

(08:30) - February JOLTS and employment situation

(11:27) - Fed Beige Book

(18:01) - Construction spending

(19:56) - FDIC Quarterly Banking Profile

(26:59) - Banking and NYCB

(29:26) - Retailer Earnings

(34:21) - Upcoming data releases

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

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

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

In the latest episode of the CRE Exchange, Cole Perry, Altus Group’s Senior Market Analyst, and Omar Eltorai, the Director of Research, evaluate the most recent economic indicators, including Small Business Optimism Index, CPI, PPI and business inventory levels. They analyze how these numbers could potentially impact the commercial real estate market.

Key Takeaways:

[1:24] What the NFIB Small Business Optimism Index indicates about US small businesses’ appetite for investment in real estate.

[2:28] Whether the latest CPI and PPI numbers give us an idea of what the Fed and central banks will do next to address inflation.

[4:56] What may be in store for the industrial sector based on the recent retail and business inventory numbers.

[7:42] Whether higher prices and lower supplies of single-family homes may be in our future.

[12:17] What’s on Omar and Cole’s watchlist over the next week

Resources Mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

NFIB Small Business Optimism Index -

https://tradingeconomics.com/united-states/nfib-business-optimism-index

Consumer Price Index (CPI) -

https://www.bls.gov/news.release/cpi.nr0.htm

Producer Price Index (PPI) -

https://www.bls.gov/news.release/ppi.nr0.htm

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, Cole Perry, Senior Market Analyst at Altus Group, and U.S. Director of Research, Omar Eltorai, share a brief analysis of the latest CRE Industry Conditions and Sentiment Survey. With over 600 respondents from the U.S. and Canada, this episode looks at the biggest shifts between the first and second quarters of 2024, including surprising trends in de-risking, cost of capital, and market expectations. Cole and Omar also discuss capital availability, property type performance, and the evolving role of artificial intelligence in commercial real estate.

Key moments:

01:06 - About the Commercial Real Estate Industry Conditions and Sentiment Survey

02:09 - Primary focus for CRE firms over the next six months

03:17 - Reported cost of debt financing in CRE

05:31 - Expectations for capital availability in the next 12 months

07:43 - Expectations for target returns by fund strategy

10:16 - Property type performance and expectations around property sectors

12:36 - Pricing perceptions for different property types

16:11 - Transaction intentions over the next six months

17:08 - Top priority issues CRE professionals are worried about

19:16 - Omar’s biggest takeaway - industry participants aligning with higher for longer

20:36 - Cole’s biggest takeaway - participants are still really worried about the cost of capital

21:46 - Cole’s biggest surprise - perception of artificial intelligence

23:48 - Omar’s biggest surprise - intention to transact vs. actual transaction activity

25:05 - How to access this quarter’s survey results

Resources mentioned:

US Q2 2024 Commercial Real Estate Conditions and Sentiment Survey -

https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-survey/

Canada Q2 2024 Commercial Real Estate Conditions and Sentiment Survey -

CRE Industry Conditions & Sentiment Survey - Canada | Altus Group Featured Insights

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#CRE #CommercialRealEstate #Property

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

On this week’s episode of the CRE Exchange podcast, Cole Perry and Omar Eltorai, both of Altus Group, cover the latest US economic print, including consumer signals from Costco, CarMax and Carnival’s earnings reports. Additionally, they discuss the current housing trends in San Francisco and the rest of the country. Lastly, they share some observations from the CREFC Capital Markets Conference which took place last week.



Key Takeaways:

(01:13) Core PCE inflation was up 3.9% year-over-year in August 2023, the smallest monthly increase since November 2020.

(02:29) Bank credit card delinquency rates are at the highest level in more than a decade.

(8:41) The FHFA House Price Index and the S&P Case-Shiller Home Price Index reached their respective highs in August 2023.

(12:42) Securitization markets are still functioning despite seeing a few down quarters.

(13:00) Banks are better capitalized and better positioned than they have been heading into historical down cycles. 

(14:02) Credit concerns will likely take time to work out, possibly years. 

(14:51) The FDIC is selling a large portion of the Signature Loan portfolio, which is heavily New York and multifamily.

