Podcast
Working Capital Commercial Real Estate
Hosted by Jesse Fragale · EN
Working Capital features in-depth conversations with guests from a variety of areas in real estate, economics, education, investment and more. Host Jesse Fragale and guests discuss information about real estate investing that will actually help the average aspiring investor take the steps necessary to start and grow their real estate business.
16episodes
Episodes
Newest firstAll episodes
The Office and Retail Revival With Sal Iacono | EP192
2w ago00:36:22Tap to summarizeSal Iacono President and CEO of Cadillac Fairview. Sal is at the forefront of operations and management at CF, one of the largest owners, operators, investors and developers in North America of best-in-class office, retail, multi-family residential, industrial and mixed-use properties. Sal’s deep experience as a real estate executive and strategist supports the continued portfolio growth of CF and the long-term investment objectives of its owner, the Ontario Teachers’ Pension Plan.In this episode, we talked about:• Sal’s Bio & Background• Parallels between the late ’80s/’90s Market and today• Cadillac Fairview’s History, Ownership, and Canadian Focus• COVID’s Impact on Office vs. Retail and Lessons Learned• Why Physical Retail Still Matters in an E‑commerce World• Cadillac Fairview’s Shift into Industrial and Multifamily• Strategy of Densifying Mall Sites with Residential ProjectsUseful links:https://www.linkedin.com/in/salvatore-sal-iacono-87b852163/
Transcribe →The Economics of Commercial Real Estate with Carl Gomez | EP191
Apr 1000:42:00Tap to summarizeWith over twenty-five years of business experience, Carl Gomez is a well-known Canadian economist and respected investment professional specialising in Real Estate. He was appointed to the leadership team of Centurion Asset Management as Chief Economist and Executive Vice President of Research in January 2026 and is responsible for providing valuable economic insight to support strategy, capital allocation, and operational planning across the firm’s platform.In this episode, we talked about:• Carl’s Bio & Background• Real Estate Market Changes And New Interest Rate Environment• Growing Use Of Data And Technology In Real Estate• Differences Between Canadian And United States Real Estate Markets• Current Challenges And Opportunities In Property Development• Impact Of Immigration And Population Growth On Housing• Carl’s Outlook On Long-Term Real Estate GrowthUseful links:https://www.linkedin.com/in/carl-gomez-5337552/http://www.centurion.ca
Transcribe →Have We Passed the Bottom in Commercial Real Estate? With Rob Kumer | EP190
Feb 2000:38:53Tap to summarizeRob Kumer is the Chief Executive Officer of KingSett Capital, a prominent Canadian private equity real estate investment firm managing approximately $18 billion in assets. Joining in 2004, he became CEO to lead the firm's strategy, investment committee, and mortgage lending, with a focus on sustainable growth, urban development, and decarbonization.In this episode, we talked about:• Rob’s path to CEO of KingSett.• How KingSett grew from a $220M fund to a $20B platform.• 2008–09 crisis vs. today’s post‑COVID real estate downturn.• Trophy office, strong malls, solid industrial, stabilising rentals.• Why global capital may increasingly prefer Canada over the U.S.
Transcribe →A History of Rent Control in New York City with Richard Epstein | EP189
Nov 500:39:39Tap to summarizeRichard Epstein is our returning guest. Richard is an American legal scholar known for his writings on torts, contracts, property rights, law and economics, classical liberalism, and libertarianism. He is the Laurence A. Tisch Professor of Law and director of the Classical Liberal Institute at New York University, the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution In this episode, we talked about:- Richard’s View on Rent Control- Rent Stabilisation VS Rent DestabilisationTranscriptions:Jesse(0s): Welcome to the Working Capital Real Estate Podcast. My name's Jessica Galley, and on this show we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time.Jesse (22s): And what was characteristic of Justice Holmes and most of the scholars at that time is they were not always focused on the essential difference between competitive markets on the one hand, and monopolistic situations on the other. And so he said, rent control is dealing with this instability of one form or another. And you could never conceive about the fact that the instability is something that would induce new entry by other people, which bring the market back into equilibrium, and that the regulation that you wanted to put into place would in effect, stop that from ever happening.Okay, well first of all, strict rent control, as it was originally defined, was you put a price in at a given point in time and you do not change that price at all. And so the control is very fixed. What then happens is the variation on that could be one of two. One is when the unit turns over to an independent person, you can then raise the rate.Jesse (1m 22s): Hey, my name's Jess Golin. You're listening to Working Capital, the Real Estate Podcast. Today we're diving into one of the most enduring and controversial policies in American and Canadian housing Rent control. New York City first adopted rent control regulations over 70 years ago in the aftermath of World War II when policymakers sought to stabilize housing costs amid shortages. Since then, rent control and rent stabilization have become fixtures of the city's housing market. Defendant has protections for tenants, but also criticized for discouraging new development, distorting prices and reducing