America‘s Commercial Real Estate Show · Bull Realty

PwC Outlook from Tariffs and OBBB Plus Interest Rate Expectations with Tim Bodner

·32 min·2 clips

Tim Bodnar explains why the real estate industry dodged major tax changes in the new bill.

The question is practical. Michael Bull starts with what clients are asking: what comes next for the economy, commercial real estate, users, tenants, tariffs, and interest rates? Policy becomes part of the deal math. The one big, beautiful bill and tariff headlines are treated as forces that could move the economy, users, tenants, and commercial real estate. Rates sit behind all of it. Bull notes they look closer to historic norms, even as the market keeps hoping for cuts later. Tim stays focused on where capital may go. On new economy assets, he pushes past the simple AI story. Data production, connected devices, online goods, and the need for faster delivery all create demand for real estate tied to data-heavy, speed-sensitive activity. Data centers matter, but Tim does not treat them as the whole story. He puts them in a wider group of assets pulled along by the same shift. The opportunity set is selective. Asked about the second half of the year, Tim sorts capital allocation by category instead of making one sweeping call. Housing stays high on the list, especially residential-related demand and the shortage of affordable housing. Entertainment has momentum too. Sports and live entertainment stand out because the theme keeps growing across the United States. Tim also extends that beyond professional sports into collegiate and youth sports, especially where mixed use entertainment districts can bring several asset types together. Wellness real estate gets a mention as another fast-growing area. The market is still cloudy, but Tim sees capital watching shortages, new economy demand, experiential districts, and wellness.

As heard by us

A practical market read on tariffs, rates, and where capital may move next.

Tariffs, the one big beautiful bill, and rate expectations set the frame, but the discussion keeps returning to commercial real estate. Michael Bull brings the macro picture back down to the basics: financing costs, cap rates, tenant behavior, and where capital may head next.

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Why you'd press play

You want a straight read on tariffs, rates, and where CRE capital is heading.

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