Every quarter, we dig into dozens of CRE earnings calls, tuning in, reading the releases, and looking for what really stands out. This time, we’re taking a different approach. Instead of focusing on individual companies, we’re pulling out the biggest themes across lenders, REITs, and brokers, from credit thawing to where capital is flowing next in 2026.
Key Moments:
01:51 Lenders' insights and trends
06:41 Retail REIT earnings highlights
11:51 Office sector analysis
18:18 Industrial sector developments
26:30 Multifamily sector review
31:15 Brokerages and asset managers outlook
41:13 Overarching takeaways
Resources Mentioned:
Email us: altusresearch@altusgroup.com
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#CRE #CommercialRealEstate #Property
Legendary New York broker Bob Knakal shares lessons from more than four decades shaping the city’s investment landscape. He discusses the founding of Massey Knakal, the power of specialization, and how zoning and policy continue to define opportunity. Knakal also explains why he’s integrating AI and data analysis into his brokerage, and why, despite political headwinds, he still believes you should never bet against New York.
Key Moments:
01:01 Meet Bob Knakal
03:24 The early days of Massey Knakal
04:50 Lessons learned and keys to success
08:14 The importance of market expertise
11:26 Founding BK Real Estate Advisors
13:14 Specialization and market changes
17:37 AI and technology in real estate
24:15 The unique challenges of the New York market
26:20 Current market cycles and trends
29:57 Impact of political changes on housing
32:42 Proposed solutions for housing issues
38:35 Future of New York real estate
Resources Mentioned:
Bob Knakal - https://www.linkedin.com/in/bobknakal/
BKREA - https://www.bkrea.com/
485-x Program - https://www.nyc.gov/site/hpd/services-and-information/tax-incentives-485-x.page
Major Capital Improvement program - https://www.nyc.gov/site/finance/property/landlords-mci.page
Individual Apartment Improvement program - https://hcr.ny.gov/apartment-iai-and-building-mci-improvements
Email us: altusresearch@altusgroup.com
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#CRE #CommercialRealEstate #Property
What if the economy could sing? The CRE Exchange team explores what the Fed’s Beige Book, homebuilder sentiment, and recent banking data reveal about the broader economy, and how those trends ripple through commercial real estate. Our hosts, Omar Eltorai and Cole Perry, then turn to Peter Norman, Altus Group’s VP and Economic Strategist, for a deep dive into Canadian economic and CRE trends.
Key Moments:
Resources Mentioned:
Peter Norman – https://www.linkedin.com/in/peter-norman-20637043/
2025 Canada State of the Market webinar – https://www.altusgroup.com/webinars/canada-state-of-the-market/
Federal Reserve Beige Book - https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm
NAHB/Wells Fargo Housing Market Index - https://www.nahb.org/news-and-economics/housing-economics/indices/housing-market-index
ISM Manufacturing PMI - https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/pmi/september/
Philadelphia Fed Large Bank Credit Card and Mortgage Data - https://www.philadelphiafed.org/surveys-and-data/large-bank-credit-card-and-mortgage-data
Philadelphia Fed Manufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regionaleconomy/manufacturing/business-outlook-survey
Philadelphia Fed Nonmanufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regionaleconomy/nonmanufacturing/business-outlook-survey
Email us: altusresearch@altusgroup.com
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#CRE #CommercialRealEstate #Property
Even with the federal data slowdown, there are still alternative indicators that give us a view into what’s happening in the US economy and commercial real estate. In this episode, our hosts, Omar Eltorai and Cole Perry, lean on data from private providers and trade organizations to uncover what’s happening across consumers, small businesses, labor, and financial markets and what it all means for CRE. They’re joined by Andrew Pabon from Altus Group’s Valuation Advisory team to share insights on the CRE debt space.
