Commercial Property Executive: Recent Episodes
Commercial Property Executive
Commercial Property Executive's podcast channel explores issues within the commercial real estate industry, including trends, legislation impacting the sector and insights from leading industry figures.
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, I'm tackling carbon credits with my guest Mahesh Ramanujam, CEO of Global Network for Zero and formerly the president & CEO of USGBC.
For Ramanujam, carbon credits are a necessary bridge to achieving net zero in commercial real estate and the world. Not everyone shares that view, so we talk about why carbon credits have a public relations problem and the need for greater transparency and verification.
“Our work is to really make the invisible visible so that the visible becomes actionable so that the actionable things then could be scalable.” Ramanujam said.
Here are some highlights from our conversation:
- Carbon credits defined (2:26)
- Carbon credits under the microscope (5:33)
- SBTi's mixed message on credits (8:20
- Offsetting vs. insetting (16:31)
- Achieving high-quality credits (20:52)
- Growing the supply of carbon credits (24:08)
With property valuations at historic lows, buying office or retail space instead of leasing it might make a lot of sense today. But there are lots of caveats to it.
Shifting from owner to occupier has many implications and requires a different skillset than managing a portfolio of leased real estate. However, a long-term commitment to a specific location—probably a company headquarter or a flagship store—is a good enough reason for a tenant to purchase the space.
Nevertheless, there are risks and concerns. Hear all about them in this FTI Experts’ Hub episode with Jahn Brodwin, senior managing director & co-leader of the Real Estate Solutions practice at FTI Consulting, and Rob Raymond, who serves as managing director in the Real Estate Advisory group within the Real Estate Solutions practice.
As the president of Colliers International’s Real Estate Management Services division, Karen Whitt leads a team of almost 2,000 people. Recently, she noticed that talent availability is loosening up at both the executive and the entry level, but finding qualified, experienced candidates is still a challenge. So retaining current employees is critical, and creative, empathetic leaders that understand the power of investing in training can go a long way.
Whitt serves as the 2024 President of CREW Network. In this CREW Up podcast episode, she talks to Commercial Property Executive Senior Editor Laura Calugar about the current hiring market.
The demand for traditional office environments is shifting, leading to significant impacts on vacancy rates, lease structures and development activity. As companies are looking for ways to right-size their portfolios and office spaces, the market's current outlook is showing some improvement. Office attendance is now closer to pre-pandemic levels, and some companies have found the right formula for increasing leasing rates.
In the first episode of Step Into My Office, CPE’s new quarterly podcast series, Associate Editor Olivia Bunescu delves into the current office market trends across New York with Nick Berger, director of commercial leasing at The Moinian Group. Berger shares some of the company’s leasing strategies as it adapts to changing tenants’ needs and hybrid work models.
Here’s what he discussed about:
- Major trends across NYC’s office landscape (01:04)
- Financial and legal services are leading the office market (02:05)
- “The office market is a bit better than the start of the pandemic, but it’s not quite where we want it to be.” (03:13)
- How have office lease terms changed across the office market? (04:34)
- Accommodating tenants’ expectations as part of leasing strategies (05:50)
- Competition for tenancy is an ongoing challenge in the office sector (07:23)
- Approaching leasing from a customer-centric standpoint (09:17)
- NYC’s scene is set up for improvement, but there’s a long way to go (11:35)
- How proximity to major transportation hubs and quality attracts tenants (12:55)
- The Moinian Group’s formula for portfolio growth and leasing success (14:38)
- Keeping a closer look at the Grand Central area (17:24)
- Embracing conversions as an expansion strategy (19:30)
- The inspiration behind The Moinian’s Mile (20:44)
- What’s next for NYC’s office scene? (22:52)
Commercial real estate is often a family business, and some family-run firms have uncommon origin stories. Take BEB Capital. Headquartered in Port Washington, New York, a suburb on Long Island, the company reflects the entrepreneurial energy of the Brodsky family, led by its patriarch, Bert Brodsky.
Decades of success in the health care and technology industries evolved into a lateral move into commercial real estate investment. In a relatively short period, BEB Capital has emerged as a nimble industrial and office investor on the East Coast, and, most recently, has expanded into real estate finance.
In this episode, you’ll meet BEB Capital’s founding CEO, Lee Brodsky. He offers his take on the next wave of industrial opportunity, what’s driving demand, and the benefits of having investment and finance capacity under a single roof.
And he still calls himself a big fan of office. Probably not too surprising—before he took on his current CEO duties, he had a long run as a top New York City office leasing broker. You’ll hear how that experience informs his approach to leading a diversified investment and finance shop.
Episode highlights:
Birth of an investment business (1:53)
New industrial opportunities, strategies and new niches (3:23)
Scouting the next hotspots (6:28)
Factors that are shaping demand(7:46)
Why he’s still “a big fan of office” (9:46)
Private lender perspectives: thinking like an owner (11:59)
Lessons of a leasing broker (15:06)
“Obsessed with communication” and being proactive (19:19)
Advancing a legacy of philanthropy (22:30)
CEO off the clock: family matters (25:09)
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, my guest is CRE Finance Council Managing Director Saraih Burki, head of regulatory affairs and sustainability for the organization.
Burki and I discuss how CREFC's Sustainability Initiative is helping members make sense of expanding imperatives and opportunities through education, advocacy and transparency.
"As a reputational issue, you want to be seen as as sort of a forward-thinking green type of institution, and honestly a lot of it is very practical," Burki said. "CRE lenders, investors have been focused on sustainability even before ESG."
Here are some highlights from our conversation:
- A personal and corporate journey (1:28)
- CREF's Sustainability Initiative (7:00)
- The challenge of insurance (11:00)
- Regulatory uncertainty (14:45)
- ESG under fire (22:18)
- The U.S. leaps forward (23:30)
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More than a decade ago, CPE profiled Mesa West Capital, then an up-and-coming alternative commercial real estate lender, and its co-founders, Jeff Friedman and Mark Zytko. In the years since, the firm has continued to build its platform as an institutional capital source.
As Mesa West marks its 20th anniversary, this episode of Investment Matters catches up with the firm's current leadership. Ronnie Gul is co-CEO in Los Angeles, where the firm was founded. Raphael Fishbach opened Mesa West's New York City office in 2010 and now serves as co-CEO.
In this episode, you’ll hear their expectations on what’s next for the real estate capital markets and investment in the second half.
Episode highlights:
- Capital market trends to watch now (1:24)
- Will investment start loosening up soon? (6:38)
- Why it’s a good time to be a lender (8:37)
- What debt providers are looking for in investors and project sponsors (11:33)
- Securing capital in a tight market (15:13)
- Inside a recent major project financing (19:00).
- The value of joining forces with an institutional investment manager (23:53)
- Raphael Fishbach’s journey: Building business relationships, forging opportunity (27:09)
- Ronnie Gul’s journey: Entrepreneurial goals take an unexpected turn (29:55)
- CEOs off the clock: Quality time on the links—and with family (34:33)
Investor and occupier sentiment across the globe is still recovering, with no major changes from the first quarter of the year. This is the main trend stemming from the most recent Global Commercial Property Monitor survey released by the Royal Institution of Royal Surveyors in London. A growing number of CRE players sense that the market has reached the bottom of this cycle or is very close to reaching that level.
In this podcast episode of our RICS Monitor quarterly series, Senior Economist Tarrant Parsons told Commercial Property Executive Senior Editor Laura Calugar that the mood that stems from the organization’s latest survey is that the worst is now behind us.
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live. For this episode, I am chatting with Jessica Long, NAREIT's senior vice president of Environmental Stewardship & Sustainability, following the release of the sixth annual REIT Industry Sustainability Report.
The report tracks ESG progress for the 100 largest REITs by market capitalization in five areas: transparency and reporting, leadership & governance, resources & resilience, workforce & culture and community and business connections.
Here are some highlights of the topics we discussed:
- The public path to sustainability (2:39)
- Energized by results (7:35)
- Room for improvement (11:45)
- A maze of frameworks & standards (16:40)
- The business case for DE&I and ESG (19:10)
- Reimaging real estate amid the climate crisis (23:30)
EV charging has become a must-have amenity for apartment dwellers as well as commercial tenants. But the planning and placing of EV chargers is no small task for property managers.
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. My guest for this episode is FirstService Residential's George Barriere, general manager of the Marina Palms Yacht Club & Residences, a 470-unit condominium complex in North Miami Beach, Fla.
When EV usage began increasing at Barriere's luxury property, he installed the ADS-TEC Energy Charge Box, which consists of a battery-booster box and two fast-charging dispensers. Tune into hear how and why he chose this system to meet his residents' current and future charging needs. As Barriere puts it, if residents have the charging capability they require, they will buy more EVs. If they buy more EVs, buildings will need more chargers.
