America‘s Commercial Real Estate Show

America’s Commercial Real Estate Show™ is the nations leading video and podcast show on commercial real estate related topics. Host Michael Bull, economists, analysts, and market leaders share valuable intel, forecasts and success strategies. If you invest, advise, develop, own, or rent commercial property, land or apartments, subscribe now because this show is for you.

America‘s Commercial Real Estate Show is a business podcast hosted by Bull Realty, with 829 episodes on record and a Required Pod Score of 80.

Bull Realty hosts America‘s Commercial Real Estate Show, a business show with 829 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

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  Episode #1232

  Commercial Real Estate Recovery: Where the Opportunities Are | Rich Hill, Principal

  Sep 30, 202623 min

  Commercial real estate has moved from downturn to recovery, but the gains are uneven. Rich Hill of Principal Asset Management joins Michael Bull, CCIM to map where the opportunities are. Rich Hill is Senior Managing Director and Global Head of Real Estate Research and Strategy at Principal Asset Management, which manages roughly $110 billion of commercial real estate globally. He explains why US total returns have risen for about 8 consecutive quarters, why real estate cycles average around 16 years, and why net operating income growth will drive returns in a cycle with little room left for cap rate compression. Beneath muted headline returns, the top quartile of properties is performing well while the bottom quartile has failed to launch. Rich walks through the US housing mismatch and a selective view on Class A apartments, build-to-rent under the ROAD to Housing Act, senior housing demand from the growing 70+ population, and why power centers and unanchored retail look attractive. On office, 90% of vacancy sits in 30% of buildings and 40% of buildings have no vacancy at all. With the 10-year Treasury above 5%, Rich and Michael discuss why properties trading below replacement cost are holding back new supply, and why commercial real estate worked for decades with Treasury rates at 4% to 5%. In this episode: 00:00 Where Are the Commercial Real Estate Opportunities? 01:32 CRE Recovery: 8 Quarters of Rising Returns and 16-Year Cycles 03:48 Muted Headline Returns and the Dispersion Underneath 06:28 Selective Conviction and the US Housing Mismatch 08:35 Class A Apartments, Class B Value-Add, and AI Job Risk 09:55 Build-to-Rent and the ROAD to Housing Act 10:59 Senior Housing: The Growing 70+ Population 12:01 Retail Real Estate: Power Centers and Unanchored Centers 14:13 AI, White-Collar Jobs, and the Office Market 16:40 Below Replacement Cost: Why New Supply Has Stalled 18:37 Investing With a 5% 10-Year Treasury 19:46 Back to Normal: CRE at 4% to 5% Treasury Rates Connect with Rich Hill: https://www.linkedin.com/in/richard-hill-2156387/ Principal Asset Management Website: https://www.principalam.com Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America's Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Regional commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies. Learn more: 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/ #CommercialRealEstate #CRE #CREOutlook #RealEstateInvesting #Multifamily #BuildToRent #RetailRealEstate #OfficeMarket #SeniorHousing #InterestRates #PrincipalAssetManagement #CREShow

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  Episode #1231

  Retail Sales Outlook: Why Shoppers Keep Spending | NRF Chief Economist Mark Matthews

  Sep 23, 202624 min

  Retail sales are running 5.3% ahead of last year, beating NRF's 4.4% forecast. Michael Bull, CCIM asks NRF Chief Economist Mark Mathews why shoppers keep spending. Consumer sentiment sits near the lowest readings on record, yet shoppers keep buying. Mark Mathews, Chief Economist and Executive Director of Research at the National Retail Federation, explains why most of the 2026 growth is real rather than inflation: goods inflation is running about 0.8%, and a dollar spent on a durable good 30 years ago costs about 79 cents today. Mark breaks down the K-shaped consumer (the top 20% of households drive about 60% of spending), how $60 billion in extra tax refunds offset higher gas prices through August, and why retailers who win on price are winning now. He also covers diesel and tariff costs, blended e-commerce and physical stores, AI shopping assistants, TikTok and influencer-driven sales, and his outlook for holiday spending. For owners and investors in retail real estate and net lease retail, this is a clear read on the consumer behind the rent checks. In this episode: 00:00 Retail Real Estate: Are Retailers Really Doing Well? 01:41 Retail Sales Up 5.3% vs. NRF's 4.4% Forecast 03:44 Who's Winning: Retailers That Own Low Prices 04:55 Dollar Stores and the K-Shaped Consumer 06:03 Gas Prices, the Top 20% and $60B in Tax Refunds 08:30 Consumer Confidence Near Record Lows 10:07 Diesel, Tariffs and Who Absorbs the Cost 11:30 E-Commerce, Blended Commerce and Physical Stores 13:07 Why Shoppers Still Want to Touch the Product 13:51 AI in Retail: Big Investment, Unclear Payoff 15:51 Showing Up in AI Search Results 18:11 Retail Sales Outlook and Holiday Spending 19:28 Advice for Retailers and Retail Property Owners 21:14 TikTok, Influencers and the Customer as Emperor 22:24 Wrap-Up Connect with Mark Mathews: https://www.linkedin.com/in/mark-mathews-cbe-4522913/ National Retail Federation Website: https://nrf.com Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America's Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Regional commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies. Learn more: 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/ #RetailRealEstate #RetailSales #CommercialRealEstate #CRE #NRF #ConsumerSpending #NetLease #RetailForecast #Economy #AIinRetail #BullRealty #CREShow

