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: altusresearch@altusgroup.com

The latest FDIC banking profile shows resilience in CRE lending even as past-due rates improve, but consumer confidence is slipping, with inflation and job concerns weighing heavily on sentiment. At the same time, multifamily continues to absorb demand while single-family sales stall under high mortgage rates. In this episode of CRE Exchange, we connect these dots alongside fresh GDP revisions, construction spending shifts, and private market price trends. Tune in to uncover what these signals mean for CRE financing, sector strategies, and where opportunities may emerge next.

Key Moments:

01:13 FDIC Quarterly Banking Profile insights

05:28 Consumer confidence and sentiment analysis

08:35 Personal income and spending trends

11:30 New home sales and housing market update

13:55 GDP growth and economic indicators

16:34 Construction spending and sector analysis

19:54 Capital markets and investment trends

24:28 Non-listed CRE space and pricing trends

28:03 Upcoming events and announcements

Resources Mentioned:



FDIC Quarterly Banking Profile: https://www.fdic.gov/quarterly-banking-profile/quarterly-banking-profile-q2-2025

SLOOS: https://www.federalreserve.gov/data/sloos.htm

Q2 2025 US CRE Investment and Transaction Quarterly report

• National transaction activity: https://www.altusgroup.com/featured-insights/cre-transactions/
• Pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/
• Property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/

Email us: altusresearch@altusgroup.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

We share insights from Altus Group’s Q2 2025 Investment and Transactions Quarterly report. From multifamily’s continued strength to industrial’s surprising slowdown, we explore the quarterly and annual changes in investment volume, pricing, and deal trends impacting CRE today. Tune in for data-backed takeaways to help you navigate your investment strategy across major markets and sectors.

Key Moments:

00:52 Overview of Q2 2025 Investments and Transactions Report

01:47 Investment Volume Highlights

03:11 Pricing Trends Analysis

04:44 Geographical Performance Insights

06:12 Property Sector Trends

07:51 Key Takeaways and Conclusions

Resources Mentioned:

Q2 2025 US CRE Investment and Transaction Quarterly report

• National transaction activity: https://www.altusgroup.com/featured-insights/cre-transactions/
• Pricing and pacing: https://www.altusgroup.com/featured-insights/cre-transactions/pricing-pacing/
• Property sectors: https://www.altusgroup.com/featured-insights/cre-transactions/property-sectors/

Email us: altusresearch@altusgroup.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

We’re deep into the Q2 2025 earnings season, and with most calls now behind us, it’s time to zoom out. In this episode, we recap key themes from REITs and explore takeaways from other players in CRE, including capital allocators, brokerages, and development firms. It’s a sector-spanning look at the market trends, investment signals, and opportunities influencing the second half of 2025.

Key Moments:

00:49 Q2 2025 earnings releases and general themes

01:31 Capital allocators: Banks vs. non-banks

08:37 Sector-specific insights: Retail, office, industrial, and multifamily

16:28 Niche sectors: Data centers, healthcare, hospitality, and self-storage

25:09 Brokerages and their holistic market views

28:32 Cross-sectional themes: Tariffs, build vs. buy, and consumer health

36:21 Overall sentiment and outlook for commercial real estate

38:06 Conclusion and upcoming reports



Resources Mentioned:

Email us: altusresearch@altusgroup.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

With Q2 earnings season at its midpoint, this episode offers a snapshot of how select REITs across industrial, office, residential, and retail sectors are performing and positioning. Hosts Omar Eltorai and Cole Perry highlight key takeaways from recent calls and early reporting trends. Stay tuned for our wrap-up episode once earnings season concludes, we’ll cover overarching themes across both property types and sector players.

Key Moments:

01:40 Industrial REIT highlights

14:25 Office REIT highlights

27:46 Multifamily REIT highlights

38:06 Retail REIT highlights

47:19 Next week's episode preview

Resources Mentioned:



Email us: altusresearch@altusgroup.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

Proptech is evolving, albeit at different speeds across sectors. KBW’s Ryan Tomasello joins our hosts, Omar Eltorai and Cole Perry, to explore how data access, market consolidation, and the drive toward vertical integration are shaping both residential and commercial real estate technology stacks. From digital mortgage platforms and MLS disruption to CRE’s fragmented data landscape, get an informed view at where real estate technology stands today, and where it’s headed.

Key Moments:

01:30 Overview of KBW and market perception

04:00 Trends in real estate technology

06:50 Mergers, acquisitions, and funding trends

08:45 Macro trends affecting real estate tech

17:29 Commercial real estate technology

25:28 The future of MLS and residential real estate

30:26 The rise and fall of iBuying

Resources Mentioned:

Ryan Tomasello: https://www.linkedin.com/in/ryantomasello/

KBW: https://www.kbw.com/

Email us: altusresearch@altusgroup.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

Despite elevated distress levels and refinancing risks, investor appetite for CMBS and CRE-CLOs remained strong through the first half of 2025. Andrew Foster, Senior Director of Business Development at KBRA, talks to us about what’s happening in the US CRE securitization market, and covers a wide range of topics from CMBS issuance trends to sector performance and the rise of private credit. For lenders and borrowers navigating today’s capital markets, Andrew offers practical insights into what’s changing, why it matters, and how to prepare for the quarters ahead.

Key Moments:

02:02 Understanding KBRA and Andrew's role

03:45 Current market trends and issuance

06:40 Investor appetite and market dynamics

08:41 Private capital and non-bank lending

10:52 Regulatory and policy changes

15:07 Future outlook and optimism in CRE finance

17:42 Data centers and AI in CRE financing

21:11 The importance of CMBS

22:31 Diversity in CRE leadership

23:23 Closing remarks and follow-up

Resources Mentioned:



Andrew Foster: https://www.linkedin.com/in/andrew-foster-cmbs/

KBRA: https://www.kbra.com/

Real Estate Issues: https://cre.org/real-estate-issues/

Email us: altusresearch@altusgroup.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

Ryan Severino, Chief Economist and Head of Research at BGO, discusses how data science is transforming commercial real estate investing. From outperforming rent growth projections in Las Vegas to forecasting macroeconomic shifts with machine learning, Severino takes us through the power and challenges of blending traditional insights with modern analytics. This is a must-listen for CRE professionals navigating today’s increasingly data-driven landscape.

Key Moments:

01:17 Ryan Severino's team and economic modeling

02:08 Data science in real estate forecasting

03:12 Impact of research on investment decisions

06:55 Challenges in aligning research with investments

08:55 Ryan's curiosity and approach to research

12:36 Current macroeconomic environment

17:08 CRE market predictions for 2025

20:52 Augmented base case model for US Economy

26:25 State of CRE markets

36:00 Teaching and mentoring the next generation

Resources Mentioned:



Ryan Severino: https://www.linkedin.com/in/ryan-severino-cfa-4409022/

The Chief Economist newsletter: https://www.linkedin.com/newsletters/the-chief-economist-7100087057724702720/

Email us: altusresearch@altusgroup.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