What does the CRE credit landscape really look like heading into 2026? Cole Perry is joined by Andy Boettcher, Head of Research at Trepp, to pull back the curtain on bank lending behavior, refinancing risk, extensions, and why fears around the “maturity wall” may be overstated. Drawing on decades of experience from the Federal Reserve to today’s lending data, Andy offers a seasoned, data-driven outlook on where CRE credit is stabilizing, and where it’s still sorting itself out.

Key Moments:

01:53 Andy’s Background and career journey

07:06 From the Fed to Trepp

09:53 Macro and CRE market analysis

16:34 Bank lending vs. CMBS market

25:53 2026 forecast and predictions

27:45 Final thoughts and industry wishes

Resources Mentioned:

Andy Boettcher - https://www.linkedin.com/in/aboettcher/

Trepp - https://www.trepp.com/

Federal Reserve H.8 Report – Weekly Assets and Liabilities of Commercial Banks - https://www.federalreserve.gov/releases/h8/current/default.htm

Federal Reserve Z.1 Financial Accounts of the United States - https://www.federalreserve.gov/releases/z1/

Atlanta Fed GDPNow - https://www.atlantafed.org/cqer/research/gdpnow

New York Fed Staff Nowcast - https://www.newyorkfed.org/research/policy/nowcast

What CREFC Miami revealed about CRE debt markets in 2026 - https://www.altusgroup.com/insights/what-crefc-miami-revealed-about-cre-debt-markets-in-2026

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 examine the economic data and policy developments setting the tone for the US commercial real estate market in early 2026. Discussing what recent labor reports, GDP estimates, and financing trends suggest about growth, risk, and capital markets conditions heading into the year. The conversation also turns to housing policy, including new local initiatives and national proposals, and how these policy signals could influence supply, affordability, and investment strategy across CRE sectors.

Key Moments:

00:58 Key statistics and market trends

03:26 Economic data and labor market insights

07:56 GDP and service sector analysis

12:18 Housing market update

15:13 Consumer data and AI impact

19:03 Housing policy and national proposals

27:34 Upcoming events and announcements

Resources Mentioned:

Debt Capital Market Survey - https://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/

Altus Connect Conference - https://events.altusgroup.com/event/altus-connect-2026/summary

Job Openings and Labor Turnover Survey (JOLTS) - https://www.bls.gov/jlt/

ADP National Employment Report - https://adpemploymentreport.com/

BLS Employment Situation / December Jobs Report - https://www.bls.gov/news.release/empsit.htm

Atlanta Fed GDPNow Estimate - https://www.atlantafed.org/cqer/research/gdpnow

S&P Global US Services PMI - https://www.pmi.spglobal.com/

ISM Services PMI - https://www.ismworld.org/supply-management-news-and-reports/reports/ism-reports/

Consumer Credit (G19) - https://www.federalreserve.gov/releases/g19/current/

University of Michigan Consumer Sentiment Index - https://data.sca.isr.umich.edu/

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

The biggest risk in multifamily right now isn’t oversupply, it’s misunderstanding the data. Jay Parsons joins CRE Exchange to discuss where public housing datasets fall short, why headline narratives around supply, rents, and defaults spread so quickly, and how investors should interpret conflicting signals as the market moves into its next phase.

Key moments

01:09 Jay Parsons' background and career

02:26 Evolving perspectives in rental housing

05:17 Supply and demand dynamics in multifamily housing

08:40 Demographic trends and housing preferences

11:36 Cost pressures and operational challenges

15:09 Interest rates and multifamily market impact

20:22 Affordability and nuances in rental housing

23:27 Historical context of housing affordability

25:00 Potential solutions to housing affordability

26:14 The role of GSEs in the housing market

28:51 Public vs. private data in housing

37:00 Misconceptions and myths in housing

40:50 Challenges in data collection and market segments

Resources mentioned

Jay Parsons: https://jayparsons.com/

The Rent Roll: https://podcasts.apple.com/us/podcast/the-rent-roll-with-jay-parsons/id1770512765

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