Commercial Real Estate Explained

Episodes

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  Chapter 11 Introduction – The Discount Rate: How Investors Measure Risk and Return 22.10.2026 4m

  Lily and Alex explain how the discount rate connects projected property cash flows to investor expectations. They introduce the risk-free rate and risk premium, clarify the property-before-tax perspective, and preview the chapter’s methods for estimating discount rates and exit cap rates, along with common DCF pitfalls.Produced by Alli Garmon and Nicole Jordan. Audio generated by Thomas Autino and WondercraftAI.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Chapter 10 Introduction – Commercial Property Leases: Why Businesses Rent and Landlords Own 22.10.2026 3m

  Alex and Lily introduce commercial property leases and explain how lease agreements shape property cash flow and value. They explore why businesses lease rather than own, including tax advantages, specialized property management, shared resource coordination, and risk management, then preview the next episode’s look at gross, net, and hybrid leases.Produced by Alli Garmon and Nicole Jordan. Audio generated by Thomas Autino and WondercraftAI.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Chapter 9 Introduction – Forecasting Cash Flow Growth: From Market Concepts to Property Valuation 22.10.2026 4m

  Alex and Lily introduce Chapter 9’s practical approach to forecasting cash flow growth, connecting rent forecasts to property valuation. They discuss real economic depreciation, tenant lease schedules, local market data, lumpy capital expenses, and rising operating costs, then preview the next episode’s look at rent growth forecasting and uncertainty.Produced by Alli Garmon and Nicole Jordan. Audio generated by Thomas Autino and WondercraftAI.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 8.3 - How Market Delays Create Real Estate Cycles 20.10.2026 5m

  In this episode, Alex and Lily explain the stock-flow model, a simplified framework for understanding how construction, demand, vacancy, and rents interact over time. They explore how past rents and a minimum “trigger rent” influence development decisions, while construction and tenant absorption delays slow the market’s response. The discussion traces how completed buildings and changes in occupied space affect vacancy, which then influences rents and the next round of development. These feedback loops reveal why real estate can experience booms and corrections even when the underlying economy grows steadily. They also acknowledge the model’s limitations, including its simplified treatment of developers’ forecasting decisions. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Alli Garmon and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 8.2.2 - What Drives Demand Across Property Types 20.10.2026 3m

  In this episode, Alex and Lily explore the distinct demand drivers for office, housing, warehouse, and retail properties. They explain how office employment supports demand for workspace while work from home complicates that relationship, and how population, employment growth, and household demographics influence housing needs. The discussion then examines inventory storage and e-commerce as drivers of warehouse demand, including how automation affects the usefulness of employment as an indicator. Finally, they explore how online shopping changes the relationship between retail sales and demand for physical stores, highlighting why analysts must look beyond broad economic growth to understand each property type. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Elizabeth Schrim and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 8.2.1 - The Four Vital Signs of a Property Market 20.10.2026 2m

  In this episode, Alex and Lily break down four key indicators of commercial real estate market conditions: construction, absorption, vacancy, and rent. They explain how construction timelines and net additions shape future supply, then distinguish gross leasing activity from net absorption, which measures changes in occupied space. The discussion explores how actual vacancy relative to the natural vacancy rate shifts negotiating power between tenants and landlords. Finally, they clarify the difference between asking rents and effective rents, showing how concessions such as free rent and tenant improvement allowances affect the true price of space. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Elizabeth Schrim and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 8.2 - Connecting Demand, Vacancy, and Market Rents 20.10.2026 2m

  In this episode, Alex and Lily take a conceptual look at general market analysis through three core physical variables: occupied space, total stock of space, and vacancy rate. They explain how these measures help forecast market rents and how demand, rents, and vacancy influence occupancy and new construction. Using a tech boom in Seattle’s office market as an example, they trace how an external demand driver can increase occupied space, lower vacancy, raise rents, and encourage development. The discussion brings these relationships together into a continuing cycle as completed buildings add supply and reshape market conditions. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Elizabeth Schrim and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 8.1 - Defining the Market Before Making the Forecast 20.10.2026 4m