Here a sample of the topics we discussed:
Rising demand for charging (3:13)
Multifamily pain points (4:59)
A million different business models (6:53)
A solution for the future (8:42)
The value proposition (15:48)
Who bears the cost? (20:23)
Wendy Mann came into the workforce in the late '80s, and until the early 2000s, roughly 98 percent of the CEOs she worked for were men. As they began retiring, an increasing number of women took their places. Additionally, more women have now become leaders of the organizations that represent the real estate industry.
Why did that happen? Women are great multitaskers, great problem-solvers and great collaborators and these skills became more required for success as time passed, according to CREW Network’s CEO.
Man spoke to Laura Calugar, senior editor with Commercial Property Executive, in a new podcast episode of our quarterly CREW Up series with CREW Network leaders and, among other things, she had a message for all real estate CEOs. Tune in now!
The commercial real estate retail market has been quite a roller-coaster over the past decades. And Annie Malo, a specialized attorney at Holland & Knight, has witnessed all the disruptions the industry has had to adapt to.
With an extensive retail leasing and development practice, Malo has been representing national retailers and developers for years. Commercial Property Executive Senior Editor Laura Calugar asked her to share what she’s seeing and hearing when it comes to the retail market.
When you’re developing a high-profile, high-stakes project, how do you balance all the complex priorities? That’s the challenge that MCB Real Estate is taking on with Baltimore’s Harborplace, one of the nation’s most prominent current redevelopments of an urban waterfront.
In this episode of "Investment Matters," you’ll meet MCB’s president, Gina Baker Chambers. She takes us inside the company’s mission to create projects that are economically sound, environmentally sustainable and serve the community's needs.
Yet fulfilling this mission calls for a special level of commitment. As Baker Chambers puts it, “You have to have faith, you have to be creative, you have to have a certain amount of tolerance for pain, and really good lawyers.”
Baker Chambers is no stranger to major challenges. Fifteen years ago, she was one of the original team members at Artemis Real Estate Partners, where she played a key role in raising the firm’s first fund during the aftermath of the Great Financial Crisis. The insights she gained still resonate in today’s climate. Take a listen.
The total value of offices that were in danger of defaults, foreclosures or other forms of distress rose to more than $38 billion at the end of the first quarter of the year, according to data from MSCI Real Estate. In this context, no wonder many office landlords are considering handing back the keys of their properties to the lenders. But is that the best approach? What are the implications from a tax standpoint? Are there alternatives to capitulation?
In the second episode of FTI Experts’ Hub, our quarterly podcast series with FTI Consulting specialists, Commercial Property Executive Senior Editor Laura Calugar talks to Managing Director Scott Drago, who advises clients on a broad range of real estate and transactional tax matters.
In today's energy-driven economy, microgrids play an increasingly critical role. These local self-contained electrical systems supplement the power supply from the main grid while providing resiliency and the opportunity to incorporate alternative sources of energy.Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode on microgrids, my guest is Doug Mackenzie, vice president, Energy Resilience, for JLL's Clean Energy and Infrastructure Advisory team. Mackenzie and I discuss how microgrids help drive profitability and enable sustainability objectives for commercial real estate owners and users. Here’s a sample of the topics we covered:
Why CRE needs microgrids? (1:58)
Microgrids and data centers (4:34)
The microgrid value proposition (12:37)
Sharing risks and costs (14:26)
Adaptability and flexibility (17:15)
Microgrids and AI (19:46)
Commercial real estate sentiment across the globe is gradually recovering, according the most recent Global Commercial Property Monitor survey released by the Royal Institution of Royal Surveyors in London. Senior Economist Tarrant Parsons told Commercial Property Executive Senior Editor Laura Calugar that the first quarter of 2024 was the second successive quarter in which RICS’ indexes turned less negative.
"Global economic growth is expected to remain relatively sluggish, but if all goes to plan, it should lay the groundwork for a more meaningful acceleration in 2025," said Parsons toward the end of this podcast episode.Tune in now for the entire conversation!
Construction financing carries a higher risk profile than most other loan categories. But even in today’s uncertain climate, some lenders are not only keeping a hand in this category but embracing it.
One example is Kennedy Wilson. In a blockbuster $4.1 billion deal last year, the L.A.-based investment company bought Pacific Western Bank's construction loan portfolio. That move helped double Kennedy Wilson’s debt origination portfolio to $7 billion.
In this episode, you'll from Tom Whitesell, who heads the debt investment group at Kennedy Wilson. He tells why construction finance is a sweet spot for the company and looks ahead to how the capital markets will respond when the Federal Reserve eventually does lower interest rates.
Whitesell gives a lender’s perspective on which assets are most attractive right now and weighs in on what makes an office building a good candidate for conversion to multifamily. Some of his answers might surprise you.
Episode highlights:
Capital market conditions: When will the Fed move? (1:36)
The ripple effect of rate cuts (3:56)
How quickly will lenders respond? (6:51)
Waiting for problem loan cleanup (8:21)
Giant steps in the CRE debt market (9:44 )
Managing construction lending risk, and how sponsors get funded (13:05)
A young lawyer's drive to be in the room where it happens (19:13)
An office-to-multifamily success story (and why they're hard to find) (25:59)
Financing industrial projects: avoiding the elephants (32:58)
The multiple demand drivers for new industrial product (35:05)
Where to find standouts in CRE’s toughest sector (37:46)
Going off the clock (40:54)
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Today is the 55th Earth Day! How will you be marking the occasion?
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this special Earth Day episode, I interviewed Marta Shantz of the Urban Land Institute. Marta is co-executive director of ULI's Randall Lewis Center for Sustainability in Real Estate and a fount of knowledge about CRE's reckoning with climate change.
The theme of this year's Earth Day is "Plastics vs. the Planet," so Schantz and I discussed how CRE is progressing with the circular economy and other impact-reducing strategies and opportunities. This is a critical time for CRE sustainability. Firms are being more "strategic" than ever about getting to net zero and being greener overall, Schantz said, while having to contend with anti-ESG and now anti-DEI sentiments.
Here's a sample of what you'll hear:
Tactical sustainability (1:17)
Leaders and laggards (2:39)
Landlord & tenant collaboration (4:30)
ESG, DEI and greenhushing (6:22)
Circular strategies and future-proofed buildings (9:25)
The IRA and untapped opportunity (13:21)
Climate regulation is sweeping the nation, and commercial real estate is often the focal point of environmentalists, legislators, and regulators.
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, I am joined by Anca Gagiuc, CPE's climate and energy editor, and you'll also hear insights from Yardi Energy's Randy Moss.
We'll take you inside some of the new groundbreaking local, state and federal rules designed to get building owners counting and reporting their carbon emissions, and making a plans for remediating them.
As mentioned in previous episodes, ESG is not a voluntary practice anymore. It is increasingly mandatory, and, while these compulsory practices make the planet cleaner, they can have a big impact on operations and asset values.
- What these rules have in common (2:00)
- Local Law 97 in action (3:14)
- The role of RECs (7:20)
- Boston's Local Law 97 (10:47)
- California's Climate Accountability Package (13:13)
- The "California Effect" and regulations to come (17:05)
- Will the final SEC Climate Disclosure Rules stick? (21:24)
Professors of Architecture Ellen Dunham-Jones and June Williamson have been tracking changes in suburban areas since the early 1990s. They put their observations in a series of books about retrofitting suburbia, hoping that they will serve both young architects and city planners who are looking for models to replicate in their own suburban areas. Their first book, Retrofitting Suburbia, was published in 2008 and updated in 2011.
The pair’s second book—Case Studies in Retrofitting Suburbia: Urban Design Strategies for Urgent Challenges, released in 2021—serves the starting point of an insightful conversation between the two authors and Commercial Property Executive Senior Editor Laura Calugar. In this special edition of our podcasts (a video version is available on YouTube), they dive into what is stimulating change in how and where people live, and discuss trends shaping suburban America.
Brick and mortar retail is on a roll again, and that’s no surprise to Josh Poag. The pendulum, he points out, always swings back. And he’s in a good position to know.
As the CEO of Poag Development Group—and with more than a quarter century in the business—Poag leads a firm whose predecessor developed the first purpose-built lifestyle center in the U.S.
These days, Poag Development is still out in front. At a time when new retail projects are still relatively rare, the company is planning what’s believed to be the only new lifestyle center underway in the U.S.
In this episode, he weighs on the trends that are shaping the next generation of these properties. You’ll also hear about Josh Poag’s unexpected journey. As a chemical engineering student at Princeton, he had no intention of joining the family business. Yet he discovered that commercial real estate offers opportunities for creativity, for contributing to communities, that have become his passion.
