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The CRE Exchange is your go-to podcast for all matters of commercial real estate. It hosts cutting-edge conversations with industry experts that offer CRE professionals timely insight into market behaviors and analysis to discover new opportunities and better manage risks and costs. We discuss Commercial Real Estate, Property Valuations, Real Estate Analytics, and Property Tax. Whether you buy or build, assist or advise, if you are a key stakeholder in the CRE space, this show is for you.
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Toronto Under Construction

Toronto Under Construction

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Welcome to Toronto Under Construction, a residential real estate podcast hosted by Bullpen Consulting’s Ben Myers. This monthly podcast will dive into the nitty-gritty of Toronto Real Estate, with a specific focus on housing policy and economics. @BenMyers29
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In Episode 85 of the Toronto Under Construction podcast, host Ben Myers is joined by three leading voices in real estate journalism: Danny Roth of Storeys, Ed Skira of Urban Toronto, and Garry Marr of CoStar. This episode takes a fascinating turn into the media world—tracking how real estate reporting has evolved over the last two decades, and how …
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Retail real estate is back, and it looks nothing like the past. We sit down with Brandon Isner, Head of Retail Research at Newmark, to celebrate retail’s emergence as one of the most compelling asset classes in 2025. From Gen Z’s interest in in-person shopping to the role of AI in optimizing operations and experiences, we break down the factors fue…
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Spencer Burton, CEO and co-founder of CRE Agents, joins us to explore how AI is transforming the way CRE professionals work. From eliminating repetitive tasks to enabling smarter, faster decision-making, Spencer shares how digital coworkers are already creating a multiplier effect for their human counterparts across the industry. In conversation wi…
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From interest rate volatility and sector-specific repricing to evolving strategies across construction lending and senior housing, Justin Pinckney, Head of Private Debt at AEW, offers a tactical lens on balancing risk and opportunity in today’s CRE debt market. Together with our host, Omar Eltorai, they also explore the case for standardized valuat…
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Christine Mastandrea, President and COO of Whitestone REIT, shares how a community-first mindset can drive long-term value in commercial real estate. From tailoring retail environments to local culture, to acknowledging and leveraging psychographics and generational shifts, Christine lays out Whitestone’s strategy of turning shopping centers into v…
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In Episode 84 of the Toronto Under Construction podcast, host Ben Myers invites guests Adam Sheffer, Originate Developments, Ty Diamond of Diamond Kilmer, and Pouyan Safapour of Devron Developments, to navigate a series of real-world development hypotheticals. Through tough calls, creative thinking, and brutal honesty, the episode offers an inside …
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We discuss the latest installment of Altus Group’s US CRE Investment and Transactions Quarterly report. The team delivers a retrospective on transaction volumes nationally and then zooms in on pricing trends and sector-by-sector insights, covering industrial, hospitality, multifamily, office, retail, and general commercial/mixed use. Tune in for th…
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In Episode 83 of the Toronto Under Construction podcast, host Ben Myers is joined by Realtors Roy Bhandari and Brian Persaud for a deep dive into the evolution of the pre-construction investor market in the GTA. From the early days of platinum access to the shifting profiles of today’s condo buyers, this episode tackles misconceptions, market dynam…
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We break down the Federal Reserve’s latest rate decision, the release of their minutes, the press conference, and the updated Summary of Economic Projections. We’ll also take a look at key macroeconomic highlights from the past week, including retail sales, housing data, and insights from regional Fed surveys and indices. Finally, we sift for some …
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Cole Perry and Omar Eltorai unwrap the latest parcel of US economic data, from shifting labor and employment trends to insights from the NFIB Small Business Optimism Index. They explore what these signals suggest for small business growth and economic momentum. The conversation sharpens around market reactions to proposed tariffs, the ripple effect…
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In Episode 82 of the Toronto Under Construction podcast, host Ben Myers is joined by Igor Dragovic from Concert Properties and Blair Scorgie of Scorgie Planning. This episode dives into the complexities of urban planning, public engagement, housing research, and the latest policy shifts shaping the future of development in Toronto and beyond. *Spon…