housing quality.Few places embody this tension more than New York, where some tenants pay well below market rents well just across the hall. New renters pay multiples more for landlords, investors, and policymakers. This creates one of the most complex operating environments in US real estate. And now with New York elections on the horizon, the future of these policies is once again in question, will the political wins bring more restrictions or will there be a push to liberalize the markets and incentivize new housing supply? The outcome will have profound implications, not just for renters, but also for property owners, developers, and the broader investment landscape.To help us unpack the history of the economics and legal framework of rent control, I'm joined by Professor Richard Epstein of NYU School of Law, one of the most respected voices in his field, known for his work on law and economics, property rights and regulation. This is a conversation that goes beyond the surface level talking points. It gets into the real consequences for housing markets, investment and urban development. So without further ado, my conversation with Richard. Richard, it's, it's been quite a while since we last spoke. As usual, a lot's transpired over the past year.How are you doing today?Richard (3m 4s): Well, I'm doing fine. Very busy. I have to go and teach property law in a couple of hours. And one of the topics which will co
Transcribe →Breaking into Commercial Real Estate with Tyler Cauble | EP188
Oct 1500:40:21Tap to summarizeA returning guest Tyler Cauble, is an Investor and Broker in Commercial Real EstateIn this episode, we talked about:• Current Commercial Real Estate Market Landscape• Impact of Rising Interest Rates• Shift in Investment Strategies• Tyler Cauble's Recent Investment Portfolio• Brokerage Strategies in a Slower Market• Business Development Tools and Techniques• AI tools for Lead Generation• Advice for New Commercial Real Estate Brokers• Investment Trends and Market Observations
Transcribe →2025: A Big Year for Real Estate with Bob Knakal | EP187
Apr 4, 202500:36:14Tap to summarizeReturning guest Bob Knakal is the Chairman & CEO of BKREA, a commercial real estate capital markets brokerage company in New York City. Bob was the former Chairman of NY Investment Sales & Head of the NY Private Capital Group within JLL Capital Markets in New York City as well as Chairman of NY Investment Sales at Cushman & Wakefield and Chairman and Founding Partner of Massey Knakal Realty Services, New York’s #1 building sales firm.In this episode, we talked about:• Real Estate Market Overview• Geopolitics• NY Market• Team Goals• AI Impact on Real Estate• Prospecting Tools• 2025-2026 Areas of OpportunitiesUseful links:Previous Podcast with Bobhttps://podcasts.apple.com/gb/podcast/bob-knakal-nycs-billion-dollar-broker-ep181/id1505750263?i=1000663926821
Transcribe →Housings, Rent Control and Incentives with Economist Mike Munger | EP186
Mar 13, 202500:43:26Tap to summarizeMichael Munger is an American economist and a former chair of the political science department at Duke University, In this episode, we talked about:• Michael’s Bio & Background• Housing Rights• Rent Control• Corporate Income Tax• Line LegislationUseful links:Podcast: The Answer Is Transaction Costshttps://podcasts.apple.com/us/podcast/the-answer-is-transaction-costs/id1687215430
Transcribe →How Bad is Healthcare in Canada? with Colin Craig | EP185
Feb 20, 202500:42:17Tap to summarizeColin Craig is a President of SecondStreet. In 2018, he was hired as President of SecondStreet.org and played an instrumental role in launching the organization. Colin oversees the organization’s groundbreaking research and storytelling activities, In this episode, we talked about:• Colin’s interest in Canada Healthcare• “How bad is Canadian Healthcare”• Activity based funding• 2025 OutlookUseful links:Health Reform Now https://secondstreet.org/new-documentary-health-reform-now/
Transcribe →Navigating Real Estate in 2025 with Kingsett’s Aliyah Mohamed | EP184
Jan 29, 202500:36:37Tap to summarizeAliyah Mohamed is Chief Capital Officer at KingSett Capital. She joined in 2022 and has oversight of equity and debt capital strategy and formation, as well as marketing and communications.Prior to joining KingSett, Aliyah spent over 16 years in Investment Banking at TD Securities, most recently as Managing Director, Real Estate, where she advised clients on a wide variety of mergers and acquisitions, divestitures, initial public offerings and equity and debt, public and private offerings.In this episode, we talked about:• How Aliyah Got into Real Estate• Chief Investment Officer vs Chief Capital Officer Jobs Aspects• Kingsett’s Main Focus• Institutional Clients Industries• Canadian Investment • Fund Structures• Acquiring Process• Acquisition in the Canadian Market• Diversity in Real Estate
Transcribe →Build, Baby, Build: The Science and Ethics of Housing Regulation with Bryan Caplan | EP183
Nov 13, 202400:51:27Tap to summarizeBryan Caplan is a Professor of Economics at George Mason University and New York Times Bestselling author.In this episode, we talked about:Genesis of “Build, Baby, Build: The Science and Ethics of Housing Regulation” Book with Edy BranzeiWhy Housing Regulations?Gino’s View on Financial IntelligenceHousing Shortages Despite Ample Land for DevelopmentUrbanisationAffordibilityRent ControlUseful links:First episode - https://podcasts.apple.com/dk/podcast/education-economics-and-real-estate-with-bryan/id1505750263?i=1000624154266Books - https://www.amazon.co.uk/Books-Bryan-Caplan/s?rh=n%3A266239%2Cp_27%3ABryan+Caplan
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