Key Moments:
01:31 Labor market indicators
05:35 Consumer data insights
13:21 Financial market conditions and business data
17:01 Small business economic trends
20:51 CRE credit trends and debt market insights
28:41 Interview with Andrew Pabon on the US CRE debt landscape
41:24 Upcoming economic data releases
Resources Mentioned:
Andrew Pabon - https://www.linkedin.com/in/andrew-pabon-15a6976/
Altus Group CRE Debt Capital Markets Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/
Alternative version of Kansas City Fed’s Labor Market Conditions Indicators (LMCI) - https://www.kansascityfed.org/research/economic-bulletin/an-alternative-version-of-the-kc-fed-lmci-suggests-little-change-in-the-labor-market-in-september/
University of Michigan Consumer Sentiment Index - https://www.sca.isr.umich.edu/
Federal Reserve G.19 Consumer Credit Report - https://www.federalreserve.gov/Releases/g19/current/
New York Fed Survey of Consumer Expectations - https://www.newyorkfed.org/microeconomics/sce#/
Chicago Fed's National Financial Conditions Index - https://www.chicagofed.org/research/data/nfci/current-data
NFIB Small Business Economic Trends report - https://www.nfib-sbet.org/MainPage.html
Email us: altusresearch@altusgroup.com
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#CRE #CommercialRealEstate #Property
Retail’s comeback isn’t new news, but its investment potential is still underestimated. In this episode, RockStep Capital’s President, Andy Weiner, joins Omar Eltorai and Cole Perry to shed light on why the most rational capital in CRE is rotating toward shopping centers and “hometown” markets.
From positive leverage dynamics to the structural limits on new supply, Andy explains how disciplined operators are capturing double-digit yields while strengthening the communities they invest in. For investors, developers, and lenders, it’s a revealing look at where the next durable returns may come from.
Key Moments:
01:34 Meet Andy Wiener of Rock Step Capital
03:38 The birth of Rock Step Capital
05:21 Retail strategy and store metrics
07:29 Improving communities through retail
10:39 The Rock Steps: Company culture and values
16:51 Evolution of Rock Step Capital
20:52 Hometown focus and investment strategy
22:21 Community involvement and local partnerships
24:55 Investment strategies and fund structure
27:00 Retail Renaissance and e-commerce integration
30:24 Supply and demand dynamics in retail
41:38 Public-private partnerships and redevelopment
45:37 Exit strategies and market insights
46:44 Chick-fil-A fandom and personal insights
Resources Mentioned:
Andy Weiner - https://www.linkedin.com/in/andy-weiner/
RockStep Capital - https://rockstep.com/
The RockStep way - https://rockstep.com/company/rockstep-way
Email us: 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
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
Resources mentioned
Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.
#CRE #CommercialRealEstate #Property
Industrial real estate is transforming, and fast. Aasif Bade, founder and CEO of Ambrose, shares his journey, his firm’s conviction for modern warehouses, and why staying ahead of technology and global supply chain shifts is crucial. From outdated infrastructure to AI-driven innovation, Bade highlights what investors and developers need to know to navigate the industrial sector’s next chapter.
Key Moments:
01:21 Guest introduction: Aasif Bade
01:54 Founding Ambrose: A journey
04:53 People-first philosophy
05:49 Ambrose's core investment strategy
07:55 Pivot to industrial focus
10:39 Fundraising and investor insights
15:35 Current industrial market trends and challenges
29:24 Technological advancements in warehousing
32:25 Future trends and reshoring
Resources Mentioned:
Ambrose: https://ambrosepg.com/
Aasif Bade: https://www.linkedin.com/in/aasif-bade-a3b1851a4/
Email us: 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
Inflation is running above the Fed’s 2% target, labor quality remains a top concern for small businesses, and consumer credit growth is sending mixed signals. Together, these forces are framing the near-term outlook for CRE, from leasing demand to borrowing costs. In this episode, Omar and Cole analyze the NFIB small business survey, break down the latest CPI and PPI readings, and examine consumer credit data alongside sentiment trends to provide a clearer picture of the current market signals.
Key Moments:
01:23 NFIB Small Business Optimism Index recap
04:22 Inflation data: PPI and CPI insights
07:35 Consumer Credit and sentiment analysis
13:45 Upcoming Fed decision and market expectations
18:19 Conference highlights and networking
20:49 Upcoming events and data releases
Resources Mentioned:
NFIB Small Business Optimism Index: https://www.nfib.com/news/monthly_report/sbet/
Product Price Index: https://www.bls.gov/pPI/
Consumer Price Index: https://www.bls.gov/cpi/
Consumer credit – G.19 report: https://www.federalreserve.gov/Releases/g19/current/
Email us: 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
The Beige Book signals an economy under pressure, with slowing growth, rising costs, and cooling labor markets weighing on CRE. In this episode of CRE Exchange, Cole Perry and Omar Eltorai break down where challenges are mounting and where opportunities remain.
