Rates spike, spreads diverge, and power infrastructure reshapes industrial
8 October 2026
Cole Perry and Omar Eltorai work through the latest economic data that's reshaping commercial real estate: labor weakening in office sectors, construction capital concentrating almost entirely in data centers, and the 10-year treasury closing at 5.29% - the highest since 2002. Credit spreads tell an interesting story, diverging sharply between investment-grade and high-yield. The back half dives into Cole's research on power infrastructure and industrial pricing: whether proximity to power generation actually moves property values, how that premium has shifted since 2022, and what it signals about where industrial demand is headed.
Resources mentioned
S&P Cotality Case-Shiller Home Price Index
Job Openings and Labor Turnover Survey (JOLTS)
September Employment Situation
ADP National Employment Report
Key moments
02:00 Labor data
05:30 Consumer confidence falling, personal savings at record lows
11:50 Treasury yields spike to 5.29%
13:40 K-shape in credit spreads18:50 CRE sorting market
20:30 Fundamentals remain strong
28:00 Power infrastructure research
Your guests and host
Cole Perry
Associate Director of Research
Altus Group
Omar Eltorai
Senior Director of Research
Altus Group
Resources
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