What the Q1 2026 ODCE and REIT data say about CRE right now
28 May 2026
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.
Resources mentioned
Altus’ Q1 valuation and performance trends analysis of the NCREIF ODCE Index
Chapters
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
This week's guests
Alexander Jaffe
Strategic Client Partner, Senior Director
Mike Amthor
Director, Performance Analytics
Omar Eltorai
Senior Director of Research
Altus Group
Cole Perry
Associate Director of Research
Altus Group
Resources
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Disclaimer
This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice or services of Altus Group, its affiliates and its related entities (collectively “Altus Group”). You should not act upon the information contained in this publication without obtaining specific professional advice.
A number of factors may influence the performance of the commercial real estate market, including regulatory conditions and economic factors such as interest rate fluctuations, inflation, changing investor sentiment, and shifts in tenant demand or occupancy trends. We strongly recommend that you consult with a qualified professional to assess how these and other market dynamics may impact your investment strategy, underwriting assumptions, asset valuations, and overall portfolio performance.
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