(15:15) The San Francisco office market faces challenges, but the long-term outlook is positive. 

Resources Mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

FHFA House Price Index -

https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx

S&P Case-Shiller Home Price Index -

https://fred.stlouisfed.org/series/CSUSHPISA

Email: altusresearch@altusgroup.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

In this episode of CRE Exchange, we provide an overview of the latest Fed news, discuss various macroeconomic releases, analyze current market conditions and touch on fixed-income equities. We also examine the commodities market, review current interest rates and discuss recent retail chain closures and downsizing.

Key Takeaways:

01:50 FOMC meeting minutes.

04:41 New home sales update.

06:21 Existing home sales update.

07:41 Durable goods orders’ impact on warehouse demand.

09:33 Capital markets update.

13:27 Retail chains downsizing portfolios.

18:26 Capital market expectations from our Q2 conditions and sentiment survey results.

21:11 Remaining retail earnings.

21:51 Upcoming data releases.

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

On this episode of the CRE Exchange, Cole Perry, Senior Market Analyst at Altus Group, and Omar Eltorai, Director of Research at Altus Group, offer a comprehensive analysis of recent economic indicators and their potential ramifications on the commercial real estate sector.

Key Discussions:

- [00:00:34] Key revelations from the Jackson Hole symposium with emphasis on the Fed’s take on inflation and the looming rate hikes.

- [00:03:21] An examination of the current state of the mortgage market, noting the dramatic rise in rates to levels not seen since 2001.

- [00:04:43] A detailed analysis of housing data, highlighting the contrasting trajectories of new and existing home sales amidst escalating mortgage rates.

- [00:09:22] The earnings and trajectories of industry giants like Zoom and NVIDIA and the increasing role of artificial intelligence.

- [00:11:02] Insights from the retail sector with focus on evolving consumer behaviors based on the earnings reports of Lowe’s and Dollar Tree.

Resources mentioned:

- Cole Perry - https://www.linkedin.com/in/coleperry1/

- Omar Eltorai - https://www.linkedin.com/in/omareltorai/

- Altus Group - https://www.linkedin.com/company/altus-group/

- Jackson Hole Symposium - https://www.federalreserve.gov/newsevents/speech/powell20230825a.htm

- CME FedWatch Tool - https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

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

On this episode of the CRE Exchange, Cole Perry, Senior Market Analyst of Altus Group, and Omar Eltorai, Director of Research of Altus Group, take a look at recent central bank actions across the globe as each major market grapples with whether to hike, hold or cut their rates. Narrowing the lens to US regional banks, they review the latest earnings reports, which continue to contend with CRE-related risk in their portfolios. In addition, they analyze how the latest US macro indicators support an evolving narrative toward a soft landing or no landing for the economy.

Key Takeaways: 

(00:56) Global central banks are pursuing diverse monetary policies.

(04:38) December’s PCE and income data indicate strong US consumer spending and potential for a soft economic landing.

(05:52) Q4 2023 GDP growth exceeded expectations, driven by strong consumer spending.

(07:18) LEI indicates potential economic contraction in Q2 and Q3 2024.

(08:52) Consumer sentiment significantly improved in January.

(09:54) Home sales declined, reflecting high mortgage rates.

(11:48) Regional banks report declining earnings and deposits.

(14:22) The airline sector reports increased revenue and strong leisure travel demand.

(17:38) Cole discusses the resilience and growth of the grocery sector in post-pandemic retail trends.

(19:37) The CRE sentiment survey is live, seeking broad industry participation for comprehensive insights.

(20:53) Upcoming economic data releases include consumer confidence, FOMC rate decisions and job market insights.

Resources Mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

CRE Industry Conditions and Sentiment Survey Signup -

https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/

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

In this week’s roundup, we take a time machine back through modern history with Omar Eltorai, Director of Research at Altus Group, to see if past financial crises can give us a better sense of what has been transpiring in the current cycle.

We’ll also discuss:



- The rising cost of capital.

- The impact of banking troubles in 2023.

- The shifting prominence of non-bank lenders.

- Increasing scrutiny of banks.