Episode highlights:
Brick and mortar, back in favor (1:46)
Top retailer trends to watch in ‘24 (3:33)
Why institutional investors love retail—again (5:20)
The customer experience and the evolution of marketing (7:44)
Inventing the modern lifestyle center (9:48)
New and legacy projects: What goes around, comes around (12:25)
The joint venture that’s helping launch the company’s next era (16:04)
Mix-and-match redevelopment (22:43)
Building lifestyle centers: discovering the joy of creation (26:56)
Why a broad education builds a solid background for business (32:55)
Poag Development’s CEO goes off the clock (37:17)
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live.
For this episode, I invited Breanna Wheeler, director of Operations for BREEAM USA, back on the program to discuss the certification organization's impressive recent growth.
She also previewed BREEAM's much-anticipated Version 7, which will reflect the latest science in controlling carbon emissions and developments in international regulation.
Wheeler, whose knowledge about and passion for sustainability comes through loud and clear, has led the North American arm of the BREEAM International rating system since it landed on U.S. soil in 2016. BREEAM International was founded in 1990, about a decade ago.
Here's a sample of the topics covered:
- Inside BREEAM's growth (1:38)
- BREEAM's new and improved version (4:07)
- The devil in the details of defining net zero (8:29)
- Resiliency and decarbonization (11:00)
- The question of adaptive reuse (13:21)
- Fear vs. opportunity (17:05)
- Wheeler's "action" plan for the industry (21:24)
Nearly 60 percent of women cited interest rates as their primary concern when it comes to escalating costs for commercial real estate projects and deals. This was one of the main findings of CREW Network’s latest survey that covered global economic sentiment and a range of industry topics, including barriers to career advancement. Almost 1,000 professionals provided their responses in the fourth CRE Women Speak survey series that was distributed in December.
In this podcast interview with Commercial Property Executive Senior Editor Laura Calugar, CREW Network CEO Wendy Mann also revealed that four out of five women in the industry admit they’ve encountered barriers to their career advancement. Press PLAY and listen to the entire conversation!
Office is on a slow recovery path, and it is said that 2024 will be a transitional phase that will ultimately bring the sector closer to a post-pandemic norm. Several structural trends are bifurcating the market, so we asked industry veteran Glenn Brill, who serves as managing director with FTI Consulting, to share his views in the first episode this year of our quarterly podcast series, FTI Experts’ Hub.
Camille Renshaw has closed upward of $30 billion in deals, but she got her start in commercial real estate after an earlier life as a technology entrepreneur. She became an owner when she sold a successful startup and invested some of the proceeds in commercial real estate assets. At first her goal was to become a better owner, but she soon caught the bug for the business itself.
She went on to serve in senior positions at several topbrokerage firms before she co-founded B+E in 2017. She’s made major contributions to net lease investment and 1031 exchanges, and of equal note,she’s an innovator in commercial real estate technology.
In 2020, her accomplishments earned her recognition by her fellow real estate executives as both CPE’s Innovator of the Year and Net Lease Executive of the Year. In this episode of Investment Matters, you’ll hear her thoughts on 1031 exchange trends, what’s ahead for the debt markets, the changing role of technology and much more.
Episode highlights:
1:58 Takeaways from 2023
4:05 Top 1031 Exchange trends
6:32 Generational wealth strategies
8:56 Debt markets and net lease
12:47 Family offices pick their spots
14:41 An overlooked issue in securing debt
16:57 Where the 1031 action is
18:51 Good time for sale-leasebacks?
20:24 Catching the bug for brokerage
24:18 Learning the ropes
26:36 Brokers and technology come together
28:34 Launching a platform
30:38 CRE’s technology report card
34:48 Off the clock: From the Alps to the Appalachian Trail
There's no sign of a meaningful improvement in momentum across commercial real estate markets, but there are a few reasons to be somewhat more optimistic about the outlook for 2024, according to the fourth quarter Global Commercial Real Estate Monitor released by the Royal Institution of Chartered Surveyors in London. Tune in to hear what RICS Senior Economist Tarrant Parsons revealed to Commercial Property Executive Senior Editor Laura Calugar in the first episode this year of our quarterly podcast series!
For CRE investors, an understanding of environmental, social and governance considerations has quickly gone from a nice-to-have to a must-have, according to Uma Moriarity, global ESG lead for CenterSquare Investment Management. And that will only intensify given mounting regulation and the increasing frequency of extreme weather events.
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. In my latest episode, Moriarity and I discuss the drivers that make having an ESG strategy compulsory rather than voluntary, and how her firm tracks and manages these factors in its listed and private real estate investments. Here's a sample of the topics covered:
- Who is CenterSquare? (1:42)
- ESG data and global REIT investment (3:10)
- Influencing impacts on the private side (6:53)
- Is ESG one thing or three separate things? (10:28)
- Rising insurance costs and due diligence (15:52)
- Regulatory pressures on the horizon(19:32)
During Shlomo Chopp’s two decades in commercial real estate, his experience has touched on investment management, finance, securitization, brokerageand technology. These days he’s got a full plate as managing partner of Terra Strategies, a diversified investment management, finance and advisory firm.
But when he does allow himself a breather, there’s a prettygood chance you’ll find him with a book in his hand. On any given day, it could be a memoir by a commercial real estate titan or a 2,500-year-old Chinese treatise on military strategy.
Chopp says that his lifelong love of learning hashelped train his mind and provided the capacity to navigate extremely complex investment and finance deals, but it’s more than that. It provides valuable insights intolife and business that he brings to his work every day.
In this conversation, he offers perspectives on finance,investment and real estate trends that are subtle, plain-spoken and humorous.
In this lively and thought-provoking conversation, Chopp weighs in on the opportunities and challenges ahead in distressed assets, and on the property categories that are most likely to be at risk.
No less compelling are his comments on special servicing, the fine art of negotiation, and setting careergoals. And he has some no-nonsense advice to young professionals who aspire to the top tiers of success in a tough business.
Episode highlights:
Market dislocation and the prospects for 2024 (2:15)
The sector that’s most at risk of distress right now—and howother property categories stack up (3:53)
Inside Terra Strategies’ approach to investment (7:26)
Why special servicing is “one of the one of the mostdifficult negotiations you could ever be in” (11:19)
What CMBS is up against; special servicing practices (17:37)
Drive for success and the value of perpetual learning (21:37)
Shout-out to mentors (25:30)
No. 1 suggestion for young professionals—and some bluntadvice (28:40)
Must-reads for success (32:12)
Off the clock (38:55)
In the sustainable community, there is no bigger annual event than Conference of the Parties or "COP." The two-week U.N Climate Change Conference draws delegates from around the globe to assess progress and commitments. The built environment, of course, is a key topic for discussion and resolutions.
Welcome Back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, I chatted with Liz Beardsley, senior policy council, U.S. Green Building Council, upon her return from COP28 UAE in Dubai. This COP was not as historic as COP21, at which the Paris Agreement was signed, but it resulted in a number of milestones and announcements for world and for real estate.
After you listen to the episode, check out State of Decarbonization: Progress in U.S. Commercial Buildings 2023, a report prepared by USGBC and Arup and released at the conference.
Here’s a sample of the topics covered:
- A dramatic finish (2:56)
- Can fossil fuels be tripled? (7:49)
- U.S. efforts on the global stage (9:15)
- Progress in the built environment (10:28)
- Embodied carbon commitments (14:41)
- A holistic approach to climate change (18:49)
In January, the Biden administration will release its definition for zero emissions buildings. At last, the Federal government will provide much-needed clarity when it comes to green commitments and the growing collection of state and local regulations and standards.
Welcome Back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, I spoke to executives at some of the trade organizations that are weighing in on definition. They talked about the significance of this move and the momentum behind it.
Here's a sample of the topics covered:
- Three core principles (1:43)
- Stitching together disparate regulations (3:30)
- ASHRAE moves first (4:15)
- From research to reality (5:14)
- Zero energy or zero emissions? (6:10)
- The challenge of existing stock (9:09)
Commercial real estate sentiment across the globe has remained largely unchanged, according to the third quarter Global Commercial Property Monitor survey released by the Royal Institution of Chartered Surveyors in London. The general tone of the results in most parts of the world—for both occupiers and investors—remains quite downbeat, which is not surprising considering the scale in monetary tightening we’ve seen from many central banks, according to Senior Economist Tarrant Parsons.
Tune in to find out all about the best- and worst-performing world regions!
Many investors today view the office sector mostly as a problem child in the throes of a difficult generational change. But since Brandon Huffman and his partners started Tourmaline Capital partners two years ago, they have consistently uncovered opportunity. So far they have assembled a 4.5 million-square-foot portfolio and closed transactions valued at upward of $3 billion.
