In this week's episode of The TreppWire Podcast, we discuss whether the decline in stocks and increase in bond yields was a sign of negativity or just a normalization in the market. We have a special multifamily 101 segment where we break down going in cap rates, not all income is "good income" and more. We also discuss our latest CMBS delinquency data and some headlines for retail, office, multifamily and hotels. Tune in now.

This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platform/?utm_source=TreppWire&utm_medium=TreppWire+Digital+Content&utm_campaign=TreppWire+Dec+Jan+2023+2024+Sponsorship

Episode Notes:
- Economic update (0:23)
- Upcoming jobs report: goldilocks? (6:45)
- Apartment rent relief (9:40)
- CMBS delinquency rates (12:11)
- Multifamily 101 (15:02)
- Multifamily news (25:24)
- Office trading alerts (28:31)
- Hotel headline (32:30)
- Retail news (33:41)
-Shoutouts (35:52)

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New Year Normalization: December Delinquencies, Multifamily 101, and Retail Resilience

236. New Year Normalization: December Delinquencies, Multifamily 101, Retail Resilience

In this week's episode of The TreppWire Podcast, we reflect on the CREFC Miami 2024 conference, and the parallels in terms of bullishness on the dovish Fed pivot. While there is a generally positive overtone as we head into 2024, there are underlying concerns that have yet to be addressed. We also dive into multifamily sales, office news, and a few stories for the retail and lodging segments. Tune in now.

Episode Notes:
- Economic update (0:23)
- CREFC conference sentiment (2:48)
- Multifamily sales and news (10:26)
- Office stories (21:35)
- Hotel discount sale (31:27)
- Retail headlines (35:32)
- Shoutouts (38:15)


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238. CRE Temperature Check at CREFC Miami: Resilience in a Wary Market

This week, we saw positive retail sales numbers and jobless claims at the lowest level in over a year, but we also saw bank earnings decline. In this episode, we dive into the mixed-bag of macroeconomic news and data, and what it means for CRE. We share multifamily transactions across the country, news about office loans heading to special servicing, and a few updates on retail. Tune in.

Episode Notes:
- Economic update (0:23)
- Bank earnings (11:58)
- Multifamily transactions (15:12)
- Office valuations, moves to special servicing (21:34)
- Retail news (37:16)
- Shoutouts (40:04)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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239. Mixed-Bag Update: Strong Retail Sales, Turbulent Bank Earnings, Loans in Special Servicing

In this episode of The TreppWire Podcast, we review the latest economic data points and whether what we're seeing is contributing to the "immaculate disinflation" narrative. In CRE, we break down multifamily stories, transactions across the country for retail and hotel properties, and share office stories that touch CMBS. We also dig in to our office operating expense report. Tune in.

Episode Notes:
- Economic update (0:23)
- Retail sales (8:51)
- Multifamily stories (15:24)
- Office property expenses (24:00)
- Office headlines (27:55)
- Lodging transactions (41:48)
- Shoutouts (47:06)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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240. Immaculate Disinflation?; Retail & Hotel Sales; Office Operating Expenses

This week, anyone outside of CRE may have thought markets were improving. But one quick search reveals that mainstream media is now all over what we’ve been talking about for many months. In this episode of The TreppWire Podcast, we break down the headlines, while also sharing industrial transaction stories and news for office, retail, multifamily and hotel properties. Tune in now.

Episode Notes:
- Economic update (0:23)
- CMBS loan losses (7:01)
- Industrial sales (10:41)
- Office (16:46)
- Retail news (28:33)
- Multifamily stories (33:07)
- Shoutouts (41:36)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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242.CRE & Bank Turmoil Strikes Mainstream Media Chord; Surveys, Sales, & Shout outs

242. CRE & Bank Turmoil Strikes Mainstream Media Chord; Surveys, Sales, & Shout outs

In this week's episode of The TreppWire Podcast, we break down office valuation stories and the idea that despite positive retailer earnings reports, malls may not be out of the woods yet. We also cover several multifamily transaction headlines, and news for the retail, lodging, and industrial sectors. Tune in now.

Episode Notes:
- Economic update: Fed minutes, jobless claims, AI (0:23)
- New office transaction in Seattle (4:11)
- Atlanta office story (8:45)
- Chicago office value decline (13:24)
- Sublease story (15:17)
- Malls not out of the woods? (18:26)
- Retail property sales (23:59)
- Multifamily transactions (26:25)
- Lodging (30:26)
- Industrial sale (32:45)
- Shoutouts (33:53)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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Office Valuations, Malls Not out of the Woods?, AI Question Marks for CRE

244. Office Valuations, Malls Not out of the Woods?, AI Question Marks for CRE

After the Fed meeting this week and signs that there will be interest rate cuts in 2024, we ask ourselves if the 'devil is in the Fed Dot Plot'. In this week's episode of The TreppWire Podcast, we also analyze housing starts, Joann fabric's bankruptcy filing, stories of value reductions for malls, San Francisco's latest sublease space, and several multifamily, lodging, and industrial stories. Tune in now.

