America‘s Commercial Real Estate Show

Emerging Trends in Real Estate 2026 with PwC's Andrew Alperstein

PwC’s Andrew Alperstein joins Michael Bull to unpack the 47th annual Emerging Trends report undertaken jointly by PwC and the Urban Land Institute (ULI), revealing why Dallas took the #1 spot and how "niche" sectors are becoming essential.

 

In this episode, host Michael Bull sits down with Andrew Alperstein, Partner at PwC, to break down the highly anticipated Emerging Trends in Real Estate 2026 report. They discuss this year’s theme, "Navigating the Fog," which reflects the current uncertainty surrounding interest rates, inflation, and policy changes. Despite a slight dip in sentiment compared to the previous year, the conversation highlights resilient markets—including a surprising resurgence in the Northeast—and identifies high-growth sectors like data centers and senior housing. Tune in to discover where the opportunities lie in the new cycle and how investors are adapting to a "higher for longer" interest rate environment.

 

Key Topics Covered

• Navigating the Fog: Why market sentiment has dipped slightly due to uncertainty around rates, inflation, and policy, despite a generally positive long-term outlook.
• The Interest Rate Reality: Expectations for the 10-year Treasury to remain in the 4% to 4.25% range and how investors are adjusting their underwriting.
• Top 10 Markets to Watch: A breakdown of the top cities for investment, featuring Dallas at #1, followed by a strong showing from Jersey City, Miami, and Brooklyn.
• Data Centers: The #1 ranked sector and the challenges of power, water, and massive deal sizes.
• Senior Housing: How the "Silver Tsunami" of aging Baby Boomers is driving demand.
• Self-Storage: New trends in "condo storage" and lifestyle usage.
• Student Housing: The bifurcation between big state schools and smaller institutions.
• The State of Office: A look at the flight to quality, the stabilization of construction costs, and why some investors are finding opportunities in distress.
• Macro Trends: The shift from "niche to essential" assets and the impact of labor availability and insurance costs on development.

 

Timestamps

• 00:00 – Intro and overview of the 47th Annual Emerging Trends Report.

• 02:30 – "Navigating the Fog": Current market sentiment and economic uncertainty.

• 05:00 – Where are we in the cycle? Interest rates and the 10-year Treasury outlook.

• 08:00 – Top Markets Revealed: Why Dallas, Jersey City, and Miami topped the list.

• 11:30 – Top Sectors: The dominance of Data Centers and operational challenges.

• 13:15 – Senior Housing & Medical Office: Demographics driving demand.

• 15:00 – Self-Storage: Evolution of the sector beyond simple moving storage.

• 17:00 – Student Housing: Enrollment cliffs and market winners.

• 20:00 – The Office Sector: Record rents in top assets vs. obsolete inventory.

• 28:00 – Inflation, Construction Costs, and Labor Shortages.

• 34:00 – Closing thoughts and how to access the full report.

 

If you enjoyed this deep dive into the 2026 market forecast, please subscribe to the show and leave us a review! Don't forget to visit PwC.com to download the full Emerging Trends report discussed in today's episode.

 

TCN Worldwide Real Estate Services - A global network of over 1,500 leading commercial real estate professionals delivering integrated, expert sales, leasing, management and consulting services across 200 U.S. and global markets. https://www.tcnworldwide.com/

 

Bull Realty, TCN Worldwide - Commercial Real Estate Asset & Occupancy Solutions in Atlanta and throughout the Southeast U.S. https://www.bullrealty.com/

 

Commercial Agent Success Strategies - Twenty-one cloud accessed commercial broker training videos with slide deck action notes. Learn more at https://www.commercialagentsuccess.com/

Has the Next CRE Cycle Begun? What to Expect in 2026 with Xander Snyder

Are we at the start of a new commercial real estate cycle? Host Michael Bull, CCIM and Xander Snyder, Senior CRE Economist at First American, break down where the market stands in 2025. They explore price corrections, interest rates, buyer trends, and where the next big opportunities lie. Learn what makes this cycle different—and why smart investors are already positioning for recovery.

Bull Realty - Customized Asset & Occupancy Solutions: https://www.bullrealty.com/

Commercial Agent Success Strategies - The ultimate commercial broker training resource: https://www.commercialagentsuccess.com/

Watch the video versions of our show on YouTube! https://www.youtube.com/c/Commercialrealestate

 

Loan Servicer View of Economy & Commercial Real Estate with Brian Bailey

As a huge servicer of commercial loans, Trimont gets a firsthand view of of the market, and they've brought Atlanta Fed's former commercial real estate guru, Brian Bailey, onto their team. Brian joins Michael Bull to share his expertise and insight on interest rates, loan delinquencies, jobs, inflation, and expectations moving forward.

Bull Realty - Customized Asset & Occupancy Solutions: https://www.bullrealty.com/

Commercial Agent Success Strategies - The ultimate commercial broker training resource: https://www.commercialagentsuccess.com/

Watch the video versions of our show on YouTube! https://www.youtube.com/c/Commercialrealestate

 

Office Market at Inflection Point? with Phil Mobley

While office performance is specific to each building and submarket, the sector overall is experiencing a rise in transaction volume. Is new supply impacting performance values? Are users and investors buying today getting in at the perfect time? Tune in to hear office investment broker and Bull Realty CEO Michael Bull interview CoStar's National Director of Office Analytics Phil Mobley on the future of office. 