In this episode of “Investment Matters,” Huffman sheds light on his strategy for meeting office sector challenges. He suggests that the positive performance of some aspects of the sector is being overlooked. You’ll hear about how the firm evaluates opportunities and what makes an asset an attractive buy for his shop. Huffman also describes how the company is navigating a difficult capital markets climate and shares insights into the milestones and professional experiences that shape his outlook today.
Episode highlights:
- The importance of being “Tourmaline” (1:30)
- Major office trends to watch—and finding opportunity in dislocation (4:10)
- Why the sector’s structural shift bodes well (6:41)
- Discovering a professional path in CRE (8:47)
- The shop that was “a phenomenal training ground” (11:30)
- An experience that shaped Huffman’s understanding of investors (13:17)
- Snapshots of Tourmaline’s founders (14:44)
- Sizing up assets’ potential (17:51)
- Building on the pandemic’s lessons for office (23:23)
- How Tourmaline taps into the capital markets (25:14)
- A look down the road (28:49)
- Brandon Huffman off the clock (30:35)
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"I strongly believe within five years not only are we going to be back in office five days a week, but we’re going to be business attire. I'm talking suit and tie, Monday through Thursday, and it’s going to be business casual on Fridays," FTI Consulting Senior Managing Director Mark Dunec told Commercial Property Executive Senior Editor Laura Calugar during this special edition of the FTI Experts' Hub series.This prediction is rooted in Dunec's belief that businesses—including CRE ones—are suffering from the lack of face-to-face interactions and relationships. Not being in the office is also impacting the process of forming cohesion among colleagues. The non-stop learning environment in the office has faded and work culture is severely affected. Because of remote work, the office sector is under immense pressure, with office property valuations plummeting in the past few years.
In this episode, Dunec shares his CRE predictions, touching on what to expect for office valuations.
In July, CREW Network surveyed 1,028 commercial real estate professionals to gather data and gain insight into the sentiments and adoption of ESG efforts in the industry. CREW’s survey found that even though three-quarters of industry professionals consider ESG to be important in their companies, there is still much work to be done in executing an ESG strategy and aligning those efforts with advancing women and other underrepresented groups. Wendy Mann, the CEO of CREW Network, talks about the most striking figures.
Industrial real estate will be the hardest property type to decarbonize, experts say, since tenants pay their utility bills directly. Link Logistics is determined to change that.
Welcome back to Sustainability Street, CPE’s podcast on the intersection of commercial real estate and the world we live in. For this episode, I interviewed Sam Stockdale, head of Sustainability for Link Logistics, on the company's carbon reduction goals and its strategy for resolving industrial real estate's split incentive.
Here’s a sample of the topics covered:
- On a mission from Blackstone (1:40)
- Industrial's principal-agent problem (4:55)
- Preparing for increasing energy demands (7:49)
- Next-level building utility data (10:09)
- Course-correcting industrial's operating model (12:07)
- Solving the fleet equation (17:03)
If commercial real estate and the world are going to meet their 2030 decarbonization goals, property owners and tenants will need to work together. So, now that more corporations are setting targets and reporting their emissions, the sustainability community is hoping that green leasing will now scale to where it needs to be.
Welcome back to Sustainability Street, CPE’s podcast on the intersection of commercial real estate and the world we live in. For this episode, Executive Editor Therese Fitzgerald blends together a number of expert interviews to delve into the state of green leasing: the opportunities, the challenges, and some best practices.
Here’s a sample of the topics covered:
Why green leases are critical (2:14)
Hurdles to overcome (4:48)
A new business paradigm (7:34)
Why data is the linchpin (9:58)
ESG and leasing teams as partners (11:25)
Performance-based leasing (12:44)
Patrick Luther has been on our radar for most of the past decade. Back in 2015, he was named a CPE Star to Watch, one of the young professionals representing the rising generation of industry leaders.
The following year, he joined SRS, where he and his longtime business partner, Matthew Mousavi, co-founded the firm’s Net Lease Retail Advisory Group. Since then, Luther has earned recognition as a top commercial real estate investment adviser.
A fast starter, he'd already earned his residential sales license by the time he was 19. His challenging apprenticeship as a leasing agent during the Great Financial Crisis turned out to be invaluable experience for a career in investment sales. Today's tough environment, Luther says, demands not just technical knowledge but outstanding versatility, problem-solving and people skills.
Asked for his advice to new brokerage professionals, he stresses the importance of old-school practices: "You can't just run a brokerage business sitting at a computer or on a phone."
Highlights of this episode include:
- Inspiration for a CRE career in high school (2:49)
- A foot in the door during the GFC (4.03)
- Why leasing is "where the rubber meets the road" (5:23)
- Trends to watch in retail and net lease (6:58)
- Navigating the bid-ask gap (9:10)
- Lending, borrowing and the quest for capital (13:02)
- Making sense of cap rates (17:09)
- How healthy competition, mentorship and learning from peers intersect (19:56)
- Brokers' changing roles in tough times (23:00)
- The timeless value of old-school business practices (27:00)
- Off the clock: "the greatest luxury on Earth" (31:43)
Having helped Microsoft on its sustainability journey, CBRE's Rob Bernard knows how data and sophisticated computing can address big environmental questions.
Welcome back to Sustainability Street, CPE’s podcast on the intersection of commercial real estate and the world we live in. During this episode, Executive Editor Therese Fitzgerald and Bernard discuss his first six months as CBRE's chief sustainability officer and senior vice president of Client Sustainability Solutions. According to Bernard, the CRE ecosystem is at the crossroads of simultaneous industrial revolutions: rapid changes in technology and the advent of AI, and the decarbonization of the built environment.
Here's a sample of the topics covered:
A background in buildings, technology and sustainability (1:38)
How is real estate doing? (3:52)
CBRE's goals and benchmarks (6:28)
AI, data and sustainability (8:40)
Leading the way for clients (14:22)
The embodied carbon challenge (18:47)
Although there are no dramatic changes in commercial property sentiment from the previous quarter, persistent inflation and deteriorating credit conditions are slowing economic activity across the world. In this episode of RICS Monitor, Commercial Property ExecutiveSenior Editor Laura Calugar and RICS Senior Economist Tarrant Parsons talk about the commercial real estate trends reported by investors and occupiers across the world.
Women in commercial real estate expressed a moderate level of concern and held a shared belief that a short or mild recession may be on the horizon, according to a recent survey among CREW Network members. Alyssa Dangler, CREW Network President and Williams Mullen shareholder, told Commercial Property Executive Senior Editor Laura Calugar all about the resources available to CREW members to help them navigate through upcoming uncertainty.
The office sector as we knew it before 2020 is dead—this perception is very common in commercial real estate, although there still are some voices that believe it is just a myth. For Rob Raymond, managing director at FTI Consulting, the myth is more of a reality than we think. In a podcast interview with Commercial Property Executive Senior Editor Laura Calugar, Raymond painted a fairly grim picture for office real estate for the rest of 2023, but he also talked about the silver linings.
In this episode of Investment Matters, Williams Equities Managing Principal Michael Cohen shares not only insights into the nation's largest office market, but also a colorful company history that predates the Great Depression.
Since its co-founding in 1926 by Victor Cohen, our guest's grandfather, the firm has journeyed from up-and-coming brokerage to generational owner. One asset has been in the company portfolio for 70 years and counting. Another property played a featured role in a hit Tom Hanks movie and has been seen by audiences around the world.
Cohen himself has worn many hats during his four decades: broker, asset manager, entrepreneur and owner. He reminisces about starting his career as an office leasing agent, equipped with a desk and a phone during the analog era. It was a challenging and, at times, even humbling education, but as Cohen observes, it was also “a great way to learn the deal side of the business.”
Today, he leads Williams Equities in close collaboration with his fellow managing principals, Andy Roos and Rob Getreau. He is also president of Colliers International's Tri-State region. Previously, Cohen has served as chairman of GVA Worldwide Ltd., a global partnership. And one more distinctive role: A lifelong theater devotee, Cohen is also a Tony Award-winning producer of a hit Broadway musical.
Welcome back to Sustainability Street, CPE’s podcast on the intersection of commercial real estate and the world we live in. For this episode, Executive Editor Therese Fitzgerald interviews Manikka Brown, executive director of Project REAP (Real Estate Associate Program).
This year, Project REAP has been working to diversify the CRE talent pipeline for 25 years. So to mark to the occasion, the organization conducted a quantitative and qualitive analysis of its work to date. Brown discusses the survey results, her own paths to CRE entrepreneurship and to REAP, and directions for the future.
