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

We share the key macroeconomic signals and policy decisions affecting commercial real estate as we move into the second half of 2025. From declining retail sales and builder sentiment to insights from the latest FOMC meeting, we explore how economic headwinds are influencing CRE strategy, pricing gaps, and transaction volume. Tune in for analysis on capital access, operational priorities, the evolving definition of real assets, and takeaways from the recent CREFC Annual Conference. Key Moments:01:16 Economic indicators: Retail sales05:02 Economic indicators: Housing data10:26 FOMC meeting highlights14:26 Summary of Economic Projections15:15 Major themes: Higher for longer16:20 Major themes: Price vs. value17:23 Major themes: Operations and cash flow18:38 Major themes: Lumpy transactions20:59 Major themes: Real asset merge24:23 CREFC Annual Conference Insights31:12 Upcoming Episodes and Data Releases Resources Mentioned:Advance retail sales: https://www.census.gov/retail/sales.html   NAHB Housing Market Index: https://www.nahb.org/News-and-Economics/Housing-Economics/Indices/Housing-Market-Index   FOMC Summary of Economic Projections: https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20250618.htm   CREFC Annual Conference 2025 – Key takeaways: https://www.altusgroup.com/insights/crefc-annual-conference-2025-key-takeaways/   Email us - altusresearch@altusgroup.comThanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CRE #CommercialRealEstate #Property

PwC’s Tim Bodner joins us to explore how commercial real estate firms are navigating today’s volatility and laying the groundwork for a long-term recovery. We discuss the move toward strategic consolidation, the rise of real assets as a unified investment class, and the technologies driving change in operations and asset selection. Tune in for an expert perspective on strategy, adaptability, and emerging opportunities in a new era of complexity. Key Moments:01:01 Tim Bodner's career02:52 Industry involvement and roles05:02 PwC's global real estate practice09:50 Findings from PwC’s US Deals 2025 Midyear Outlook20:43 Strategic consolidation in real estate26:40 Office to residential conversions30:05 Policy changes and their impact33:27 Future Outlook and Technology Adoption Resources Mentioned:PwC: https://www.pwc.com/usThe Real Estate Roundtable: https://www.rer.org/Real estate: US deals 2025 midyear outlook: https://www.pwc.com/us/en/industries/financial-services/library/asset-wealth-management-real-estate-deals-outlook.htmlEmerging trends in real estate® 2025: https://www.pwc.com/us/en/industries/financial-services/asset-wealth-management/real-estate/emerging-trends-in-real-estate.htmlEmail us - altusresearch@altusgroup.comThanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CRE #CommercialRealEstate #Property

Dive into the latest insights from Q1 REIT earnings calls across various property sectors. Discover how industrial real estate is thriving despite economic challenges and explore Avalon Bay's impressive rental revenue growth. Get the scoop on the data center market's rising demand and Welltower's strong performance amidst healthcare trends. With a focus on unique market drivers, this discussion sheds light on the evolving landscape of commercial real estate and what’s on the horizon for investors.

We dig into the Fed’s recent meeting minutes, Q1 GDP revisions, consumer confidence trends, and the latest FDIC banking data. From inflation signals and trade tensions to CRE lending slowdowns and cooling construction activity, the episode connects the dots between the broader economy and the decisions facing market participants in 2025. Whether you're watching the labor market, pricing strategies, or borrower behavior, you’ll want to press play on this pulse check. Key Moments:01:28 FOMC Minutes and market reactions04:04 GDP numbers and economic projections09:15 Personal income, outlays, and consumer confidence13:55 Manufacturing and construction data19:47 FDIC Quarterly Banking Profile insights26:14 Upcoming reports and announcements Resources Mentioned:Q1 2025 US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/US CRE Transaction Analysis – Q1 2025 - https://www.altusgroup.com/insights/us-cre-transactions/Multifamily sentiment rebounds as the US housing market rebalances - https://www.altusgroup.com/insights/multifamily-sentiment-rebounds-as-us-housing-market-rebalances/FOMC Minutes - https://www.federalreserve.gov/monetarypolicy/fomcminutes20250507.htmOECD Economic Outlook - https://www.oecd.org/en/topics/economic-outlook.htmlPCE index - https://www.bea.gov/data/personal-consumption-expenditures-price-index Conference Board Consumer Confidence Survey - https://www.conference-board.org/topics/consumer-confidenceUS Census Bureau Construction spending - https://www.census.gov/construction/c30/c30index.htmlFDIC Quarterly Banking Profile - https://www.fdic.gov/quarterly-banking-profileEmail us - altusresearch@altusgroup.comThanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CRE #CommercialRealEstate #Property

What do 33,000+ CRE transactions tell us about the Q1 2025 market? Cole Perry and Omar Eltorai walk through Altus Group’s Q1 2025 US CRE Investment and Transactions Quarterly report providing analysis of the numbers sector by sector and highlighting trends worth watching. From tentative recovery signs for office and multifamily to regional variations in retail, this episode puts a lens on where the market stands and what questions CRE investors should be asking. Key Moments:00:49 - Q1 2025 US CRE Investment and Transactions Quarterly report overview01:57 - Transaction volume and pricing trends12:47 - Detailed analysis by property sector18:16 - Key takeaways22:81 – Biggest surprises25:47 - Report Access InformationResources Mentioned:Q1 2025 US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/Email us - altusresearch@altusgroup.comThanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CRE #CommercialRealEstate #Property

