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

Omar and Cole kick off this week’s episode with some recent macro releases that help set the stage for 2025, then touch on some of what's happened in the capital markets since this year started. Finally, they share a number of initial industry themes for 2025 from the recent CREFC conference in Miami, and others based on personal observations of the commercial real estate market. Key Moments:01:23 Federal Reserve's Beige Book insights06:38 Capital markets and economic indicators07:50 Small Business Optimism Index and housing data11:26 Retail sales and market reactions21:58 Commercial Real Estate Finance Council Conference highlights26:13 Legislative and regulatory priorities31:25 Upcoming episodes and announcements Resources Mentioned:Beige Book - https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htmNFIB Small Business Optimism Index - https://www.nfib.com/news-article/optimism-index-reaches-six-year-high-as-inflation-remains-top-concern/CREFC conference – Miami - https://www.crefc.org/january2025Q4 2024 CRE Industry Conditions and Sentiment Survey - https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-survey/ 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

CRE Exchange hosts, Omar Eltorai and Cole Perry, share the Q4 2024 results from the CRE Industry Conditions and Sentiment Survey. They discuss major shifts in market perceptions of property pricing, top-performing property types, transaction intentions for 2025, expected capital availability, and the various risks and opportunities predicted for the coming year. Additionally, they spotlight their biggest takeaways and surprises from this quarter's results.Key Takeaways:(00:56) Survey overview and objectives(01:47) Key findings: Pricing perceptions(03:43) Property sector performance insights(06:04) Transaction intentions and capital availability(09:41) Survey takeaways and future outlook(13:32) Surprises and priority issues(17:46) Accessing survey resultsResources Mentioned:Q4 US CRE Conditions and Sentiment Survey report - https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-surveyQ4 Canada CRE Conditions and Sentiment Survey report - https://www.altusgroup.com/featured-insights/canada-cre-industry-conditions-and-sentiment-surveyLeave us a message! - https://www.speakpipe.com/CREexchange%C2%A0Email 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

Shlomo Chopp, managing partner of Case Equity Partners, drops in for a discussion about distressed commercial real estate. Shlomo shares his career path and expertise in advisory, restructuring, investing, and asset and property management. Chopp provides an in depth perspective, and important lessons on the complexities of investing in and restructuring distressed CRE assets. He also details the challenges of the current market environment, the importance of strategic planning for borrowers, and the disconnect between lenders ang borrowers.Key Takeaways:(01:36) Shlomo’s career journey(06:59) Founding Case Equity Partners(08:03) Navigating distressed assets(12:15) Due diligence in deal assessment and client selection (21:17) Challenges and solutions for borrowers(27:26) Investing in distressed properties(30:12) Navigating tight liquidity in deals(31:25) Current macro and market environment(33:48) Interconnectivity and distressed sales(34:47) Challenges in commercial real estate(45:49) Restructuring and market realities(48:21) Innovation and technology in real estate(50:47) Staying up-to-date in CRE debt(54:19) Final thoughts and industry changesResources Mentioned:Shlomo Chopp -https://www.linkedin.com/in/chopp/Case Equity Partners | LinkedIn -https://www.linkedin.com/company/case-equity-partners-llc/Case Equity Partners | Website - https://www.caseinv.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

Our hosts, Omar Eltorai and Cole Perry, share a round-up of the latest macroeconomic indicators, upcoming policy changes, and CRE market matters both present and future. During the episode, they review US economic releases covering GDP, inflation, housing, construction, and manufacturing data; discuss upcoming moves by the incoming administration, including potential effects of tariffs planned for the new year; and analyze recent retail earnings calls along with preliminary retail data for Black Friday. They wrap up with some observations and important questions about the market outlook for 2025.Key Takeaways:00:48 - Macro releases: GDP, inflation, and more05:31 - Housing and construction data insights10:47 - Policy and market reactions14:44 - Potential tariffs in 202519:32 - Credit and equity market updates29:16 - Retail sector performance and Black Friday data37:11 - Looking ahead to 202543:59 - Upcoming earnings calls and economic data45:26 - Announcement and closing remarksResources Mentioned:Q3 2024 US CRE Investment and Transactions Quarterly reportUS commercial real estate investment trends and transaction volume: https://www.altusgroup.com/featured-insights/cre-transactions/ US commercial real estate investment sales - pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/ US commercial real estate investment sales - property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/ US commercial real estate investment sales - markets: https://www.altusgroup.com/featured-insights/cre-transactions/markets/ The 5 US cities for retail investing that are most likely to outperform benchmarks - https://www.altusgroup.com/insights/5-us-cities-for-retail-investing-to-outperform-benchmarks/ CRE market hits lowest transaction count since 2011https://www.globest.com/2024/11/21/cre-borrowers-split-on-financing-outlook-despite-improving-economic-conditions/ Commercial real estate recovery hinted at in reporthttps://www.mpamag.com/us/specialty/commercial/commercial-real-estate-recovery-hinted-at-in-report/516261CRE investment falls to decade low, but that could soon changehttps://www.bisnow.com/national/news/capital-markets/report-finds-cre-investment-has-hit-a-decade-low-but-that-could-soon-change-126978 Leave us a message! - https://www.speakpipe.com/CREexchange Email 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