Here’s a sample of the topics covered:
- Project REAP's mission (1:03)
- The pandemic and new opportunities (2:12)
- REAP's survey results (4:10)
- Maintaining the momentum for DEI (10:53)
- Brown's road to REAP (14:10)
- Invisible biases in CRE (17:48)
- Brown's call to action (20:05)
Investing for social and environmental change is not a new concept, but there has been a recent boost in demand for investments centered on equity and inclusion, the affordable housing shortage, and the climate crisis. Allocations to impact investments surpassed $1 trillion in assets under management in 2021, according to a study by the Global Impact Investing Network and Nuveen. However, their report notes, this milestone is just the beginning if the UN Sustainability Goals are to be met by 2030.
Welcome back to Sustainability Street, CPE’s podcast on the intersection of commercial real estate and the world we live in, For this episode on impact investing, Executive Editor Therese Fitzgerald interviewed Jeff Brenner, CEO and president of Impact Community Capital, which has produced more than $2 billion of institutional-quality impact investments in affordable housing, childcare and healthcare over the past 25 years. They discuss the history of socially responsible investing, the drivers behind the surge in impact funds, and the increasing returns of housing investments.
Here's a sample of the topics covered:
- Brenner's background (1:32)
- Socially responsible investing's roots (3:37)
- Affordable housing and impact investing (6:42)
- ESG meets impact investing (7:37)
- Impact investing in action (9:58)
- Busting myths about impact investing (16:43)
Worldwide, commercial real estate activity is still struggling for momentum, but the first signs of a turnaround can be seen in select areas. According to the first quarter Global Commercial Property Monitor released by The Royal Institution of Chartered Surveyors in London, only 54 percent of the survey respondents globally view their real estate market as being in a downturn, compared to 62 percent in the previous quarter. Tarrant Parsons, senior economist with RICS, told Commercial Property Executive Senior Editor Laura Calugar that the latest set of results show that both investors and occupiers across the world are still relatively cautious. Tune in to hear all about the mixed picture and contrasting views of the real estate market around the world!
Welcome back to Sustainability Street, CPE's podcast on the intersection of commercial real estate and the world we live in, and Happy Earth Day!
To mark the occasion, Executive Editor Therese Fitzgerald interviewed Marta Schantz, co-executive director of the ULI’s Randall Lewis Center for Sustainability, regarding CRE's progress on environmental sustainability and the long road ahead.
The theme of this year's Earth Day is "Investing in the Planet." According to Schantz, the business case for sustainability is so strong that "investing in your planet is investing in your business."
Here is a sample of topics covered:
Committing to net zero (1:43)
Blackstone joins the struggle (5;49)
The existing building challenge (7:15)
Sustainability in a tight economy (13:20)
Backlash against ESG (18:50)
For more on the state of real estate sustainability, read ULI's Global Sustainability Outlook 2023.
Andrew Joblon, founder & managing partner of Turnbridge Equities, makes it a goal to look ahead of the competition. Among his company's signature development projects is New York City's largest current logistics developments, which features a multilevel design that is still uncommon in the sector.
In this episode, he also comments on a key market whose potential he compares to that demonstrated by Austin a decade ago. Joblon offers insights into the competitive value of building during a slowdown with the next cycle's demand in view.
Since starting Turnbridge in 2014, Joblon has pursued a strategy that is eclectic by asset category and varied by location. Geographically, the company's investments focus on carefully selected markets that range from coast to coast. In this conversation, Joblon discusses the value of combining an opportunistic outlook with cautious execution.
Joblon suggests that his perspective was influenced by an early job in structured finance. That experience, he says, "(helps) you understand everything from a risk perspective." However, this month's guest is himself no stranger to taking calculated risks; he calls leaving a secure position to start his own company both "an incredibly scary moment" and "probably the best decision I ever made."
Episode highlights:
1:16 Turning point: launching Turnbridge
3:59: Finding opportunity while proceeding with caution
6:16: Taking the long view in supply-constrained markets
8:10: Perspectives on the office sector
10:55 Why industrial is really two asset classes
14:12 Lasting lessons from an early job
16:20 Giving credit to mentors
17:42 Inside a massive NYC logistics project with an unusual twist
23:01 An East Coast market with Austin-caliber potential
27:02 Off the clock: playing the world’s fastest-growing sport
As a diversity ambassador leader for her local office in Roseland, N.J., FTI Consulting Managing Director Asha Shettigar is involved in several initiatives that are geared toward helping women and other under-represented groups progress in their careers. FTI's various programs and resources aim to create an inclusive environment for all employees, empowering them to reach their highest potential through career training, professional development courses, mentorship opportunities and networking. In this episode, Shettigar expands on how all these initiatives help build a strong, diverse team that will ultimately push for growth.
Fiona Cousins, chair of the Americas for global engineering firm Arup, was part of the 16-member advisory board tasked with helping turn New York City's behemoth Local Law 97 into a set of decarbonization procedures and performance standards that buildings owners could comply with. The board, along with a number of working groups, met for hundreds of hours over three years.
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. In this episode, host CPE Executive Editor Therese Fitzgerald and Cousins discuss Local Law 97, the role of regulation vs. incentives in meeting carbon reduction goals, and the critical role that engineers have to play in public policy. "All these problems are at the root engineering problems," Cousins observed.
Here’s a sample of the topics covered:
- Room for interpretation in Local Law 97 (1:38)
- Overcoming compliance challenges (3:28)
- Carrots or sticks or both? (8:57)
- The regulatory landscape in the U.S. and globally (12:37)
- Why the engineer's voice is so important (19:10)
Investors, advisers and lenders are looking for answers to crucial questions about the real estate capital markets. Interest rate hikes, together with conflicting economic signals, are stalling activity in the market. In this episode of Investment Matters, Crescit Capital Strategies Founder & Managing Partner Joe Iacono offers perspective on what’s ahead at this challenging time.
Iacono brings the perspective of a real estate career that started when he was a teenager. He bought his first property when he was still in high school, and went on earn degrees from Rollins College and Columbia University, where he earned his master’s in real estate.
Over the course of his 30-year career, Iacono has held hold senior positions at a series of blue-chip companies, with special expertise in securitization. As a managing director at JP Morgan Chase, he directed the nationwide CMBS origination and securitization team. He developed the CMBS conduit lending platform at PaineWebber, helped to create one of the industry’s first securitization programs at Daiwa Securities America and was a co-founder of the commercial real estate business at Credit Suisse First Boston.
Highlights of this episode include:
· Learning the ropes of CRE finance (1:35)
· Capital flows and securitization amid volatility (4:00)
· Debt and deal dynamics (8:50)
· Making sense of cap rates (14:22)
· CMBS, CLO outlook (16:55)
· Career turning points (20:16)
· Lessons of the Great Financial Crisis (23:08)
· Investing opportunistically (26:18)
· The bid-ask gap (28:55)
· Off the clock: a man of many interests (33:24)
· How will the market adjust to volatility? (35:31)
To amplify the sound of women’s demands beyond the corner office, two female CRE leaders joined forces: Kaitlin Kincaid, principal & founder of search and advisory firm Keller Augusta, and Wendy Mann, CEO of CREW Network. Both of them talked to Commercial Property Executive Senior Editor Laura Calugar about the job market today, why women need to express their professional demands, and the active role that company leaders play in advancing an equitable workforce.
With a $30 billion development pipeline, the Trammell Crow Co. is in a position to innovate on sustainable construction, building electrification, and energy efficiency—both here and abroad. James Murray-Coleman has been tackling that challenge head-on since becoming Director of Sustainability 10 months ago.
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, CPE Executive Editor Therese Fitzgerald interviewed Murray-Coleman about how the company is tackling the challenges of embodied carbon, operational carbon and onsite renewables. Here's a sample of the topics covered:
- Next-level green buildings (1:35)
- Counting carbon in construction (4:21)
- Mass timber construction (5:48)
- Trammell Crow and solar (7:20)
- Building electrification (9:52)
- Europe-U.S. idea exchange (12:52)
- The role of certifications (15:49)
- Energy-star equipment (17:45)
The Royal Institution of Chartered Surveyors’ latest research shows that the higher borrowing costs are really weighing on buyer activity, with the investment market bearing the brunt of the impact of tighter monetary policies across many parts of the world. However, the overall message stemming from the Q4 Global Commercial Property Monitor is that we’re seeing a period of adjustment or a bit of a shakeout in aggregate across global markets, as Economist Tarrant Parsons puts it in Commercial Property Executive’s latest podcast. Press play to hear what Parsons told CPE Senior Editor Laura Calugar in this podcast episode about the CRE sentiment in each world region.
Most properties built today use as little energy and as much renewable energy as possible. But there is a huge inventory of existing properties that must be retrofitted in order to improve their energy efficiency and reduce their carbon emissions.
