Real Perspectives Podcast

Hosted by The Registry/Mighty Dot Media

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205

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Jun 2026

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About the show

Exploring commercial real estate topics across the West Coast of the US, and sometimes the world!

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60 recent

June 16, 202648 min

Riding the Cycles: Northmarq's Jeffrey Weidell on Rates, Data Centers & the Future of CRE Capital

Hosts Vladimir Bosanac (co-founder & publisher, The Registry) and Byron Renfro (Orchard Commercial) sit down with Jeffrey Weidell, CEO of Northmarq, one of the few large privately held capital markets firms in U.S. commercial real estate. Jeff walks through how Northmarq evolved from a mortgage banking shop into a four-legged "capital markets" business spanning loan servicing ($80B+), debt origination, investment sales, and a growing investment fund platform — and why recurring revenue is what carries a firm through the cycles.The conversation gets into where we actually are in the current distress cycle, the asset classes capital favors right now, and Jeff's candid read on interest rates and the broader economy.In this episode:Northmarq's "three-legged stool" plus a fourth leg, and why loan servicing's recurring revenue was a lifeline through COVID and the rate shockThe fund strategy: filling the niches Wall Street ignores — higher-leverage first mortgages, mezzanine, and pref equity in smaller bite sizesWhere we are in the distress cycle ("the middle"), and why maturing 2021-vintage debt is forcing today's sales activityWhich assets capital likes now: retail's surprising strength, smaller-tenant industrial, the office "winners and losers," and why hotels and seniors housing stay hardBucketing deals: what's a no-brainer to finance vs. what's a tough one (weak sponsorship, tertiary markets, non-traditional product)Jeff's rate outlook: a normal upward-sloping yield curve, longer-term rates staying elevated, and why "stable is okay"The privatization of Fannie Mae and Freddie Mac, and the "do no harm to housing" mandateThe data center tidal wave: $150B (2023) → $400B (2025) → $656B committed (2026), synthetic leases, and the claim that half of U.S. GDP activity is tied to data center constructionWhy hyperscalers are chasing remote power, plus latency and the limits of going ruralBuilding the next generation: Northmarq's two-year associate "coach" program, recruiting by referral, and why talent still clusters in fun cities and strong officesAI in practice: lease reviews, auto-populating broker opinions of value, and Jeff's advice — "wait a year"Guest: Jeffrey Weidell, CEO, NorthmarqHosts: Vladimir Bosanac (The Registry) · Byron Renfro (Orchard Commercial)

June 10, 202650 min

Extend and Pretend: Distress, Private Debt, and the Future of CRE

On this episode of Real Perspectives, co-host Vladimir Bosanac is joined by David Arscott of Baycrest Capital for a wide-ranging look at the pressures reshaping commercial real estate. With a vantage point spanning coast-to-coast debt acquisitions and West Coast multifamily and industrial underwriting, David unpacks why CMBS distress has hit a record ~12%, what the surge in private debt means for borrowers facing maturities, and why the "extend and pretend" era may be running out of road. The two dig into the stubborn math of office-to-residential conversions, the cooling of the once red-hot industrial sector, the data center frenzy and its echoes of the life-science and IOS booms, and a telescope look at San Francisco office vacancy — which has rocketed from roughly 6% in 2019 to north of 20% today. Optimism, skepticism, and a few predictions included.Guest: David Arscott, Baycrest CapitalWhat we coverRecord CMBS distress (~12%) and what it signals about lending across all asset typesThe wave of loan maturities from 2017–2019 vintages that can't refinanceThe roughly $1.8T surge in private debt — short-term fix or structural shift?Distressed sales trading at up to 80% discounts and why nobody advertises themOffice-to-residential conversions: cheap basis vs. astronomical construction costs, and why cities may quietly prefer commercialIndustrial softening nationally, robotics / "physical AI" demand, and the chase for powered spaceConstruction costs running above completed value, and the flight to qualityThe data center boom — and whether it ends like life science and industrial outdoor storageTelescope segment: San Francisco office vacancy from 6.2% (2019) to ~23% (2024), and whether AI leasing fills the gap or faces a dot-com-style bustNotable quotes"Banks will lend and extend, extend and pretend, for as long as they can." — David"Recessions don't die of old age." — David"I would not be surprised if in five years we are back to single digits again." — Vlad, on SF officeApproximate timestamps01:51 — CMBS distress hits a record high05:00 — Is this worse than 2008?08:26 — The $1.8T rise in private debt11:21 — Buying notes and assets at a discount17:23 — Office-to-residential conversions23:45 — Industrial: vacancy peaks as demand holds25:50 — Robotics, "physical AI," and the hunt for power32:51 — Data centers and infrastructure money40:23 — Microscope / Telescope: SF office vacancy48:05 — The return-to-office disconnect

