Tag: RER’s RECPAC/Research Committee

RER’s State of the Industry Meeting Spotlights Housing Affordability, Energy, Tax Policy, Capital Markets, and Homeland Security

Posted on by abigail_grenadier

This week, The Real Estate Roundtable’s (RER) State of the Industry (SOI) Meeting brought together policymakers, industry leaders, and experts to examine the market and policy landscape shaping the economy and commercial real estate in 2026—from housing affordability and financing conditions to energy constraints, tax policy, homeland security, and geopolitical uncertainty. (Agenda, Jan. Executive Summary, Policy Priorities)

  • The general themes emphasized throughout the meeting by RER members and guests centered on the value of communicating smart, timely issue analysis to policymakers, as well as the benefits to business risk management from political engagement. 
  • RER’s policy advisory committees on capital and credit, tax, sustainability, and homeland security were highlighted for producing trusted, fact-based analysis that strengthens the organization’s credibility and effectiveness. Similarity noted was RER’s political action committee (REALPAC), in supporting the industry’s advocacy goals.
  • RER leaders underscored that Washington policymaking is strategic, coordinated, and increasingly consequential for real estate investment and operations—and that staying engaged is essential as today’s debates will shape tomorrow’s legislative outcomes.

Meeting Speakers

  • Rep. Jason Smith (R-MO) (Chair, House Ways and Means Committee) was presented RER’s Champion of the Economy Legislative Leadership Award for his efforts on the One Big Beautiful Bill Act (OB3). He discussed the committee’s work ahead on bipartisan tax initiatives, trade issues, affordability, and housing-related incentives such as the low-income housing tax credit (LIHTC).
  • Mark Halperin (Editor-in-Chief, 2WAY; Host, “Next Up”) provided an overview of the current political environment, discussing President Trump’s governing style, the dynamics shaping the 2026 midterms, and early positioning for the 2028 presidential field.
  • Rep. Andy Barr (R-KY) (Chairman of the Financial Institutions Subcommittee on the House Financial Services Committee; Member, House Committee on Foreign Affairs) discussed the committee’s expected early action to extend the TRIA Program Reauthorization Act of 2026 (H.R. 7128), emphasized the importance of regulatory reform to strengthen capital formation and credit availability, discussed the Committee’s the bipartisan Housing for the 21st Century Act (H.R. 6644) and argued that boosting housing supply—and supporting financing capacity— is essential to improving affordability.
  • Rep. Mike Lawler (R-NY) (Member, House Committees on Financial Services and Foreign Affairs) stressed the importance of bipartisan legislating, framed housing affordability as a supply-and-investment challenge, and urged regulatory relief to spur new development. He also highlighted his bipartisan, bicameral transit-oriented housing bill, Build Housing, Unlock Benefits and Services (HUBS) Act, which would cut red tape and expand federal infrastructure loan tools to support transit-oriented development and boost housing supply. (Roundtable Weekly, Jan. 16)
  • Philip L. Swagel (Director, Congressional Budget Office) delivered a macroeconomic outlook on growth, inflation, and interest rate expectations, and highlighted long-term fiscal pressures, tariff and immigration dynamics, and the need to reduce regulatory bottlenecks that constrain housing supply and infrastructure investment.
  • Rep. Mike Flood (R-NE) (Chairman, House Financial Services Committee, Subcommittee on Housing and Insurance) joined a joint session of RER’s Real Estate Capital Policy Advisory Committee (RECPAC) and Research Committee to address housing and insurance priorities for the year ahead, including his TRIA Program Reauthorization Act of 2026 (H.R. 7128), the National Flood Insurance Program, and efforts to improve housing supply and affordability.

