Hello uncertainty, my old friend, we're back to cautious optimism again

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:

• 01:34 Diving into the Fed Beige Book
• 02:21 Labor market and employment trends
• 03:30 Consumer spending and manufacturing Insights
• 07:25 Home Builder Confidence Index
• 10:43 Large Bank Credit Card and Mortgage Report
• 13:57 Manufacturing Business Outlook Survey
• 16:31 Non-Manufacturing Business Outlook Survey
• 20:52 Canadian CRE trends with Peter Norman
• 43:19 Upcoming events

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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