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

On this episode, Altus Group's Director of Research, Omar Eltorai, and Senior Market Analyst, Cole Perry, are hosting a special episode of CRE Exchange. They discuss some of the most significant changes and surprises from the latest edition of the CRE Industry Conditions and Sentiments Survey. This quarterly survey is conducted across the US and Canada and provides valuable insights on market sentiment, conditions, metrics and other issues affecting the CRE industry.Key Takeaways:01:01 What is the CRE Industry Conditions and Sentiment Survey.01:56 Expectations for recession.04:07 Shifts in capital deployment.05:17 Cost of capital expectations for CRE.07:17 Capital availability for CRE.08:38 Perception of pricing and competition.09:59 Operating environment expectations.10:59 Transaction intentions.12:56 Top concerns for CRE.13:50 ESG’s place in CRE.16:12 Biggest survey takeaway.19:11 Biggest survey surprise.22:56 Participating in the survey.Resources Mentioned:Commercial Real Estate Industry Conditions and Sentiment Survey:Omar Eltorai - https://www.linkedin.com/in/omareltorai/Cole Perry - https://www.linkedin.com/in/coleperry1/US Q1 2024 results - https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-us-q1-2024/Canada Q1 2024 results - https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-canada-q1-2024/A request for your participation in our quarterly surveyYour participation is instrumental in shaping the narrative of the commercial real estate landscape, please support this survey program by sharing your perspective on our next installment of the CRE Industry Conditions and Sentiment survey.Participate in the surveyThanks 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

In the latest episode of the CRE Exchange podcast, Altus’ Omar Eltorai, Director of Research, and Cole Perry, Senior Market Analyst, cover Jerome Powell’s recent testimony on Capitol Hill and the SEC climate disclosure walkback. They also discuss last week’s macro data releases, including employment, construction data, beige book and the most recent FDIC quarterly banking profile. They wrap the episode up by touching on what’s happening in capital markets, the banking sector and some notable earnings calls from large retailers.Key Takeaways:(01:37) - Powell’s testimony on Capitol Hill(03:31) - SEC climate disclosure walk back(08:30) - February JOLTS and employment situation(11:27) - Fed Beige Book(18:01) - Construction spending(19:56) - FDIC Quarterly Banking Profile(26:59) - Banking and NYCB(29:26) - Retailer Earnings(34:21) - Upcoming data releasesThanks 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

In this episode of CRE Exchange, Cole Perry, Senior Market Analyst of Altus Group, and Omar Eltorai, Director of Research of Altus Group, discuss the overall market’s return to Earth as it moderates its expectations around the pace and magnitude of the Fed rate cuts. The team also discusses PMI, home sales, construction, and REIT earnings that portray a mixed CRE sector whose values and activity continue to be weighed down by the delay in rate cuts. Key takeaways:(00:56) Market expectations for Fed cuts(08:07) Purchasing Manager’s Index(10:31) Existing home sales(11:36) New home sales(12:31) Building permits and new residential construction(14:02) Retail sales(15:04) University of Michigan consumer sentiment index(16:30) Takeaways for the broad market(19:43) REIT performance(22:27) Retailer earnings(27:15) Data releases this week(28:16) Earnings calls this weekResources mentioned:Cole Perry -https://www.linkedin.com/in/coleperry1/Omar Eltorai -https://www.linkedin.com/in/omareltorai/Altus Group -https://www.linkedin.com/company/altus-group/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 welcome Conrad Madsen, Co-Founder and Partner at Dallas-based Paladin Partners, to this week’s podcast. Conrad shares his journey into commercial real estate, specifically what led him to establish a leading industrial real estate brokerage in North Texas. We also dig into Conrad’s perspective on the industrial real estate sector, discussing Texas’ role as a dominant player in America’s manufacturing reshoring, market drivers for growth and resiliency, and the changing ways tenants use industrial space.Key Takeaways:(02:04) What led Conrad to a career in commercial real estate(03:41) Seeing brokers at Addison Circle provided inspiration(05:47) Getting started as a commercial real estate broker(08:24) Why Conrad chose the industrial sector(10:56) Texas’ advantages in the industrial real estate market(14:46) The founding of Paladin Partners focused on industrial real estate(18:10) Starting the Paladin Partners Foundation for charitable work(21:57) Industrial subsectors and DFW’s role as a logistics hub(25:57) How industrial space is evolving(28:23) Conrad’s optimistic forecast for industrial real estate in 2024(31:56) The impact of AI and technology on CRE’s future(34:00) Conrad’s wish for a change in the industry: reversing rate hikesResources Mentioned:Conrad Madsen -https://www.linkedin.com/in/conradmadsen/Paladin Partners | LinkedIn -https://www.linkedin.com/company/paladin-partners-commercial-real-estate-services/Paladin Partners | Website -https://paladin-partners.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

