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

Hosted by Altus Group

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111

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Oct 2026

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About the show

CRE Exchange is a podcast for commercial real estate professionals who want to stay current on the data, trends, and market forces shaping the industry. Hosted by Omar Eltorai and Cole Perry from Altus Group's US Research team, the show covers macro and capital markets, sector-level trends, policy developments, and original research. Alongside regular market updates, Omar and Cole sit down with leaders from across the industry for in-depth conversations on how they're navigating the current environment. Whether you buy or build, assist or advise, if you're a stakeholder in the CRE space, this show is for you. New episodes drop every other Thursday.

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October 22, 202627 min

Developers diversify as data centers reshape CRE capital and demand

Cole and Omar just got back from the CREDA conference in Denver, and they brought Shawn Moura, Executive Director of the Commercial Real Estate Development Association (CREDA) Research Foundation, into the studio to break down what he’s seeing in the industry. With 16 years of research experience (including a PhD in history and time at Hanover Research), Shawn leads CREDA’s research efforts for the organization’s 21,000+ members across 55 chapters. CREDA represents the full spectrum of commercial real estate development, and through its Research Foundation, delivers forward-looking insights on trends and challenges shaping the industry. In this episode, we talk about why developers are spreading across more property types, how data centers became the force reshaping everything - from capital flows to electricity access to office demand - and what CREDA’s research is showing heading into 2027. Industrial is rebounding, multifamily is softening, and office keeps declining, but data centers are the story everyone needs to understand. Resources mentioned: Shawn Moura Cole Perry Omar Eltorai Commercial Real Estate Development Association (CREDA) Research Foundation CREDA Sentiment Index Industrial Space Demand Forecast, Third Quarter 2026 Managing Sustainability Risk in Data Center Development Developing, Owning and Operating Shallow Bay Industrial Buildings Key moments: 01:18 Introducing Shawn Moura 06:01 Why CREDA rebranded from NAIOP 09:17 What value CREDA research provides to members 14:29 Industrial demand forecast 19:35 How data centers are reshaping the entire industry 22:17 CREDA’s priorities heading into 2027 and beyond

October 8, 202645 min

Rates spike, spreads diverge, and power infrastructure reshapes industrial

Cole Perry and Omar Eltorai work through the latest economic data that's reshaping commercial real estate: labor weakening in office sectors, construction capital concentrating almost entirely in data centers, and the 10-year treasury closing at 5.29% - the highest since 2002. Credit spreads tell an interesting story, diverging sharply between investment-grade and high-yield. The back half dives into Cole's research on power infrastructure and industrial pricing: whether proximity to power generation actually moves property values, how that premium has shifted since 2022, and what it signals about where industrial demand is headed. Key moments: 02:00 Labor data 05:30 Consumer confidence falling, personal savings at record lows 11:50 Treasury yields spike to 5.29% 13:40 K-shape in credit spreads 18:50 CRE sorting market 20:30 Fundamentals remain strong 28:00 Power infrastructure research Resources: Cole Perry - https://www.linkedin.com/in/coleperry1/ Omar Eltorai - https://www.linkedin.com/in/omareltorai/ S&P Cotality Case-Shiller Home Price Index - https://www.spglobal.com/spdji/en/index-announcements/article/sp-cotality-case-shiller-index-reports-annual-gain-in-july-2026/ Consumer Confidence - https://www.conference-board.org/topics/consumer-confidence/ Job Openings and Labor Turnover Survey (JOLTS) - https://www.bls.gov/news.release/jolts.nr0.htm GDP (Third Estimate) - https://www.bea.gov/data/gdp/gross-domestic-product Personal Income and Outlays - https://www.bea.gov/news/2026/personal-income-and-outlays-august-2026 September Employment Situation - https://www.bls.gov/news.release/empsit.nr0.htm ADP National Employment Report - https://adpemploymentreport.com/

September 24, 202646 min

AI in CRE: What's real, what's hype, and what readiness looks like

Om ar Eltorai and Cole Perry sit down with Michael Clawar, Senior Vice President of Innovation at Altus Group, to talk about where AI is creating real value in commercial real estate and where the industry still has work to do. Michael walks through how the cost of AI intelligence has dropped dramatically in just the past year and what that means for tasks like portfolio-level valuation reviews. The conversation covers why data infrastructure and institutional knowledge matter more than the model you pick, the trade-offs between centralized and business-led technology operating models, and a recent NBER study on how AI benefits senior and junior professionals differently, with real implications for talent development in CRE. Resources: Michael Clawar - https://www.linkedin.com/in/michael-clawar/ Cole Perry - https://www.linkedin.com/in/coleperry1/ Omar Eltorai - https://www.linkedin.com/in/omareltorai/ ARGUS Assist - https://www.altusgroup.com/solutions/argus-intelligence/argus-assist/ National Bureau of Economic Research Study - https://www.nber.org/system/files/working_papers/w35720/w35720.pdf

September 10, 202637 min

Labor data diverges, data centers dominate Beige Book, CRE implications from bond rout

Cole Perry and Omar Eltorai break down a data-heavy week for the US economy and what it means for commercial real estate. They cover the latest construction, labor, and PMI readings, then turn to the Fed's August 2026 Beige Book for qualitative color on office bifurcation, multifamily concessions, and data centers as the dominant construction story across Districts. The back half focuses on a sharp move higher in global bond yields and what's driving it, followed by a historical look at how CRE has actually performed through four past episodes of rising real yields over the last three decades. Key moments: 01:30 Construction, labor, and PMIs 12:05 Fed Beige Book 18:10 Global bond market moves 24:35 What higher rates mean for CRE 29:10 How CRE has performed through past rate cycles 34:40 Inflation-adjusted transaction volume Resources: Cole Perry Omar Eltorai Census Bureau - Value of Construction Put in Place report JOLTS ADP BLS Federal Reserve Beige Book (August 2026) Q2 2026 US CRE investment and transactions quarterly

August 27, 202634 min

CRE values inch higher as bigger deals drive Q2 2026

Omar Eltorai sits down with Mike Amthor, who leads US Performance Evaluation Analytics, and Cole Perry, Associate Director of US Research at Altus Group, to compare the Q2 2026 NCREIF ODCE Index against the Investment and Transactions Quarterly (ITQ) report. Two separate data sets, but a cohesive story: values continue a light upward trend driven by cash flow fundamentals, while transaction dollar volume climbs even as deal count still lags year-over-year. The conversation covers a capital movement from multifamily into industrial, cross-validated strength in storage and medical office, and a caveat on the office recovery narrative. Key moments 01:55 ODCE Index explained 03:27 ITQ data overview 04:41 Q2 ODCE headlines 06:24 Q2 transactions headlines 08:04 Valuations vs deals 10:57 ODCE sector trends 13:39 Transaction sector trends 15:49 Storage and medical office 18:50 Market spotlights 23:43 New ITQ Metrics 28:08 Client pulse and outlook Resources mentioned Mike Amthor – https://www.linkedin.com/in/michael-amthor-40865154/ Cole Perry - https://www.linkedin.com/in/coleperry1/ Altus ODCE Index results webinar – https://www.altusgroup.com/webinars/ncreif-odce-index-quarterly-analysis Altus US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/

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

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