Our hosts, Omar Eltorai and Cole Perry, unpack an unexpectedly strong Q3 2025, one that defied seasonal norms and signaled potential momentum building across US commercial real estate. They break down what drove transaction growth, why large deals may have returned, and how pricing trends varied across sectors and major metros. Tune into this data-rich recap for valuable context heading into year-end.

Key Moments:

00:50 Overview of Q3 2025 and market environment

01:28 Macroeconomic trends and Federal Reserve actions

04:44 Credit and equity market performance

09:13 US CRE investment and transaction market in Q3

11:54 Detailed analysis of CRE pricing and pacing trends

20:20 Geographic differences in CRE market performance

25:46 Surprising trends and insights from Q3 data

Resources Mentioned:

Q3 2025 US CRE Investment and Transactions Quarterly report - https://www.altusgroup.com/featured-insights/cre-transactions/

Email us: [email protected]

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

Every quarter, we dig into dozens of CRE earnings calls, tuning in, reading the releases, and looking for what really stands out. This time, we’re taking a different approach. Instead of focusing on individual companies, we’re pulling out the biggest themes across lenders, REITs, and brokers, from credit thawing to where capital is flowing next in 2026.

Key Moments:

01:51 Lenders' insights and trends

06:41 Retail REIT earnings highlights

11:51 Office sector analysis

18:18 Industrial sector developments

26:30 Multifamily sector review

31:15 Brokerages and asset managers outlook

41:13 Overarching takeaways

Resources Mentioned:

Email us: [email protected]

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

Legendary New York broker Bob Knakal shares lessons from more than four decades shaping the city’s investment landscape. He discusses the founding of Massey Knakal, the power of specialization, and how zoning and policy continue to define opportunity. Knakal also explains why he’s integrating AI and data analysis into his brokerage, and why, despite political headwinds, he still believes you should never bet against New York.



Key Moments:

01:01 Meet Bob Knakal

03:24 The early days of Massey Knakal

04:50 Lessons learned and keys to success

08:14 The importance of market expertise

11:26 Founding BK Real Estate Advisors

13:14 Specialization and market changes

17:37 AI and technology in real estate

24:15 The unique challenges of the New York market

26:20 Current market cycles and trends

29:57 Impact of political changes on housing

32:42 Proposed solutions for housing issues

38:35 Future of New York real estate

Resources Mentioned:

Bob Knakal - https://www.linkedin.com/in/bobknakal/

BKREA - https://www.bkrea.com/

485-x Program - https://www.nyc.gov/site/hpd/services-and-information/tax-incentives-485-x.page

Major Capital Improvement program - https://www.nyc.gov/site/finance/property/landlords-mci.page

Individual Apartment Improvement program - https://hcr.ny.gov/apartment-iai-and-building-mci-improvements

Email us: [email protected]

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

What if the economy could sing? The CRE Exchange team explores what the Fed’s Beige Book, homebuilder sentiment, and recent banking data reveal about the broader economy, and how those trends ripple through commercial real estate. Our hosts, Omar Eltorai and Cole Perry, then turn to Peter Norman, Altus Group’s VP and Economic Strategist, for a deep dive into Canadian economic and CRE trends.

Key Moments:

• 01:34 Diving into the Fed Beige Book
• 02:21 Labor market and employment trends
• 03:30 Consumer spending and manufacturing Insights
• 07:25 Home Builder Confidence Index
• 10:43 Large Bank Credit Card and Mortgage Report
• 13:57 Manufacturing Business Outlook Survey
• 16:31 Non-Manufacturing Business Outlook Survey
• 20:52 Canadian CRE trends with Peter Norman
• 43:19 Upcoming events

Resources Mentioned:

Peter Norman – https://www.linkedin.com/in/peter-norman-20637043/

2025 Canada State of the Market webinar – https://www.altusgroup.com/webinars/canada-state-of-the-market/

Federal Reserve Beige Book - https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm

NAHB/Wells Fargo Housing Market Index - https://www.nahb.org/news-and-economics/housing-economics/indices/housing-market-index

ISM Manufacturing PMI - https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/pmi/september/

Philadelphia Fed Large Bank Credit Card and Mortgage Data - https://www.philadelphiafed.org/surveys-and-data/large-bank-credit-card-and-mortgage-data

Philadelphia Fed Manufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regionaleconomy/manufacturing/business-outlook-survey

Philadelphia Fed Nonmanufacturing Business Outlook Survey - https://www.philadelphiafed.org/surveys-and-data/regionaleconomy/nonmanufacturing/business-outlook-survey

Email us: [email protected]

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

Even with the federal data slowdown, there are still alternative indicators that give us a view into what’s happening in the US economy and commercial real estate. In this episode, our hosts, Omar Eltorai and Cole Perry, lean on data from private providers and trade organizations to uncover what’s happening across consumers, small businesses, labor, and financial markets and what it all means for CRE. They’re joined by Andrew Pabon from Altus Group’s Valuation Advisory team to share insights on the CRE debt space.

Key Moments:

01:31 Labor market indicators

05:35 Consumer data insights

13:21 Financial market conditions and business data

17:01 Small business economic trends

20:51 CRE credit trends and debt market insights

28:41 Interview with Andrew Pabon on the US CRE debt landscape

41:24 Upcoming economic data releases

Resources Mentioned:

Andrew Pabon - https://www.linkedin.com/in/andrew-pabon-15a6976/

Altus Group CRE Debt Capital Markets Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/

Alternative version of Kansas City Fed’s Labor Market Conditions Indicators (LMCI) - https://www.kansascityfed.org/research/economic-bulletin/an-alternative-version-of-the-kc-fed-lmci-suggests-little-change-in-the-labor-market-in-september/

University of Michigan Consumer Sentiment Index - https://www.sca.isr.umich.edu/

Federal Reserve G.19 Consumer Credit Report - https://www.federalreserve.gov/Releases/g19/current/

New York Fed Survey of Consumer Expectations - https://www.newyorkfed.org/microeconomics/sce#/

Chicago Fed's National Financial Conditions Index - https://www.chicagofed.org/research/data/nfci/current-data

NFIB Small Business Economic Trends report - https://www.nfib-sbet.org/MainPage.html

Email us: [email protected]

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

Retail’s comeback isn’t new news, but its investment potential is still underestimated. In this episode, RockStep Capital’s President, Andy Weiner, joins Omar Eltorai and Cole Perry to shed light on why the most rational capital in CRE is rotating toward shopping centers and “hometown” markets.

From positive leverage dynamics to the structural limits on new supply, Andy explains how disciplined operators are capturing double-digit yields while strengthening the communities they invest in. For investors, developers, and lenders, it’s a revealing look at where the next durable returns may come from.

Key Moments:

01:34 Meet Andy Wiener of Rock Step Capital

03:38 The birth of Rock Step Capital

05:21 Retail strategy and store metrics

07:29 Improving communities through retail

10:39 The Rock Steps: Company culture and values

16:51 Evolution of Rock Step Capital

20:52 Hometown focus and investment strategy

22:21 Community involvement and local partnerships

24:55 Investment strategies and fund structure

27:00 Retail Renaissance and e-commerce integration

30:24 Supply and demand dynamics in retail

41:38 Public-private partnerships and redevelopment

45:37 Exit strategies and market insights

46:44 Chick-fil-A fandom and personal insights

Resources Mentioned:

Andy Weiner - https://www.linkedin.com/in/andy-weiner/

RockStep Capital - https://rockstep.com/

The RockStep way - https://rockstep.com/company/rockstep-way

Email us: [email protected]

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



From a 20.5% surge in new home sales and persistent affordability challenges in the existing market, to rising inflation, consumer sentiment drops, and labor market paradoxes, our hosts Omar Eltorai and Cole Perry explore how these factors are influencing CRE demand and investment strategy.