Episode Notes:

- Economic update: Fed meeting (0:23)
- Housing starts (8:31)
- FDIC disposition of SVB loans (12:00)
- Retail transactions (15:01)
- Joann fabric bankruptcy (16:03)
- Retail CRE news (19:55)
- Office stories (32:07)
- Multifamily transactions (37:38)
- Lodging news (40:41)
- Industrial (43:59)
- Shoutouts (48:08)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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2024 Rate Cuts? Details in the Dot Plot; Joann Bankruptcy; CRE Appraisal Reductions

248. 2024 Rate Cuts? Details in the Dot Plot; Joann Bankruptcy; CRE Appraisal Reductions

In this week's episode of The TreppWire Podcast, we ask the question: 'Is distress in commercial real estate a result of lagging indicators or is market optimism winning the narrative battle?' after breaking down positive economic signals but cautioning that CRE might not be out of the woods yet. We also share green shoots and crabgrass across the asset classes and provide a sneak peek into our bank CRE loan performance data. Tune in now.

Episode Notes:
- Economic and market update (0:23)
- Illiquidity of CRE, lags in real estate (5:15)
- Bank CRE loan data (9:21)
- Retail crabgrass (11:49)
- Multifamily crabgrass(19:48)
- Office crabgrass (25:22)
- Green shoots for office loans and properties (30:14)
- Industrial transactions (33:19)
- Lodging (36:50)
- Shoutouts (38:06)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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249. Are CRE Distress & Optimism Mutually Exclusive? Green Shoots, Crabgrass, & Bank Loan Data

In this special guest episode of The TreppWire Podcast, Oscar Parra, CFO of Pacific Retail Capital Partners, joins the team to share a deep dive into the shopping mall asset class. Oscar reveals how to identify opportunities and navigate challenges within the evolving mall space. Oscar breaks down some recent transactions and shares the details of a $2.5 billion mall redevelopment. Tune in now.

Episode Notes:
Background (0:58)
Position in the enclosed mall space (4:16)
Identifying opportunities and navigating challenges (6:35)
Mixed-use malls? (12:25)
Breaking down mall acquisitions (19:26)
Managing municipalities (27:14)
Breaking down a mall sale (35:46)
$2.5 billion mall redevelopment (39:36)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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251. Navigating the Evolving Mall Space with Oscar Parra of Pacific Retail Capital Partners

Between the retail sales report, comments from Fed Chair Powell, and tensions in the Middle East, there’s been a lot to digest recently. In this week's episode of The TreppWire Podcast, we break down Powell's pivot and in CRE, dig into a large multifamily transfer to special servicing, new regional mall CMBS issuance, and share stories on property transactions and appraisal reductions. Tune in now.

This episode is sponsored by Marketplace: https://rimarketplace.com/esahotels#utm_source=credirect&utm_medium=preroll_paid&utm_campaign=hospitality

Episode Notes:
- Economic update: Fed comments (0:23)
- Bank earnings (9:46)
- $1.5B multifamily loan transferred to special servicing (15:58)
- Multifamily sales (24:31)
- Office (27:21)
- Retail new issuance (38:15)
- Sales transactions (47:31)
- Shoutouts (50:23)


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253. Powell's Reverse Pivot, Strong Mall Issuance, Property Transactions, & Appraisal Reductions

In this week's episode of The TreppWire Podcast, we analyze the latest Senior Loan Officer Opinion Survey (SLOOS) as banks clamp down on CRE lending across the board. We dissect the latest jobs report and its impact on the market as well as the latest stories across property types. The team also shares their takes on the Met Gala's fashion hits and misses. Tune in now.

Episode Notes: 
- SLOOS commentary (2:44)
- Jobs market and unemployment data (6:35)
- We don't talk about rate hikes... (9:26)
- Major hospital bankruptcy (11:26)
- Office stories (14:06)
- Multifamily headlines (22:54)
- Hotel sales (32:59)
- Retail outlet loan extension (36:34)
- Industrial transaction (38:06)
- Shoutouts (41:56)

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257. Unemployment Uptick, SLOOS Commentary, Met Gala Grumblings

In this week's episode, we break down surveys (a recent poll that revealed 55% of respondents believe the US economy is shrinking), sales transactions in the multifamily and industrial spaces, and an office sublease story. We also provide a data center digest, sharing some data points to note. We hope our listeners have a great long Memorial Day weekend!