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  Episode #1229

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

  Sep 9, 202625 min

  Senior housing is posting record absorption while new supply sits at Great Financial Crisis lows. Michael Bull, CCIM talks with Arick Morton, Chief Executive Officer of NIC MAP, about what that gap means for owners, investors, and developers. Arick walks through the numbers behind the demand story: median occupancy back near 93%, more than 30 of the top 100 metros running a 95% median, transaction volume touching all-time highs, and price per unit up meaningfully. Cap rates have compressed into the 6 handles for stabilized Class A and B product in good markets, with 5 handles trading in some cases. The supply side is the harder half. Labor costs climbed 30% to 35% between 2021 and early 2023, and because buildings sat around 80% full, almost none of it was passed through to rents. Occupancy has healed, margins have not fully caught up, and the unlevered yield on cost math still comes up short in many markets. Arick lays out what has to change before a sustained construction cycle starts. Then the opportunity set. The 80 plus population grows roughly 35% by 2030 and 65% to 70% by 2035, which means the industry needs to deliver about twice as many units as it has ever built, every year, for the next 20 years. Arick makes the case that expanding existing communities is the fastest pressure relief valve available, since roughly two thirds of the stock is 20 to 25 years old and much of it sits on land bought before land got expensive. He also covers third party management, regional density in portfolio construction, and where AI actually helps an operator. In this episode: 00:00 Senior Housing Market Outlook 2026 01:46 Meet Arick Morton, CEO of NIC MAP 02:14 Record Absorption and Capital Rotating In 03:45 Why Passive Capital Needs an Operating Partner 04:24 New Supply at Great Financial Crisis Lows 06:33 Labor Costs Up 30% to 35% and the Margin Gap 07:57 Occupancy: 93% Median, 95% in 30 Plus Metros 08:42 Active Adult, IL, Assisted Living, Memory Care, Skilled Nursing 10:45 Cap Rates: 6 Handles, and 5s for the Best Product 12:17 Transaction Volume at All-Time Highs and the NCREIF Index 13:46 Owner or Operator: The Third Party Management Question 15:42 Twice as Many Units, Every Year, for 20 Years 17:56 The Expansion Play: Building on Land You Already Own 20:02 AI, Data, and Regional Density for Operators 22:13 Where to Find NIC MAP Research 23:32 Final Takeaway Connect with Arick Morton: https://www.linkedin.com/in/arickmorton/ NIC MAP Website: https://www.nicmap.com Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America's Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Southeast U.S. commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies. Learn more: 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/ #SeniorHousing #SeniorHousingInvestment #CommercialRealEstate #AssistedLiving #MemoryCare #IndependentLiving #SkilledNursing #CapRates #CREInvesting #RealEstateInvesting #NICMAP #CREShow

