Matt Faircloth interviews Ash Patel, and the two hosts do a 2025 look-back / 2026 look-forward on what they’re seeing across major commercial asset classes—plus where they think real estate operators are headed after the last couple years of “extend and pretend”.

They start with why triple-net retail has stayed surprisingly strong (including the “no new supply” reality) and why office still feels “toxic” for many banks—creating an “office tsunami” of opportunities and pain as debt resets and distressed deals trade at steep discounts.

From there, they dig into multifamily as a tale of two outcomes (legacy fixed-rate wins vs. floating-rate fights), the competitive “insiders only” nature of mobile home parks as private equity pours in, and why self-storage may be overbuilt—while still leaving room for niche plays like wine/boat/RV storage and service-heavy concepts.

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Podcast production done by⁠ ⁠Outlier Audio⁠

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