June 3, 202658 min

The Boiler Room Effect: AI, Office Space, and Why Togetherness Is Back

In this episode of Real Perspectives, host Vladimir Bosanac is joined by co-host Rob Zirkle — architect by trade and head of development at Prince Street Partners — for a candid conversation about AI's grip on commercial real estate and far beyond.They dig into why 29 Silicon Valley firms are hunting for 100,000+ square foot footprints, why AI culture is fueling a genuine return to the office ("there's a primacy on being together"), and how amenities, location, and transit are reshuffling what tenants actually want. Rob shares a working architect's view on what AI can and can't yet do, the looming disruption to technical drafting, law, and other knowledge professions, and why the apprenticeship model may matter more than ever.The two close on the bigger picture: disruption, social safety nets, what today's college grads should make of it all, and an optimistic case that the path forward runs through community, collaboration, and human connection.

May 27, 202646 min

Multifamily in the Margins: Rent Growth, Office Conversions, and AI's Slow Crawl into CRE

Vladimir Bosanac is joined by Tom Fischer, Principal and Director of Capital Markets at J.B. Madison, for a wide-ranging conversation on the state of multifamily and commercial real estate heading into Q2 2026. Tom — who oversees roughly 3,000 units across West Coast markets on behalf of 700+ high-net-worth investors — unpacks why national rent growth has flattened to under 1%, how oversupply in markets like Austin reshaped the landscape, and why San Francisco's "gangbusters" rebound is really just a return to pre-COVID baselines.The two dig into the debt markets (spreads are historically tight, but the yield curve is pushing buyers toward five-year money), what March's jobs report may be hiding beneath the headline number, and the divergence playing out between Multnomah County and Clark County in the Portland MSA. They also tackle the office-to-residential conversion thesis — including the San Francisco Centre trading at roughly 10-15 cents on the dollar — and debate whether the Senate's recent build-to-rent legislation is a meaningful policy shift or an easy political win.The episode closes on AI in CRE: where it's genuinely creating efficiency, why multifamily remains stubbornly a relationship business, and how REITs leaning hard into tech have, in some submarkets, gotten their lunch eaten by competitors who kept humans on site.

May 21, 202648 min

Nick Arenson, President of Rurka Homes and their development at Mountain House

In this episode, we sit down with Nick Arenson, homebuilding president of Rurka Homes and managing director of Altamont Development, the firm behind The Lakes at Mountain House — a premier master-planned community in one of Northern California's newest and fastest-growing cities.Arenson shares his vision for The Lakes, which he describes as the next chapter in the growth of Mountain House: beautifully designed homes set within walking distance of parks, trails, and future amenities, in a community built around connection and quality of life. We talk about the firm's approach to thoughtful design, modern floorplans, and energy-efficient construction, and how its newest neighborhoods fit into a broader master plan of roughly 900 homes.Beyond the homes themselves, we dig into what makes Mountain House work: scenic waterways and open space, a second phase of Central Park now underway, and ambitious future amenities including an aquatic center, an outdoor amphitheater, and sports courts and fields. We also discuss the area's standout schools — the Lammersville Unified School District consistently ranks among California's best — and the city's rare mix of small-town community feel and big-city accessibility, sitting roughly 24 miles from Pleasanton and within an hour of San Jose, Oakland, and Sacramento.Finally, Arenson offers his perspective on why Mountain House has become one of Northern California's most desirable places to live, and what it means to build neighborhoods that families will call home for generations.Learn more at mountainhouseliving.com and rurkahomes.com.