On this episode of the CRE Exchange, Cole Perry, Senior Market Analyst of Altus Group, and Omar Eltorai, Director of Research of Altus Group, take a look at recent central bank actions across the globe as each major market grapples with whether to hike, hold or cut their rates. Narrowing the lens to US regional banks, they review the latest earnings reports, which continue to contend with CRE-related risk in their portfolios. In addition, they analyze how the latest US macro indicators support an evolving narrative toward a soft landing or no landing for the economy.Key Takeaways: (00:56) Global central banks are pursuing diverse monetary policies.(04:38) December’s PCE and income data indicate strong US consumer spending and potential for a soft economic landing.(05:52) Q4 2023 GDP growth exceeded expectations, driven by strong consumer spending.(07:18) LEI indicates potential economic contraction in Q2 and Q3 2024.(08:52) Consumer sentiment significantly improved in January.(09:54) Home sales declined, reflecting high mortgage rates.(11:48) Regional banks report declining earnings and deposits.(14:22) The airline sector reports increased revenue and strong leisure travel demand.(17:38) Cole discusses the resilience and growth of the grocery sector in post-pandemic retail trends.(19:37) The CRE sentiment survey is live, seeking broad industry participation for comprehensive insights.(20:53) Upcoming economic data releases include consumer confidence, FOMC rate decisions and job market insights.Resources Mentioned:Cole Perry -https://www.linkedin.com/in/coleperry1/Omar Eltorai -https://www.linkedin.com/in/omareltorai/Altus Group -https://www.linkedin.com/company/altus-group/CRE Industry Conditions and Sentiment Survey Signup -https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/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

In last week’s CREFC conference, a panelist perfectly captured the initial CRE outlook for 2024 as “not negative.” There's much in those two words but also in what's not being said.On this week’s podcast episode, we recap key themes for the 2023 CRE market, including the importance of monetary policy and the potential potency of technology, also saw capital and credit concerns overshadowing positive factors. Looking ahead to 2024, we discuss the latest macroeconomic indicators covering jobs, inflation, consumer credit, construction spending, rates expectations and more!For a more in-depth recap of 2023's trends, check out the US Monthly Market Update article on the Altus Group website.Key takeaways:(01:06) 2023 market recap.(04:00) Initial themes for 2024.(05:58) December jobs numbers from JOLTS.(09:19) December inflation numbers from the Consumer Price Index and Producer Price Index.(10:22) Consumer credit.(12:59) Construction spending.(15:30) Rate expectations – Fed vs. Market.(16:48) Q4 earnings from the big 4 US banks.(18:34) CREFC conference top takeaways.(23:01) Upcoming data releases and earnings.(24:30) Announcements. Resources mentioned during this episode:Q1 2024 CRE Industry Conditions and Sentiment Survey - https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/Job Openings and Labor Turnover Survey (JOLTS) - https://www.bls.gov/jlt/Consumer Price Index - https://www.bls.gov/cpi/Producer Price Index - https://www.bls.gov/ppi/Consumer credit - https://www.federalreserve.gov/releases/g19/current/Construction spending - https://www.census.gov/construction/c30/pdf/release.pdfCREFC - https://www.crefc.org/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

On this episode of the CRE Exchange podcast, we welcome a special guest, Stephen Buschbom, Research Director of Trepp. Our hosts, Omar Eltorai and Cole Perry, pick Stephen’s brain on a wide spectrum of topics focused on the US commercial real estate debt space. Their discussion covers parallels to past markets, prevalent themes in 2023, predictions on market shifts, performance in 2024, and more.Key Takeaways:(03:39) Stephen’s passion for the CRE asset class(06:54) Background on Trepp(10:27) 2023’s key CRE debt market themes                                                                        (11:57) Drawing parallels between today’s market and past periods(13:11) Breakdown of the CRE debt space(16:16) Thoughts on what will get transaction activity back up(19:33) Capital availability over the next 12 months(20:29) Areas of risk(21:25) Outlook for 2024(23:08) Main priority for lenders in 2024(25:32) CRE debt market performance expectations for 2024(28:19) How Stephen expects to focus his research in 2024(30:53) Biggest expected industry changes in the next 3-5 years(32:06) Expected changes to capital stacks in the next 3-5 years(33:02) Career tips for young CRE professionalsResources Mentioned:Stephen Buschbom -https://www.linkedin.com/in/stephen-buschbom-36738a64/Omar Eltorai -https://www.linkedin.com/in/omareltorai/Cole Perry -https://www.linkedin.com/in/coleperry1/Trepp Website -https://www.trepp.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

