Episode Details

US commercial real estate started 2026 on steady footing, but the story varies considerably depending on what part of the market you look at. In this episode of CRE Exchange, our hosts are joined by Alex Jaffe and Mike Amthor from Altus Group's Valuation Advisory practice to discuss Q1 2026 ODCE index results alongside REIT earnings themes. The team also takes a look at the residential market inversion between Sun Belt and gateway cities, the SoCal industrial softness that isn't clearing yet, and what fund managers are saying about 2026 and 2027 as a potential entry point for long-term capital deployment.

Key moments

01:27 Meet the guests

02:25 ODCE data primer

03:17 Q1 returns and CapEx

06:38 REIT crosscheck

08:43 Sector pecking order

11:08 Multifamily market split

13:55 Industrial soft spots

16:12 SoCal strategy and REIT themes

19:14 Office leasing reality

22:21 Retail strength and risks

28:31 Self storage spotlight

31:50 Client questions and outlook

35:00 Rates leverage and wrap up

Resources mentioned

Altus’ Q1 valuation and performance trends analysis of the NCREIF ODCE Index: https://www.altusgroup.com/webinars/ncreif-odce-index-quarterly-analysis/#featured 

Alex Jaffe: https://www.linkedin.com/in/alexander-jaffe-mai/ 

Mike Amthor: https://www.linkedin.com/in/michael-amthor-40865154/