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Our hosts, Omar Eltorai and Cole Perry, deliver a packed agenda this week with a discussion on recently released economic data, including PCE, GDP, consumer confidence, and housing statistics. They also share a brief update on the state of the markets, focusing on movements in equities and fixed income, as well as the latest earnings reports from r…
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We’re excited to welcome Dr. Brad Case, Chief Economist at Middleburg Communities, to the program! Dr. Case shares his extensive experience in real estate economics through his perspectives on market conditions, forecasting recessions, driving investment decisions with data, and the rise of the build-to-rent housing sector. Learn about the advantag…
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Another week, another round-up of earnings releases and earnings management calls from the commercial real estate market. Last week, Omar Eltorai and Cole Perry covered REITs across the four major sectors. This week, they analyze calls from four specialty REITs and two brokerages, sharing performance metrics, key takeaways, and insights on prevaili…
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In episode 81 of the Toronto Under Construction podcast, host Ben Myers is joined by homebuilding industry veteran Hugh Heron, founder of Heron Homes and Heathwood Homes. With decades of experience in residential development, Hugh shares insights on navigating market downturns, pioneering new housing concepts, and the challenges facing today’s home…
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Every quarter, Omar Eltorai and Cole Perry listen in to the latest round of REIT earnings calls. The calls provide a glance into REIT portfolio performance, and some insight into what the management teams at these companies are focused on for the coming quarters. Today’s episode is devoted to covering a selection of calls they’ve listened into over…
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CRE Exchange hosts Omar Eltorai and Cole Perry discuss the latest macroeconomic news, including the Federal Reserve's recent interest rate decision, along with data on housing, construction spending, and GDP releases. They also touch on what has been moving the markets with a look at recent earnings across banks and commercial real estate firms. Fi…
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We welcome back Dr. Stephen Buschbom, co-host of The TreppWire Podcast and real estate and finance lecturer at Clemson University. Just over a year ago, Stephen joined us for an episode where he made a number of prescient calls on what lay ahead for 2024. In this episode, he joins Omar Eltorai and Cole Perry once again to share a retrospective on t…
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In Episode 80 of Toronto Under Construction, host Ben Myers is joined by Bader Elkhatib (CentreCourt), Christopher Wein (Equiton), and Kevin Stark (Trinity Group) for an in-depth discussion on the state of the GTA’s housing market. They explore new condo sales forecasts, investor sentiment, foreign investment, and rent projections in Canada’s evolv…
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Omar and Cole kick off this week’s episode with some recent macro releases that help set the stage for 2025, then touch on some of what's happened in the capital markets since this year started. Finally, they share a number of initial industry themes for 2025 from the recent CREFC conference in Miami, and others based on personal observations of th…
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CRE Exchange hosts, Omar Eltorai and Cole Perry, share the Q4 2024 results from the CRE Industry Conditions and Sentiment Survey. They discuss major shifts in market perceptions of property pricing, top-performing property types, transaction intentions for 2025, expected capital availability, and the various risks and opportunities predicted for th…
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After a dynamic year in Toronto's real estate market, Ben Myers of Bullpen Consulting dives into key 2024 market statistics, including new construction sales, rental apartment trends, resale activity, and project completions. Ben offers expert insights on the investor and end-user markets, analyzes supply and demand dynamics, and shares his perspec…
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Shlomo Chopp, managing partner of Case Equity Partners, drops in for a discussion about distressed commercial real estate. Shlomo shares his career path and expertise in advisory, restructuring, investing, and asset and property management. Chopp provides an in depth perspective, and important lessons on the complexities of investing in and restruc…
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In Episode 78 of the Toronto Under Construction podcast, host Ben Myers is joined by Uzo Roussouw, Director of Land at Ballantry Homes; Edward Jegg, Research Manager at Altus; and Frank Clayton, Senior Research Fellow at Toronto Metropolitan University (TMU). Together, they explore historical and current housing trends, government policies, develop…