Committee Meetings

Joint Real Estate Capital Policy Advisory Committee (RECPAC) and Research Committee

  • During the joint session, Hessam Nadji, (President & CEO, Marcus & Millichap) made a presentation on the Commercial Real Estate Investment Outlook for 2026 and led a market discussion with RECPAC Co-Chair Bryan McDonnel (Managing Director, Chair of Global Debt & Agriculture, PGIM Real Estate), David Fowler (BNY), and Andy Richard (Citigroup Global Markets Inc.). Genger Charles (Amherst), Sheila Greenwood (Invitation Homes), Lou Hayden (American Homes), and Ama Romaine (Pretium), held a panel on addressing the administration’s proposed restriction on institutional investments in single-family rentals. (See more in Housing story below)(See more in Housing story below) (Agenda & Speakers)

Tax Policy Advisory Committee (TPAC)

  • Kevin Salinger (Treasury Deputy Assistant Secretary, U.S. Treasury Department), Thomas Barthold (Chief of Staff, Joint Committee on Taxation), and other government speakers joined TPAC Chair Joshua M. Parker (Chairman & Chief Executive Officer, Ancora L&G), TPAC Vice Chair David Friedline (Partner, Deloitte Tax LLP) and committee members to discuss the continuing implementation of the OB3 Act, recent policy developments affecting sovereign investors in U.S. real estate, and the outlook ahead for tax legislation and regulatory changes. (Agenda & Speakers)

Sustainability Policy Advisory Committee (SPAC)

  • SPAC Vice Chair Tamara Chernomordik (VP, Corporate Responsibility, Kimco Realty led discussions on federal-state energy policy dynamics, the solar outlook, ENERGY STAR and Better Buildings, permitting reform, electricity reliability, AI-related load growth, and building performance standards. (Agenda & Speakers)

Homeland Security Task Force (HSTF)

  • Co-Chairs John Giacalone (VP, Global Safety and Security, Hilton Worldwide) and Amanda Mason (Executive Director, Global Intelligence, Related Companies) led a series of discussions on the evolving physical and cyber threat picture. Also joining the discussion were representatives of the FBI who discussed their new Homeland Security Task Force, Foreign Terrorist Organizations (FTO), and Criminal Activity; and Sports and Gaming (in light of the World Cup). The Task Force also discussed the growing importance of data center security as AI drives new operational and counterintelligence challenges. (Agenda & Speakers)

Next on RER’s FY 2026 meeting calendar is the Spring Roundtable Meeting in April. The Spring Meeting is limited to Roundtable-level members only. 

RECPAC Meeting Examines Market Shifts, AI’s Impact, and Fed Uncertainty

Posted on by abigail_grenadier

The Real Estate Roundtable’s Real Estate Capital Policy Advisory Committee (RECPAC) convened this week in New York to discuss market conditions, the evolving political and regulatory landscape, and emerging trends reshaping commercial real estate—including artificial intelligence (AI) infrastructure and the Federal Reserve’s policy trajectory.

Fall RECPAC Meeting

  • RECPAC met Thursday, under the leadership of RECPAC Co-Chairs Bryan McDonnell (Head of U.S. Debt and Chair of Global Debt, PGIM Real Estate), Rex Rudy (EVP, Head of Commercial Real Estate, US Bank), Miriam Wheeler (Global Head Real Estate Finance, Goldman Sachs Asset Management), and Working Group Chair Eric Wu (Sr. Managing Director, Real Estate, Blackstone) to discuss top policy issues heading into 2026.
  • RER Chair Kathleen McCarthy (Global Co-Head, Blackstone Real Estate) kicked off the meeting by welcoming RECPAC members and sharing her insights on real estate credit and capital markets. Other discussions included:
  • Roundtable Senior Vice President Chip Rodgers moderated a fireside chat with Alex Katz (Sr. Managing Director of Government Relations, Blackstone) and discussed the political environment, the recent elections, and issues affecting financial services policy, credit capacity, and capital formation.
  • Trey Morsbach (JLL Capital Markets) moderated a roundtable discussion with Kwasi Benneh (Morgan Stanley), Dan Mullinger (PNC Real Estate), Joel Traut (KKR), and Michael Lavipour (Affinius Capital) on real estate credit markets, liquidity, pricing, and financing.
  • Frank Long (Goldman Sachs) hosted a fireside chat with Eric Wu (Blackstone), followed by a discussion with Brian Baker (J.P. Morgan), Quynh Tran (SMBC), and Andrew Winchall (Blackstone Real Estate Debt Strategies) on the economics and energy demands of Artificial Intelligence (AI). AI is reshaping commercial real estate, as the massive energy demands and high costs of data centers redefine investment and financing metrics.

