America‘s Commercial Real Estate Show

Recent Episodes

1. Data Center Real Estate: Cap Rates, Costs, and Demand | Ermengarde Jabir, Moody's

   Sep 16, 2026

   Michael Bull interviews Ermengarde Jabir, Director of Economic Research at Moody's Analytics, about the booming US data center market valued at 31–32 gigawatts of power. The discussion covers market sizing metrics, cap rates (4% to mid-5%), the shift from traditional CRE developers to tech owner-operators, and functional obsolescence as technology evolves faster than buildings. Jabir addresses adaptive reuse opportunities, municipal approvals, and the employment impact of AI and data center growth, concluding that AI will change job types rather than eliminate or significantly increase total employment.

2. Why Senior Housing Needs Twice the Units Ever Built | Arick Morton, NIC MAP

   Sep 9, 2026

   Arick Morton, CEO of NIC MAP, discusses the senior housing market's strong demand dynamics and critical supply shortage. With median occupancy near 93% and 30+ of the top 100 metros at 95%+ occupancy, the sector faces record absorption but construction remains at Great Financial Crisis lows due to elevated labor and construction costs that have not been offset by rent growth. Morton outlines the urgency of the opportunity: the 80+ population will grow 35% by 2030 and 65-70% by 2035, requiring the industry to build twice as many units annually as it has ever built historically, identifying expansion of existing communities and healthcare integration as key near-term strategies.

3. Industrial Real Estate: Demand Rebound | Marc Selvitelli, CREDA

   Sep 3, 2026

   Marc Selvitelli, President and CEO of CREDA (Commercial Real Estate Development Association, formerly NAIOP), discusses the rebound in industrial real estate demand after the slowest first half in eight years. With only 75 million square feet delivered in H1 2026 but 595 million square feet under construction, the sector is normalizing toward historical trends rather than repeating pandemic-era growth. Key constraints include power availability as the single biggest development limitation, rising data center involvement (from 2% to 12% of members), and emerging opportunities in industrial outdoor storage, medical office, office-to-residential conversions, and senior housing technology.

4. Multifamily Outlook 2026: Class B Value-Add Is Broken | Victor Menasce, Y Street Capital

   Aug 27, 2026

   Victor Menasce, Senior Partner at Y Street Capital, discusses the state of the multifamily market in 2026, particularly the collapse of the traditional Class B value-add investment thesis. Using Houston market data showing 6,400 units delivered in Q1 with Class B absorption at negative 750, Menasce explains how Class A concessions are pulling renters away from older product and how lease surfing extends stabilization timelines. The conversation covers entitlement challenges, opposition group organization via social media and AI, and opportunities in underbuilt segments like active adult housing.

5. Commercial Real Estate Cycle 2026: Still Early Innings | Ryan Severino, BG

   Aug 20, 2026

   Ryan Severino, Chief Economist and Head of Research for the U.S. at BGO, joins Michael Bull to discuss the current commercial real estate cycle six years into the expansion. Severino argues the cycle still behaves like an early to mid-cycle expansion despite its age, with moderate debt levels, disciplined leverage, and runway remaining in both the macro economy and real estate markets. The conversation covers inflation, interest rates, the benign supply environment, data center investment, and why office is positioned better than prevailing industry sentiment suggests.

6. Multifamily Market Update 2026: Rent Growth Returns | Carl Whitaker, RealPage

   Aug 12, 2026

   Carl Whitaker, Chief Economist at RealPage, discusses the multifamily market at mid-year 2026 with host Michael Bull, CCIM. Rents grew 1.5% over the past 90 days—the fastest pace since late 2022—driven primarily by Class A properties while Class C has declined for 15 consecutive quarters in markets like Raleigh. The conversation covers supply pullback, resilient demand, legislative impacts on build-to-rent, submarket dispersion (particularly in Atlanta where Class A rents are up 2-3% while the metro average is down), and the effects of AI on productivity, underwriting, and rent-to-income ratios.

7. US Office Market Outlook 2026: Vacancy, Rents & Sales | Phil Mobley, CoStar

   Aug 4, 2026

   Phil Mobley, National Director of Office Analytics at CoStar Group, discusses the U.S. office market outlook for mid-2026, revealing a market in recovery despite headlines suggesting crisis. Vacancy has declined from a peak of 14.1% to 13.8%, with four consecutive quarters of positive absorption totaling 20 million square feet, while new construction hits generational lows and supply actually contracts for the first time in history. Mobley explains the bifurcated market: trophy assets and solid B/B-minus buildings perform well, while A-minus and B-plus properties face the real occupancy challenge, and addresses misconceptions about Class A dominance, the positive impact of AI demand, and the role of institutional investors returning to office.

8. CRE Mid-Year Outlook: The New 10+ Year Cycle, Flat Yield Curves & NOI Strategies

   Jul 28, 2026

   Xander Snyder, a commercial real estate economist at First American, discusses the mid-year 2026 CRE outlook with host Michael Bull. Topics include economic headwinds facing consumers, inflation and Fed policy, the bifurcated office market, and optimistic outlooks for retail and industrial sectors. Snyder emphasizes the importance of a new 10-15+ year commercial real estate cycle, flat yield curves, and NOI-focused strategies as cap rate compression is unlikely to drive returns.

9. REITs in 2026: Market Performance, Sector Trends, & Investment Opportunities

   Jul 21, 2026

   Edward Pierzak, Senior VP of Research at Nareit, discusses REIT market performance in 2026, noting strong outperformance of the broad equity market despite geopolitical shocks. He analyzes sector-specific trends, highlighting lodging and resorts as top performers while data centers rebound from 2025 weakness, and addresses the bifurcated office sector where well-located assets continue to perform solidly. Pierzak covers REIT operational metrics, balance sheet discipline, M&A activity, and positioning for continued momentum through year-end.

10. Government Leased Office: The Impact of DOGE, Lease Stickiness & Stable Yields

    Jul 14, 2026

    Daryl Cray, CEO and President of Easterly Government Properties, discusses the government-leased office sector and its resilience amid market uncertainty. The episode covers DOGE's impact on federal real estate efficiency, why mission-critical government leases behave differently from commercial office, and Easterly's portfolio of 10 million square feet across 103 properties housing the U.S. federal workforce. Cray explains lease stickiness, expansion into state and local properties, and why government real estate offers stable 13-14% compounded returns with 7% dividends.