The most played episodes among Podcast App listeners.

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   Number 1: Commercial Real Estate Cycle 2026: Still Early Innings | Ryan Severino, BG

   Six years into the expansion, the commercial real estate cycle still looks early. Michael Bull, CCIM covers 2026 rates, supply, and office with BGO Chief Economist Ryan Severino, CFA. Ryan Severino, CFA, Chief Economist and Head of Research for the U.S. at BGO, explains why a cycle that is six years old still behaves like an early to mid cycle expansion. Debt sits at moderate levels, the labor market has room to run, and leverage has stayed disciplined. He sees runway left in the economy and in commercial real estate. The conversation covers where inflation and interest rates go from here, why the 10-year Treasury has trouble moving far off 4% on fundamentals alone, and how trade policy and the conflict in Iran are adding roughly 30 to 60 basis points to the long end of the curve. Severino also makes the case that today's rates only feel high because most people working in this industry have spent their entire careers in a market where the 10-year stayed below 5% for a quarter century. On the property side: the construction pipeline is the most benign on record relative to existing inventory, which means owners no longer need an outsized jump in demand to compress vacancy and restart rent growth. Severino explains why he is more constructive on office than most of the industry, drawing a direct comparison to how wrong the popular narrative on retail was for 15 years. Michael Bull adds a live example, a 17-story tower coming to market at $64 per square foot, below the cost of building out the space. The episode closes on what Severino calls a recovery out of order. In a normal cycle, capital markets recover first and space market fundamentals lag. This time fundamentals are recovering while elevated long-term rates hold the capital markets back. His view on the next 12 to 24 months: higher transaction volume, more attractive pricing, and a real estate return profile that compares well against a richly valued stock market. In this episode: 00:00 Where Are We in the CRE Cycle? What Inning Are We In? 01:08 Six Years In and Still Early Cycle: The Rain Delay Economy 03:17 Pandemic, Inflation, Trade War, Real War: A Fits and Starts Cycle 04:39 Inflation Resurgent: A Speed Bump, Not a Roadblock 06:37 The 10-Year Treasury: Why It Cannot Move Far Off 4% 07:58 A Quarter Century Below 5%: Today's Rates Are About Average 09:26 Michael's 17% Loan and Making Money at Higher Rates 10:28 Oil Prices and Iran: Why the U.S. Economy Shrugs Now 12:46 AI and Data Centers: Galactic Capital and Political Backlash 15:02 Record Low Construction: Why Supply No Longer Drives the Cycle 17:57 Office: The Contrarian Case and the Retail Playbook 20:07 A 17-Story Tower at $64 per Foot 20:42 Recovery Out of Order: Fundamentals First, Capital Markets Lagging 24:47 Relative Value: Real Estate Against a Richly Priced Stock Market 25:57 Final Takeaway: You Do Not Pay Today's Rate Forever Connect with Ryan Severino: https://www.linkedin.com/in/ryan-severino-cfa-4409022/ BGO Website: https://www.bgo.com Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America's Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Regional commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies. Learn more: https://www.bullrealty.com Commercial Agent Success Strategies: Twenty-one cloud accessed commercial broker training videos with slide deck action notes. Learn more at https://www.commercialagentsuccess.com/ #CommercialRealEstate #CRE #RealEstateInvesting #CommercialRealEstateForecast #InterestRates #OfficeMarket #DataCenters #CapRates #RealEstateCycle #CREInvesting #Treasury #MichaelBull

   August 20, 2026·28min
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   Number 2: CRE Mid-Year Outlook: The New 10+ Year Cycle, Flat Yield Curves & NOI Strategies

   As commercial real estate navigates the mid-year of 2026, the primary point of uncertainty has officially shifted from the capital markets to the realities of underlying tenant demand. In this episode, host Michael Bull is joined by Xander Snyder, CRE Economist with First American, to break down their newly published mid-year market forecast. While a flat yield curve and geopolitical tensions in Iran keep interest rate cuts firmly off the table for the remainder of the year, Xander delivers a highly optimistic, contrarian outlook for early-cycle investors. As the industry enters the early innings of a fresh 10-to-20-year expansionary cycle, the playbook has changed: structural valuation adjustments have re-opened sales volumes, and the path to outsized returns now rests entirely on asset-level expense management and protecting the downside. Key Topics Covered in This Episode: The Mid-Year Macro Overview: Xander explains why consumer debt, falling real wages, and targeted corporate AI spend mean demand metrics—rather than Fed interest rate adjustments—will define the second half of 2026. The Illusion of the Labor Market: Squaring a 4.3% headline unemployment rate with a challenging job search environment, and how low employee turnover is impacting commercial space requirements. Yield Curve Realities & The 10-Year Treasury: Navigating a flat, non-inverted yield curve and why historical data implies a 10-year Treasury path heading toward 5% to 6%, even without future Fed rate hikes. Office Bifurcation & Traded Volume: How severe price corrections and near-zero new supply have allowed suburban office underwriting to work, driving a 40% to 50% spike in Q1 sales and refinancing activity. The Defensive Floor Under Retail: Why a 15-year supply freeze paired with resilient consumer spending keeps brick-and-mortar retail exceptionally strong, despite isolated Class B and C mall closures. Multifamily Capital Structure Distresses: Managing the wave of 2021-2022 floating-rate maturities, prohibitively expensive interest rate caps, and why lender takebacks are a story of capital right-sizing rather than structural demand destruction. Industrial Stabilization by Asset Size: Why large-scale logistics spaces face short-term trade policy vacancies while localized industrial footprints under 50,000 square feet maintain tight 3% to 4% vacancy rates. The Rare Property Insurance Expense Win: A deep dive into the temporary 10% to 15% drop in property insurance premiums driven by excess 2025 reinsurance capital, and how operators must capture these line-item savings to boost NOI while rents grow modestly. Whether you are an institutional lender evaluating foreclosure strategies, a private syndicator structuring new performs, or a corporate user tracking localized Southeast growth metrics, this episode offers an elite framework for investing at the baseline of the next real estate cycle. Connect with Xander: https://www.firstam.com/economics/xander-snyder/ https://www.linkedin.com/in/xander-snyder-econ/ Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America’s Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Regional commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies.Learn more: https://www.bullrealty.com Commercial Agent Success Strategies: Twenty-one cloud accessed commercial broker training videos with slide deck action notes. Learn more at https://www.commercialagentsuccess.com/