Without a significant retrofit push in the commercial real estate space, the U.S. will not reach carbon neutrality by 2050. Meanwhile, a large swath of underperforming buildings may no longer be acceptable to sustainability-minded investors and tenants.
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, host CPE Executive Editor Therese Fitzgerald chats with Chris Gray, chief technology officer of RENU Communities, a subsidiary of Taurus Investments, about the importance of and strategies for retrofitting existing buildings.
Here’s a sample of the topics covered:
- Why energy retrofits matter so much (1:20)
- Brown discount vs. green premium (2:25)
- The key retrofit strategies (5:14)
- Retrofits and renewable energy (8:34)
- What retrofits mean for the housing market (10:11)
- The case for retrofits in today's current office market (21:35)
- Retrofits and the Inflation Reduction Act (23:54)
It's fitting that Kairos Investment Management gets its name from the Greek word for "opportunity." Carl Chang, the firm's co-founder & CEO, has decades of experience creating opportunity and then making the most of it. In his current role he oversees a diversified multibillion-dollar portfolio of commercial and multifamily assets. Yet few commercial real estate executives have achieved such a high level of success in such varied fields.
A graduate of the University of California at Berkeley, Chang had a distinguished career in professional tennis well before launching his business career. He was named coach of the year by Tennis magazine for, among other contributions, coaching his brother Michael, the tennis Hall of Famer and Grand Slam tournament champion. The rigors of that experience, among other factors, provided a strong foundation for his business success. Alongside his real estate career, Chang has also founded a thriving national restaurant franchise.
In this conversation, Chang reveals how these eclectic experiences continue to inform his approach to running his investment company. He discusses key industry issues as what's ahead for the real estate capital markets, adjusting strategy post-pandemic and the challenge of bringing workers back to the market. And he even offers a few words about playing such tennis legends as Andre Agassi and Pete Sampras (and winning matches with them).
In this episode, you'll hear about:
- The value of early experience in pro tennis (1:37)
- Building a career in commercial real estate investment (5:44)
- The importance of being "Kairos" (7:35)
- CRE insights: bringing back office workers, 2023 investment and other trends (9:11)
- Takeaways from creating a successful restaurant franchise (14:44)
- What regional advisory boards contribute to the Fed (18:23)
- Where the economy and real estate capital markets are headed (21:31)
- Pivoting on investment strategy post-pandemic (24:57)
Following the two-week COP27 conference in Egypt, the U.S Green Building Council issued a call for greater action and accountability to address climate change. That's because the consensus of global leaders and environmentalists at the conference was that the buildings industry, which accounts for 37 percent of energy and process-related CO2 emissions and 34 percent of energy demand, is not on track to achieve net zero by 2050.
Welcome back to Sustainability Street, our podcast on the intersection of commercial real estate and the world we live in. For this episode, host CPE Executive Editor Therese Fitzgerald interviews Liz Beardsley, USGBC Lead Policy Counsel, on what she heard and saw at the high-level meeting.
Here's a sample of the topics covered:
- Is the world running out of time? (2:21)
- Reality check for real estate (4:09)
- The "greenwashing" report (8:23)
- U.S. states and cities on the world stage (10:28)
- Are we doing our part as a nation? (14:24)
- The sustainability communication gap (16:50)
- What real estate companies and countries can do before COP28 (20:14)
Managing workplaces for the generational divide is more challenging than ever. Younger employees feel like they don’t need to be in the office to be productive, while older generations tend to stick to what they’ve known for years: going to the office for work. How can team managers lead when their workforce has such different views? And what does all this mean for office landlords? FTI Consulting Managing Director Rob Raymond weighs in in a new episode of our quarterly series, hosted by Commercial Property Executive Senior Editor Laura Calugar.
Here's what you'll hear about:
- Top 3 challenges when leading multi-generational teams today (0:52)
- Is customizing benefits offerings to core demographics a good idea? (1:42)
- Managing office space today (2:26)
- Attracting the younger workforce to the office (3:32)
- How Gen Z perceives the office environment (4:51)
- Employee loyalty and turnover (8:10)
- How employers can show Gen Zers they appreciate them (10:06)
- Adapting management styles to motivate each generation (11:07)
- How the younger generations will reshape the workplace and its purpose in the future of work (13:12)
- Office footprints and the brewing recession (15:17)
According to CREW Network’s 2022 industry research paper, 88 percent of the companies that participated in this year’s survey were actively trying to hire. Commercial real estate companies have been taping into the potential of younger generations to fill in open positions, but they come with their own set of challenges. For this year’s last episode of Commercial Property Executive’s quarterly podcast series with CREW Network, Senior Editor Laura Calugar invited CEO Wendy Mann to talk about what the younger generations expect from their workplace, and how they will shape the future of CRE.
Here's a sample of what you'll hear about in this episode:
- Do Gen Zers want to work in commercial real estate? (1:03)
- How flexible is a career in commercial real estate? (3:53)
- CRE companies that Gen Zers want to work for (6:13)
- Turning challenges into opportunities (9:06)
- Retaining top CRE talent today (12:00)
- Can CRE companies offer Gen Zers all they want in an employer? (14:17)
- How an economic downturn would impact the Gen Z workforce (18:40)
The increasingly uncertain economic conditions continue to make an impact in commercial real estate around the world. Under pressure from both high inflation and monetary policy tightening, the commercial real estate sector in the Asia Pacific region appears to be facing downward risks, according to the latest RICS research paper. In Europe, the higher interest rates and weakening economic backdrop are weighing heavily on market sentiment, while the Q3 results across North America point to a further deterioration in sentiment, particularly for investment. The Middle East seems to be the standout performer in terms of the sentiment provided by contributors to the latest survey, led by Saudi Arabia and the UAE. Commercial Property Executive Senior Editor Laura Calugar talked to RICS Senior Economist Tarrant Parsons about the results of survey.
Here’s what you’ll hear about in this episode:
- The overall economic context (0:53)
- The standout performer in terms of the sentiment in Q3 (2:03)
- Industrial, office and retail demand across the globe (4:24)
- How credit conditions are impacting commercial development (6:16)
- Global capital values (7:47)
- The results of the latest survey in the APAC region (10:00)
- The situation in Europe (11:54)
- The commercial property market in Canada and the U.S. (13:26)
- Expectations for the global economy in Q4 (14:58)
- Will the global economy officially enter a recession in 2023? (16:15)
In this episode, Dr. Matthew Trowbridge, chief medical officer, International WELL Building Institute, tells host Therese Fitzgerald that health and wellness in the built environment is "the next big thing" in ESG reporting for investors.
Tracy Murphy is a pioneering executive in the dynamic field of life science real estate development and investment. In this episode of CPE's Investment Matters, the president and co-founder of IQHQ discusses the sector's outlook and challenges, where to find the sector's high-potential hubs and the company's landmark project on the San Diego waterfront. Highlights include:
- Key trends driving life science and development (2:52)
- RaDD, a landmark San Diego redevelopment where "lifestyle meets life science" (5:06)
- Murphy's path to leadership roles at three major investor-developers (7:09)
- Challenges—and progress—in expanding women's presence in life science real estate (11:35)
- Where to find the sector's most powerful hubs and rising stars (16:36)
- Is overbuilding a worry? (19:07)
- Tracy Murphy off the clock (22:57)
Last year, as the industry was still processing the lockdown and the pandemic, Lindsay Ornstein and Stephen Power took their collaboration to another level. They started a nonprofit advisory practice, which soon led to them launching OPEN Impact Real Estate, a brokerage and advisory services firm, affiliated with Transwestern. In little over a year, the company grew to include 13 team members, most of whom are women. In a conversation with Commercial Property Executive Senior Editor Alexandra Both, Ornstein shares her strategies for growing the company further as the market prepares for a slowdown in 2023. Here are some highlights:
- How to attract more women into CRE 3:37
- Vibe-cession vs. recession 7:58
- Strategizing for a slow 2023 9:55
- Office trends: flight to quality 11:58
- Office leasing in NYC 15:30
- Headwinds in the industry for brokers 20:35
- Challenges for CRE landlords 24:01
- Advice for women entering the industry 28:14
Concerned about making those costly energy retrofits? In this episode, host CPE Executive Editor Therese Fitzgerald discusses incentives and opportunities for property owners and users contained in the IRA. Her guests are: Josephine Tucker, managing director/head of Clean Energy & Infrastructure, JLL, and Mitch Worden, vice president, Clean Energy & Infrastructure, JLL.
Welcome to Investment Matters, CPE’s podcast series with the leaders who are shaping CRE investment today. On this episode, we’ll hear from Marc DeLuca, a 30-year industry veteran and the new CEO of KBS.
In this lively and insightful conversation, DeLuca discusses why the Orange County, Calif.-based firm remains upbeat on the office sector. He details the firm’s investment strategy at a challenging time and offers perspective on the intersection of institutional investors and rising interest rates.