We discuss Altus Group’s newly launched report, the US CRE Investment and Transactions Quarterly. This report introduces uniquely expansive and granular insights into the volume, pricing, and pacing of commercial property investment sales during Q3 2024, both at the national level and within select metropolitan statistical areas (MSAs). Don’t miss this episode where our hosts, Cole Perry and Omar Eltorai, break down some of the most interesting trends from the report across major property sectors and leading markets.Key Takeaways:01:21 - US CRE Investment and Transactions Quarterly report overview05:16 - How this report differentiates itself from other CRE transaction activity reports06:56 - US CRE transaction volume insights09:03 - US CRE transaction pacing trends10:29 - US CRE transaction pricing - nationally and by major property sectors12:32 - MSA-specific transaction data16:35 - Market environment and sentiment22:57 - How to access the report22:48 - Conclusion and request for feedbackResources Mentioned:Q3 2024 US CRE Investment and Transactions Quarterly reportUS commercial real estate investment trends and transaction volume: https://www.altusgroup.com/featured-insights/cre-transactions/ US commercial real estate investment sales - pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/ US commercial real estate investment sales - property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/ US commercial real estate investment sales - markets: https://www.altusgroup.com/featured-insights/cre-transactions/markets/ Leave us a message! - https://www.speakpipe.com/CREexchange Email 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

Cole Perry, Associate Research Director at Altus Group, recaps the first full week of REIT earnings calls. Cole shares key highlights and insights across a selection of industrial, office, retail, manufactured housing, gaming, and data center REITs.Key Takeaways:(01:36) Industrial REITs results(05:39) Office REITs results(10:39) Retail REITs results(15:01) Manufacturing housing REIT results(17:52) Gaming REIT results(19:43) Data center REIT results (24:15) Participate in our Q4 industry conditions and sentiment survey(24:48) Upcoming data releasesResources Mentioned:Participate in the Q4 2024 CRE Industry Conditions and Sentiment surveyhttps://altusdxm.qualtrics.com/jfe/form/SV_bCw519OV8S9r2sK?Q_CHL=CREExchangeLeave us a message!https://www.speakpipe.com/CREexchangeThanks 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

Co-host Cole Perry, shares insights he gained from the recent NAIOP CRE.Converge and Groceryshop conference. Discussion then turns to economic indicators covering NFIB Small Business Optimism Index, labor market, and the potential impact on inflation from the latest CPI and PPI releases. With US elections looming, Omar and Cole also touch on potential implications for CRE.The team then welcomes special guest Sandi Prendergast, from Altus Group’s Tax Research team. Together, they dig into property tax with a deep dive into the complicated world of 'doom loops'. Sandi helps to unravel what doom loops are, how they can affect both CRE property owners and the local community, and how state and municipal governments can avoid them.Key Takeaways:(01:14) Conferences recap: NAIOP CRE Converge(02:55) Conferences recap: GroceryFest insights(04:49) Economic data and market trends(10:17) NFIB Small Business Optimism Index and CRE impact(13:17) CRE Industry Conditions and Sentiment Survey results and political uncertainty(14:55) Property Tax Benchmark Report(18:15) Doom loop theory and property tax(21:03) Understanding property tax policies(21:23) Factors putting cities at risk(22:46) Political influence on property taxes(24:56) Addressing the doom loop(27:25) Property tax reforms and their implications(29:35) Challenges with additional taxes(35:08) Recommendations for property owners and investors(37:19) Multifamily sector insights(40:11) Survey announcements and closing remarksResources Mentioned:Participate in the Q4 2024 CRE Industry Conditions and Sentiment surveyhttps://altusdxm.qualtrics.com/jfe/form/SV_bCw519OV8S9r2sK?Q_CHL=CREExchangeUS multifamily sector rallies for quick rebound as sentiment slips for other CRE sectorshttps://www.altusgroup.com/insights/us-multifamily-sector-rallies-for-quick-rebound-as-sentiment-slips-for-other-cre-sectors/CRE industry conditions and sentiment survey - US Q3 2024 resultshttps://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-survey/CRE industry conditions and sentiment survey - Canada Q3 2024 results https://www.altusgroup.com/featured-insights/canada-cre-industry-conditions-and-sentiment-survey/Leave us a message!https://www.speakpipe.com/CREexchangeThanks 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