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  Episode #1228

  Industrial Real Estate: Demand Rebound | Marc Selvitelli, CREDA

  Sep 3, 202627 min

  Industrial real estate demand is rebounding in 2026 after the slowest first half in eight years. Michael Bull, CCIM gets the latest from Marc Selvitelli, President and CEO of the Commercial Real Estate Development Association (CREDA, the organization known for decades as NAIOP). Only 75 million square feet of industrial space delivered in the first half of 2026, the lowest in eight years. Yet 595 million square feet are now under construction, up 5% year over year, with vacancy essentially flat at 6.9%. Marc explains why the sector is normalizing toward historical norms instead of repeating the post-pandemic rocket ship, and why consumer spending and e-commerce still support the trend. One caveat sits under the numbers: the forecast assumes the conflict with Iran winds down in the second half of the year. The conversation also covers the CREDA sentiment survey (slow, steady, and quietly positive as capital returns), the return to office at 3.4 days a week, why power availability is now the single biggest constraint on new development, and the explosion in data centers, from 2% of members three years ago to 12% today. Marc and Michael dig into industrial outdoor storage (under 2% vacancy nationwide), medical office, office-to-residential conversions, senior housing technology, and what AI really does and does not change for brokerage. In this episode: 00:00 Intro: NAIOP Is Now CREDA 00:56 Why NAIOP Rebranded to the CRE Development Association 02:29 Industrial Demand Forecast: Slowest First Half in 8 Years 04:22 The Iran Conflict Assumption in the Forecast 05:10 595M SF Under Construction as Development Turns Up 06:19 Industrial Investment and Capital Coming Back 07:21 CREDA Sentiment Survey: Slow and Steady, Trending Positive 08:09 Multifamily Uncertainty and Office Finding Its Footing 09:44 Return to Office: 3.4 Days a Week, AI Firms at Five 10:34 Construction, Labor, and Power: The Biggest Constraint 12:12 Data Centers: From 2% of Members to 12% 14:39 Industrial Outdoor Storage: Under 2% Vacancy Nationwide 15:42 End-of-Year Opportunities: IOS, Medical Office, Conversions 17:23 A 185,000 SF Tower at 30%: The Office Condo Play 18:45 Senior Housing Demand and the Technology Gap 21:07 AI, Brokerage, and Why Relationships Still Win 25:24 Final Takeaway Connect with Marc Selvitelli, CAE: https://www.linkedin.com/in/marc-selvitelli-cae-7b6a991 CREDA Website: https://www.credaglobal.org Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America's Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Regional commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies. Learn more: 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/ #CommercialRealEstate #CRE #IndustrialRealEstate #NAIOP #CREDA #DataCenters #IndustrialOutdoorStorage #OfficeMarket #CREForecast #RealEstateInvesting #MedicalOffice #MichaelBull

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  Episode #1227

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

  Aug 27, 202622 min

  Houston delivered 6,400 apartment units in Q1 while Class B absorption came in at negative 750. Michael Bull, CCIM and developer Victor Menasce break down what that means for apartment investors and developers in 2026. Victor Menasce, Senior Partner at Y Street Capital, has developed and owned property through multiple recessions and cycles. He explains why the traditional Class B value-add playbook of adding washers and dryers and pushing rents $50 a month is running out of room, how Class A concessions are pulling renters up and out of older product, and why lease surfing stretches stabilization timelines even in brand new buildings. The conversation also covers entitlement risk and the case for building by right, how opposition groups now organize on social media within weeks and use AI to research objections, the Austin multifamily oversupply and how long that absorption may take, and where the supply and demand mismatch actually sits today. Victor also makes the case for active adult housing as an underbuilt segment between market rate apartments and independent living, with resident tenure averaging around nine years. Plus construction cost trends, factory built delivery, and an insurance renewal that went from $58,000 to a $350,000 quote in a single year. In this episode: 00:00 Development Through CRE Cycles With Victor Menasce 01:28 Your Investment Thesis Ages Before the Project Delivers 02:13 Three Legs of the Stool: Capital Cost, Rents, Construction 02:47 Entitlement Risk and the Case for Building By Right 04:22 Local Counsel, Relationships, and Approval Timelines 05:04 Organized Opposition: Social Media Groups and AI Research 07:00 New Supply: Austin Oversupply and Rent Concessions 08:34 Lease Surfing and When Apartments Become a Commodity 11:19 Active Adult: The Gap Below Independent Living 12:11 Office Conversions and Mixed Use Done Right 13:35 Active Adult Demographics: 70% Singles, 9 Year Tenure 15:00 Construction Costs 2026: Labor, Trades, Supply Chain 16:03 Factory Built Delivery and Hambro Joist Time Savings 16:52 Insurance Shock: $58K Premium to a $350K Renewal Quote 18:40 Houston Q1 Data: Class B Squeezed From Above and Below 20:16 Closing Thoughts and Sponsors Connect with Victor Menasce: https://www.linkedin.com/in/vmenasce/ Y Street Capital Website: https://ystreetcapital.com Connect with Michael Bull & The Show: Michael Bull, CCIM Bull Realty, Inc https://www.linkedin.com/in/michaelbull/ For more commercial real estate market data, sector forecasts, and video episodes, visit CREshow.com. America's Commercial Real Estate Show is brought to you by our proud sponsors. TCN Worldwide: Commercial real estate property management, leasing, and sales solutions across the US and globally. Learn more: https://www.tcnworldwide.com Build Out: The ultimate product suite for commercial real estate brokerage firms looking to streamline their business. Learn more: https://www.buildout.com Bull Realty: Regional commercial real estate brokerage services headquartered in Atlanta, delivering market intel and strategies. Learn more: 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/ #CommercialRealEstate #Multifamily #ApartmentInvesting #RealEstateDevelopment #ValueAdd #ActiveAdult #HousingSupply #ConstructionCosts #RealEstateInvesting #CRE #Houston #CREshow

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