You’ll also hear about how early interests led to a distinguished career, and why economics training has taught him to resist pushing the panic button in unsettled times. Last but not least, DeLuca shares the unusual pastimes that let him unwind from long hours.
Highlights:
Bicoastal responsibilities (1:07)
An unconventional career path (3:58)
Economic training shapes a world view (8:19)
Topline office trends (10:26)
Interest rate insights (15:14)
KBS’ investment strategy (17:45)
A CEO off the clock (20:45)
Sentiment in real estate markets around the world is toning down, following consistent improvements in the past few quarters. The tightening in monetary policy and the rising inflation are weighing on the global economic outlook. Here’s what RICS Economist Tarrant Parsons revealed about the Q2 Global Commercial Property Monitor in this podcast episode:
- General ides stemming from the report (00:45)
- Respondents’ perceptions on where their local market is in the cycle (1:57)
- Global occupier demand by sector (3:10)
- Why investment activity is slowing down (4:14)
- Valuations (5:24)
- Real estate sentiment in specific regions: APAC, Europe, Middle East and Africa, North America (6:38)
- Is a global recession nearing? (12:04)
CPE Executive Editor Therese Fitzgerald interviews Heidi Creighton, Skanska USA Commercial Development's new head of Sustainability on what it means to be on the cutting edge of sustainable design and development today. According to Creighton, buildings that are good for people are usually good for the environment.
Alyssa Carducci Dangler is a shareholder at Williams Mullen, a full-service law firm that provides strategic, skilled counsel to real estate professionals. Her practice focuses on commercial and multifamily real estate and finance, but also includes helping clients navigate through the challenges of solar and wind technologies. Currently, she serves on the board of directors for CREW Network and is 2022 president-elect. Here’s what you’ll hear about in this episode:
- Why she chose to specialize in real estate and finance (0:47)
- Advancements in solar and wind technologies (7:32)
- Advising clients in an inflationary environment (9:50)
- The office and industrial sectors (12:17)
- Diversity in commercial real estate (14:57)
- How CREW Network shaped her career (18:10)
- Plans for 2023 (20:29)
Right now, as in many other fields, there’s a worldwide shortage of consultants, analysts and accountants, according to Jahn Brodwin, senior managing director with FTI Consulting. Brodwin and Senior Managing Director Ingrid Rivera Noone have recently been promoted to co-leaders of FTI’s real estate practice, and attracting and developing fresh talent is part their strategic growth plan. They both joined Commercial Property Executive Senior Editor Laura Calugar in a podcast interview on careers in real estate consulting and what it takes to be a successful advisor. Here are the main topics they covered:
- Skills that are especially in demand today (0:40)
- Educational requirements (2:25)
- Career advancement prospects (4:25)
- Mentorship in the real estate consulting profession (6:17)
- Working under pressure (8:43)
- Consultants and the state of the real estate market (11:49)
- Trends, expectations (14:28)
Sustainability certifications are more important than ever for commercial real estate owners. In this episode, CPE Executive Editor Therese Fitzgerald interviews Breana Wheeler, director of operations for BREEAM USA, on the organization's "science-based" and "holistic" approaches to sustainability and building certification, and how BREEAM is working to bring clarity to ubiquitous terms like net zero carbon.
Here’s a sample of the topics the episode covers: What makes BREEAM different (2:25), the business case for BREEAM (8:52), evaluating social impacts (11:54), defining net zero carbon (23:45), preventing stranded assets (34:58), and what's next for real estate sustainability (42:25)
In the first three months of this year, real estate sentiment around the globe continued to improve, according to the Royal Institution of Chartered Surveyors’ latest survey. The organization’s Global Commercial Property Monitor found that occupier metrics are gaining traction, with appetite for office and retail slowly returning.
Nevertheless, commercial real estate professionals across the world remain cautious, considering the geopolitical context, high inflation, and monetary tightening. In this podcast episode hosted by Commercial Property Executive Senior Editor Laura Calugar, RICS Economist Tarrant Parsons explains why he doesn’t expect a global recession at this point. However, he admits there are lots of reasons to be concerned about the near-term prospects for the global economy.
Here are the main topics Parsons covered with CPE:
- Current challenges for the CRE industry (1:02)
- How tenant demand differs at a regional level (2:16)
- Appetite for offices and retail returning (4:10)
- Valuations and monetary tightening (5:55)
- Q1 survey results for North America, APAC, the Middle East and Africa, Europe (8:05)
- Expectations for the remainder of the year and 2023 (14:54)
Welcome back to “Sustainability Street,” CPE’s podcast on the intersection of commercial estate and the world we live in. In this episode, Executive Editor Therese Fitzgerald interviews Millennium Partners Principal Kathleen MacNeil to learn about the science and the marketing behind what will be the largest passive house office building in the world.
Here’s a sample of the topics the episode covers:
- The Winthrop Center vision (2:18)
- The building’s efficiency metrics (8:52)
- Challenges of building in New England (10:41)
- The economics of Passive House (12:47)
- Passive House and wellness (14:12)
Welcome back to “Sustainability Street,” CPE’s podcast on the intersection of commercial estate and the world we live in. In this episode, Executive Editor Therese Fitzgerald explores how high prices and geopolitical tensions could ignite renewed attention on energy efficiency and renewable energy from property owners.
Here’s a sample of the topics the episode covers:
- Economic and geopolitical drivers (1:40)
- Learning from the past (4:35)
- The new math on sustainability (5:46)
- Other impacts of oil prices (7:14)
- Infrastructure challenges (9:01)
- Managing uncertainty (10:12)
In honor of Women’s History Month, we talked to Barbi Reuter, CREW Network’s 2022 president, about the significant changes in women’s roles in commercial real estate in the past decade. Here’s a sample of the topics this special episode covers:
- Most important changes in women’s roles in CRE (0:50)
- Why women need to advocate for themselves (2:50)
- Overcoming stigmas (4:21)
- Developing a healthy work-life balance (10:17)
- Mentors and role models (11:40)
- Celebrating Women’s History Month (13:20)
- How CREW is supporting women-owned businesses (16:12)
Welcome back to “Sustainability Street,” CPE’s podcast on the intersection of commercial estate and the world we live in. In this episode, Executive Editor Therese Fitzgerald speaks to environmentalists about the impact of New York City's recently-enacted fossil fuel ban law and other code change victories, and about the hurdles the movement has to overcome.
Here’s a sample of the topics the episode covers:
- New York City's gas hookup ban (0:51)
- States join the fight (4:56)
- The counter-movement (6:15)
- The 2021 International Energy Efficiency Code (8:15)
- All-electric buildings and the grid (11:11)
- Equity and all-electric buildings (13:43)
In the latest FTI Consulting podcast from the series, Rob Raymond, managing director in the company’s real estate practice, and Commercial Property Executive Senior Editor Laura Calugar, discuss what impacted the upturn in M&A activity last year and how it influenced companies’ real estate decisions and needs. Press play or simply jump to the topic that you’re most interested in:
- The M&A environment in 2021 (0:37)
- The impact of government stimulus (2:11)
- Can operational synergy be achieved? (4:42)
- Legacy headquarters (5:41)
- Ramifications and considerations of company carve-outs (8:20)
- Expectations for 2022 (9:50)
- Potential impact of rising inflation (10:08)
In the final three months of 2021, sentiment among real estate professionals around the globe continued to improve for the sixth consecutive quarter. Here are the main topics RICS Economist Tarrant Parsons covered with CPE:
- Sentiment indicators among occupiers and investors (0:46)
- Changes in the office sector (3:22)
- Capital and rental values (5:53)
- Reasons of concern (7:27)
- Q4 survey results for North America, Asia Pacific, the Middle East and Africa, Europe (9:10)
- The situation in Ukraine and its potential impact on CRE (14:55)
- Expectations for the first quarter of 2022 (16:20)
Welcome back to “Sustainability Street,” CPE’s podcast on the intersection of commercial estate and the world we live in. In this episode, Executive Editor Therese Fitzgerald examines California’s new energy code and its potential for igniting wholesale change.
Here’s a sample of the topics the episode covers:
- California’s 2022 Building Energy Efficiency Standards (1:35)
- Residential vs. commercial solar (4:05)
- The varied landscape for solar (6:15)
- Solar and industrial real estate (9:22)
- Solar energy and the existing grid (10:09)
- Solar’s catch-22 panel (12:45)
The health crisis has taken a disproportionate toll on women in commercial real estate. CREW Network CEO Wendy Mann reveals all the figures in the latest CPE podcast. Press play to learn more about COVID-19’s impact on women in the commercial real estate workforce, and why this is a pivotal moment for change in the industry!