Resources mentioned:

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

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

On this episode of the CRE Exchange podcast, we welcome a special guest, Stephen Buschbom, Research Director of Trepp. Our hosts, Omar Eltorai and Cole Perry, pick Stephen’s brain on a wide spectrum of topics focused on the US commercial real estate debt space. Their discussion covers parallels to past markets, prevalent themes in 2023, predictions on market shifts, performance in 2024, and more.

Key Takeaways:

(03:39) Stephen’s passion for the CRE asset class

(06:54) Background on Trepp

(10:27) 2023’s key CRE debt market themes                                                                        

(11:57) Drawing parallels between today’s market and past periods

(13:11) Breakdown of the CRE debt space

(16:16) Thoughts on what will get transaction activity back up

(19:33) Capital availability over the next 12 months

(20:29) Areas of risk

(21:25) Outlook for 2024

(23:08) Main priority for lenders in 2024

(25:32) CRE debt market performance expectations for 2024

(28:19) How Stephen expects to focus his research in 2024

(30:53) Biggest expected industry changes in the next 3-5 years

(32:06) Expected changes to capital stacks in the next 3-5 years

(33:02) Career tips for young CRE professionals

Resources Mentioned:

Stephen Buschbom -

https://www.linkedin.com/in/stephen-buschbom-36738a64/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Trepp Website -

https://www.trepp.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

Shlomo Chopp, managing partner of Case Equity Partners, drops in for a discussion about distressed commercial real estate. Shlomo shares his career path and expertise in advisory, restructuring, investing, and asset and property management. Chopp provides an in depth perspective, and important lessons on the complexities of investing in and restructuring distressed CRE assets. He also details the challenges of the current market environment, the importance of strategic planning for borrowers, and the disconnect between lenders ang borrowers.

Key Takeaways:

(01:36) Shlomo’s career journey

(06:59) Founding Case Equity Partners

(08:03) Navigating distressed assets

(12:15) Due diligence in deal assessment and client selection 

(21:17) Challenges and solutions for borrowers

(27:26) Investing in distressed properties

(30:12) Navigating tight liquidity in deals

(31:25) Current macro and market environment

(33:48) Interconnectivity and distressed sales

(34:47) Challenges in commercial real estate

(45:49) Restructuring and market realities

(48:21) Innovation and technology in real estate

(50:47) Staying up-to-date in CRE debt

(54:19) Final thoughts and industry changes

Resources Mentioned:

Shlomo Chopp -

https://www.linkedin.com/in/chopp/

Case Equity Partners | LinkedIn -

https://www.linkedin.com/company/case-equity-partners-llc/

Case Equity Partners | Website -

https://www.caseinv.com/ 

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#CRE #CommercialRealEstate #Property

Our hosts, Omar Eltorai and Cole Perry, share a round-up of the latest macroeconomic indicators, upcoming policy changes, and CRE market matters both present and future. During the episode, they review US economic releases covering GDP, inflation, housing, construction, and manufacturing data; discuss upcoming moves by the incoming administration, including potential effects of tariffs planned for the new year; and analyze recent retail earnings calls along with preliminary retail data for Black Friday. They wrap up with some observations and important questions about the market outlook for 2025.

Key Takeaways:

00:48 - Macro releases: GDP, inflation, and more

05:31 - Housing and construction data insights

10:47 - Policy and market reactions

14:44 - Potential tariffs in 2025

19:32 - Credit and equity market updates

29:16 - Retail sector performance and Black Friday data

37:11 - Looking ahead to 2025

43:59 - Upcoming earnings calls and economic data

45:26 - Announcement and closing remarks

Resources Mentioned:



Q3 2024 US CRE Investment and Transactions Quarterly report

• US commercial real estate investment trends and transaction volume: https://www.altusgroup.com/featured-insights/cre-transactions/ 
• US commercial real estate investment sales - pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/ 
• US commercial real estate investment sales - property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/ 
• US commercial real estate investment sales - markets: https://www.altusgroup.com/featured-insights/cre-transactions/markets/ 

The 5 US cities for retail investing that are most likely to outperform benchmarks - https://www.altusgroup.com/insights/5-us-cities-for-retail-investing-to-outperform-benchmarks/ 

