Carl Muhlstein: The Evolution of Commercial Real Estate from 1978 to AI

Commercial real estate has changed dramatically over the past five decades. Few people have had a front-row seat to those changes quite like Carl Muhlstein.

In this episode of SF Commercial Property Conversations with Bruce Bean, Bruce sits down with Carl to explore a commercial real estate career that began in 1978 and has included brokerage, investment, entertainment industry real estate, major studio transactions, and now an independent consulting practice that is embracing artificial intelligence.

Carl shares how his family background first sparked his interest in hard assets and real estate. After studying journalism, he made his way into commercial real estate with Cushman & Wakefield, where he began building a career by going directly to property owners, creating relationships, and finding opportunities.

From Brokerage to Major Transactions

Carl explains why he never wanted to limit himself to one neighborhood or property type. Instead, he followed opportunities across Los Angeles and built experience through transactions in markets including Hollywood and Burbank.

His career eventually took him into financial services, institutional real estate, entertainment, and studio properties. Carl discusses working with major companies and property owners and how becoming a principal gave him a much deeper understanding of what happens behind the scenes of a real estate transaction.

He also shares one of the largest transactions of his career: representing Viacom in the $1.854 billion sale of Radford Studios.

How Technology Changed Commercial Real Estate

Carl has watched technology reshape the way businesses use real estate.

He recalls how the growth of the internet and e-commerce changed the need for showrooms and other physical spaces. Today, he sees artificial intelligence creating another major shift.

Carl discusses how he is using AI with a team that includes people trained in architecture, urban planning, and business. Together, they use technology and data to develop reports, lender briefs, and other real estate analysis.

Why Carl Is Watching Southern California’s South Bay

Carl is especially bullish on Southern California’s South Bay, from south of El Segundo to north of Long Beach.

He sees significant activity in advanced manufacturing, aerospace, robotics, and energy. The growth of these industries is creating new jobs and affecting commercial real estate, housing, retail, and multifamily properties throughout the area.

Carl and Bruce also discuss the challenges facing Los Angeles and compare some of those issues with changes taking place in San Francisco and New York.

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