   July 28, 2026·28min
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   Number 3: Data Center Real Estate: Cap Rates, Costs, and Demand | Ermengarde Jabir, Moody's

   Data center demand is booming, but the buildings are going obsolete faster than they can fill up. Michael Bull, CCIM digs into the numbers with Ermengarde Jabir, PhD, Director of Economic Research at Moody's Analytics. The US data center market is now 31 to 32 gigawatts of power, and power, not square footage, is the right way to size it. Ermengarde explains why a 50,000 square foot data center built 10 or 15 years ago might now need only 25,000 square feet to house the newer racks and servers, leaving half the building empty. She walks through the sector's cap rates, a competitive 4% to mid-5% range, the shrinking risk premium as the 10-year Treasury pushes past 4.6%, and who is actually building these now, from traditional developers to the big tech owner-operators alongside long-time REITs Digital Realty and Equinix. The conversation covers the data center types from co-location to hyperscale, why the shell is simple like an industrial warehouse but the interior build-out and cooling are where the cost lives, office-to-data-center conversions and the load-bearing floor test that makes or breaks them, the moratoriums and lost-tax-base math driving local approvals, and what the AI build-out really means for jobs. Ermengarde's bottom line on employment: not more or fewer jobs, but different jobs. In this episode: 00:00 Intro: The Data Center Debate 01:23 How Big Is the Market? 31 to 32 Gigawatts of Power 02:18 Why Power Beats Square Footage, and the Obsolescence Problem 03:53 Data Center Types, From Co-Location to Hyperscale 04:47 Who Is Building Now: Developers, REITs, and Big Tech 07:54 Hyperscale Build-Out and the Shift to Liquid Cooling 10:28 Data Center Cap Rates: 4% to Mid-5% and the Risk Premium 12:11 Office-to-Data-Center Conversions and the Load-Bearing Test 14:08 Moratoriums, Zoning, and the Local Tax-Base Math 16:03 The Future: Why Exponential Growth Cannot Last 19:11 Data Centers and Jobs: Construction vs Permanent 22:43 AI and Employment: The 4.1% Headline and What It Hides 25:35 Office-Using Employment: Peak or Another Cycle? 27:03 Final Takeaway: Different Jobs, Not Fewer Connect with Ermengarde Jabir, PhD: https://www.linkedin.com/in/ermengarde-jabir-phd-3114829a/ Moody's Analytics Website: https://www.moodysanalytics.com Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America's Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Regional commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies. Learn more: https://www.bullrealty.com Commercial Agent Success Strategies: Twenty-one cloud accessed commercial broker training videos with slide deck action notes. Learn more at https://www.commercialagentsuccess.com/ #DataCenters #CommercialRealEstate #CRE #DataCenterRealEstate #AI #CapRates #Hyperscale #AdaptiveReuse #RealEstateInvesting #CREForecast #MoodysAnalytics #MichaelBull

   September 16, 2026·29min
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   Number 4: Why Senior Housing Needs Twice the Units Ever Built | Arick Morton, NIC MAP