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In Episode 77 of the Toronto Under Construction podcast, Ben welcomes David Klugsberg from LA Ads, Linda O’Connor from Ryan Design and Norm Li from Norm Li to explore branding, design, and marketing in Toronto’s real estate market. From adapting strategies for rentals vs. condos to leveraging AI in campaigns, the panel shares insights on tenant ret…
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Our hosts, Omar Eltorai and Cole Perry, share a round-up of the latest macroeconomic indicators, upcoming policy changes, and CRE market matters both present and future. During the episode, they review US economic releases covering GDP, inflation, housing, construction, and manufacturing data; discuss upcoming moves by the incoming administration, …
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In Episode 76 of Toronto Under Construction, Ben is joined by Noah Rechtsman, Doug Hochglaube, and Francesco (Franc) Margani to explore the intricacies of Toronto's real estate market. From land valuation and distressed properties to rezoning challenges and innovative financing solutions, this episode offers an in-depth look at the factors shaping …
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We discuss Altus Group’s newly launched report, the US CRE Investment and Transactions Quarterly. This report introduces uniquely expansive and granular insights into the volume, pricing, and pacing of commercial property investment sales during Q3 2024, both at the national level and within select metropolitan statistical areas (MSAs). Don’t miss …
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In this episode of Toronto Under Construction, Ben and guest co-host Naama Blonder are joined by renowned urbanist Richard Florida to explore Toronto’s urban challenges and opportunities. They discuss the missed potential of Sidewalk Toronto, the controversy around Ontario Place and Billy Bishop Airport, and the cultural barriers to reducing car de…
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In this episode of Toronto Under Construction, Ben is joined by Jeff Brenner from Castlepoint Numa and Kiran Mirok from Resident to discuss key issues shaping Toronto’s real estate landscape. They tackle community concerns over increased density, Toronto’s shifting zoning policies, and the enduring appeal of single-family homes amidst rising costs.…
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Cole Perry, Associate Research Director at Altus Group, recaps the first full week of REIT earnings calls. Cole shares key highlights and insights across a selection of industrial, office, retail, manufactured housing, gaming, and data center REITs. Key Takeaways: (01:36) Industrial REITs results (05:39) Office REITs results (10:39) Retail REITs re…
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Co-host Cole Perry, shares insights he gained from the recent NAIOP CRE.Converge and Groceryshop conference. Discussion then turns to economic indicators covering NFIB Small Business Optimism Index, labor market, and the potential impact on inflation from the latest CPI and PPI releases. With US elections looming, Omar and Cole also touch on potent…
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In this episode of Toronto Under Construction, Ben and guest co-host Matt Young sit down with Sasha Cucuz, CEO of Greybrook Capital for a deep dive into real estate investment. Sasha shares Greybrook's journey, from its strategic partnerships to navigating the complexities of development equity in both the GTA and U.S. markets. They explore investo…
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We share a digest of the biggest quarter-over-quarter changes and most surprising takeaways from the Q3 CRE Industry Conditions and Sentiment Survey. Our hosts, Omar Eltorai and Cole Perry, touch on key findings across US capital conditions, expectations for debt and equity capital availability, transaction intentions, market pricing and more! Key …
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In this episode of Toronto Under Construction, Ben is joined by KC Daya from Clifton Blake, Howie Paskowitz from Starlight Investments, and Oren Turk from Pinemount Developments to discuss rental apartment development in Ontario. The panel covers the impact of interest rates, navigating construction costs, and mid-rise development strategies, with …
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Co-hosts Omar Eltorai and Cole Perry are joined by Mat Dellorso, Managing Director of SEI, and Co-Founder of the Altigo platform (acquired by SEI) and WealthForge. Mat shares his entrepreneurial journey in finance and technology and discusses the challenges, opportunities and explosive growth of alternative investments and the private market. He al…
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Rich Hill, SVP and Head of Real Estate Strategy and Research at Cohen & Steers, joins the show. With more than 23 years of experience in commercial real estate, Rich has cultivated a strong appreciation for approaching the market with a strategic, data-driven mindset, utilizing research and alternative data to identify valuable investments, especia…