CRE market hits lowest transaction count since 2011

https://www.globest.com/2024/11/21/cre-borrowers-split-on-financing-outlook-despite-improving-economic-conditions/ 

Commercial real estate recovery hinted at in report

https://www.mpamag.com/us/specialty/commercial/commercial-real-estate-recovery-hinted-at-in-report/516261

CRE investment falls to decade low, but that could soon change

https://www.bisnow.com/national/news/capital-markets/report-finds-cre-investment-has-hit-a-decade-low-but-that-could-soon-change-126978 

Leave us a message! - https://www.speakpipe.com/CREexchange 

Email us - altusresearch@altusgroup.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

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

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#CRE #CommercialRealEstate #Property

In this episode, hosts Omar Eltorai, Director of Research, and Cole Perry, Senior Market Analyst, both of Altus Group, talk to Adriana de Alcantara, Senior Managing Director of Hines and Fund Manager for Hines US Property Partners, Hines’ flagship core plus open-end fund. They explore a range of topics, offering a dive into Adriana’s career, Hines’ fund strategy and the current trends and outlook for the commercial real estate industry.

Key Takeaways:

(00:34) The unique journey Adriana made from Brazil to the US which enriched her global real estate perspective.

(04:37) The US market’s dynamic nature, from consumer habits to the longevity of properties.

(09:15) Embracing diversity in CRE. 

(11:14) The current market environment analysis and technology’s role in transforming the industry.

(17:04) Insights into the operation and strategy of Hines US Property Partners.

(20:06) Adriana’s approach to managing next-generation assets and diversified portfolios.

(25:09) The process of identifying and measuring top-performing markets.

(27:19) The evolving landscape of office spaces and the future of mixed-use developments.

(29:54) The increasing importance of sustainability in real estate and its impact on investment value.

Resources Mentioned:

Hines US Property Partners Overview

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#CRE #CommercialRealEstate #Property

On this episode of CRE Exchange, we’re joined by Forum Investment Group’s Founder and CEO, Darren Fisk, and Chief Investment Officer, Jay Miller. They discuss the founding of the company; their perspectives and philosophies on multifamily investment; how the company differentiates itself through its team; Forum’s diverse fund strategy and how this strategy has kept them nimble and opportunity-rich over the past few years.

Key Takeaways:

00:55 Introducing Darren Fisk and Jay Miller.

02:56 The story behind the founding of Forum Investment Group.

09:12 Forum’s philosophy, evolution and key milestones.

20:02 Team and talent dynamics at Forum.

22:48 From equity to debt — creating and delivering diverse investment strategies at Forum.

27:45 Forum’s approach to identifying and assessing opportunities.

31:49 How are the macro and micro-level impacting Forum’s decision-making process?

33:48 What characterizes Forum’s next phase of growth?

38:13 Are there concerns for the multifamily market?

42:29 Major events or catalysts that Forum’s watching out for.

46:04 If you could snap your fingers and change something in the industry, what would it be?

Resources mentioned:

Forum Investment Group -

https://www.forumre.com/

Darren Fisk -

https://www.linkedin.com/in/dfiskforumre/

Jay Miller -

https://www.linkedin.com/in/james-miller-0bba47114/

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

Join us for an engaging discussion featuring Tim Savage, Clinical Assistant Professor at NYU's Schack Institute of Real Estate. With expertise in econometrics, machine learning and data science, Tim discusses his career path from consulting to academia, his work at NYU's Applied Analytics Lab and CREFC Center for Real Estate Finance, and the current dynamics driving the market. 

We’ll also cover Tim’s views on the bifurcation of office space, the rising significance of data science in commercial real estate, the critical role of climate change in insurance and valuations, and more. 

Don't miss Tim's perspective on the future of real estate analytics and the pressing need for the industry to accelerate its pace of adaptation.

Key Takeaways:

(00:29) Introduction and guest overview.

(02:19) Tim Savage's background and career path.

(05:40) Teaching at NYU and the Applied Analytics Lab.

(08:26) CREFC Center for Real Estate Finance.

(11:11) Impact of work from home and market trends.

(12:20) Interest rates and monetary policy.

(16:32) Bifurcation of office space.

(18:33) The evolution of retail real estate.

(24:14) What the CRE market still needs to price in: Climate change and insurance.

