No Cap by CRE Daily

Why Principal's $100B Real Estate Strategist Is Bullish on Office While Others Panic

Season 3, Episode 4: Rich Hill, Global Head of Real Estate Strategy at Principal Asset Management, joins the show for a candid deep dive into the state of CRE in 2025, from CMBS and construction lending to the hype around AI data centers.With over $100B in real estate under management, Rich explains why office isn’t dead, where multifamily pricing is off, and how investors are recalibrating their return expectations.We discuss:– Why debt is suddenly back in favor– What’s fueling (and threatening) the data center boom– Where office sentiment is quietly shifting– The truth behind the “housing shortage” narrativeRich brings clarity to the chaos, offering a rare look at how one of the industry’s largest real estate platforms is navigating 2025.TOPICS00:00 – Intro & Birthday Surprise03:00 – Rich’s Career Path + Joining Principal06:00 – How Principal Allocates Capital in Today’s Market10:30 – Debt, Construction Lending, and CMBS Strategy15:40 – Data Centers, AI Demand, and Market Caution22:30 – Office Outlook and Why Originations Are Ticking Up28:00 – Living Strategies, Seniors Housing, and Multifamily Mispricing33:50 – US vs. Europe: Capital Sentiment and Cross-Border Strategy39:20 – Tariffs, Onshoring, and Resilient Cash Flows43:00 – Return Expectations for CRE in 2025 and Beyond47:00 – Final Thoughts on Alternatives and OutlookShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

The Deal Architect: Inside Trammell Crow’s $22B Capital Strategy with Tommy Lee

Season 3, Episode 3: Tommy Lee, Global Head of Capital Markets at Trammell Crow Company, joins No Cap podcast for a deep dive into the return of institutional capital—and what it signals for commercial real estate in 2025.Under Lee’s leadership, Trammell Crow has raised and deployed over $22 billion since 2018, fueling large-scale development across major U.S. markets. In this episode, he breaks down how global capital is reentering the space, what risks are being mispriced, and why some deals just don’t pencil—no matter how they look on paper.We discuss:– The return of institutional investors and what it means for deal flow– Execution risk and capital stack dynamics in today’s market– Why distressed deals might not be the opportunity everyone thinks– The illusion of “risk-free” Treasuries and potential cracks in the systemThomas doesn’t hold back—and his perspective offers rare insight into how one of the industry’s top players is navigating the current CRE landscape.TOPICS00:00 – Introduction05:00 – CRE Pipeline Activity and Investor Sentiment10:00 – Managing Relationships and Finding Real Opportunity15:00 – Office Skepticism and Repositioning Challenges20:02 – What the Capital Markets Team Is Seeing Nationwide25:00 – Risk, Return, and Raising Capital in Today’s Climate30:00 – Creative Structuring and Non-Traditional Capital35:00 – What LPs Care About in 202540:00 – Regional Plays, Execution Risk, and Exit Timing45:00 – What Makes a Deal Worth Saying No To50:00 – Advice for the Next Generation of Real Estate LeadersShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

How Crowd Street Turned $63M Fraud Crisis Into Private Equity Growth Opportunity

Season 3, Episode 2: In this episode of No Cap Podcast, co-hosts Jack Stone and Alex Gornik sit down with John Imbriglia, CEO of Crowd Street, and Anna-Marie Allander Lieb, Investment Director, to discuss the company’s remarkable recovery from the $63M fraud scandal that rocked its platform. John and Anna-Marie dive deep into how they turned a crisis into one of the biggest expansions in private equity.The duo reveals their shift from crowdfunding to private equity, how they're leveraging AI for smarter due diligence, and why more Americans are moving away from traditional financial advisors in favor of self-directed investing.TOPICS00:00 - Introduction05:00 - The Nightingale Fraud Scandal10:00 - John's Background and Expansion Vision15:00 - Due Diligence and Sponsor Vetting20:00 - Technology Updates and Brand Strategy25:00 - Building Trust Without Financial Advisors30:00 - AI Integration and Portfolio Management35:00 - Multifamily and Retail40:00 - Conservative Leverage and Credit Approach44:00 - Fall Launch Timeline for Private MarketsShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

JP Morgan's Tom Kennedy On Where to Invest in Commercial Real Estate

Season 3, Episode 1: In this episode, co-hosts Jack Stone and Alex Gornik are joined by Tom Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management. A "recovering central banker," Tom drops some of the boldest predictions we've heard, including a direct callout to the Federal Reserve.Tom reveals why your portfolio strategy might be in trouble, shares insider data impacting half of America, and tells you where to place your bets for 2025.TOPICS00:00 – Introduction05:47 – From Fed to JP Morgan12:15 – JP Morgan's Bold CRE Prediction18:32 – How Deglobalization Changes Everything25:16 – Multifamily: The Most Obvious Investment Play32:45 – Data Centers: Real Estate or Infrastructure?38:12 – The Death of 60/40 and Rise of Alternatives44:28 – Immigration, AI, and Labor Market Disruption49:15 – Interest Rates and Fed IndependenceShoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

