Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Mark Rothschild, Analyst at Canaccord Genuity, for a deep dive into Canada’s evolving REIT market. Covering everything from industrial sector pressures and the fallout of Hudson Bay Company’s collapse to senior housing opportunities and office sector stagnation, Rothschild shares sharp analysis on valuations, portfolio strategies, and market pivots. A must-listen for CRE professionals seeking clarity amid market uncertainty.

 

What you will learn:

• How apartment REITs are adapting to changing market conditions 
• Why industrial REITs are trading at 7% cap rates despite strong fundamentals 
• The impact of the Hudson Bay Company’s insolvency on retail REITs 
• How senior housing REITs are benefiting from strong demographics 
• How rising construction costs and market uncertainty are hampering construction
• How REIT management teams evaluate privatization offers and strategic alternatives 
• The shifting dynamics of retail anchors to experience-based tenants
• Why the office has become the “most boring” asset class 
• How REITs are strategically managing their portfolios 
• Why manufactured housing remains a stable asset class 

Mark Rothschild is an Analyst at Canaccord Genuity and is recognized for his expertise in REIT analysis and commercial real estate market trends. With extensive experience covering Canadian REITs and real estate markets, he provides deep analytical insights into various property sectors, including apartment, retail, office, and industrial assets. In this episode, Mark shares a comprehensive analysis of current REIT valuations, market dynamics, and strategic trends across different asset classes. His work in REIT analysis has helped investors and industry professionals understand complex market dynamics, making him a respected voice in Canadian commercial real estate. Mark’s balanced perspective on REIT performance, privatization trends, and sector-specific challenges makes this conversation particularly valuable for those interested in commercial real estate investment and market analysis.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

Before we dive in…

This episode was recorded just a few weeks ago, but with the recent geopolitical shifts and market uncertainty, a few parts of our discussion may already feel a bit outdated. Still, there’s so much value packed into this conversation that we didn’t want to hold it back. Just a heads-up—and now, on with the show!

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk speak with Sasha Cucuz, CEO of Greybrook Securities Inc., to unpack the evolving landscape of real estate development in Canada and the US. Sasha shares how Greybrook built a $2.5B equity platform, why co-living is gaining traction, and how developers can stay resilient in volatile markets. From navigating regulatory differences to predicting condo market recovery, this episode delivers sharp insights for investors, developers, and industry pros alike.

What you will learn:

• How Greybrook built a $2.5B equity platform 
• Why the US and Canadian real estate markets require different investment approaches 
• The evolution of co-living spaces as an innovative solution to urban housing 
• Why the condo market recovery will likely follow a specific sequence
• The strategic advantage of conservative leverage 
• How amenity-rich developments are becoming table stakes in US markets
• Why successful real estate investment relies more on execution capability 

Sasha Cucuz is the CEO of Greybrook Securities Inc., where he leads the firm’s capital markets and real estate investment strategies. Under his leadership, Greybrook’s portfolio spans 110+ residential and multi-family projects with an estimated completion value exceeding $40 billion across 30+ countries. He co-chairs Greybrook’s Investment and Project Advisory Committees. Formerly President of Greybrook Health, Sasha helped launch Greenbrook TMS and led major acquisitions, including MacuHealth and TearLab. He sits on several corporate and charitable boards, including Greenbrook, Neupath Health, Delos Canada, and the Greybrook Foundation, and advises Northland Properties, owner of the Dallas Stars and Moxie’s.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk sit down with Rob Kumer, CEO at KingSett Capital, to explore strategies for navigating today’s uncertain market. Rob shares insights on balancing institutional growth with entrepreneurial flexibility, how impact investing can drive both strong returns and social good and why zero-carbon initiatives present lucrative opportunities. He also breaks down Canada’s real estate landscape compared to the U.S. and what catalysts could shift the market in the next 24-36 months.