(29:16) Data science and analytics in real estate.

(33:20) How real estate analysis has changed.

(35:19) Where CRE sits on the innovation curve for data science.

(38:34) The future of real estate data analytics.

(44:09) Advice for aspiring CRE professionals.

(44:57) Final thoughts and conclusion.

Resources Mentioned:

Tim Savage -

https://www.linkedin.com/in/timothy-h-savage-ph-d-cre-63037032/

NYU | LinkedIn -

https://www.linkedin.com/school/new-york-university/

NYU Schack Institute for Real Estate -

https://www.sps.nyu.edu/homepage/academics/executive-education/schack-institute-of-real-estate.html

CREFC Center for Real Estate Finance -

https://www.crefc.org/cre/content/learn/CREFC_Center_for_Real_Estate_Finance.aspx

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

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

From changes in office demand to travel habits, many factors are contributing to what investors consider core. How do these shifts in the market impact valuations, allocations and the data needed to best manage outcomes?

On today’s episode, we’re joined by three guests: Phil Stone, Managing Director, Head of Canadian Research at BentallGreenOak; Omar Eltorai, Director of Research at Altus Group, and Raymond Wong, Vice President, Data Solutions Client Delivery at Altus Group.

We talk about:

- The current state of core investments in commercial real estate.

- How core is changing and how it’s staying the same.

- The impact of trends like recovering travel and technology on core allocation.

- Are we facing a ‘lower for longer’ return period for core funds?

- Risks and worrisome trends.

- Issues with housing affordability and shortages.

- How tools and data can help chart a path going forward in real estate.

Resources mentioned:

Phil Stone -

https://www.linkedin.com/in/phil-stone-b492472a/?originalSubdomain=ca

BentallGreenOak -

https://www.linkedin.com/company/teambgo/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Raymond Wong -

https://www.linkedin.com/in/raymond-wong-cre-54b41111/?originalSubdomain=ca

Altus Group -

https://www.linkedin.com/company/altus-group/

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

On this week’s episode of the CRE Exchange podcast, Cole Perry, Senior Market Analyst at Altus Group, and Omar Eltorai, Director of Research at Altus Group, review the latest slew of policy rates, economic indicators and market data points impacting the US commercial real estate industry.

Key Takeaways:

[00:53] Market signals supporting a “softer landing” narrative for the economy.

[06:10] Limitations on market optimism within the real estate sector.

[08:34] Office lease rollover: the potential implications for some of the largest US office markets.

[11:27] Upcoming policy rate decisions from the Reserve Bank of Australia and the Bank of Canada and what they may mean to global central bank monetary policies.

[12:15] Top economic indicators to watch this week.

Resources mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

Reserve Bank of Australia -

https://www.rba.gov.au/

Bank of Canada -

https://www.bankofcanada.ca/

Federal Reserve’s Beige Book -

https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm

Near-term rollover risk endangers major office markets -

https://www.altusgroup.com/insights/near-term-rollover-risk-endangers-major-office-markets/

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 CRE Exchange is your go-to podcast for all matters 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.

Whether you buy or build, assist or advise, if you are a key stakeholder in the CRE space, this show is for you.

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

On this week’s episode of the CRE Exchange podcast, Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, both at Altus Group, delve into recent consumer credit trends, Kroger’s strategic shifts, and the implications of new rental regulations in NYC.

Key Takeaways:

- [00:06:38] Consumer Credit Surge: A significant rise in consumer credit in July, emphasizing the role of credit card debt.

- [00:06:54] Inflation’s Impact: Delving into how inflation is affecting consumer spending habits and the broader economy.

- [00:07:13] Kroger’s Financial Performance: Insights from Kroger’s recent earnings call, investment moves and the potential implications for the retail landscape.

- [00:09:27] Short-Term Rental Regulations in NYC: A deep dive into New York City’s new regulations and their potential impact on the short-term rental market.

- [00:13:27] US CRE industry conditions and sentiment: Our Q3 2023 results are in.

- [00:18:43] What we’re keeping an eye on this week.

