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 changes

Resources 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 more

05:31 - Housing and construction data insights

10:47 - Policy and market reactions

14:44 - Potential tariffs in 2025

19:32 - Credit and equity market updates

29:16 - Retail sector performance and Black Friday data

37:11 - Looking ahead to 2025

43:59 - Upcoming earnings calls and economic data

45:26 - Announcement and closing remarks

Resources Mentioned:



Q3 2024 US CRE Investment and Transactions Quarterly report

• US 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 2011

https://www.globest.com/2024/11/21/cre-borrowers-split-on-financing-outlook-despite-improving-economic-conditions/ 

Commercial real estate recovery hinted at in report

https://www.mpamag.com/us/specialty/commercial/commercial-real-estate-recovery-hinted-at-in-report/516261

CRE investment falls to decade low, but that could soon change

https://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 - [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

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 overview

05:16 - How this report differentiates itself from other CRE transaction activity reports

06:56 - US CRE transaction volume insights

09:03 - US CRE transaction pacing trends

10:29 - US CRE transaction pricing - nationally and by major property sectors

12:32 - MSA-specific transaction data

16:35 - Market environment and sentiment

22:57 - How to access the report

22:48 - Conclusion and request for feedback

Resources Mentioned:

Q3 2024 US CRE Investment and Transactions Quarterly report

• US 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 - [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

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 releases

Resources Mentioned:



Participate in the Q4 2024 CRE Industry Conditions and Sentiment survey

https://altusdxm.qualtrics.com/jfe/form/SV_bCw519OV8S9r2sK?Q_CHL=CREExchange

Leave us a message!

https://www.speakpipe.com/CREexchange

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

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 remarks

Resources Mentioned:

Participate in the Q4 2024 CRE Industry Conditions and Sentiment survey

https://altusdxm.qualtrics.com/jfe/form/SV_bCw519OV8S9r2sK?Q_CHL=CREExchange

US multifamily sector rallies for quick rebound as sentiment slips for other CRE sectors

https://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 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/CREexchange

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 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/CREexchange

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

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

In this week’s episode of CRE Exchange, our hosts, Omar Eltorai and Cole Perry, discuss the latest macroeconomic releases, such as the Producer Price Index, Consumer Price Index and business formations. They also break down earnings reports from Walmart and Home Depot, offering insights into consumer behavior and market sentiment. Additionally, they share a sneak peek into the results of our Q3 CRE Industry Conditions and Sentiment Survey and what to watch in the coming weeks between upcoming earnings calls and economic data releases.

Key Takeaways:

(00:56) Macro Releases: PPI and CPI insights

(04:29) Business Formations and Advance Retail Sales

(08:23) New Residential Construction Data

(10:00) Consumer Sentiment and GDP Forecast

(12:53) Retailer Earnings: Home Depot and Walmart

(21:37) Preview of Q3 CRE Industry Conditions and Sentiment Survey results

(27:25) Five themes playing out in commercial real estate

(29:13) Why things are “choppy” right now in commercial real estate

(37:46) Announcements and what to watch out for in the coming weeks

Resources Mentioned:

Omar Eltorai -

https://www.linkedin.com/in/omareltorai/

Cole Perry -

https://www.linkedin.com/in/coleperry1/

PPI -

https://www.bls.gov/news.release/pdf/ppi.pdf

CPI -

https://www.bls.gov/cpi/

Business Formations -

https://www.census.gov/econ/bfs/current/index.html

Advance Monthly Retail Sales -

https://www.census.gov/economic-indicators/

New Residential Construction -

https://www.census.gov/construction/nrc/index.html

Walmart earnings call -

https://corporate.walmart.com/news/events/fy2025-q2-earnings-release

Home Depot earnings call -

https://event.choruscall.com/mediaframe/webcast.html?webcastid=iqykKpRM

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 of CRE Exchange, Cole Perry, Associate Director of Research, and Omar Eltorai, Director of Research at Altus Group, offer a comprehensive analysis of recent trends and data in the commercial real estate market. They discuss the latest macroeconomic updates and spend the lion’s share of the episode on the latest REIT earnings, providing insights from each of the sectors.

Key Takeaways:

(01:27) Labor data and job openings trends. 

(03:00) Construction spending data insights. 

(04:48) Federal Reserve policy statement.

(06:55) BLS June employment report.

(09:04) Prologis Q2 performance.

(10:33) Rexford Industrial Realty Q2 performance. 

(16:44) Cousins Q2 performance. 

(19:43) Brixmor Property Group Q2 performance.

(21:55) Agree Realty Corp. Q2 performance.

(26:07) Equity Residential Q2 performance.

(29:58) Equity Lifestyle Properties Q2 performance.

(34:24) Public Storage Q2 performance.

(36:55) Extra Space Q2 performance.

(42:33) Summit Hotel Properties Q2 performance.

Resources Mentioned:

Altus Group -

https://www.linkedin.com/company/altus-group/

US Q2 2024 Employment Situation Report -

https://www.bls.gov/news.release/pdf/empsit.pdf

US Construction Spending Data -

https://www.census.gov/construction/c30/c30index.html

Agree Realty Q2 Earnings -

https://investors.agreerealty.com/quarterly-earnings

Brixmor Property Group Q2 Earnings -

https://s1.q4cdn.com/531584854/files/doc_financials/2024/q2/BRX2Q24ER-Tables.pdf

Cousins Properties Q2 Earnings -

https://s201.q4cdn.com/928444072/files/doc_financials/2023/ar/2024-final-proxy.pdf

Rexford Industrial Realty Q2 Earnings -

https://ir.rexfordindustrial.com/news-releases/news-release-details/rexford-industrial-announces-second-quarter-2024-financial

Equity Lifestyle Q2 Earnings -

https://equitylifestyle.gcs-web.com/quarterly-supplemental-packages

Equity Residential Q2 Earnings -

https://s1.q4cdn.com/843629197/files/doc_earnings/2024/q2/earnings-result/eqrpr2Q24.pdf

Extra Space Q2 Earnings -

https://ir.extraspace.com/financial-stock-info/quarterly-earnings

Prologis Q2 Earnings -

https://ir.prologis.com/press-releases/detail/991/prologis-reports-second-quarter-results

Public Storage Q2 Earnings -

https://investors.publicstorage.com/investor-relations/default.aspx

SL Green Realty Corp. Q2 Earnings -

https://slgreen.gcs-web.com/

Summit Hotel Properties Q2 Earnings -

https://investor.shpreit.com/financials/financial-statements-as-reported/default.aspx

Leave us your feedback:

CRE Exchange - SpeakPipe -

https://www.speakpipe.com/CREexchange

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