In a special episode of the CRE Exchange podcast, Altus Group’s Omar Eltorai, Director of Research, and Cole Perry, Senior Market Analyst, reveal some of the most valuable takeaways we gathered from polling almost 500 CRE professionals from the US and Canada for our Q4 2023 CRE Industry Conditions and Sentiment survey. From insights on current conditions around market competition, interest rates and pricing, to outlooks on economic recession, capital availability and transaction activity, you won’t want to miss this knowledge-packed episode.Key Takeaways:(00:19) What is the CRE Industry Conditions and Sentiment Survey?(02:06) Primary focus for CRE firms.(02:54) Current state of market competition.(04:32) 2023 market pricing.(06:50) 2023 cost of financing and interest rates.(09:23) Recession expectations.(11:33) Interest rates over the next 12 months.(12:11) Cost of financing over the next 12 months.(14:12) Top priorities for 2024.(15:19) Who is planning on transacting and what side of the table do they expect to be on?(16:27) Capital availability over the next 12 months.(18:26) Top issues for 2024.Resources Mentioned:Altus Group -https://www.linkedin.com/company/altus-group/Omar Eltorai -https://www.linkedin.com/in/omareltorai/Cole Perry -https://www.linkedin.com/in/coleperry1/Commercial real estate industry conditions and sentiment survey - US Q4 2023 results -https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-us-q4-2023/Commercial real estate industry conditions and sentiment survey - Canada Q4 2023 results -https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-canada-q4-2023/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

In this episode, hosts Omar Eltorai, Director of Research, and Cole Perry, Senior Market Analyst, both of Altus Group, talk to Adriana de Alcantara, Senior Managing Director of Hines and Fund Manager for Hines US Property Partners, Hines’ flagship core plus open-end fund. They explore a range of topics, offering a dive into Adriana’s career, Hines’ fund strategy and the current trends and outlook for the commercial real estate industry.Key Takeaways:(00:34) The unique journey Adriana made from Brazil to the US which enriched her global real estate perspective.(04:37) The US market’s dynamic nature, from consumer habits to the longevity of properties.(09:15) Embracing diversity in CRE. (11:14) The current market environment analysis and technology’s role in transforming the industry.(17:04) Insights into the operation and strategy of Hines US Property Partners.(20:06) Adriana’s approach to managing next-generation assets and diversified portfolios.(25:09) The process of identifying and measuring top-performing markets.(27:19) The evolving landscape of office spaces and the future of mixed-use developments.(29:54) The increasing importance of sustainability in real estate and its impact on investment value.Resources Mentioned:Hines US Property Partners OverviewThanks 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

In the latest episode of the CRE Exchange podcast, Omar Eltorai, US Director of Research, and Cole Perry, Senior Market Analyst of Altus Group, discuss the latest FOMC minutes and the probability of a final rate hike for the year, findings from the Federal Reserve’s Survey of Consumer Expectations (SCE) on credit access, which indicates a decline in expectations for credit availability, the increase in permits and starts for multi-family housing, mixed news from major retail chains with a glimpse of hope for the holiday season, and much more! Key Takeaways:(00:58) The latest US Leading Economic Index(02:12) FOMC minutes (Nov. 21 release) with odds for an interest rate hike before end of year(04:46) A view into consumer expectations for credit demand and credit approval(10:26) The latest read on building permits, housing starts and home sales(13:21) Earnings reports from Walmart, Target, Macy’s, TJX, Home Depot and Lowes(22:31) Capital markets update(26:43) Q4 2023 CRE Industry Conditions and Sentiment Survey results(34:26) Upcoming data releases Omar and Cole are keeping an eye on over the next two weeks Resources Mentioned:Omar Eltorai -https://www.linkedin.com/in/omareltorai/Cole Perry -https://www.linkedin.com/in/coleperry1/Altus Group -https://www.linkedin.com/company/altus-group/US Leading Economic Index -https://www.conference-board.org/topics/us-leading-indicatorsSCE Credit Access Survey -https://www.newyorkfed.org/microeconomics/sce/credit-access#/FOMC minutes -https://www.newyorkfed.org/microeconomics/sce/credit-access#/US and Canada CRE Industry Conditions and Sentiment survey results (Q4 results to be released December 5, 2023) -https://www.altusgroup.com/insights/cre-industry-conditions-and-sentiment-survey-register/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