  In this episode, Alex and Lily explore the nature and purpose of real estate market analysis, distinguishing site-specific micro analysis from macro analysis of an entire property market. They explain how market segmentation creates meaningful comparisons by separating properties by type, geography, and quality class. The discussion covers metropolitan areas, the relationship between downtown and suburban submarkets, and the differences among Class A, B, and C buildings. They also examine how historical data supports forecasting and why forecasts beyond three years can become unreliable, before previewing absorption, construction, and vacancy as key market indicators. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Shaun Collins and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Chapter 8 Introduction - Reading the Market and Forecasting What Comes Next 20.10.2026 5m

  In this episode, Alex and Lily introduce market analysis for commercial properties, explaining how forecasting rental rates and property prices supports project feasibility and investment decisions. They distinguish broad city-level analysis from site-specific research and clarify the differences between vacant space, available space, and natural vacancy. The discussion explores demand drivers across office, retail, industrial, data center, and self-storage properties, showing why each requires a different analytical focus. Finally, they connect demand, vacancy, rents, profitability, and new development into the real estate cycle, highlighting the analyst’s role in understanding current conditions and anticipating what comes next. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Emma Chang and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 7.4 - From New Construction to Redevelopment 20.10.2026 3m

  In this episode, Alex and Lily explore the property life cycle and how aging buildings, changing land uses, and redevelopment shape investment returns. Following a plot’s transformation from farmland to a single-family home and eventually apartments, they explain how a property’s Highest and Best Use can change over time. They distinguish land value from structure value, compare vacant-lot appraisal value with the value of the future redevelopment option, and discuss physical, functional, and economic obsolescence. Finally, they introduce the Depreciation Principle, explaining how declining structure value affects overall property value growth as redevelopment becomes a larger part of a property’s potential. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Shaun Collins and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Sections 7.3.3 and 7.3.4 - The Rise of Urban Hubs and Neighborhood Renewal 20.10.2026 3m

  In this episode, Alex and Lily explore polycentric cities and Neighborhood Succession Theory to explain how urban areas are structured and change over time. They discuss how Major Activity Centers, including suburban office parks, medical districts, and edge cities, create multiple peaks in land values rather than one dominant downtown peak. The conversation then follows neighborhoods through growth, maturity, decline, and rejuvenation, examining how aging buildings and disinvestment can eventually create redevelopment opportunities. Through examples like warehouses converted into lofts, they explain how changing Highest and Best Use and the timing of neighborhood transitions can shape investment opportunities. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Adam Zulewski and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Sections 7.3.1 and 7.3.2 - How Competition and Spillovers Shape City Neighborhoods 20.10.2026 3m

  In this episode, Alex and Lily explore how real-world cities develop a mix of land uses and densities. They explain how transportation costs, accessibility, and competing bid-rent curves help determine which users occupy different locations and why dense development concentrates near major hubs. The discussion introduces the Burgess Concentric Ring Model and the Hoyt Sector Model, showing how rings and transportation corridors help explain urban patterns. Finally, they examine how zoning and neighboring uses create positive and negative spillover effects, from a convenient grocery store to a noisy factory, and why these effects matter for property valuation. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Adam Zulewski and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 7.2 - Uncertainty and the Option to Wait 20.10.2026 4m

  In this episode, Alex and Lily explore how risk and uncertainty influence land values, development timing, and the shape of cities. They introduce Sheridan Titman’s view of undeveloped land as a call option, explaining why owners may rationally delay a profitable project to preserve flexibility before making an irreversible construction decision. The discussion distinguishes the growth premium from the irreversibility premium and examines how uncertainty can contribute to smaller, denser cities with higher rents. They also explain how shifting expectations and competition among developers can reduce the value of waiting and encourage earlier construction. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Adam Zulewski and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 7.1 - Tomorrow’s Potential and the Value of Waiting 20.10.2026 4m

  In this episode, Alex and Lily explain why property value depends on expected future rents rather than today’s rental income alone. Focusing on rent growth, they explore how a “growth premium” can make land valuable even when it generates no current income. Through an example of land near an expanding city, they examine how a property’s Highest and Best Use can evolve and why delaying development may preserve the opportunity to build something more profitable later. The discussion highlights when waiting can be a strategic decision and why that reasoning depends on expectations of a more valuable future use. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Alli Garmon and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Chapter 7 Introduction - How Timing and Change Shape Urban Real Estate 20.10.2026 3m