Here’s a sample of the topics Mann touches on:
- Why women left the workforce (0:54)
- Women’s progress in commercial real estate (3:02)
- Career and personal priorities changes (11:48)
- New opportunities for women in CRE (16:57)
- Actions to support and advance women (18:50)
Welcome back to “Sustainability Street,” CPE's podcast on the intersection of commercial estate and the world we live in. In this episode, Executive Editor Therese Fitzgerald and Senior Associate Editor Anca Gagiuc dig into the pros and cons of this underground renewable energy source and its prospects for helping commercial real estate owners, corporate users and cities reach their ambitious carbon reduction goals.
Here's a sample of the topics the segment covers:
(4:39) - Sustainability benefits of geothermal
(7:19) - The economics
(8:53) - Global standings
(10:59) - Case study on geothermal
(14:39) - Geothermal and the Paris agreement
FTI Consulting’s Gerardo Londono on the latest version of the Build Back Better Act and its implications for CRE investment.
(3:05) - The new 15 percent minimum tax on corporate profits
(5:30) - The new surtax on high income earners
(6:55) - Stock buybacks
(11:10) - State workarounds
(13:12) - Carried interest
(14:33) - The first half of 2022
RICS Economist Tarrant Parsons shares the latest updates on investor and occupier sentiment across the globe. Here’s what CRE players should keep tabs on in 2022!
Welcome back to “Sustainability Street,” our podcast on the intersection of commercial estate and the world we live in. In this episode, CPE speaks to some of the buildings industry professionals leading the circular economy charge about what it will take for the U.S. real estate industry to complete the conversion from take-make-waste to reduce-reuse-recycle-and-recover.
The Chief Economist for Moody's Analytics spoke to CPE about the critical trends shaping the industry today: inflation, taxes, work from home and others.
Led by the Americas and Europe, real estate sentiment further improved in the second quarter. RICS Economist Tarrant Parsons reveals the organization’s latest findings in a new podcast episode.
Welcome back to “Sustainability Street,” our podcast on the intersection of commercial estate and the world we live in. In this episode, we dig into the urban heat island effect: its causes, its impacts, and what urban planners, architects and developers are doing to mitigate the problem.
From typing leases to Cushman & Wakefield | PICOR CEO and CREW Network 2022 President: Barbi Reuter talks about her journey to the top! Tune in for the latest episode of our CREW Network podcast series!
In this episode of “Sustainability Street,” CPE checks in on the state of the EV charging business and how real estate owners are responding to their outsize role in building EV charging infrastructure.
Office owners and occupiers have spent the past year figuring out how much space they’ll need post-pandemic. FTI Consulting’s Rob Raymond, a specialist focusing on corporate real estate portfolio strategy, shares a few tips in our latest podcast episode of the series.
In this episode of "Sustainability Street," how President Biden and a growing number of building stakeholders are emboldening a decades-old campaign for equity.
Commercial Property Executive Senior Associate Editor Laura Calugar discusses the latest changes in occupier and investor sentiment with Tarrant Parsons, economist with RICS. Press play to find out where hopes for economic improvement gather momentum and which areas of the globe are still under pressure.
Welcome back to “Sustainability Street,” our podcast on the intersection of commercial real estate and the world we live in. In this episode, we tackle the major questions facing policymakers and property owners as they prepare to put into practice the most ambitious carbon emissions regulation ever enacted.
In this episode, Commercial Property Executive Senior Associate Editor Laura Calugar talks to FTI Consulting Senior Director Asha Shettigar about the U.S. tax landscape and how proposed tax policies changes could impact the real estate industry. In the second half of the conversation, FTI Consulting Managing Director Yunsoo Kim touches on how the current economic volatility has affected property values and provides her expectations for 2021.
Valuing different perspectives and promoting diversity both come naturally to Tiffany English. She leads the growth and overall management of Ware Malcomb's San Diego office, including both the architecture and interior studios, but she also has a global role at CREW Network this year as 2021 president. In a conversation with Senior Associate Editor Laura Calugar, she admitted that women working in the real estate industry had a rough time in 2020, but they succeeded in pushing their businesses forward by staying together and supporting each other. Tune in now for a discussion with an inspiring leader!
In the latest episode of our "Sustainability Street" podcast, CPE looks at how the "other" carbon is finally coming into focus for the broader real estate community. We interviewed industry leaders who are finding solutions to the carbon in materials and raising awareness around the subject. With the built environment becoming more energy efficient and less dependent on fossil fuels, the focus has turned to embodied carbon, and there is no time to waste.
Although sentiment among investors and occupiers improved in the last quarter of 2020, we should expect a bumpy recovery, economists from the Royal Institution of Chartered Surveyors in London warn. Tune in for more insights!
In the first episode of our "Sustainability Street" podcast, CPE examines the science behind and the misconceptions around net zero carbon and net zero energy commitments. We hear from a number of CRE executives and sustainability experts to examine why some trade groups, corporations and subnational governments are getting more ambitious about carbon emissions reduction by making absolute net zero carbon and net zero energy, and why others are not following them yet.
Occupier and investor sentiment neither improved significantly nor deteriorated in Q3, according to RICS’ latest international study. Economist Tarrant Parsons shares insights about market conditions across the globe.
ORIGIN Construction Co-Founder AJ Mueller and South Florida Division Leader Jay Richmond reveal how large- and small-scale projects are pushing forward amidst the pandemic’s challenges.
How far have women in real estate advanced over the past two decades? In a new podcast, CEO Wendy Mann reveals the striking findings of the organization’s latest benchmark study.
In this new episode of our quarterly FTI Consulting podcasts, Ingrid Noone shares insights on the various asset categories and the conditions for those with access to capital. Tune in now!
The Royal Institution of Chartered Surveyors’ latest international study finds that investor and occupier sentiment has shifted into negative territory. Tune in for all the details from RICS Economist Tarrant Parsons.
"We need to learn how to live with risks," said EastBanc Principal Philippe Lanier, a retail landlord in Washington, D.C.’s Georgetown neighborhood. Tune in to find out his expectations for this summer’s shopping season and why the longer-term picture is quite positive, despite consumers’ currently cautious mood.
In this episode of our quarterly FTI Consulting podcasts, Jahn Brodwin explains why the office market is caught between favorable and unfavorable consequences of the COVID-19 crisis. Tune in to hear more about his expectations.
Christine Gorham discusses how real estate’s women leaders are handling the pandemic. Tune in to hear about lessons learned by the industry in the first months of the crisis.
FTI Consulting Managing Director Anthony Saitta talks about the commercial real estate industry’s health and how executive compensations varied across sectors last year. Tune in to hear his thoughts about how the new coronavirus could impact bonuses this year!
FTI Consulting Senior Managing Director Laura Jackson describes the latest effects of the coronavirus outbreak on the real estate industry and the U.S. economy. Tune in for a special episode of our podcast series!
Wendy Mann discusses inclusion, diversity and leadership in commercial real estate. Tune in to find out how you can participate in an important national study!
In this podcast, Cedar Realty Trust President & CEO Bruce Schanzer discusses the resiliency of the grocery-anchored model, as well as the retail sector’s prospects for the 2019 holiday season and beyond.
JLL Research Manager Chad Buch and Director of Industrial Research George Cutro talk about trends and expectations. Tune in for an in-depth overview of what is driving the U.S. industrial market!
FTI Consulting’s Glenn Brill talks about what is driving demand for coworking spaces and how the industry is reacting to WeWork’s struggles.
The exponential use of electric vehicles is foreshadowing the demise of gas stations and oil change shops. What kind of opportunities does this change bring to owners? Who will benefit from the value of the underlying real estate? FTI Consulting’s Mark Dunec shares some interesting thoughts.
In a new FTI Consulting podcast, Senior Managing Director Cynthia Nelson admits that although she’s been through several real estate cycles, there’s nothing quite like what’s happening in retail nowadays.
RICS Chief Economist Simon Rubinsohn discusses the diverse landscape of global commercial real estate markets and highlights the risks that will impact the business going forward in a podcast hosted by Senior Editor Alexandra Pacurar.
FTI Consulting Manager Megan Blankemeyer reveals several factors that companies need to understand before putting together a cohesive LTI program.
RICS Economist Tarrant Parsons comments on investor sentiment around the world and notes which markets are showing the first negative readings in the past two years in a new podcast hosted by Senior Writer Alexandra Pacurar.
In an exclusive podcast interview, Lee & Associates' Peter Braus talks about the proposed vacancy tax on landlords, the uses doing well right now and the changing nature of retail.
In an exclusive podcast interview, Lee Shapiro of Kennedy Wilson discusses mixed-use developments taking shape in LA and how the famously car-centric city is embracing public transportation.