In this week's episode, I spoke with Lisa Knee, Managing Partner of Real Estate Services at EisnerAmper, one of the largest tax and advisory firms serving institutional owners, funds, developers, and family offices across the country. Lisa works with clients who "touch dirt, own dirt, work with dirt" and her view is clear: the tax landscape has stopped moving, but the real estate market hasn't found its footing. She breaks down what the One Big Beautiful Bill actually settled (199A permanence, 100 percent bonus depreciation, renewed Opportunity Zone rules), and why none of it has thawed capital or clarified pricing. Capital is cautious, lenders prefer extend-and-amend, and investors still don't trust projected rents, expenses, or cap rates enough to lean in. We discuss topics that matter to serious operators, including:

1. Which tax provisions now permanently shape deal economics for partnerships, REIT investors, and developers.
2. How Opportunity Zones 2.0 works and what the 2026 "blackout" means for capital flows.
3. Why B and C assets are under the most pressure even as A and D properties continue to lease.
4. Why adaptive reuse is a specialist's game, not a market-wide solution for office.
5. What lenders are actually doing behind the scenes and how extend-and-amend is shaping distress.

If you're underwriting deals, raising capital, or making hold-sell decisions in 2025 as we head into 2026, this conversation gives you a clear, steady framework for understanding how tax incentives, lender behavior, and pricing uncertainty are interacting right now. *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing. With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection. Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get:

• Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff.
• Real implications of macro trends for investors and sponsors with actionable guidance.
• Insights from real estate professionals who've been through it all before.

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