May 19, 202644 min

Connie Verceles, Sunnyvale Assistant City Manager

Welcome to The Real Perspectives podcast, where we take commercial real estate seriously, but never ourselves. Hosted by Vladimir Bosanac, co-founder and publisher of The Registry, and Patty McGuigan, a pioneering Silicon Valley commercial real estate broker with more than four decades of experience and over $1 billion in closed deal volume. Patty is also a celebrated author and public speaker whose work spans children's books, a collective on widowhood, and an industry memoir reflecting on her trailblazing career in a historically male-dominated field.In this episode, Vladimir and Patty sit down with Connie Verceles, Assistant City Manager of Sunnyvale, for a conversation about the policies, programs, and partnerships shaping economic vitality in one of Silicon Valley's most dynamic cities. Connie leads Sunnyvale's citywide economic development initiatives and serves as the primary liaison to the business community, overseeing small business assistance, downtown development, business financing, and special projects. She also manages the implementation of the City's Wage Theft Prevention Policy and Minimum Wage Ordinance, while directing the Economic Development Division's research and recommendations on financial, organizational, and economic development matters.Join us for a candid look at how city leadership, commercial real estate, and the business community intersect in Sunnyvale — and what it takes to keep a local economy moving forward in the heart of Silicon Valley.

July 5, 2021Episode 9642 min

Wayne Berger, CEO of the Americas @ IWG (Regus)

We speak today with Wayne Berger, the Chief Executive Officer of the Americas for IWG - also known as International Workspace Group or the company that owns Regus and another dozen or so companies around the workspace environment. Wayne’s perspective on the workspace and occupier industry is unique but also broad. While IWG is based in Europe. Wayne’s organizations spans North and South America. He sees the world from a very different perspective.Our conversation today takes us into the world of office use and the things that COVID has accelerated and changed perhaps forever. We discuss our perspectives on offices opening up and what companies will have to consider in the future. Finally, we take stock of the role shared workspace will play in that new world and the space IWG will ideally occupy.

November 14, 2022Episode 13742 min

Tiffany Wright, Managing Partner & President of CPX

Today, I have the privilege of speaking with Tiffany Wright, the president of and chief energy officer - the name I invented for Tiffany by myself - of a Pacific Northwest-based brokerage, CPX. Tiffany is somewhat unique in her role - a female leading a commercial brokerage firm - and also a keen strategist thinking of everything from motivating her team members to finding ways to grow the enterprise.In our conversation, we’ll cover some of what the firm is doing, Tiffany’s perspective on the market and how CPX stands out from the rest of the crowd in this important industry.

January 24, 2023Episode 14746 min

Justin Draplin, CEO of Eclipse Cottages

We’re here today to speak with Justin Draplin, the founder the CEO of South Carolina-based Eclipse Cottages. This firm has brought to the market one of the most interesting prefabricated products, and Justin’s vision goes beyond ADUs and granny units that people can build on their lots.Eclipse is making one of the most sustainable cottages in the industry, which includes solar roofing, wireless smart switches, SIP construction, water filtration, and, most importantly in a very high-quality envelope that can be delivered anywhere in the country. Most recently, the company also introduced The Comet, a complete cottage that you can buy for $99 a month.Let’s dive in and talk to Justin and how Eclipse is looking to upend this world.

February 14, 2021Episode 7534 min

Jessica Musick, Principal @ KTGY

Jessica Musick is a Principal in the Oakland office of KTGY, an architecture firm she joined in 2003. Since her start at the firm, she developed a diverse portfolio and plays an integral role in establishing the design vision and carrying projects through design approvals. Focusing on urban-infill mixed-use projects, Jessica believes that architecture should be deeply rooted in the community where it sits, responsibly responding to client goals, community needs and the urban context. Having served as lead designer for residential and mixed-use developments, Jessica’s experiences have given her the insight that good design is the product of many factors and puts a priority on communication, process and understanding project economics.