Resources Mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

Altus Group’s  US Commercial Real Estate Industry Conditions and Sentiment Survey -

https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey/

Altus Group’s  Canada Commercial Real Estate Industry Conditions and Sentiment Survey -

https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-canada/

NYC Law 18 -

https://www.nyc.gov/site/specialenforcement/registration-law/registration-rules-and-laws.page

Federal Reserve’s Beige Book -

https://www.federalreserve.gov/monetarypolicy/beigebook202309.htm

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 welcome Conrad Madsen, Co-Founder and Partner at Dallas-based Paladin Partners, to this week’s podcast. Conrad shares his journey into commercial real estate, specifically what led him to establish a leading industrial real estate brokerage in North Texas. We also dig into Conrad’s perspective on the industrial real estate sector, discussing Texas’ role as a dominant player in America’s manufacturing reshoring, market drivers for growth and resiliency, and the changing ways tenants use industrial space.

Key Takeaways:

(02:04) What led Conrad to a career in commercial real estate

(03:41) Seeing brokers at Addison Circle provided inspiration

(05:47) Getting started as a commercial real estate broker

(08:24) Why Conrad chose the industrial sector

(10:56) Texas’ advantages in the industrial real estate market

(14:46) The founding of Paladin Partners focused on industrial real estate

(18:10) Starting the Paladin Partners Foundation for charitable work

(21:57) Industrial subsectors and DFW’s role as a logistics hub

(25:57) How industrial space is evolving

(28:23) Conrad’s optimistic forecast for industrial real estate in 2024

(31:56) The impact of AI and technology on CRE’s future

(34:00) Conrad’s wish for a change in the industry: reversing rate hikes

Resources Mentioned:

Conrad Madsen -

https://www.linkedin.com/in/conradmadsen/

Paladin Partners | LinkedIn -

https://www.linkedin.com/company/paladin-partners-commercial-real-estate-services/

Paladin Partners | Website -

https://paladin-partners.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

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

In this week’s news roundup, Omar Eltorai, Director of Research at Altus Group, dives into the latest economic data and earnings reports. Is this the sigh of relief the CRE market has been looking for, or are there still causes for concern?

We talk about:

- Positive news around CPI and GDP.

- Encouraging signs for interest rates.

- Insights from recent earnings calls.

- What CRE can learn from the ODCE index.

Resources mentioned:

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

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

In a special episode of the CRE Exchange podcast, Altus Group’s Omar Eltorai, Director of Research, and Cole Perry, Senior Market Analyst, reveal some of the most valuable takeaways we gathered from polling almost 500 CRE professionals from the US and Canada for our Q4 2023 CRE Industry Conditions and Sentiment survey. From insights on current conditions around market competition, interest rates and pricing, to outlooks on economic recession, capital availability and transaction activity, you won’t want to miss this knowledge-packed episode.

Key Takeaways:

(00:19) What is the CRE Industry Conditions and Sentiment Survey?

(02:06) Primary focus for CRE firms.

(02:54) Current state of market competition.

(04:32) 2023 market pricing.

(06:50) 2023 cost of financing and interest rates.

(09:23) Recession expectations.

(11:33) Interest rates over the next 12 months.

(12:11) Cost of financing over the next 12 months.

(14:12) Top priorities for 2024.

(15:19) Who is planning on transacting and what side of the table do they expect to be on?

(16:27) Capital availability over the next 12 months.

(18:26) Top issues for 2024.

Resources Mentioned:

Altus Group -

https://www.linkedin.com/company/altus-group/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Commercial real estate industry conditions and sentiment survey - US Q4 2023 results -

https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-us-q4-2023/

Commercial real estate industry conditions and sentiment survey - Canada Q4 2023 results -

https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-canada-q4-2023/

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

In last week’s CREFC conference, a panelist perfectly captured the initial CRE outlook for 2024 as “not negative.” There's much in those two words but also in what's not being said.

On this week’s podcast episode, we recap key themes for the 2023 CRE market, including the importance of monetary policy and the potential potency of technology, also saw capital and credit concerns overshadowing positive factors. Looking ahead to 2024, we discuss the latest macroeconomic indicators covering jobs, inflation, consumer credit, construction spending, rates expectations and more!

For a more in-depth recap of 2023's trends, check out the US Monthly Market Update article on the Altus Group website.