Bull Realty - Customized Asset & Occupancy Solutions: https://www.bullrealty.com/

Commercial Agent Success Strategies - The ultimate commercial broker training resource: https://www.commercialagentsuccess.com/

Watch the video versions of our show on YouTube! https://www.youtube.com/c/Commercialrealestate

 

AI Adoption Considerations for Commercial Real Estate with Xander Snyder

This week, Michael Bull, CCIM, is joined by Xander Snyder, a real estate economist and data science expert from First American Financial Corporation, to explore the transformative impact of artificial intelligence on the commercial real estate industry. Xander shares insights on how AI can enhance investment due diligence, streamline operational efficiency, and improve market research, while also highlighting potential risks such as data inaccuracies and job displacement. Tune in to learn how AI applications are reshaping the landscape of commercial real estate, and what industry professionals need to consider as they integrate these powerful tools into their workflows.

Bull Realty - Customized Asset & Occupancy Solutions: https://www.bullrealty.com/

Commercial Agent Success Strategies - The ultimate commercial broker training resource: https://www.commercialagentsuccess.com/

Watch the video versions of our show on YouTube! https://www.youtube.com/c/Commercialrealestate

 

AFIRE International Investor Survey with Gunnar Branson

The results are in.  Despite promising fundamentals, 63% of international investors have a negative outlook for U.S. cross broker investments vs only 42% had a negative outlook last year. Okay so more investors feel negative about performance. But get this, 44% plan some level of increase in U.S. property investments vs only 24% planned an increase last year! 

 

Learn more as broker Michael Bull, CCIM interviews Gunnar Branson, CEO, Association of Foreign Investors in Real Estate about their recent Pulse Report. 

 

Bull Realty - Customized Asset & Occupancy Solutions: https://www.bullrealty.com/

Commercial Agent Success Strategies - The ultimate commercial broker training resource: https://www.commercialagentsuccess.com/

Watch the video versions of our show on YouTube! https://www.youtube.com/c/Commercialrealestate

 

REIT Insights & Market Trends with Ed Pierzak

On this weeks show Michael Bull, CCIM, is joined by Ed Pierzak, Senior VP of Research with NAREIT, to explore the current landscape of Real Estate Investment Trusts (REITs) amidst a fluctuating market. 

They discuss the performance of REITs in light of changing interest rates, operational metrics, and the implications of recent market changes. Ed also shares insights from NAREIT's latest reports, as well as his thoughts on bifurcation within the office sector and the potential for investors to capitalize on acquisition opportunities as the market evolves. 

Tune in to gain valuable perspectives on REITs and the outlook for the commercial real estate industry. 

Bull Realty - Customized Asset & Occupancy Solutions: https://www.bullrealty.com/

Commercial Agent Success Strategies - The ultimate commercial broker training resource: https://www.commercialagentsuccess.com/

Watch the video versions of our show on YouTube! https://www.youtube.com/c/Commercialrealestate

 

Office Market Contrarian Investing with Rod Kritsberg

This week, Michael Bull, CCIM, welcomes Rod Kritsberg, co-founder and CIO of KPG Funds, to discuss the current state of the office sector in commercial real estate. They delve into the contrasting performance of high-end boutique office spaces versus lower-quality assets, exploring the implications of interest rates and changing tenant demands. Rod shares insights on the opportunities for contrarian investing in office properties, the importance of location and quality, and the evolving landscape of capital markets. 

Bull Realty - Customized Asset & Occupancy Solutions: https://www.bullrealty.com/

Commercial Agent Success Strategies - The ultimate commercial broker training resource: https://www.commercialagentsuccess.com/

Watch the video versions of our show on YouTube! https://www.youtube.com/c/Commercialrealestate

 

Navigating Slow Payments: Expert Loan Workout Strategies with Shlomo Chopp

 

C5 + CCIM Global Summit 2025 - The premiere commercial real estate conference for networking, dealmaking, and investment opportunities, September 16-18th in Chicago: https://c5summit.realestate/

Bull Realty - Customized Asset & Occupancy Solutions: https://www.bullrealty.com/

Commercial Agent Success Strategies - The ultimate commercial broker training resource: https://www.commercialagentsuccess.com/

Watch the video versions of our show on YouTube! https://www.youtube.com/c/Commercialrealestate

 

Mobile Home Park & Parking Garage Investing with Kevin Bupp

This week Michael dives into two sectors that continue to grow in popularity, mobile home parks and parking assets. His guest is Kevin Bupp with Sunrise Capital Investors. Topics covered include cap rates, lender appetite, operational strategies and the future of these asset types. 

C5 + CCIM Global Summit 2025 - The premiere commercial real estate conference for networking, dealmaking, and investment opportunities, September 16-18th in Chicago: https://c5summit.realestate/

Bull Realty - Customized Asset & Occupancy Solutions: https://www.bullrealty.com/

Commercial Agent Success Strategies - The ultimate commercial broker training resource: https://www.commercialagentsuccess.com/

Watch the video versions of our show on YouTube! https://www.youtube.com/c/Commercialrealestate