Real Perspectives Podcast

Host Vladimir Bosanac is joined by co-host David Arscott (CEO & Co-Founder, Baycrest Capital) for a read on the multifamily and industrial markets — then sits down with David Klein (EVP & Managing Principal, Lee & Associates SF) on the most underserved corner of life science real estate.In this episode:Multifamily is bouncing off the bottom — national vacancy near 4.3%, Bay Area rents up ~9% YoY, and Green Street projecting ~8% CAGR rent growth in Northern California over three years.Industrial is a step behind in the cycle — construction costs outpacing rent growth, small-bay and last-mile flex space holding demand while big-box supply gets absorbed.Rent control's double edge — lessons from New York's five boroughs, plus Redwood City's November ballot measure and California's Builders Remedy push.The energy question — Texas chasing a staggering 474 GW of grid demand (vs. 12.7 GW for all of PG&E territory), why the real number may be 10–20x smaller, and Google's not-quite-sci-fi pitch for data centers in space.Life science's forgotten 40% — David Klein on the "demand pyramid," why sub-10,000 SF lab space runs 0.1–2.2% vacancy while the broader market sits near 29%, and how Lab Space Directory advocates for the small tenants nobody represents.Guests:David Arscott — CEO & Co-Founder, Baycrest Capital (LinkedIn)David Klein — EVP & Managing Principal, Lee & Associates San Francisco (LinkedIn)

Real Perspectives Podcast — presented by The RegistryHost Vladimir Bosanac sits down with Evan McLeod, Principal of Palmero Partners, a Seattle-based brokerage, consulting, and investment firm focused on RV parks, manufactured housing, and multifamily across the West Coast. Broadcasting from the Pacific Northwest, Evan brings a rare, ground-level view into one of real estate's most overlooked — and increasingly institutional — asset classes.The conversation opens on manufactured housing and RV parks as one of the last true forms of affordable housing, where residents can rent from as little as $500 a month and even own their homes. Evan explains why investor capital is flooding in (he estimates the space is 10–20 years behind the apartment boom), why roughly 70% of RV parks and ~80% of manufactured housing are still mom-and-pop owned, and how location, transit access, and full utility hookups drive value. He also pushes back on the media narrative around rising rents, walking through the utility, tax, and insurance costs — insurance up 200% in a year — that owners can't simply absorb.From there, the discussion turns to the topics shaping commercial real estate in 2026:Return to office — Governor Newsom's four-day mandate for California state workers takes effect July 1, potentially bringing ~110,000 people back to downtown Sacramento. Vlad and Evan weigh the boost to local businesses against loose enforcement, employee pushback, and the case for flexibility.Airbnb & short-term rentals — Tightening restrictions in coastal markets like Carmel-by-the-Sea, the "blunt tool" problem, the impact on mom-and-pop owners, and parallels to backlash across Spain, Germany, and France.Pension funds returning to CRE — Capital is flowing back, but reallocating toward industrial, data centers, and multifamily over office — often the same players chasing distressed deals.The episode closes with the show's signature Telescope / Microscope segment: Evan on the rising cost of electricity and the push toward solar and utility recapture, and Vlad on whether we've reached "peak pickleball."Guest: Evan McLeod, Principal, Palmero Partners (Seattle, WA) Host: Vladimir Bosanac, Co-founder & Publisher, The RegistryNew episodes every week. Subscribe and stay tuned.Timestamped chapters00:00 — Intro & Pacific Northwest catch-up02:30 — Manufactured housing & RV parks: the last affordable housing05:00 — Institutional capital moves in; behind the apartment boom09:20 — Valuation, pricing & the mom-and-pop landscape13:20 — The affordability narrative vs. rising operating costs19:00 — Return to office: Newsom's mandate & downtown recovery25:40 — Airbnb & the short-term rental crackdown33:20 — Pension funds returning to commercial real estate35:50 — Telescope/Microscope: solar, energy costs & peak pickleball43:40 — Wrap-up

Hosts Vladimir Bosanac (co-founder & publisher, The Registry) and Byron Renfro (Orchard Commercial) sit down with Jeffrey Weidell, CEO of Northmarq, one of the few large privately held capital markets firms in U.S. commercial real estate. Jeff walks through how Northmarq evolved from a mortgage banking shop into a four-legged "capital markets" business spanning loan servicing ($80B+), debt origination, investment sales, and a growing investment fund platform — and why recurring revenue is what carries a firm through the cycles.The conversation gets into where we actually are in the current distress cycle, the asset classes capital favors right now, and Jeff's candid read on interest rates and the broader economy.In this episode:Northmarq's "three-legged stool" plus a fourth leg, and why loan servicing's recurring revenue was a lifeline through COVID and the rate shockThe fund strategy: filling the niches Wall Street ignores — higher-leverage first mortgages, mezzanine, and pref equity in smaller bite sizesWhere we are in the distress cycle ("the middle"), and why maturing 2021-vintage debt is forcing today's sales activityWhich assets capital likes now: retail's surprising strength, smaller-tenant industrial, the office "winners and losers," and why hotels and seniors housing stay hardBucketing deals: what's a no-brainer to finance vs. what's a tough one (weak sponsorship, tertiary markets, non-traditional product)Jeff's rate outlook: a normal upward-sloping yield curve, longer-term rates staying elevated, and why "stable is okay"The privatization of Fannie Mae and Freddie Mac, and the "do no harm to housing" mandateThe data center tidal wave: $150B (2023) → $400B (2025) → $656B committed (2026), synthetic leases, and the claim that half of U.S. GDP activity is tied to data center constructionWhy hyperscalers are chasing remote power, plus latency and the limits of going ruralBuilding the next generation: Northmarq's two-year associate "coach" program, recruiting by referral, and why talent still clusters in fun cities and strong officesAI in practice: lease reviews, auto-populating broker opinions of value, and Jeff's advice — "wait a year"Guest: Jeffrey Weidell, CEO, NorthmarqHosts: Vladimir Bosanac (The Registry) · Byron Renfro (Orchard Commercial)