Interest Rates & The Fed

Tom Barkin
  • The Bureau of Labor Statistics released its September jobs report this week, but due to the government shutdown, it will not publish October or November payroll data until Dec. 16—a week after the Federal Reserve’s Dec. 9-10 policy meeting. (Axios, Nov. 20)
  • The absence of timely data is compounding internal divisions, as minutes show policymakers split over further rate cuts amid high inflation and weakening labor indicators. (Axios, Nov. 19)
  • Richmond Federal Reserve President Thomas Barkin noted the economy is in an “unattractive” balance and said upcoming data will be essential to determining the path forward. (Reuters, Nov. 18)
  • On Monday, Fed Governor Christopher Waller said a December cut was needed to stem further job-market deterioration. (NBC News, Nov. 20)
  • Speaking at the Central Bank of Chile Centennial Conference this morning, New York Fed president John Williams said, “I still see room for further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral.” (Axios, Nov. 21)

Roundtable on the Road

  • RER Senior Vice President & Counsel Ryan McCormick spoke at NYU’s Institute on Federal Taxation in San Francisco this week, outlining key One Big Beautiful Bill (OB3) Act implementation priorities, prospects for future real estate tax legislation, and major litigation and guidance affecting partnerships and real estate transactions.
  • Also this week, RER President & CEO Jeffrey DeBoer participated in Commercial Property Executive’s 2026 CRE Outlook webinar, highlighting interest rates, energy and housing affordability, immigration reforms, TRIA reauthorization, and capital-access challenges as key issues for the year ahead. He added that, despite uncertainty around tariff policy, “betting against the U.S. is a bad bet.” (Commercial Property Executive, Nov. 19)

Next on RER’s meeting calendar is the all-member State of the Industry (SOI) Meeting, which will include policy advisory committee sessions, on January 21-22, 2026, in Washington, DC.

Industry Leaders Discuss Economic Outlook, Policy Priorities, and Geopolitical Challenges at Annual Meeting

Posted on by abigail_grenadier

The Real Estate Roundtable’s (RER) 2025 Annual Meeting this week included discussions with public officials and industry leaders on a range of issues affecting commercial real estate, including market conditions, tax policy, the House’s recent passage of the One Big Beautiful Bill Act, tariffs and trade, affordable housing solutions, energy policy, and evolving security threats.

Roundtable Leadership

  • RER Chair Kathleen McCarthy (Global Co-Head of Blackstone Real Estate, Blackstone) opened the meeting by thanking members for their consistent engagement and highlighting the significance of RER’s collaborative efforts in navigating a rapidly evolving policy landscape. (May 2025 Policy Priorities and Executive Summary)
  • During the meeting, RER members approved the nominees for its FY26 board of directors and policy advisory committee officers, which were announced by RER Nominating Committee Chair Geordy Johnson (CEO, The Johnson Group).
  • Addressing the membership, RER President and CEO Jeffrey DeBoer emphasized RER’s ongoing commitment to enhancing member involvement through RER’s policy advisory committees and underscored the value of strategic partnerships with other national real estate organizations for proactive policy advocacy. (Meeting Agenda)

Meeting Speakers

  • The Honorable Kevin Hassett (Director, National Economic Council) presented the administration’s economic agenda, focusing on housing initiatives, factory expensing, and the outlook for growth.
  • (L-R): Hessam Nadji (President and CEO, Marcus & Millichap), Martha Gimble (Executive Director, The Budget Lab at Yale University), and Jonathan Pollack (President, Starwood Capital Group) provided macroeconomic insights, reviewed current and future CRE market trends, and spoke about challenges amidst tariff-induced uncertainty. (Hessam Nadji Presentation | Martha Gimble Presentation)
  • Anna Palmer (Founder & CEO of Punchbowl News) offered her perspective on legislative developments and negotiations, and the rise of influential figures within both political parties.

Policy Advisory Committee Meetings

  • Each of RER’s policy advisory committees met this week in conjunction with the Annual Meeting for in-depth policy discussions. The committees hosted several congressional staff and regulatory officials.

