About CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax
CRE Exchange is a podcast for commercial real estate professionals who want to stay current on the data, trends, and market forces shaping the industry. Hosted by Omar Eltorai and Cole Perry from Altus Group's US Research team, the show covers macro and capital markets, sector-level trends, policy developments, and original research. Alongside regular market updates, Omar and Cole sit down with leaders from across the industry for in-depth conversations on how they're navigating the current environment.
Whether you buy or build, assist or advise, if you're a stakeholder in the CRE space, this show is for you. New episodes drop every other Thursday.
Construction lending bounces back, spreads widen, borrowers hit pause
Cole and Omar interview Andrew Pabon, Altus Group’s Director of Valuation Advisory, to break down the Q3 2026 US debt capital markets survey results. With Treasury yields spiking above 5% and the Fed signaling “even higher for even longer,” they explore what’s changed in CRE lending and borrowing. Construction financing has roared back with quotes jumping from 3% to 13% of activity, but borrowers hit pause at the end of the quarter as uncertainty peaked. Spreads widened across the board, floating-rate products returned as lenders and borrowers seek clarity, and fixed-rate loans took the biggest hit from yield movements. They also discuss seniors housing as the hot sector, how negative leverage is affecting valuations, and the gap between legacy loan coupons and today’s elevated rates.
Resources:
Andrew Pabon (https://www.linkedin.com/in/andrew-pabon-15a6976/)
Cole Perry (https://www.linkedin.com/in/coleperry1/)
Omar Eltorai (https://www.linkedin.com/in/omareltorai/)
Altus Group Q3 2026 US Debt Capital Markets Survey
SOFR (https://fred.stlouisfed.org/series/SOFR)
5-year Treasury benchmark (https://fred.stlouisfed.org/series/dgs5)
10-year Treasury benchmark (https://fred.stlouisfed.org/series/dgs10)
Key moments:
03:14 The new market narrative
04:18 The construction paradox: quotes jump despite rising rates
06:48 Underwriting without a Fed roadmap
09:42 Spread compression stalls across the pricing grid
12:11 Floating-rate products return
14:09 Who’s borrowing and lending for construction now
17:14 Fixed-rate loans hit harder by yield moves than floating
20:16 Stable bank data vs. rising market pricing
22 Oct 2026
Developers diversify as data centers reshape CRE capital and demand
Cole and Omar just got back from the CREDA conference in Denver, and they brought Shawn Moura, Executive Director of the Commercial Real Estate Development Association (CREDA) Research Foundation, into the studio to break down what he’s seeing in the industry. With 16 years of research experience (including a PhD in history and time at Hanover Research), Shawn leads CREDA’s research efforts for the organization’s 21,000+ members across 55 chapters. CREDA represents the full spectrum of commercial real estate development, and through its Research Foundation, delivers forward-looking insights on trends and challenges shaping the industry. In this episode, we talk about why developers are spreading across more property types, how data centers became the force reshaping everything - from capital flows to electricity access to office demand - and what CREDA’s research is showing heading into 2027. Industrial is rebounding, multifamily is softening, and office keeps declining, but data centers are the story everyone needs to understand.
Resources mentioned:
Shawn Moura (https://www.linkedin.com/in/shawnmoura/)
Cole Perry (https://www.linkedin.com/in/coleperry1/)
Omar Eltorai (https://www.linkedin.com/in/omareltorai/)
Commercial Real Estate Development Association (CREDA) Research Foundation (https://www.credaglobal.org/research-foundation)
CREDA Sentiment Index (https://www.credaglobal.org/research-and-publications/sentiment-index)
Industrial Space Demand Forecast, Third Quarter 2026 (https://www.credaglobal.org/research-and-publications/research-reports/reports/industrial-space-demand-forecast-third-quarter-2026)
Managing Sustainability Risk in Data Center Development
Developing, Owning and Operating Shallow Bay Industrial Buildings (https://www.credaglobal.org/research-and-publications/research-reports/reports/developing-owning-and-operating-shallow-bay-industrial-buildings)
Key moments:
01:18 Introducing Shawn Moura
06:01 Why CREDA rebranded from NAIOP
09:17 What value CREDA research provides to members
14:29 Industrial demand forecast
19:35 How data centers are reshaping the entire industry
22:17 CREDA’s priorities heading into 2027 and beyond
8 Oct 2026
Rates spike, spreads diverge, and power infrastructure reshapes industrial
Cole Perry and Omar Eltorai work through the latest economic data that's reshaping commercial real estate: labor weakening in office sectors, construction capital concentrating almost entirely in data centers, and the 10-year treasury closing at 5.29% - the highest since 2002. Credit spreads tell an interesting story, diverging sharply between investment-grade and high-yield. The back half dives into Cole's research on power infrastructure and industrial pricing: whether proximity to power generation actually moves property values, how that premium has shifted since 2022, and what it signals about where industrial demand is headed.
Key moments:
02:00 Labor data
05:30 Consumer confidence falling, personal savings at record lows
11:50 Treasury yields spike to 5.29%
13:40 K-shape in credit spreads
18:50 CRE sorting market
20:30 Fundamentals remain strong
28:00 Power infrastructure research
Resources:
Cole Perry - https://www.linkedin.com/in/coleperry1/
Omar Eltorai - https://www.linkedin.com/in/omareltorai/
S&P Cotality Case-Shiller Home Price Index - https://www.spglobal.com/spdji/en/index-announcements/article/sp-cotality-case-shiller-index-reports-annual-gain-in-july-2026/
Consumer Confidence - https://www.conference-board.org/topics/consumer-confidence/
Job Openings and Labor Turnover Survey (JOLTS) - https://www.bls.gov/news.release/jolts.nr0.htm
GDP (Third Estimate) - https://www.bea.gov/data/gdp/gross-domestic-product
Personal Income and Outlays - https://www.bea.gov/news/2026/personal-income-and-outlays-august-2026
September Employment Situation - https://www.bls.gov/news.release/empsit.nr0.htm
ADP National Employment Report - https://adpemploymentreport.com/
Who has been a guest on CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax
Names identified in recent episode analyses. Showing up to five guests.
Andrew Pabon
Tim Bodner
Alex Jaffe
Mike Amthor
Shlomo Chopp
Reach and audience
Public platform figures. Ratings count people who left a rating, not total listeners.
YouTube views
67,676
Score snapshot 15 Sept 2025
Apple Podcasts (US)
5.0 / 5
8 ratings
Spotify
5.0 / 5
38 ratings
Podcast Authority Score: 69 / 100
A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.
Quality
75
Social presence
0
YouTube
85
Engagement
71
Contact CRE Exchange: Commercial Real Estate, Property Valuations, Real Estate Analytics and Property Tax
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