Here is what you will learn:

• How to balance institutional growth while maintaining entrepreneurial decision-making and culture
• Why impact investing must generate both social benefits and compelling economic returns to achieve scale
• The strategy behind achieving double-digit returns through zero-carbon building retrofits
• How to identify opportunity in today’s “capital recession” environment while operating fundamentals remain strong
• Why current market conditions present unique opportunities to acquire institutional-quality assets at attractive yields
• How Canadian real estate market dynamics differ from the US in terms of valuation adjustments and transaction volume
• The key factors driving institutional write-downs and why asset pricing is finally aligning between buyers and sellers
• Why maintaining a 200-250 basis point spread between cap rates and interest rates remains crucial for investment success

Rob Kumer is the CEO of KingSett Capital, a leading Canadian investment management firm with approximately $19 billion in assets under management. With extensive experience in both credit and equity investments, he has successfully led the firm’s evolution while maintaining its entrepreneurial spirit and core values. His leadership has been instrumental in expanding KingSett’s portfolio across various sectors, including affordable housing, zero-carbon initiatives, and institutional-quality assets, while focusing on generating compelling returns alongside social impact.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk sit down with Michael Brooks, CEO of REALPAC, on the sidelines of the RealCapital 2025 conference to discuss Canada’s evolving real estate landscape. They explore the impact of US tariffs, interprovincial trade barriers, and the challenges facing CMHC’s funding programs. Brooks also shares insights on housing policy across party lines and the role of AI in transforming real estate development. 

Here are the key talking points from the episode:

• Understanding REALPAC: Canada’s Leading Real Estate Association
• Trump’s Tariffs: Impact on Canadian Real Estate & Trade
• Breaking Down Interprovincial Trade Barriers in Canada
• Housing Policy: Liberal vs Conservative Approaches
• CMHC Funding Crisis: $80 Billion Deficit and Industry Impact
• Development Charges: Reforming a Broken System
• AI Revolution in Real Estate: From Planning to Zero Waste

Michael Brooks is the CEO of the Real Property Association of Canada (REALPAC), representing the country’s largest real estate investment and development firms. A lawyer and former partner at Aird & Berlis LLP, he has been a leader in real estate law, policy, and sustainable development. Brooks has served on boards including the Toronto Foundation and the World Green Building Council. He also advises the Canadian government on sustainable development and has held academic roles at Toronto Metropolitan University.

 

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Adam Powadiuk and Aaron Cameron sit down with Carl Gomez, Chief Economist and Head of Analytics at CoStar Group, to discuss the future of Canadian commercial real estate. They explore key trends, including the impact of potential U.S. tariffs, shifting apartment and office market dynamics, and evolving interest rate policies. From investment opportunities to rent control challenges, this insightful discussion offers a data-driven outlook for CRE professionals navigating today’s market.

Here are the key talking points from the episode:

• Market Recovery: From ‘Survive till ’25’ to New Reality
• Interest Rates: Why Bank of Canada Cuts Don’t Tell the Full Story
• Trump’s Tariffs: Potential Impact on Canadian Economy
• Housing Market: Supply Challenges and Affordability Crisis
• Rent Control: Comparing Canadian Markets to Alberta Model
• Investment Opportunities: Finding Value in Office and Retail
• Future of Office: Hybrid Work and Market Evolution

Carl Gomez is the Chief Economist and Head of Analytics at CoStar Group, bringing over 25 years of expertise in real estate economics and financial markets. With previous experience working on trading floors with bond traders, he offers unique insights into the intersection of macroeconomics, capital markets, and commercial real estate. His comprehensive understanding of both economic indicators and real estate fundamentals makes him a trusted voice in analyzing market conditions and forecasting industry trends. 

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Adam Powadiuk and Aaron Cameron sit down with Marlon Bray, Executive Vice President at Clark Construction Management, for a candid conversation about the evolving landscape of commercial real estate construction. Marlon shares his insights on modernizing construction management with innovative technology, the challenges of streamlining development approvals, and Toronto’s housing crisis. He also discusses labor shortages, NIMBYism, and the gap between government policies and development realities. Packed with sharp insights and practical solutions, this episode is a must-listen for developers, builders, and industry professionals.

