CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax

US commercial real estate started 2026 on steady footing, but the story varies considerably depending on what part of the market you look at. In this episode of CRE Exchange, our hosts are joined by Alex Jaffe and Mike Amthor from Altus Group's Valuation Advisory practice to discuss Q1 2026 ODCE index results alongside REIT earnings themes. The team also takes a look at the residential market inversion between Sun Belt and gateway cities, the SoCal industrial softness that isn't clearing yet, and what fund managers are saying about 2026 and 2027 as a potential entry point for long-term capital deployment.Key moments01:27 Meet the guests02:25 ODCE data primer03:17 Q1 returns and CapEx06:38 REIT crosscheck08:43 Sector pecking order11:08 Multifamily market split13:55 Industrial soft spots16:12 SoCal strategy and REIT themes19:14 Office leasing reality22:21 Retail strength and risks28:31 Self storage spotlight31:50 Client questions and outlook35:00 Rates leverage and wrap upResources mentionedAltus’ Q1 valuation and performance trends analysis of the NCREIF ODCE Index: https://www.altusgroup.com/webinars/ncreif-odce-index-quarterly-analysis/#featured Alex Jaffe: https://www.linkedin.com/in/alexander-jaffe-mai/ Mike Amthor: https://www.linkedin.com/in/michael-amthor-40865154/ 

From a 24% quarter-over-quarter rebound in lender quotes to the diverging paths of floating and fixed rate borrowers, the episode offers a data-driven read from Andrew Pabon, Director of Debt Advisory at Altus Group, on where the debt market stands today. Andrew and the CRE Exchange team also dig into the maturity wall, multifamily delinquencies hitting new highs, the lender mix leaning toward debt funds, and what the private credit stress story might mean for private credit in commercial real estate going forward. Key moments01:10 SLOOS signals02:39 Earnings call takeaways06:30 Split market outlook10:12 Benchmark rollercoaster13:47 Spreads and liquidity17:06 Collateral by property type19:57 Maturity wall risks24:22 Changes in lender mix25:21 Macro crosscurrents28:38 Private credit stress31:01 Survey invitation Resources mentionedAndrew Pabonhttps://www.linkedin.com/in/andrew-pabon-15a6976/Commercial real estate debt capital markets surveyhttps://www.altusgroup.com/featured-insights/cre-debt-capital-markets-survey-registration/

We sit down with returning guest Shlomo Chopp, Managing Partner of Case Equity Partners, for a candid discussion about CRE distress; the causes, the workout process, and what it takes to get to resolution. Shlomo draws on more than two decades of restructuring and advisory experience to explain why fatigued capital is pulling back from existing deals, what the maturity wall actually means for borrowers and lenders in 2026 and 2027, and why good intentions can walk a borrower straight into a recourse situation. The conversation also covers Shlomo’s LinkedIn series The Road to Default, the real job of a workout advisor, and what he thinks the industry consistently gets wrong about distress. Key moments01:35 Shlomo’s background and firm04:57 Why capital is pulling back09:34 Extensions and operator reality11:04 Office green shoots13:58 Hope trades and rate bets15:09 Maturity wall and data limits19:57 Liquidity paradox and DPOs25:54 Debt and fundamentals27:11 Distress cycle warning29:00 Bankruptcy and CMBS shift34:33 Building the workout plan37:41 Industry pitfalls and accountability40:03 Road To Default thesis43:58 Fixes and final takeaways Resources mentionedShlomo Chopp –https://www.linkedin.com/in/chopp/Case Equity Partners –https://www.caseinv.comThe Road To Default -https://www.linkedin.com/posts/chopp_the-road-to-default-and-potentially-recourse-activity-7445125862422691840-So7x

Most CRE professionals have heard of the secondaries market, but few understand how it actually works, or how active it's become. In this episode of CRE Exchange, host Cole Perry sits down with Chris Muoio, Managing Director of Data and Research at Madison International Realty, to unpack the mechanics of direct real estate secondaries, why liquidity needs are accelerating across property types, and what Madison's proprietary liquidity index is signaling about where the market stands today. Key moments01:10 Madison and direct secondaries02:19 What is a secondary deal04:03 Secondaries market size06:08 Why secondaries exist06:59 Misconceptions and control rights08:17 Cycle tailwinds and sector rotation10:18 Hot sectors 13:05 Liquidity crunch and fund structures15:59 Madison Liquidity Index explained18:00 Latest reading and what’s next21:27 Deal flow and typical transactions23:13 GP led secondaries and continuation24:57 Valuation gaps and NAV discounts30:34 Future of the secondaries market32:26 Global differences US vs EuropeResources mentionedChris MuoioMadison International Realty

Cole Perry and Omar Eltorai dig into the latest macro data and benchmark today's landscape against some uncomfortable historical parallels. Drawing on three major economist surveys covering more than 100 forecasters, they also map out where there's consensus, where there's divergence, and what it all means for CRE performance and capital markets.Key moments:00:48 Stat of the day: Commercial real estate pricing through the 1970s02:29 70’s déjà vu06:31 Hot PPI inflation08:40 Fed holds rates13:33 Housing sales slide16:21 Wholesale inventories18:56 Economist surveys outlook26:19 Upcoming data and events27:02 Catch us at the ARES conferenceResources mentioned:Producer Price Index – February 2026 - https://www.bls.gov/news.release/archives/ppi_03182026.htmFOMC Rate Decision – March 18, 2026 - https://www.federalreserve.gov/newsevents/pressreleases/monetary20260318a.htmFOMC Summary of Economic Projections – March 18, 2026 - https://www.federalreserve.gov/monetarypolicy/fomcpresconf20260318.htmNew Residential Sales – January 2026 -https://www.census.gov/construction/nrs/current/index.htmlAdvance Economic Indicators (Wholesale Inventories) – January 2026 - https://www.census.gov/wholesale/Survey of Professional Forecasters – Q1 2026 - https://www.philadelphiafed.org/surveys-and-data/real-time-data-research/spf-q1-2026Wall Street Journal Economic Forecasting Survey - https://www.wsj.com/articles/economic-forecasting-survey-archive-11617814998