They spotlight resilient sectors like data centers, industrial, and high-quality office, alongside the surprising momentum of unanchored strip centers. The discussion closes with a look at key upcoming economic data and what it could mean for investment strategies.
Key Moments:
01:14 Federal Reserve Beige Book insights
07:40 Labor market data analysis
11:19 Employment Situation Report breakdown
16:20 Deep dive into strip center data
20:30 Upcoming conferences and data releases
Resources Mentioned:
Beige Book: https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm
Job Openings and Labor Turnover (JOLTS): https://www.bls.gov/jlt/
ADP National Employment Report: https://mediacenter.adp.com/2025-09-04-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-54,000-Jobs-in-August-Annual-Pay-was-Up-4-4
Employment Situation Report: https://www.bls.gov/news.release/empsit.nr0.htm
Email us: 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
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:
01:13 FDIC Quarterly Banking Profile insights
05:28 Consumer confidence and sentiment analysis
08:35 Personal income and spending trends
11:30 New home sales and housing market update
13:55 GDP growth and economic indicators
16:34 Construction spending and sector analysis
19:54 Capital markets and investment trends
24:28 Non-listed CRE space and pricing trends
28:03 Upcoming events and announcements
Resources Mentioned:
FDIC Quarterly Banking Profile: https://www.fdic.gov/quarterly-banking-profile/quarterly-banking-profile-q2-2025
SLOOS: https://www.federalreserve.gov/data/sloos.htm
Q2 2025 US CRE Investment and Transaction Quarterly report
Email us: altusresearch@altusgroup.com
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#CRE #CommercialRealEstate #Property
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 Conclusions
Resources Mentioned:
Q2 2025 US CRE Investment and Transaction Quarterly report
Email us: altusresearch@altusgroup.com
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#CRE #CommercialRealEstate #Property
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: Data centers, healthcare, hospitality, and self-storage
25:09 Brokerages and their holistic market views
28:32 Cross-sectional themes: Tariffs, build vs. buy, and consumer health
36:21 Overall sentiment and outlook for commercial real estate
38:06 Conclusion and upcoming reports
Resources Mentioned:
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
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 preview
Resources Mentioned:
Email us: altusresearch@altusgroup.com
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, acquisitions, and funding trends
08:45 Macro trends affecting real estate tech
17:29 Commercial real estate technology
25:28 The future of MLS and residential real estate
30:26 The rise and fall of iBuying
Resources Mentioned:
Ryan Tomasello: https://www.linkedin.com/in/ryantomasello/
KBW: https://www.kbw.com/
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
Despite elevated distress levels and refinancing risks, investor appetite for CMBS and CRE-CLOs remained strong through the first half of 2025. Andrew Foster, Senior Director of Business Development at KBRA, talks to us about what’s happening in the US CRE securitization market, and covers a wide range of topics from CMBS issuance trends to sector performance and the rise of private credit. For lenders and borrowers navigating today’s capital markets, Andrew offers practical insights into what’s changing, why it matters, and how to prepare for the quarters ahead.
Key Moments:
02:02 Understanding KBRA and Andrew's role
03:45 Current market trends and issuance
06:40 Investor appetite and market dynamics
08:41 Private capital and non-bank lending
10:52 Regulatory and policy changes
15:07 Future outlook and optimism in CRE finance
17:42 Data centers and AI in CRE financing
21:11 The importance of CMBS
22:31 Diversity in CRE leadership
23:23 Closing remarks and follow-up
Resources Mentioned:
Andrew Foster: https://www.linkedin.com/in/andrew-foster-cmbs/
KBRA: https://www.kbra.com/
Real Estate Issues: https://cre.org/real-estate-issues/
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
Ryan Severino, Chief Economist and Head of Research at BGO, discusses how data science is transforming commercial real estate investing. From outperforming rent growth projections in Las Vegas to forecasting macroeconomic shifts with machine learning, Severino takes us through the power and challenges of blending traditional insights with modern analytics. This is a must-listen for CRE professionals navigating today’s increasingly data-driven landscape.
