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

Hosted by Altus Group

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105

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Aug 2026

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About the show

The CRE Exchange is your go-to podcast for all matters of 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. We discuss Commercial Real Estate, Property Valuations, Real Estate Analytics, and Property Tax. Whether you buy or build, assist or advise, if you are a key stakeholder in the CRE space, this show is for you. bumper-verify-f47d90bf

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August 20, 202639 min

Where is OB3 one year later, and what's next for opportunity zones?

A year after the One Big Beautiful Bill Act passed and with Opportunity Zones now entering a second act, the tax and structuring landscape for CRE has evolved. In this episode of CRE Exchange, Cole Perry and Omar Eltorai sit down with Lisa Knee, Managing Partner of Real Estate Services at EisnerAmper, to unpack what has changed. Lisa shares her knowledge on which OB3 provisions are impacting deals a year later, walks through the mechanics of Opportunity Zones 2.0, including the adjustment to a permanent program with rolling five-year deferrals, and discusses what she’s seeing in fund formation as investors demand more transparency and standardized reporting. Key moments 01:18 Lisa’s role at Eisner Amper 08:56 OB3 tax bill impacts 14:00 Opportunity Zones 2.0 overview 24:19 Avoiding QOF structuring pitfalls 33:50 AI capital and city revivals 36:21 Outlook on the next 12 months 38:00 Where to follow Lisa 38:43 One industry change wish Resources mentioned Lisa Knee – https://www.linkedin.com/in/lisaknee/ OZ 2.0 Guidebook - https://www.eisneramper.com/insights/real-estate/transitional-guidance-on-qualified-opportunity-zones-0826/

August 13, 202628 min

Treasuries up, spreads down, and office improving

Treasuries moved up, spreads continued to compress, and office financing costs kept improving; that's the Q2 2026 story in broad strokes, though the drama is in the details. In this episode of CRE Exchange, Cole Perry and Omar Eltorai sit down with Andrew Pabon, Altus Group's Director of Debt Advisory, to break down what the Q2 Debt Capital Markets Survey is showing. SOFR has effectively bottomed while five and ten-year Treasuries moved up 20 to 30 basis points, spread compression continued but fell short of fully offsetting those benchmark moves on fixed-rate products, and deal structuring conversations have fully repriced to a higher-for-longer world. The episode also covers a split signal in CMBS delinquency data, what the private credit stress story might mean for private CRE credit, and why office's improving financing picture comes with an important caveat. Key moments 00:56 Market backdrop 03:08 Q2 survey shift 07:50 Rates and curve moves 11:24 Spread compression 15:26 Property type signals 19:02 Banks and lender mix 22:09 Post survey changes 23:15 Credit stress readthrough 26:15 Survey Invitation Wrap Resources mentioned Andrew Pabon - https://www.linkedin.com/in/andrew-pabon-15a6976/ Debt Capital Market Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/

July 30, 202633 min

Capital rotation, real assets, and a new era for CRE deals

Capital is rotating, the line between real estate and infrastructure is blurring, and the deals getting done today look different from those of even three years ago. In this episode of CRE Exchange, Omar Eltorai sits down with Tim Bodner, who leads PwC's US and global real estate deals practice, to discuss the firm's 2026 midyear CRE outlook. They cover the real assets convergence thesis, why operational prowess is replacing cap rate compression as the primary value driver, where REIT consolidation goes from here, and how private capital is redefining the dealmaking landscape. Key moments 02:10 Midyear outlook key shifts 03:35 Real assets convergence 07:18 Operating prowess and AI 09:07 VCs owning hard assets 10:56 Where AI gets used today 13:50 Industry bifurcation and new entrants 18:09 REIT discounts and consolidation 24:26 Private capital and capital solutions 28:27 Themes for the back half of 2026 29:51 Policy uncertainty and data centers 31:06 Lightning round and wrap Resources mentioned Tim Bodner - https://www.linkedin.com/in/timbodner/ Navigating the capital rotation and AI-driven convergence reshaping real estate and real assets dealmaking - https://www.pwc.com/us/en/industries/financial-services/library/asset-wealth-management-real-estate-deals-outlook.html

