Ryan Severino, CFA, Chief Economist and Head of Research, U.S., BGO
Six years into the expansion, the commercial real estate cycle still looks early. Michael Bull, CCIM covers 2026 rates, supply, and office with BGO Chief Economist Ryan Severino, CFA. Ryan Severino, CFA, Chief Economist and Head of Research for the U.S. at BGO, explains why a cycle that is six years old still behaves like an early to mid cycle expansion. Debt sits at moderate levels, the labor market has room to run, and leverage has stayed disciplined. He sees runway left in the economy and in commercial real estate. The conversation covers where inflation and interest rates go from here, why the 10-year Treasury has trouble moving far off 4% on fundamentals alone, and how trade policy and the conflict in Iran are adding roughly 30 to 60 basis points to the long end of the curve.
| | | | Multifamily Market Update 2026: Rent Growth Returns | Carl Whitaker, RealPage | National apartment rents grew roughly 1.5% over the past 90 days, the fastest pace since late 2022. After three years of the heaviest supply most of us have seen in our careers, that is a genuine turn. It is also well short of what a normal second quarter used to produce. The distance between those two readings is the multifamily story at mid-2026: a sector that is clearly healing, at a pace that depends almost entirely on which class of product you own and which submarket it sits in. | | | | US Office Market Outlook 2026: Vacancy, Rents & Sales | Phil Mobley, CoStar | The US office market absorbed roughly 20 million square feet over the past four quarters, its fourth consecutive quarter of positive absorption. That is a real recovery. It is also about what one decent quarter looked like in 2018. The distance between those two framings is the story of the office sector at mid-2026: a market that is genuinely healing, at a scale that no longer resembles the one most investors remember. | | | | CRE Mid-Year Outlook: The New 10+ Year Cycle, Flat Yield Curves & NOI Strategies with Xander Snyder | Michael Bull, CCIM talks with Xander Snyder, Principal Commercial Real Estate Economist at First American, about what the second half of 2026 holds. Snyder argues the biggest uncertainty is no longer capital markets but demand. Real wages are falling for the first time in several years, credit card debt and delinquency rates are elevated, and business investment is heavily concentrated in data center expansion and AI capital expenditures. | | | | REITs in 2026: Market Performance, Sector Trends, & Investment Opportunities | Michael Bull talks with Edward Pierzak, PhD, Senior VP of Research at Nareit, for a mid-year 2026 look at the REIT sector. Ed covers the momentum carrying REITs through the year, their resilience through tariff and geopolitical shocks, the divergences driving outperformance, standouts like lodging and data centers, why office is bifurcated rather than dead, and the balance sheet discipline and M&A behind it all. | | |
TCN Worldwide
TCN Worldwide is a global alliance of independent commercial real-estate firms that work together across 200+ markets to provide integrated services in brokerage, asset management and consulting.
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Bull Realty
Commercial real estate brokerage firm lead by show host Michael Bull, CCIM providing disposition, acquisition, project leasing and tenant representation services. Email Michael@BullRealty.com.
Contact:
Michael@BullRealty.com
404-876-1640 x101
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