Key Moments:
01:17 Ryan Severino's team and economic modeling
02:08 Data science in real estate forecasting
03:12 Impact of research on investment decisions
06:55 Challenges in aligning research with investments
08:55 Ryan's curiosity and approach to research
12:36 Current macroeconomic environment
17:08 CRE market predictions for 2025
20:52 Augmented base case model for US Economy
26:25 State of CRE markets
36:00 Teaching and mentoring the next generation
Resources Mentioned:
Ryan Severino: https://www.linkedin.com/in/ryan-severino-cfa-4409022/
The Chief Economist newsletter: https://www.linkedin.com/newsletters/the-chief-economist-7100087057724702720/
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
Key Moments:
00:50 Meet Dr. Philip English
04:29 Exploring CRE market liquidity
08:35 Key findings and insights
10:25 The importance of liquidity in CRE
12:28 Current market conditions and trends
14:12 The role of data in CRE research
22:03 Practical applications for investors
24:33 Evaluating portfolio manager performance
27:20 Understanding the research frontier
32:06 Liquidity and market investability
36:25 Future of CRE research and market structure
45:38 Challenges and opportunities in CRE data
Resources Mentioned:
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
We share the key macroeconomic signals and policy decisions affecting commercial real estate as we move into the second half of 2025. From declining retail sales and builder sentiment to insights from the latest FOMC meeting, we explore how economic headwinds are influencing CRE strategy, pricing gaps, and transaction volume.
Tune in for analysis on capital access, operational priorities, the evolving definition of real assets, and takeaways from the recent CREFC Annual Conference.
Key Moments:
01:16 Economic indicators: Retail sales
05:02 Economic indicators: Housing data
10:26 FOMC meeting highlights
14:26 Summary of Economic Projections
15:15 Major themes: Higher for longer
16:20 Major themes: Price vs. value
17:23 Major themes: Operations and cash flow
18:38 Major themes: Lumpy transactions
20:59 Major themes: Real asset merge
24:23 CREFC Annual Conference Insights
31:12 Upcoming Episodes and Data Releases
Resources Mentioned:
Advance retail sales: https://www.census.gov/retail/sales.html
NAHB Housing Market Index: https://www.nahb.org/News-and-Economics/Housing-Economics/Indices/Housing-Market-Index
FOMC Summary of Economic Projections: https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20250618.htm
CREFC Annual Conference 2025 – Key takeaways: https://www.altusgroup.com/insights/crefc-annual-conference-2025-key-takeaways/
Email us - altusresearch@altusgroup.com
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#CRE #CommercialRealEstate #Property
PwC’s Tim Bodner joins us to explore how commercial real estate firms are navigating today’s volatility and laying the groundwork for a long-term recovery. We discuss the move toward strategic consolidation, the rise of real assets as a unified investment class, and the technologies driving change in operations and asset selection. Tune in for an expert perspective on strategy, adaptability, and emerging opportunities in a new era of complexity.
Key Moments:
01:01 Tim Bodner's career
02:52 Industry involvement and roles
05:02 PwC's global real estate practice
09:50 Findings from PwC’s US Deals 2025 Midyear Outlook
20:43 Strategic consolidation in real estate
26:40 Office to residential conversions
30:05 Policy changes and their impact
33:27 Future Outlook and Technology Adoption
Resources Mentioned:
The Real Estate Roundtable: https://www.rer.org/
Real estate: US deals 2025 midyear outlook: https://www.pwc.com/us/en/industries/financial-services/library/asset-wealth-management-real-estate-deals-outlook.html
Emerging trends in real estate® 2025: https://www.pwc.com/us/en/industries/financial-services/asset-wealth-management/real-estate/emerging-trends-in-real-estate.html
Email us - altusresearch@altusgroup.com
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#CRE #CommercialRealEstate #Property
Every quarter we take a close look at a sample of REIT earnings calls across key property sectors, including industrial, office, retail, multifamily, data centers, and healthcare. We drill into how each segment is performing in the face of macroeconomic pressures, emerging opportunities, and evolving investor expectations. Listen in to this episode to uncover where resilience is taking hold and what may lie ahead for commercial real estate.
Key Moments:
00:49 Q1 REIT Earnings Recap
01:53 Industrial REITs
14:09 Office REITs
26:23 Retail REITs
36:32 Multifamily REITs
45:59 Data center REITs
53:08 Healthcare REITs
56:19 Key Takeaways and Market Sentiment
Resources Mentioned:
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