Key takeaways:

(01:06) 2023 market recap.

(04:00) Initial themes for 2024.

(05:58) December jobs numbers from JOLTS.

(09:19) December inflation numbers from the Consumer Price Index and Producer Price Index.

(10:22) Consumer credit.

(12:59) Construction spending.

(15:30) Rate expectations – Fed vs. Market.

(16:48) Q4 earnings from the big 4 US banks.

(18:34) CREFC conference top takeaways.

(23:01) Upcoming data releases and earnings.

(24:30) Announcements.

Resources mentioned during this episode:

Q1 2024 CRE Industry Conditions and Sentiment Survey - https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/

Job Openings and Labor Turnover Survey (JOLTS) - https://www.bls.gov/jlt/

Consumer Price Index - https://www.bls.gov/cpi/

Producer Price Index - https://www.bls.gov/ppi/

Consumer credit - https://www.federalreserve.gov/releases/g19/current/

Construction spending - https://www.census.gov/construction/c30/pdf/release.pdf

CREFC - https://www.crefc.org/

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

In this episode of CRE Exchange, special guest Ed Pierzak, Senior VP of Research at Nareit, discusses real estate investment trusts (REITs). Originally created in the 1960's, the REIT industry has grown significantly over the decades as it provides accessibility for many investors to invest in real estate. Ed discusses with the hosts Nareit's mission, research initiatives, investment characteristics of REITs, and recent market trends.

Key moments:

01:05 - Ed’s background and path to Nareit

07:56 - Overview of real estate investment trusts

11:07 - Overview of Nareit

12:53 - Biggest areas of focus for Nareit and its membership

15:20 - The status of REITs in American investments

17:29 - What questions is Nareit trying to answer in the market?

19:21 - Trends affecting REITs today

22:37 - Perspectives on REITs in the broader macro environment

26:44 - Nareit’s T-Tracker

27:47 - What are investors looking for in Q1 REIT earnings? 

28:56 - Emerging trends for REITs

31:11 - Recommendations for professionals just starting their careers in commercial real estate

32:08 - About REITweek

Resources mentioned:

Edward Pierzak -

https://www.linkedin.com/in/edwardfpierzak/

Nareit | LinkedIn -

https://www.linkedin.com/company/nareit/

Nareit T-Tracker® | Website -

https://www.reit.com/data-research/reit-market-data/nareit-t-tracker-quarterly-operating-performance-series

REITweek -

https://www.reit.com/events/reitweek/retweek-2024-investor-conference

Contact Nareit -

https://www.reit.com/reit/contact-us

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 discuss Altus Group’s newly launched report, the US CRE Investment and Transactions Quarterly. This report introduces uniquely expansive and granular insights into the volume, pricing, and pacing of commercial property investment sales during Q3 2024, both at the national level and within select metropolitan statistical areas (MSAs). Don’t miss this episode where our hosts, Cole Perry and Omar Eltorai, break down some of the most interesting trends from the report across major property sectors and leading markets.

Key Takeaways:

01:21 - US CRE Investment and Transactions Quarterly report overview

05:16 - How this report differentiates itself from other CRE transaction activity reports

06:56 - US CRE transaction volume insights

09:03 - US CRE transaction pacing trends

10:29 - US CRE transaction pricing - nationally and by major property sectors

12:32 - MSA-specific transaction data

16:35 - Market environment and sentiment

22:57 - How to access the report

22:48 - Conclusion and request for feedback

Resources Mentioned:

Q3 2024 US CRE Investment and Transactions Quarterly report

• US commercial real estate investment trends and transaction volume: https://www.altusgroup.com/featured-insights/cre-transactions/ 
• US commercial real estate investment sales - pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/ 
• US commercial real estate investment sales - property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/ 
• US commercial real estate investment sales - markets: https://www.altusgroup.com/featured-insights/cre-transactions/markets/ 

Leave us a message! - https://www.speakpipe.com/CREexchange 

Email us - altusresearch@altusgroup.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

On this episode, Altus Group's Director of Research, Omar Eltorai, and Senior Market Analyst, Cole Perry, are hosting a special episode of CRE Exchange. They discuss some of the most significant changes and surprises from the latest edition of the CRE Industry Conditions and Sentiments Survey. This quarterly survey is conducted across the US and Canada and provides valuable insights on market sentiment, conditions, metrics and other issues affecting the CRE industry.