Also, special guest Dan Kudrik, Senior Director at Altus, adds his perspective on the human edge in real estate, and highlights how valuation, residual values, and transparency are evolving in the US market.

Key moments

• 01:19 Latest Housing Market Data
• 06:29 Consumer spending and inflation insights
• 15:07 GDP and corporate profits analysis
• 18:47 Labor market trends
• 21:59 Special Guest: Dan Kudrik on human capital, valuations, and residual values

Resources mentioned

• New Home Sales: https://www.census.gov/construction/nrs/index.html
• Existing home sales: https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales
• PCE: https://www.bea.gov/data/personal-consumption-expenditures-price-index
• GDP: https://www.bea.gov/data/gdp/gross-domestic-product
• University of Michigan’s Consumer Sentiment Index: https://www.sca.isr.umich.edu/
• JOLTS: https://www.bls.gov/jlt/
• Dan Kudrik: https://www.linkedin.com/in/danielkudrik/
• Email us: [email protected]

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

Industrial real estate is transforming, and fast. Aasif Bade, founder and CEO of Ambrose, shares his journey, his firm’s conviction for modern warehouses, and why staying ahead of technology and global supply chain shifts is crucial. From outdated infrastructure to AI-driven innovation, Bade highlights what investors and developers need to know to navigate the industrial sector’s next chapter.

Key Moments:

01:21 Guest introduction: Aasif Bade

01:54 Founding Ambrose: A journey

04:53 People-first philosophy

05:49 Ambrose's core investment strategy

07:55 Pivot to industrial focus

10:39 Fundraising and investor insights

15:35 Current industrial market trends and challenges

29:24 Technological advancements in warehousing

32:25 Future trends and reshoring

Resources Mentioned:



Ambrose: https://ambrosepg.com/

Aasif Bade: https://www.linkedin.com/in/aasif-bade-a3b1851a4/

Email us: [email protected]

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

Inflation is running above the Fed’s 2% target, labor quality remains a top concern for small businesses, and consumer credit growth is sending mixed signals. Together, these forces are framing the near-term outlook for CRE, from leasing demand to borrowing costs. In this episode, Omar and Cole analyze the NFIB small business survey, break down the latest CPI and PPI readings, and examine consumer credit data alongside sentiment trends to provide a clearer picture of the current market signals.

Key Moments:

01:23 NFIB Small Business Optimism Index recap

04:22 Inflation data: PPI and CPI insights

07:35 Consumer Credit and sentiment analysis

13:45 Upcoming Fed decision and market expectations

18:19 Conference highlights and networking

20:49 Upcoming events and data releases

Resources Mentioned:

NFIB Small Business Optimism Index: https://www.nfib.com/news/monthly_report/sbet/

Product Price Index: https://www.bls.gov/pPI/

Consumer Price Index: https://www.bls.gov/cpi/

Consumer credit – G.19 report: https://www.federalreserve.gov/Releases/g19/current/

Email us: [email protected]

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

The Beige Book signals an economy under pressure, with slowing growth, rising costs, and cooling labor markets weighing on CRE. In this episode of CRE Exchange, Cole Perry and Omar Eltorai break down where challenges are mounting and where opportunities remain.

They spotlight resilient sectors like data centers, industrial, and high-quality office, alongside the surprising momentum of unanchored strip centers. The discussion closes with a look at key upcoming economic data and what it could mean for investment strategies.

Key Moments:

01:14 Federal Reserve Beige Book insights

07:40 Labor market data analysis

11:19 Employment Situation Report breakdown

16:20 Deep dive into strip center data

20:30 Upcoming conferences and data releases

Resources Mentioned:



Beige Book: https://www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm

Job Openings and Labor Turnover (JOLTS): https://www.bls.gov/jlt/

ADP National Employment Report: https://mediacenter.adp.com/2025-09-04-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-54,000-Jobs-in-August-Annual-Pay-was-Up-4-4

Employment Situation Report: https://www.bls.gov/news.release/empsit.nr0.htm

Email us: [email protected]

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