July 16, 202644 min

Credit conditions, consumer stress, and office finding a bottom

The latest CRE Exchange covers a packed week of data and market. Cole Perry and Omar Eltorai work through the June CPI print, consumer credit pullback, and existing home sales data before digging into the WSJ economist survey and Fed meeting minutes, where the most notable detail is a credit market splitting between large and small borrowers. The episode closes with early Q2 bank earnings from the four largest US banks, including reserve releases on office CRE loans at Bank of America and Wells Fargo that suggest the office credit cycle may be turning, and lender scrutiny around data center financing may be growing. Key moments 01:50 Inflation hedge data 03:13 Patriotic owners trivia 06:57 Consumer credit update 08:56 Housing and CPI prints 12:31 WSJ Economist Survey 22:59 Fed minutes breakdown 29:34 Big bank earnings takeaways 36:23 New segment: CRE Bag O’ Random! 42:38 Upcoming Calendar and Wrap Resources mentioned Consumer Credit — G.19 (May 2026) - https://www.federalreserve.gov/releases/g19/current/default.htm Existing Home Sales — June 2026 - https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-2-4-decrease-in-june Consumer Price Index — June 2026 - https://www.bls.gov/news.release/cpi.nr0.htm WSJ Economist Survey — July 2026 - https://www.wsj.com/articles/economic-forecasting-survey-archive-11617814998 FOMC Meeting Minutes — June 16–17, 2026 - https://www.federalreserve.gov/monetarypolicy/fomcminutes20260617.htm Massachusetts YIGBY Bill — H.5562 - https://malegislature.gov/Bills/194/H5562

July 9, 202631 min

Midyear CRE recap: Growth, inflation, and the exit bet

The first half of 2026 opened with a soft-landing story and closed with reignited inflation, sub-2% growth, and a hawkish Fed. In this midyear episode of CRE Exchange, Cole Perry and Omar Eltorai work through what did happen: four straight Fed holds, consumer confidence at its lowest in the survey's 70-plus year history, and a frozen housing market. Omar follows with the public markets story, where REITs returned nearly 14%, and REIT M&A is on pace for its most active year in a decade, even as private CRE remained in a gradual recovery mode. The episode closes with original Altus Group research on implied versus realized growth in CRE: when buyers price in growth at acquisition, does that growth actually materialize? And does it protect value? Key moments: 01:29 Midyear economy recap 02:08 Growth and inflation shocks 04:06 Consumer and labor check 06:56 Housing and construction trends 08:30 Fed holds and rate reality 10:14 Public markets snapshot 11:50 Credit and data center capital 14:12 Rates macro and REIT rally 19:04 Fresh labor and construction prints 23:22 Implied vs realized growth research 29:41 How to access our in-depth research

June 25, 202635 min

Fed shifts, ROAD to Housing Act, and CRE as an inflation hedge

For their 100th episode, Cole Perry and Omar Eltorai cover three topics relevant to the CRE landscape right now. First, a new Fed era: Kevin Warsh's first meeting signaled less transparency, five active policy task forces, and markets now pricing in one to two rate hikes by year's end. Second, the Road to Housing Act has cleared both chambers (but a presidential signing is now in question after Trump canceled the ceremony pending passage of a separate voter ID bill). The episode breaks down what the institutional SFR ban, the build-to-rent provisions, and the supply-side reforms mean for investors if and when it becomes law. Third, Omar shares findings from forthcoming research re-examining whether CRE actually functions as an inflation hedge, and where the data says it does and doesn't hold up. Key moments 01:31 Fed holds and policy shift 07:37 ROAD to Housing Act bill timeline 10:44 What the bill changes 13:19 CRE winners and losers 17:20 Housing data pullback 21:07 Retail sales snapshot 23:34 Is CRE an inflation hedge? 33:31 Where to find our inflation hedge research Resources mentioned ROAD to Housing Act: https://www.banking.senate.gov/imo/media/doc/bill_text_of_the_21st_century_road_to_housing_act.pdf FOMC meeting: https://www.federalreserve.gov/monetarypolicy/fomcminutes20260318.htm

June 11, 202640 min

US CRE pricing hits records as transaction patterns diverge

Commercial real estate just hit an all-time high at $129 per square foot median price, however the pricing records mask stark divergences in property transaction patterns; Multifamily buildings are 23% smaller than 2019 yet selling for record prices. Older stock is outpricing newer product. Deal sizes are hitting all-time highs while building sizes shrink. The team breaks down the Q1 2026 Investment and Transactions Quarterly report to surface these inversions, and why CRE pricing showed surprising resilience through Q1’s macro shocks. Key moments 01:31 What is the US CRE Investment and Transactions Quarterly report? 03:05 National activity trends 04:58 Deal size and property age 07:01 Pricing headlines by sector 12:05 Subtype pricing winners and losers 17:14 Pricing by property vintage 22:09 Building size and deal size records 26:34 Large deal share by sector 32:34 Key surprises and takeaways 35:35 Inflation-adjusted deal analysis 38:57 Where to find the report Resources mentioned US CRE Investment and Transactions Quarterly Report – Q1 2026 - https://www.altusgroup.com/featured-insights/cre-transactions/

