Date: March 29, 2023

Name of podcast: Altus Insights Podcast Series

Episode title and number: Episode 19 – State of the US commercial real estate market Part II: Industrial and office markets

Episode summary: Ray and Marlon continue their conversation on the state of the US commercial real estate market with Omar Eltorai, US Director of Research at Altus Group. In the second part of this 2-part series, the team focuses on the industrial and office markets.

Panelists in this episode:

· Omar Eltorai is the Director of Research at Altus Group. With more than a decade of experience in the industry in investment management and financing roles, Omar's focus at Altus is on macro, capital and market trends affecting the US CRE market.

· Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

· Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all-encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

Key topics:

· 01:26 - What does demand look like for industrial in the US?

· 07:17 - Is there a risk of industrial becoming too expensive for the market?

· 09:05 - Which industrial markets are expected to see sustained demand?

· 12:18 - Where do you see cap rates moving for industrial in the US?

· 12:47 - What does the US market look like and how is the "return to the office" going?

· 15:56 - With respect to supply and demand, do we still need offices?

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