We share a digest of the biggest quarter-over-quarter changes and most surprising takeaways from the Q3 CRE Industry Conditions and Sentiment Survey. Our hosts, Omar Eltorai and Cole Perry, touch on key findings across US capital conditions, expectations for debt and equity capital availability, transaction intentions, market pricing and more!Key Takeaways:(01:07) Overview of the CRE Industry Conditions and Sentiment Survey.(02:05) Current and expected capital environment.(07:07) Capital availability expectations.(10:43) Near-term transaction intentions.(11:58) Pricing across property sectors.(13:29) Property type performance.(16:20) Biggest takeaways — swing in anticipated outlook for future capital conditions.(18:17) Priority issues.(22:00) Direction and conviction across key metrics.(24:44) How to access the results of our CRE survey.Resources Mentioned:Omar Eltorai -https://www.linkedin.com/in/omareltorai/Cole Perry -https://www.linkedin.com/in/coleperry1/CRE industry conditions and sentiment survey - US Q3 2024 results - https://www.altusgroup.com/featured-insights/us-cre-industry-conditions-and-sentiment-survey/CRE industry conditions and sentiment survey - Canada Q3 2024 results - https://www.altusgroup.com/featured-insights/canada-cre-industry-conditions-and-sentiment-survey/Leave us a message! - https://www.speakpipe.com/CREexchangeThanks 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

Co-hosts Omar Eltorai and Cole Perry are joined by Mat Dellorso, Managing Director of SEI, and Co-Founder of the Altigo platform (acquired by SEI) and WealthForge. Mat shares his entrepreneurial journey in finance and technology and discusses the challenges, opportunities and explosive growth of alternative investments and the private market. He also explains how innovative tech is providing better access for individual investors and financial advisors to the private market, offering a wider set of options for these parties to diversify and fortify portfolios with commercial real estate investments and other alternative investments.Key Takeaways:(02:41) Mat Dellorso’s background and early career.(04:27) Founding WealthForge.(06:42) The growth and evolution of WealthForge.(11:00) The acquisition of Altigo by SEI and Impact.(21:25) Private market size and potential.(24:19) Current trends in alternative investments.(30:09) Private market challenges for financial advisors.(32:27) Current and future role of alternatives and private market investments.Resources Mentioned:Omar Eltorai - https://www.linkedin.com/in/omareltorai/Cole Perry - https://www.linkedin.com/in/coleperry1/Mat Dellorso -https://www.linkedin.com/in/mathewdellorso/SEI | LinkedIn - https://www.linkedin.com/company/sei/WealthForge | LinkedIn - https://www.linkedin.com/company/wealthforge/SEI Altigo - https://www.altigo.com/WealthForge - https://www.wealthforge.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

Rich Hill, SVP and Head of Real Estate Strategy and Research at Cohen & Steers, joins the show. With more than 23 years of experience in commercial real estate, Rich has cultivated a strong appreciation for approaching the market with a strategic, data-driven mindset, utilizing research and alternative data to identify valuable investments, especially in a shifting landscape. Rich discusses the generational opportunity to acquire private real estate as valuations fall, the stabilizing of transaction volumes and the evolving role of debt markets. He also underlines the importance of diversifying portfolios with public and private investments and shares his perspective on rising distress as a bullish signal for market entry.Key Takeaways:(01:49) Rich Hill’s background and career journey.(05:38) Rich’s current role and responsibilities at Cohen & Steers.(08:48) Takeaways from transitioning from sell-side to buy-side.(12:00) The Cohen & Steers difference.(14:24) View of the current macro landscape.(17:17) Capital markets and lending conditions.(20:05) CRE risk within the US banking space.(23:06) The outlook on private credit.(25:05) The role of CRE in investment portfolios.(27:55) Public versus private investment.(31:05) Themes that Rich is paying attention to.(35:24) Takeaways from second-quarter earnings calls.(38:18) Distress and opportunity.(39:48) The role of research in CRE Investment.(42:09) The future of AI in CRE research.(44:12) Final thoughts and industry wishes.Resources Mentioned:Richard Hill -https://www.linkedin.com/in/richard-hill-2156387/Coheen & Steers | LinkedIn -https://www.linkedin.com/company/cohen-&-steers/Cohen & Steers | Website -https://www.cohenandsteers.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