May 28, 202638 min

What the Q1 2026 ODCE and REIT data say about CRE right now

US commercial real estate started 2026 on steady footing, but the story varies considerably depending on what part of the market you look at. In this episode of CRE Exchange, our hosts are joined by Alex Jaffe and Mike Amthor from Altus Group's Valuation Advisory practice to discuss Q1 2026 ODCE index results alongside REIT earnings themes. The team also takes a look at the residential market inversion between Sun Belt and gateway cities, the SoCal industrial softness that isn't clearing yet, and what fund managers are saying about 2026 and 2027 as a potential entry point for long-term capital deployment. Key moments 01:27 Meet the guests 02:25 ODCE data primer 03:17 Q1 returns and CapEx 06:38 REIT crosscheck 08:43 Sector pecking order 11:08 Multifamily market split 13:55 Industrial soft spots 16:12 SoCal strategy and REIT themes 19:14 Office leasing reality 22:21 Retail strength and risks 28:31 Self storage spotlight 31:50 Client questions and outlook 35:00 Rates leverage and wrap up Resources mentioned Altus’ Q1 valuation and performance trends analysis of the NCREIF ODCE Index: https://www.altusgroup.com/webinars/ncreif-odce-index-quarterly-analysis/#featured Alex Jaffe: https://www.linkedin.com/in/alexander-jaffe-mai/ Mike Amthor: https://www.linkedin.com/in/michael-amthor-40865154/

May 14, 202632 min

A split market: Commercial real estate lending trends from Q1 2026

From a 24% quarter-over-quarter rebound in lender quotes to the diverging paths of floating and fixed rate borrowers, the episode offers a data-driven read from Andrew Pabon, Director of Debt Advisory at Altus Group, on where the debt market stands today. Andrew and the CRE Exchange team also dig into the maturity wall, multifamily delinquencies hitting new highs, the lender mix leaning toward debt funds, and what the private credit stress story might mean for private credit in commercial real estate going forward. Key moments 01:10 SLOOS signals 02:39 Earnings call takeaways 06:30 Split market outlook 10:12 Benchmark rollercoaster 13:47 Spreads and liquidity 17:06 Collateral by property type 19:57 Maturity wall risks 24:22 Changes in lender mix 25:21 Macro crosscurrents 28:38 Private credit stress 31:01 Survey invitation Resources mentioned Andrew Pabon https://www.linkedin.com/in/andrew-pabon-15a6976/ Commercial real estate debt capital markets survey https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/

April 30, 202647 min

CRE workouts, maturity walls, and the art of restructuring

We sit down with returning guest Shlomo Chopp, Managing Partner of Case Equity Partners, for a candid discussion about CRE distress; the causes, the workout process, and what it takes to get to resolution. Shlomo draws on more than two decades of restructuring and advisory experience to explain why fatigued capital is pulling back from existing deals, what the maturity wall actually means for borrowers and lenders in 2026 and 2027, and why good intentions can walk a borrower straight into a recourse situation. The conversation also covers Shlomo’s LinkedIn series The Road to Default, the real job of a workout advisor, and what he thinks the industry consistently gets wrong about distress. Key moments 01:35 Shlomo’s background and firm 04:57 Why capital is pulling back 09:34 Extensions and operator reality 11:04 Office green shoots 13:58 Hope trades and rate bets 15:09 Maturity wall and data limits 19:57 Liquidity paradox and DPOs 25:54 Debt and fundamentals 27:11 Distress cycle warning 29:00 Bankruptcy and CMBS shift 34:33 Building the workout plan 37:41 Industry pitfalls and accountability 40:03 Road To Default thesis 43:58 Fixes and final takeaways Resources mentioned Shlomo Chopp – https://www.linkedin.com/in/chopp/ Case Equity Partners – https://www.caseinv.com The Road To Default - https://www.linkedin.com/posts/chopp_the-road-to-default-and-potentially-recourse-activity-7445125862422691840-So7x