Sustainability Policy Advisory Committee (SPAC) Meeting

  • SPAC Chair Anthony E. Malkin (Chairman and CEO, Empire State Realty Trust, Inc.), Co-Vice Chairs Ben Myers (Vice President, Sustainability, BXP) and Katie Rothenberg (Vice President, ESG, AvalonBay Communities, Inc.) led discussions on EPA’s ENERGY STAR program, grid reliability, clean energy procurement, and nuclear energy deployment. (Agenda & Speakers)

Tax Policy Advisory Committee (TPAC)

  • TPAC Chair Josh Parker (Chairman & CEO, Ancora Group Capital), Vice Chair David Friedline (Partner, Deloitte Tax LLP), and the Committee discussed the broad range of tax proposals affecting real estate that are working their way through Congress in the budget reconciliation bill. Panelists included senior staff from the offices of the House Speaker, Ways and Means Committee, Senator Tim Scott (R-SC), and Senator Todd Young (R-IN), as well as the Treasury Department. In addition, tax experts from Baker McKenzie, Sullivan & Cromwell, and Brownstein led or moderated discussions concerning potential new taxes on foreign investors, regulatory initiatives, and Opportunity Zones.  (Agenda & Speakers)

Sustainability Policy Advisory Committee (SPAC)

  • SPAC Chair Anthony E. Malkin (Chairman and CEO, Empire State Realty Trust, Inc.) and Vice Chairs Ben Myers (Vice President, Sustainability, BXP) and Katie Rothenberg (VP, ESG, AvalonBay Communities, Inc.) led discussions on (Agenda & Speakers)

Joint Real Estate Capital Policy Advisory Committee (RECPAC) and Research Committee Meeting

  • D. Michael Van Konynenburg (President, Eastdil Secured) provided an overview of conditions in real estate credit and capital markets.
  • Following a national policy update from RER’S Ryan McCormick (SVP & Counsel, RER) and Chip Rodgers (SVP, RER), Research Committee Chair Spencer Levy (Global Chief Client Officer & Senior Economic Advisor, CBRE) and Darin Mellot (Vice President of Capital Markets Research, CBRE) led a discussion on the evolving post Liberation Day impact of tariffs on commercial real estate markets. 
  • Robert Rubano (Executive Vice Chairman, Head of Equity, Debt, & Structured Finance, Cushman & Wakefield) moderated a capital market roundtable with David Bouton (Co-Head of U.S. CMBS, Citigroup), Jack Gay (Senior Managing Director, Global Head of Real Estate Debt, Nuveen Real Estate), Kathryn Ogden, (Head U.S. Corporate Banking and Global Head, Real Estate Capital Partners (RECP), RBC Capital Markets), and Matt Salem (Partner, Head of RE Credit, KKR). (Agenda & Speakers)

Homeland Security Task Force (HSTF) Meeting

  • HSTF Chair Amanda S. Mason (Executive Director, Global Intelligence, Related Companies) facilitated a number of discussions on the current threat picture.  These discussions included a review of the risks to commercial facilities from lithium-ion batteries with John Frank (AXA XL Risk Consulting). The meeting also included a series of briefs from the FBI regarding the threats from terrorist and transnational criminal organizations that are directly threatening U.S. citizens and commercial facilities. These discussions included updates on the role of the cartels in violent crime, the deaths of American citizens from synthetic opioids, and the facilitation of nearly three million illegal migrant arrivals in 2024, putting U.S. communities at risk. Also addressed were the range of cyber and intelligence threats from China, targeting our critical infrastructure. (Agenda & Speakers)

RER’s 2025 Annual Report will be distributed in July. Next on RER’s FY 2025 meeting calendar is the Fall Meeting, which will take place on October 27-28 (restricted to Roundtable-level members only). 

Industry Leaders Convene for 2025 State of the Industry Meeting

Posted on by Trey Jackson

This week, The Real Estate Roundtable’s (RER) State of the Industry meeting brought together policymakers, industry leaders, and experts to discuss key policy issues shaping debates in Washington and impacting the economy and commercial real estate industry.

2025 State of the Industry Meeting

  • Roundtable Chair Kathleen McCarthy (Global Co-Head, Blackstone Real Estate) opened the meeting by welcoming attendees, setting the stage for discussions on industry priorities and advocacy opportunities, and highlighting key member priorities for the year ahead.
  • RER President & CEO Jeffrey DeBoer highlighted the organization’s unique strengths in policy advocacy, which is known for its trusted, fact-based, and data-driven approach. He also acknowledged members for participating in the annual policy issues survey, which revealed widespread concern about tariffs and strong support for priorities like tax reform, housing incentives, reducing regulatory barriers, energy infrastructure, insurance, and cybersecurity resiliency.