Here are the key talking points from the episode:

• Job Titles in Real Estate: Evolution or Inflation?
• Digitizing Construction: The Push for Modern Tech Solutions
• Breaking Down Development Silos: Building Better Together
• Government Policy Challenges in Housing Development
• The Construction Labor Crisis: Where Have All the Workers Gone?
• Tale of Two Cities: Edmonton vs Toronto Approval Process
• NIMBYism: The Danforth Case Study

Marlon Bray is the Executive Vice President at Clark Construction Management, bringing over 20 years of hands-on construction advisory experience. His expertise spans multiple sectors, focusing on large-scale private developments, including residential, office, and industrial projects. Previously, at Altus Group, he led pre-construction and contract administration services for Eastern Canada, advising on thousands of projects with a combined value exceeding $87 billion. Marlon strongly advocates for construction technology and process innovation, using data-driven solutions to enhance efficiency. His candid insights on industry modernization and housing policy reform make him a respected voice in commercial real estate.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of Commercial Real Estate Podcast, hosts Adam Powadiuk and Aaron Cameron are joined by Jennifer Keesmaat, President and CEO of Collecdev-Markee,  to discuss Canada’s housing development challenges. They explore inefficiencies in approval processes, vested interests that cause delays, and policy innovations that could transform real estate. Jennifer shares insights on reducing red tape, fostering affordability, and rethinking development charges to accelerate housing supply. Tune in for expert analysis on reshaping urban planning.

Here are the key talking points from the episode:

• From Activism to Action: Toronto’s Development Boom 2012-2017
• Breaking the Gridlock: Political Cycles vs Development Timelines
• The Eglinton Experiment: Lessons in Large-Scale Rezoning
• Rethinking Appeals: A New Approach to Development Approvals
• Fast-Track Development: How to Get 90-Day Approvals
• Inside Collecdev Markee: Building Diverse Housing Solutions
• Defining Affordability: Multiple Standards, Multiple Solutions
• Community Building vs Single Projects: Finding the Right Balance
• The Magic Wand Solution: Reimagining Development Charges

Jennifer Keesmaat is a renowned urban planner, real estate developer, and entrepreneur dedicated to transforming cities. As Toronto’s Chief City Planner (2012-2017), she championed walkable, sustainable communities and streamlined development approvals. Now President & CEO of Collecdev-Markee, she leads the creation of 7,500+ homes while advising governments on housing policy through The Keesmaat Group. Named one of Canada’s most influential people, she serves on global urban planning boards and co-hosts the Invisible City podcast. In 2024, she was appointed to the National Housing Council, continuing her mission to shape vibrant, inclusive cities of the future.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of The Commercial Real Estate Podcast, hosts Adam Powadiuk and Aaron Cameron sit down with Jose Pellicer, Partner, Strategy of Evonite, to discuss his transition from managing institutional billions to launching a European real estate investment firm. They explore market cycles, value-add opportunities, ESG regulations, and the importance of downside protection. Jose shares insights on risk assessment, strategic mispricing, and why long-term institutional investors are key to success in today’s evolving European real estate landscape.

 

Here are the key talking points from the episode:

• From Pension Fund to Startup: The Birth of Evonite
• Risk vs Return: A New Investment Philosophy
• The 400 Basis Point Rule: Measuring Value in Real Estate
• Capital Raising: Navigating the Startup Challenge
• Finding Value in Small Industrial Assets
• ESG in Europe: The Reality of Energy Performance Standards
• Final Thoughts: Looking Ahead to Evonite’s Future

 

Jose Pellicer is a Partner, Strategy at Evonite, a pan-European real estate investment firm. With a distinguished career in institutional investment, he previously served as Global Chair of the Investment Committee and Global Head of Strategy at M&G Real Estate. Jose is a leader in risk management, ESG integration, and sustainable investment strategies, having played a key role in the successful Trans-European Fund series. Known for his strategic vision and leadership, he is also highly regarded for his collaborative and engaging approach.

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