Key Takeaways:

01:01 What is the CRE Industry Conditions and Sentiment Survey.

01:56 Expectations for recession.

04:07 Shifts in capital deployment.

05:17 Cost of capital expectations for CRE.

07:17 Capital availability for CRE.

08:38 Perception of pricing and competition.

09:59 Operating environment expectations.

10:59 Transaction intentions.

12:56 Top concerns for CRE.

13:50 ESG’s place in CRE.

16:12 Biggest survey takeaway.

19:11 Biggest survey surprise.

22:56 Participating in the survey.

Resources Mentioned:

Commercial Real Estate Industry Conditions and Sentiment Survey:

Omar Eltorai - https://www.linkedin.com/in/omareltorai/

Cole Perry - https://www.linkedin.com/in/coleperry1/

US Q1 2024 results - https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-us-q1-2024/

Canada Q1 2024 results - https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-canada-q1-2024/

A request for your participation in our quarterly survey

Your participation is instrumental in shaping the narrative of the commercial real estate landscape, please support this survey program by sharing your perspective on our next installment of the CRE Industry Conditions and Sentiment survey.

Participate in the survey

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

In the latest episode of the CRE Exchange podcast, Altus Group’s Cole Perry, Senior Market Analyst, and Omar Eltorai, Director of Research, take on the latest economic developments and their impact on CRE.

They dive into the recent policy rate announcements by the global central banks, lending trends from the lens of SLOOS, house price trends, REIT earnings and more. 

Key Takeaways:

(00:56) Analysis of recent policy rate announcements by global central banks and their implications on the market.

(04:43) A discussion of how inflation and interest rates impact consumer sentiment in the US.

(07:21) Trends in bank lending based on the SLOOS.

(13:30) Analysis of the FHFA house price index and Case-Shiller index in the context of housing market trends.

(16:40) Fluctuations in Treasury yields and mortgage rates, and the implications for the housing market.

(17:36) The negative yield curve is an indicator of potential economic downturns.

(19:43) Highlights from recent earnings calls of major REITs and their market performance.

(25:28) A preview of upcoming analyses on remote work trends and their impact on office markets.

Resources Mentioned:

Cole Perry -

https://www.linkedin.com/in/coleperry1/

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Altus Group -

https://www.linkedin.com/company/altus-group/

Federal Reserve’s Federal Open Market Committee Minutes -

https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

FHFA House Price Index -

https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx

S&P Case-Shiller Home Price Index -

https://fred.stlouisfed.org/series/CSUSHPISA

Senior Loan Officer Opinion Survey (SLOOS) -

https://www.federalreserve.gov/data/sloos/sloos-202307.htm

University of Michigan Consumer Sentiment Index -

http://www.sca.isr.umich.edu/

Measuring remote work impact on office uncertainty -

https://www.altusgroup.com/insights/measuring-remote-work-impact-on-office-uncertainty/

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

On today’s episode, CRE Exchange shares a discussion from this year’s Altus Connect conference on the numerous challenges being faced in today’s market. Our own Rick Kalvoda, President, Altus Analytics - America, hosts the candid conversation with Jeb Belford, Managing Director at Clarion Partners, and Brandon Flickinger, Senior Managing Director at Bridge Investment Group.

We talk about:

- The impact of trends in the wider economy on commercial real estate investments.

- Is there a lot of “dry powder” in the commercial real estate space?

- Key macroeconomic metrics to focus on.

- Trends around remote work and their impact on office space.

- The current state of affairs for industrial and multi-family real estate.

Resources mentioned:

Jeb Belford -

https://www.linkedin.com/in/ralph-belford-0a4a7615/

Clarion Partners | LinkedIn -

https://www.linkedin.com/company/clarion-partners-llc/

Brandon Flickinger -

https://www.linkedin.com/in/brandon-flickinger-4195932/

Bridge Investment Group | LinkedIn -

https://www.linkedin.com/company/bridge-investment-group-holdings/

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