  In this episode, Alex and Lily introduce Chapter 7, “Urban Form, Land Value, and Real Estate Development,” exploring how uncertainty, timing, and evolving cities add complexity to basic land value models. They distinguish land rent from land value, introduce the option value of waiting to develop, and explain why uncertainty can discourage immediate construction while increasing land value. The discussion also previews how competing users shape land uses and densities, how physical and regulatory boundaries affect values, and why cities develop multiple commercial centers. Finally, they introduce neighborhood and property life cycles, showing how growth, stability, decline, and renewal influence the urban landscape and investment decisions. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Adam Zulewski and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 6.3.2 - How Real Estate Booms Set the Stage for Busts 20.10.2026 4m

  In this episode, Alex and Lily explore two ways real estate boom-and-bust cycles begin: rising tenant demand for space and rising investor demand for property assets. They explain how a surge in tenant demand initially pushes rents higher, encouraging construction that eventually brings rents down as supply expands. They also examine how investor demand can lower cap rates and raise property prices even without stronger rental demand, triggering development that risks creating excess space. Along the way, they discuss how construction costs influence long-run rents and why projects built on peak-market expectations can face losses. This episode concludes Chapter 6 and previews Chapter 7’s focus on real estate development. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Emma Chang and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 6.3.1 - Connecting the Four Corners of Real Estate 20.10.2026 3m

  In this episode, Alex and Lily break down the DiPasquale-Wheaton quadrant model, explaining how four connected quadrants link tenants, investors, and developers. Starting with the space market, they show how supply and demand determine rent, then explore how cap rates translate rental income into property values. Next, they explain how prices relative to replacement costs drive new construction and how completed projects and demolitions reshape the total supply of space. The discussion brings these relationships together into a continuous feedback loop, illustrating how real estate markets theoretically reach long-run equilibrium and setting the stage for an exploration of boom-and-bust cycles. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Emma Chang and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 6.3 - The Three Gears of Real Estate Markets 20.10.2026 3m

  In this episode, Alex and Lily explain how the space market, asset market, and development industry work together as three interconnected gears. They trace how strong demand for space raises rents, how rental income increases property values, and how higher asset prices encourage developers to build when values exceed construction costs. New buildings then add supply to the space market, easing upward pressure on rents and completing the feedback loop. The discussion highlights why investors must consider all three markets together when forecasting trends, before previewing the DiPasquale and Wheaton quadrant model. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Emma Chang and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 6.2.3 - What City Structure Reveals About Future Rents 20.10.2026 3m

  In this episode, Alex and Lily explore the practical implications of the monocentric city model for real estate investment and long-term forecasting. They explain how population growth and barriers to expansion can raise land rents, while transportation improvements can reduce the premium for central locations by making outlying areas more accessible. The discussion also shows why a property’s relevant “center” depends on its use—from a campus for student housing to a highway interchange for warehouses. Finally, they challenge the assumption that central rents always rise in growing cities and examine how scarce land, geographic constraints, and zoning restrictions can influence property values and long-run rent growth. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Shaun Collins and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net 
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  Section 6.2.2 - How Growth and Transportation Reshape City Rents 20.10.2026 6m

  In this episode, Alex and Lily use the Monocentric City Model to explore how population growth, transportation improvements, and rising incomes affect urban rents. They explain why growing cities generally have higher location rents and how outward expansion versus increased density changes where rent growth is strongest. The discussion also examines how cheaper, faster, or more convenient transportation flattens the rent gradient by reducing the premium for central locations. Finally, they unpack the competing effects of income growth, as households balance their desire for more space against the increasing value of their commuting time. Audio was generated using Wondercraft, with production assistance from Nicole Jordan & Shaun Collins and audio uploaded by Peyton Stone.© 2026 CRE Explained Podcast Team.Based on Commercial Real Estate Analysis for Investment, Finance, and Development (4th Edition) by David M. Geltner, Norman G. Miller, Alex van de Minne, Piet Eichholtz, Thies Lindenthal, and Lily Shen.Developed through Clemson University Creative Inquiry (CI) 4980, under the supervision of Dr. Lily Shen.Reference Material: Commercial Real Estate Resources | CREBook.net