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Episode 71 of the Toronto Under Construction podcast welcomes Jordan Taylor from Deco Homes, Stephanie Lane from Geranium and Peter Juretic from Caliber Homes for a deep dive into the complexities of low-density housing development in the Greater Toronto Area. The panel discusses the latest market trends, barriers to new projects, and how rising co…
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In this week’s episode of CRE Exchange, our hosts, Omar Eltorai and Cole Perry, discuss the latest macroeconomic releases, such as the Producer Price Index, Consumer Price Index and business formations. They also break down earnings reports from Walmart and Home Depot, offering insights into consumer behavior and market sentiment. Additionally, the…
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In this episode of CRE Exchange, Cole Perry, Associate Director of Research, and Omar Eltorai, Director of Research at Altus Group, offer a comprehensive analysis of recent trends and data in the commercial real estate market. They discuss the latest macroeconomic updates and spend the lion’s share of the episode on the latest REIT earnings, provid…
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Episode 70 of the Toronto Under Construction podcast welcomes Bryceson Dodge from Empirical Capital, Adit Kumar from Anbros Financial and Richard Munroe from Atrium to discuss financing, debt, equity and the mortgage market in the Greater Toronto Area. *Sponsored by: BCGi Baron Consulting Group Executive Search*…
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If commercial property taxes are based on market value, why can property tax assessments go up when market values are going down? And how can you compare property taxes for different property types across different cities? We get some answers to those questions and more as we sit down with Sandi Prendergast, Director of Altus Group’s research team,…
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Episode 69 of the Toronto Under Construction podcast brings together two powerhouse women who have experience in both the public and private sectors of Toronto development: Heather Grey-Wolf from Infrastructure Ontario and Salima Rawji from York University Development Corporation. The episode explores the complexities and opportunities of urban dev…
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Join us for an engaging discussion featuring Tim Savage, Clinical Assistant Professor at NYU's Schack Institute of Real Estate. With expertise in econometrics, machine learning and data science, Tim discusses his career path from consulting to academia, his work at NYU's Applied Analytics Lab and CREFC Center for Real Estate Finance, and the curren…
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Our hosts, Cole Perry, Senior Market Analyst at Altus Group, and U.S. Director of Research, Omar Eltorai, share a brief analysis of the latest CRE Industry Conditions and Sentiment Survey. With over 600 respondents from the U.S. and Canada, this episode looks at the biggest shifts between the first and second quarters of 2024, including surprising …
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Episode 68 of the Toronto Under Construction podcast welcomes three new developers, Brendan Whitsitt from Imprint Developments, Alan Leela from Vantage Developments and Mathieu Fleury from Leader Lane Developments to discuss the 10 most important things someone should know before becoming a residential apartment developer. *Sponsored by: BCGi Baron…
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James Nelson, Principal and Head of Avison Young’s Tri-State Investment Sales group, and Scott Singer, Principal and Co-Lead of Avison Young’s Tri-State Debt & Equity Finance team join our latest episode of CRE Exchange! James and Scott share their extensive experience and discuss the unique challenges and opportunities they’re seeing in the nation…
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Samuel Frum, President at Metropia joins episode 67 of the Toronto Under Construction podcast to discuss the success of Metropia's Markham project Union City, housing supply and affordability across the city, condo projects and investors, and why Metropia deeply believes in the future of the GTA. Guest Co-Host: Robert Baron *Sponsored by: BCGi Baro…
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In this episode of CRE Exchange, we provide an overview of the latest Fed news, discuss various macroeconomic releases, analyze current market conditions and touch on fixed-income equities. We also examine the commodities market, review current interest rates and discuss recent retail chain closures and downsizing. Key Takeaways: 01:50 FOMC meeting…
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Episode 66 of the Toronto Under Construction podcast welcomes Colin Baryliuk from KingSett Capital to discuss financing different asset classes in Toronto's real estate market, investment funds, and how the industry is shifting and adapting to the new market landscape. Guest Co-Host: Robert Baron *Sponsored by: BCGi Baron Consulting Group Executive…
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