Meeting Speakers

  • Geopolitical expert John Sitilides (Principal, Trilogy Advisors LLC; National Security Senior Fellow, Foreign Policy Research Institute) gave a presentation on “Washington & the World: The New Geopolitics of Great Power Competition” and discussed the current geopolitical dynamics and vulnerabilities affecting global commerce and energy.
  • Rep. Darin LaHood (R-IL) (Member, House Committees on Ways and Means; and  Permanent Select Committee on Intelligence) discussed the U.S.-China economic relationship, extending the Tax Cuts and Jobs Act (TCJA) tax cuts, housing incentives such as the Low-Income Housing Tax Credit (LIHTC), opportunity zones, and property conversions.
  • Rep. Tom Suozzi (D-NY) (Member,House Committee on Ways and Means) stressed the need for bipartisanship to address housing shortages, restore state and local tax (SALT) deductions, advance immigration reform, and revitalize cities.
  • Robert Costa (Chief Election & Campaign Correspondent, CBS News) shared his insight on the current political environment and his experiences with the past and current administrations.
  • Rep. French Hill (R-AR) (Chair of the House Financial Services Committee) spoke to RER’s Joint Real Estate Capital Policy Advisory Committee (RECPAC) and Research Committee on his policy priorities for the 119th Congress.

Committee Meetings

Joint Real Estate Capital Policy Advisory Committee (RECPAC) and Research Committee

  • During a joint meeting, Research Co-Chair Spencer Levy (Global Chief Client Officer & Senior Economic Advisor, CBRE) and Darin Mellot (CBRE) discussed the current real estate conditions and the outlook for real estate credit and capital markets. Working Group Chair Michael Lascher (Global Head of Real Estate Debt Capital Markets, Blackstone) led a discussion on office financing with David Bouton (Citibank), Michael Maturo (RXR Realty), and James Million (CBRE). Will Skinner (Blackstone Credit and Insurance) presented on the growing adoption of private credit by insurance companies and the interplay with alternative asset managers. (Agenda & Speakers)

Tax Policy Advisory Committee (TPAC)

  • TPAC Chair Joshua M. Parker (Chairman & Chief Executive Officer, Ancora L&G) and TPAC Vice Chair David Friedline (Partner, Deloitte Tax LLP) led panels on the status of tax legislation in Congress and the pending expiration of the TCJA, property conversions, partnerships, pass-throughs, partnership basis-shifting rules, and SECA-limited partners tax dispute. (Agenda & Speakers)

Sustainability Policy Advisory Committee (SPAC)

  • SPAC Vice Chairs Ben Myers (Vice President, Sustainability, BXP) and Katie Rothenberg (Vice President, ESG, Avalon Bay Communities, Inc.) led discussions on public-private partnership opportunities with US-DOE, utilities, refrigerant emissions, and building performance standards. (Agenda & Speakers)

Homeland Security Task Force (HSTF)

  • Co-Chair Amanda S. Mason (Executive Director, Global Intelligence, Related Companies) highlighted the overall mission of the HSTF, and led a series of discussions on areas of concerns for the commercial facilities sector. Bruce Hoffman (Senior Fellow for Counterterrorism and Homeland Security, Council on Foreign Relations) provided an overview of implications of recent terrorist incidents here and abroad, and the evolving terrorism landscape. Trent Frazier (CISA) and Tobi Rosenzweig, (U.S. Department of State) discussed the current geopolitical tensions in Europe and both short-term and long-term risks. Ken Kurz (COPT Defense Properties)and Marcelle Lee (Equinix) led a panel on the evolving landscape of cyber and physical threats. Cathy Lanier (National Football League), Hon. Lucian Niemeyer (Building Cyber Security), and Thomas Warrick (The Future of DHS Project) hosted a roundtable discussion on recent terrorism incidents, and natural catastrophes.(Agenda & Speakers)

Next on RER’s FY 2025 meeting calendar is the Spring Meeting on April 7-8. The Spring Meeting is restricted to Roundtable-level members only.