Marc Hershberg, Managing Partner and CEO at Topaz Capital, joins us to unpack the real story behind Florida’s multifamily market. While headlines tend to spotlight Florida’s coastal glamour, Marc takes us beyond the beach by highlighting why inland markets, workforce housing, and Class B assets are where the smart money is headed. We discuss the strategic importance of inland geography, the philosophy of "market-first, deal-second", the risks of climate-driven insurance volatility, and how foreign capital is approaching the Sunshine State.Tune in for a grounded, forward-looking conversation you won't want to miss. Key Moments:00:58 Mark Hershberg's early real estate journey02:33 Launching Topaz Capital: Opportunities and challenges05:32 Topaz Capital's current operations and strategy08:43 Investment focus: Workforce housing in Florida11:10 Recent deals and investment strategies13:00 The 1031 Exchange platform15:08 Florida's multifamily market: Risks and opportunities25:29 Foreign investment and local knowledge28:01 Using data analytics for investment decisions29:09 Outlook for multifamily investments Resources Mentioned:Marc Hershberg - https://www.linkedin.com/in/marchershberg/Topaz Capital Group - https://topazcg.com/Email us - altusresearch@altusgroup.comThanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CRE #CommercialRealEstate #Property

The Northeast and Mid-Atlantic aren’t the easiest regions for multifamily investment, but they might be the most instructive.We sit down with Matt Frazier, Founder and CEO at Jones Street Investment Partners, to explore how the region’s regulatory complexity, persistent housing undersupply, and stable demand create an environment that rewards long-term thinking and local expertise. Matt shares how his team leverages vertical integration to manage risk, capitalize on operational efficiencies, and respond quickly to changing market conditions. He also offers his thoughts on rising insurance costs, evolving capital structures, and secondary urban markets. Tune in for valuable lessons on resilience, discipline, and execution in multifamily real estate. Key Moments:01:10 Matt Frazier's background and career03:21 Founding Jones Street Investment Partners06:05 Investment philosophy and market focus12:51 Capital stack and funding strategies15:49 Resident profiles and thematic investments19:18 Current market drivers and opportunities23:03 Challenges in multifamily housing development28:18 Insurance volatility and strategic adjustments32:52 Impact of policy and geopolitical changes39:39 Technology in real estate development and management Resources Mentioned:Matt Frazier - https://www.linkedin.com/in/matt-frazier-a1b5963/Jones Street Investment Partners - https://www.jonesstreet.com/How Northeast and Mid-Atlantic real estate developers can help drives multifamily housing growth | Forbes - https://www.forbes.com/councils/forbesbusinesscouncil/2025/04/21/how-nema-real-estate-developers-can-help-drive-multifamily-housing-growth/Email us - altusresearch@altusgroup.comThanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CRE #CommercialRealEstate #Property

Brandon Isner, the Head of Retail Research at Newmark, shares his expertise on the retail real estate renaissance. He dives into how Gen Z is reviving in-person shopping and the transformative power of AI in enhancing retail experiences. The conversation highlights the evolution of malls into lifestyle hubs and the importance of tech-driven omni-channel strategies. With insights on the blend of e-commerce and physical stores, Isner reveals what market participants should keep an eye on as the retail sector enters a promising new era.

Spencer Burton, CEO and co-founder of CRE Agents, joins us to explore how AI is transforming the way CRE professionals work. From eliminating repetitive tasks to enabling smarter, faster decision-making, Spencer shares how digital coworkers are already creating a multiplier effect for their human counterparts across the industry.In conversation with our host, Omar Eltorai, they discuss strategies for adopting AI without overhauling your entire operation, and why building reflexive AI usage habits now will give both professionals and firms an edge in the years ahead.Tune in if you’re looking to work smarter, move faster, and stay competitive.Key Takeaways:00:46 Spencer Burton's background02:12 Automation and efficiency in commercial real estate04:38 Founding of CRE Agents06:49 Building a digital coworker09:32 The role of AI in commercial real estate17:56 The technical bench strength behind CRE Agents19:41 Challenges and future of CRE technology23:12 The AI multiplier effect32:07 Zero friction adoption for AI in CRE34:42 Advice for industry professionalsResources Mentioned:Spencer Burtonhttps://www.linkedin.com/in/spencerburton/CRE Agents | LinkedInhttps://www.linkedin.com/company/creagents/CRE Agents | Website https://www.creagents.com/Email us -altusresearch@altusgroup.comThanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CRE #CommercialRealEstate #Property

From interest rate volatility and sector-specific repricing to evolving strategies across construction lending and senior housing, Justin Pinckney, Head of Private Debt at AEW, offers a tactical lens on balancing risk and opportunity in today’s CRE debt market. Together with our host, Omar Eltorai, they also explore the case for standardized valuation benchmarks, results and findings from Altus Group's Q1 2025 Debt Capital Markets Survey, and how AEW is positioning itself for the next phase of the cycle.Tune in for Justin’s engaging and data-driven perspectives on lending and underwriting strategies in 2025’s US CRE environment. Key Moments:01:52 Justin Pinckney's career journey04:41 Role at AEW and credit platform06:37 Market trends and strategies13:40 Senior housing opportunities17:13 CRE debt market analysis25:54 Private credit and portfolio construction31:00 Bank and non-bank lenders33:59 Future of CRE lending Resources Mentioned:AEW – https://www.aew.com/Searching for gold: Strategies for navigating debt opportunities in uncertain times - https://www.aew.com/research/searching-for-gold Altus Group’s Debt Capital Markets Survey - For more information about the survey findings or to participate in future surveys, please reach out to the team at AltusResearch@altusgroup.comEmail us - altusresearch@altusgroup.com Thanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CRE #CommercialRealEstate #Property