Nareit's REIT Report Podcast

Craig Ramiro, executive vice president of asset management at Armada Hoffler Properties, Inc. (NYSE: AHH), joined the latest episode of the REIT Report podcast. He discussed the company’s focus on creating value—including repositioning and redevelopment opportunities across the portfolio—as well as the strong demand it sees for its class-A office properties. Ramiro noted that Armada Hoffler is benefitting from the supply-demand imbalance for top office space in the best locations. In Baltimore, for example, where the REIT has 1.6 million square feet of office space, Ramiro pointed to a “pretty astounding” level of corporate relocations. 

Mark Wojteczko, Deloitte’s national real estate funds co-leader, was a guest on the latest episode of Nareit’s REIT Report podcast. He reviewed findings from a recent Deloitte report into the rise of alternative property types and how upcoming changes in corporate leadership could accelerate that trend. “We do believe that the emergence of these alternative property types is going to accelerate in the future and that many next-gen leaders are going to be a big part of that,” Wojteczko said, referring to an anticipated pick-up in c-suite retirements within the next decade. “We believe that the appetite for some of these younger executives to really continue to focus on the alternative property types as an investable universe is significant and something that we're certainly monitoring here.” 

In this special episode of the REIT Report, part of an ongoing series, “Building Resilience,” covering issues facing the REIT industry as it remains focused on investing for the long term, Michael Reed, senior director of building transformation at the New York State Energy Research and Development Authority (NYSERDA), joins Nareit’s Jessica Long, senior vice president of environmental stewardship and sustainability. They discuss the organization’s experience working with the commercial real estate community to advance energy efficiency, delivering benefits to the energy system more broadly, including reliability and resilience.Reed shares how NYSERDA has evolved in the 50 years since it was founded as the state’s atomic energy agency in the 1970s. “The mission of having energy work for, and benefit, New Yorkers, making that energy as reliable and affordable as possible, has not wavered. The challenges as we look towards the future intersect with this conversation on resilience because our climate in New York and across the world is getting hotter. There's more moisture in the air, leading to extreme weather events, but also making the job of operating buildings harder.” 

Earnest Sweat, a tech innovation expert, was a guest on the latest edition of the REIT Report podcast. In the second of a three-part miniseries, Sweat continued to examine the intersection of AI with the REIT sector, focusing on real world solutions that are transforming the industry. Sweat is a venture capitalist and general partner at Stresswood, an early-stage fund focused on backing exceptional founders building the next wave of enterprise technology. Sweat stressed that AI allows humans “to do what they do best…show empathy, be creative, be influential, and make sales.” At the same time, he underlined the importance of “really thinking about what you are doing today, what is the process, and how could this potential technology improve it,” in addition to setting definitive key performance indicators. 

In this special episode of the REIT Report, part of an ongoing series, “Building Resilience,” covering issues facing the REIT industry as it remains focused on investing for the long term, Deborah Cloutier, chief sustainability officer of Legence and the president and founder of RE Tech Advisors, joins Nareit’s Jessica Long, senior vice president of environmental stewardship and sustainability, to discuss her perspective on the evolution of sustainability as part of strategic planning for building owners. She also looks at the role of data, engineering and skilled trades in advancing ROI-backed solutions that improve efficiency, resilience, and asset value. Cloutier shares how Legence is a leading provider of engineering, consulting, installation, and maintenance services for mission-critical systems in buildings, making them more energy efficient, resilient, and sustainable.

Bryan Connolly, chair of the U.S. real estate practice at DLA Piper, was a guest on the latest episode of the REIT Report. Connolly shared findings from the firm’s 2025 State of the Market Survey regarding market sentiment among real estate leaders. “The biggest trend is the continued emergence of some positivity and some excitement about what the future may hold,” Connolly said. DLA Piper carried out its survey twice this year, once in early 2025 and then again after U.S. trade policies impacted sentiment. Connolly pointed out that some leaders remarked on the ability to acquire some of the best properties at 50% to 60% of replacement costs, “recognizing that troubled times yield new opportunities.” He also highlighted sentiment that the market has bottomed out and that new pricing has been established. Meanwhile, the significant amount of equity available and intended to be deployed, expectation of stabilized interest rates, and fundamentals in the market are “really creating an exciting long-term opportunity for investment.” During the interview, Connolly also discussed views on the availability of equity capital, REIT sectors generating the most interest today, the outlook for acquisitions, dispositions, and joint ventures, and more.

In this special episode of the REIT Report, part of an ongoing series, “Building Resilience,” covering issues facing the REIT industry as it remains focused on investing for the long term, Holly Neber, chief resilience officer at AEI Consultants joins Nareit’s Jessica Long, senior vice president of environmental stewardship and sustainability, to discuss turning climate data into action at the property level using industry leading best practices captured in the new ASTM standard, Property Resilience Assessment. What's the property worth? What are the potential hazards, the risks?“The ASTM guide was never meant to be something extra or something brand new, but really a roadmap consistent with what firms were already doing to provide an industry-accepted standard so we can all refer back to it. So all the parties agree on a common approach to communicating the findings.” She goes on to explain the three parts of the assessment, including identifying property-specific exposure to identified risks, to estimate potential damage and downtime of identified risk exposure, and, if necessary, develop specific recommendations to address concerns. 

Mike Watts, CBRE’s president of investor leasing in the Americas, was a guest on the latest episode of the REIT Report. Watts focused on trends in office supply and leasing, the impact of office conversions, tenant expectations toward amenities, and more. Watts noted that CBRE expects new office deliveries in 2025 to be about 25% of what they were in 2019. Office deliveries are not expected to pick up in 2026 either. Lack of new construction at the top of the office market creates a ripple effect as demand shifts to lower tier assets. Class B office assets still retain appeal for certain office tenants, he pointed out. Meanwhile, Watts described the tenant experience as “more important than ever,” with companies keen to create a positive work environment for all levels of employees, rather than just senior level staff. Also important today is the concept of “how the building meets the street,” he said, namely access to retail that meets the specific needs of tenants and that encourages companies to renew their leases.

Rich Hill, the global head of real estate research at Principal Asset Management, shares insightful perspectives on the current REIT landscape. He highlights the importance of incorporating listed REITs into private portfolios to enhance stability and optimize returns. Hill discusses global opportunities in diverse sectors like data centers and senior housing, emphasizing their potential amid market dislocation. He advocates for a strategic 10% to 30% allocation to listed REITs, reinforcing their role in navigating the evolving commercial real estate market.

Ed Pierzak, Nareit's Senior Vice President for Research, shares deep insights into the roller coaster ride of the REIT market in 2025. He discusses how REITs have shown resilience amidst economic turbulence and evolving trade policies. The conversation highlights the strength of REIT balance sheets in facing market fluctuations and offers a cautiously optimistic outlook despite interest rate challenges. Pierzak emphasizes the pivotal position of REITs for future growth, even as new tariff actions loom on the horizon.