   Senior housing is posting record absorption while new supply sits at Great Financial Crisis lows. Michael Bull, CCIM talks with Arick Morton, Chief Executive Officer of NIC MAP, about what that gap means for owners, investors, and developers. Arick walks through the numbers behind the demand story: median occupancy back near 93%, more than 30 of the top 100 metros running a 95% median, transaction volume touching all-time highs, and price per unit up meaningfully. Cap rates have compressed into the 6 handles for stabilized Class A and B product in good markets, with 5 handles trading in some cases. The supply side is the harder half. Labor costs climbed 30% to 35% between 2021 and early 2023, and because buildings sat around 80% full, almost none of it was passed through to rents. Occupancy has healed, margins have not fully caught up, and the unlevered yield on cost math still comes up short in many markets. Arick lays out what has to change before a sustained construction cycle starts. Then the opportunity set. The 80 plus population grows roughly 35% by 2030 and 65% to 70% by 2035, which means the industry needs to deliver about twice as many units as it has ever built, every year, for the next 20 years. Arick makes the case that expanding existing communities is the fastest pressure relief valve available, since roughly two thirds of the stock is 20 to 25 years old and much of it sits on land bought before land got expensive. He also covers third party management, regional density in portfolio construction, and where AI actually helps an operator. In this episode: 00:00 Senior Housing Market Outlook 2026 01:46 Meet Arick Morton, CEO of NIC MAP 02:14 Record Absorption and Capital Rotating In 03:45 Why Passive Capital Needs an Operating Partner 04:24 New Supply at Great Financial Crisis Lows 06:33 Labor Costs Up 30% to 35% and the Margin Gap 07:57 Occupancy: 93% Median, 95% in 30 Plus Metros 08:42 Active Adult, IL, Assisted Living, Memory Care, Skilled Nursing 10:45 Cap Rates: 6 Handles, and 5s for the Best Product 12:17 Transaction Volume at All-Time Highs and the NCREIF Index 13:46 Owner or Operator: The Third Party Management Question 15:42 Twice as Many Units, Every Year, for 20 Years 17:56 The Expansion Play: Building on Land You Already Own 20:02 AI, Data, and Regional Density for Operators 22:13 Where to Find NIC MAP Research 23:32 Final Takeaway Connect with Arick Morton: https://www.linkedin.com/in/arickmorton/ NIC MAP Website: https://www.nicmap.com Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America's Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Southeast U.S. commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies. Learn more: https://www.bullrealty.com Commercial Agent Success Strategies: Twenty-one cloud accessed commercial broker training videos with slide deck action notes. Learn more at https://www.commercialagentsuccess.com/ #SeniorHousing #SeniorHousingInvestment #CommercialRealEstate #AssistedLiving #MemoryCare #IndependentLiving #SkilledNursing #CapRates #CREInvesting #RealEstateInvesting #NICMAP #CREShow

   September 09, 2026·25min
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   Number 5: Industrial Real Estate: Demand Rebound | Marc Selvitelli, CREDA

   Industrial real estate demand is rebounding in 2026 after the slowest first half in eight years. Michael Bull, CCIM gets the latest from Marc Selvitelli, President and CEO of the Commercial Real Estate Development Association (CREDA, the organization known for decades as NAIOP). Only 75 million square feet of industrial space delivered in the first half of 2026, the lowest in eight years. Yet 595 million square feet are now under construction, up 5% year over year, with vacancy essentially flat at 6.9%. Marc explains why the sector is normalizing toward historical norms instead of repeating the post-pandemic rocket ship, and why consumer spending and e-commerce still support the trend. One caveat sits under the numbers: the forecast assumes the conflict with Iran winds down in the second half of the year. The conversation also covers the CREDA sentiment survey (slow, steady, and quietly positive as capital returns), the return to office at 3.4 days a week, why power availability is now the single biggest constraint on new development, and the explosion in data centers, from 2% of members three years ago to 12% today. Marc and Michael dig into industrial outdoor storage (under 2% vacancy nationwide), medical office, office-to-residential conversions, senior housing technology, and what AI really does and does not change for brokerage. In this episode: 00:00 Intro: NAIOP Is Now CREDA 00:56 Why NAIOP Rebranded to the CRE Development Association 02:29 Industrial Demand Forecast: Slowest First Half in 8 Years 04:22 The Iran Conflict Assumption in the Forecast 05:10 595M SF Under Construction as Development Turns Up 06:19 Industrial Investment and Capital Coming Back 07:21 CREDA Sentiment Survey: Slow and Steady, Trending Positive 08:09 Multifamily Uncertainty and Office Finding Its Footing 09:44 Return to Office: 3.4 Days a Week, AI Firms at Five 10:34 Construction, Labor, and Power: The Biggest Constraint 12:12 Data Centers: From 2% of Members to 12% 14:39 Industrial Outdoor Storage: Under 2% Vacancy Nationwide 15:42 End-of-Year Opportunities: IOS, Medical Office, Conversions 17:23 A 185,000 SF Tower at 30%: The Office Condo Play 18:45 Senior Housing Demand and the Technology Gap 21:07 AI, Brokerage, and Why Relationships Still Win 25:24 Final Takeaway Connect with Marc Selvitelli, CAE: https://www.linkedin.com/in/marc-selvitelli-cae-7b6a991 CREDA Website: https://www.credaglobal.org Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America's Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Regional commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies. Learn more: https://www.bullrealty.com Commercial Agent Success Strategies: Twenty-one cloud accessed commercial broker training videos with slide deck action notes. Learn more at https://www.commercialagentsuccess.com/ #CommercialRealEstate #CRE #IndustrialRealEstate #NAIOP #CREDA #DataCenters #IndustrialOutdoorStorage #OfficeMarket #CREForecast #RealEstateInvesting #MedicalOffice #MichaelBull

   September 03, 2026·27min
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