The Internet’s Favorite Strip Mall Guy Talks CRE, Capital & Deals

Season 2, Episode 13: In this episode of No Cap Podcast by CRE Daily, hosts Jack Stone and Alex Gornik sit down with Don Tepman, the man behind The Strip Mall Guy. Don shares the story of how a single Twitter post launched a thriving commercial real estate brand and led to millions in deals. He reveals how going public transformed everything, why he doesn’t believe in real estate courses, and how he’s built a business around value-add strip malls.Don also discusses his rise from broker to principal, his strategy for building strong broker relationships, and the role AI might play in shaping the future of real estate. Plus, get an exclusive look into his legendary annual gala and what makes it so special.Whether you’re into real estate, deal-making, or just love a great story, this episode is for you!CHAPTERS00:00 - Introduction 08:31 - Going Public & Deal Flow Explosion15:28 - From Broker to Principal22:33 - Value-Add Strategy & Market Challenges27:48 - Broker Relations & Fund Structure31:32 - Social Media Strategy & Real Estate Courses35:15 - Advice for Newcomers & Importance of Mentorship41:39 - Annual Gala Preview & Closing ThoughtsFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Meta’s in the Bayou, Morgan’s Buying the Midwest, and Investors Are Watching Closely

Season 2, Episode 12: In this episode of The No Cap Podcast, hosts Jack Stone and Alex Gornik break down the madness of the week’s biggest headlines, including Trump’s unexpected tariff drop, the resurgence of REITs, and Meta’s new data center. They also dive into why Shein and Temu may be facing serious troubles and what all of this means for the economy and real estate.From inflation to energy crises, the latest on the stock market to a birthday bobblehead discussion — this episode has it all.CHAPTERS:00:00 - Introduction 05:11 - Hooters’ Bankruptcy & Rebrand09:17 - REITs vs Developers14:56 - Treasuries, Tariffs & China21:15 - Long-Term Strategy25:10 - Inflation, Real Estate & The Dollar31:28 - Meta’s Data Center & Energy34:38 - Detroit, AI & Housing CrisisWe want to thank our sponsor Greysteel. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
 

Will Tariffs Kill Your Favorite Brands? We Asked the Insider Who Knows

Season 2, Episode 11: In this episode of No Cap by CRE Daily, hosts Jack Stone and Alex Gornik are joined by CNBC’s Senior Retail Reporter, Courtney Reagan, to discuss the fast-evolving retail market. From Q4 earnings to tariff shocks and the future of physical retail, Courtney breaks down the latest trends and challenges facing major brands like Walmart, Gap, and luxury retailers on Fifth Avenue.They dive deep into how the retail environment is shifting, with policy changes, economic uncertainty, and evolving consumer behavior at the forefront. Plus, Courtney shares insights on why some retailers are struggling, how e-commerce is reshaping the landscape, and what the future holds for in-store shopping.CHAPTERS:00:00 – Introduction04:52 – Wealth Perception & Consumer Spending14:55 – Groceries, Inflation, and the Future of Big Box Retail20:18 – Retail Stress: Fed’s Impact & Luxury Brands33:31 – Manufacturers & Nostalgia's Influence on Consumers41:55 – Persisting Tariffs & Evolving Retail48:31 – Retail Return Fraud & TJ Maxx's Dynamic InventoryWe want to thank our sponsor Greysteel. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

How Spencer Burton Accidentally Built the #1 Real Estate Resource

Season 2, Episode 10: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Spencer Burton, co-founder of Adventures in CRE and CRE Agents, to explore how technology and innovation are transforming the real estate industry.With years of experience in real estate, Spencer shares how he revolutionized the field by creating essential financial modeling tools used by thousands and pioneering AI-powered digital coworkers. From his early days as an analyst to founding AC and now leading CR Agents, Spencer gives us an insider's view of the future of real estate, where automation and digital entities will take on repetitive tasks and allow professionals to elevate their work.CHAPTERS:00:00 - Introduction04:00 - Community & Free Models12:34 - The ACR Project & Accelerator Program18:21 - Land Brokerage & Panama24:26 - Time, Growth & Consulting31:54 - Stablewood & Tech40:34 - Vertical AI Platforms & Digital Coworkers48:10 - AI Future & FunWe want to thank our sponsor Greysteel. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

KBS CEO Reveals SECRET to Office Success

Season 2, Episode 9: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Marc DeLuca, CEO of KBS, to explore how the firm has navigated the ever-changing landscape of office real estate. With over 30 years of experience in the industry, Marc has managed billions of dollars in real estate across the Eastern U.S. and Mid-Atlantic regions, overseeing some of the most strategic acquisitions in the office sector. He shares the secrets to KBS’s success, from innovative office amenities to a renewed focus on tenant relationships.Learn how KBS has continued to excel in the office space market despite the challenges posed by COVID-19, economic uncertainty, and shifting workplace trends.CHAPTERS:00:00 – Introduction09:53 – Shifting Focus & Challenges19:44 – Tenant Support & Interest Rates25:22 – Return to Office & Recovery35:14 – Leasing Demand & Corporate Moves43:33 – Financing in Uncertain Times49:35 – Top Markets & KBS Adaptation57:02 – Innovative Amenities & TrendsWe want to thank our sponsor Greysteel. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

How AI is Making CRE Brokers More Efficient Than Ever w/ Albert Lojko

Season 2, Episode 8: In this episode of the No Cap Podcast, hosts Jack Stone and Alex Gornik sit down with Albert Lojko, President of Lightbox, a company revolutionizing commercial real estate (CRE) by organizing and digitizing fragmented data. Albert discusses how Lightbox is streamlining transactions, enhancing collaboration, and automating key processes, including appraisals and document generation, using AI to improve efficiency and reduce errors.Learn how Lightbox is transforming the CRE industry and how their platform is helping brokers, investors, and lenders make smarter, faster decisions together.CHAPTERS:00:00 – Introduction06:38 – Innovating the CRE Market12:13 – Data Platforms in Transactions19:45 – AI & Human Expertise for Accuracy25:07 – AI’s Role in Data and Docs29:24 – Automating Appraisals36:44 – Lightbox ID & Innovation41:59 – The Future of AppraisersWe want to thank our sponsor Greysteel. For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.