Episode Notes:
Recession or resilience? (0:23)
Starwood’s SREI struggling to fulfill redemptions (7:00)
Banks leading five days a week in the office (8:36)
Higher-for-longer narrative reinforced (10:10)
Junk bond inflows (12:50)
Strong appetite for data centers (14:29)
$1.7 billion office portfolio loan modification (23:32)
Office headlines (28:45)
Mixed-use news (31:35)
Industrial (35:40)
Multifamily (43.15)
Shoutouts (46:50)

Take our content survey: https://www.surveymonkey.com/r/9LHZ5RL

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259. Surveys, Sales, Sublease, & Data Center Digest

In this week's episode of The TreppWire Podcast, we break down the resurgence of major commercial real estate players and their capital allocation strategies. We provide the latest data on bank CRE loan and CMBS delinquencies, explore trends in the office SASB market, and share insights on office sales, including properties listed on auction sites. Tune in now.

Episode Notes:
Blackstone commit to deploy $65 billion dry powder (1:25)
Malls into minicities (5:33)
Superregional mall feud (9:02)
Banks dumping real estate loans (13:50)
Bank CRE loan performance and CMBS delinquencies (18:12)
Mezzanine lender intervenes on Gas Company Tower (26:35)
Online office auction (29:15)
Large apartment acquisition (33:05)
SASB office market (36:22)
Shoutouts (43:35)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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264. Firms Commit to Deploy Dry Powder, Banks Begin to Sell NPLs, Delinquency & SASB Update

In this week's episode of The TreppWire Podcast, we break down the news of Blackstone's dividend cut and discuss stronger-than-expected GDP. In a few deep dive segments, we look at SASB bonds backed by delinquent office loans, share a true analysis of bank office exposure, and provide the latest multifamily origination trends. We close with stories about loans moving to special servicing and new appraisal changes. Tune in now.

This episode is sponsored by CREi Summit: creisummit.com/

Episode Notes:

Economic Update (0:23)
Blackstone's dividends cut (4:00)
SASB analysis (10:43)
Bank CRE office exposure (15:45)
Multifamily origination trends (24:45)
San Francisco's Parkmerced has value slashed (33:30)
Office stories (35:40)
Office, retail, & lodging value reductions (40:20)
Shoutouts (47:30)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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268. Bank CRE Portfolio Deep Dive, SASB Analysis, Special Servicer Transfers & Appraisal Reductions

In this week's episode of The TreppWire Podcast, we discuss the Fed's decision to hold rates steady and what the future of interest rate decisions will mean for CRE performance. We also break down if it is too soon to call a bottom for the market. We share more data about insurance costs, the latest CMBS delinquency figures, and stories for retail, office, and lodging.  Tune in now.

Episode Notes:
- Economic update (0:23)
- Bottom nears for CRE? (9:30)
- July CMBS delinquency data (16:57)
- Insurance costs climbing (23:38)
- Office news (29:00)
- Retail appraisal reductions (32:59)
- Lodging sector (34:57)
- Shoutouts (40:05)

Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG

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269. Fed Holds Steady, Indices Predict Pricing Bottom, Insurance Costs, & Office Delinquencies Rise

After U.S. stocks had their biggest drop since 2022 and the Treasury Yield Curve un-inverted, there is a lot to digest in economic data. In this week's episode of The TreppWire Podcast, we discuss the continued uncertainty and what it could mean for issuance and lending standards. We also compare regional and superregional mall distress, breakdown recent special servicing stories, and give a sneak peek of our office valuations data. Tune in now.

Episode Notes:
•	Economic Update (0:23)
•	Regional vs. Superregional Mall Distress (10:04)
•	Tightening Lending Standards (18:55)
•	Office News (23:16)
•	Retail Special Servicing (34:38)
•	Mixed Use to Foreclosure (36:05)
•	Office Valuations & Loan Losses (44:46)
•	Shoutouts (47:27)

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270. The Carry Trade Selloff, Regional vs Superregional Mall Distress, Appraisal Reduction Trends

270. The Carry Trade Selloff, Regional vs. Superregional Mall Distress, & Appraisal Reduction Trends

After a volatile week, we're settling back into a more typical cycle. In this week's episode of The TreppWire Podcast, we cover the recent domestic inflation, labor, and retail spending data, struggling hotels in San Francisco, and Texas’ growing financial hub. We also discuss a large SASB loan being transferred to special servicing, Vornado eyeing refinancing in Manhattan, and much more. Tune in now.

Episode Notes:
- Economic Update (1:18)
- San Francisco Hotel News (10:24)
- Texas' Transformation (17:24)
- Credit Stories (23:31)
- Digging Through the Data (34:00)
- Programming Notes & Shoutouts (41:40)

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272. From Wall Street to Y'all Street: Economic Shifts, Hotel Woes, & Office Loan Challenges

In this week's episode of The TreppWire Podcast, we cover the recent focus on the cost of housing (is the rent too damn high?), providing a deep dive into the multifamily sector. We also share data center data (or da-ta?), and give a sneak peak of our latest CMBS Delinquency Report. We also discuss struggling mall and retail loans, an array of office property value reductions, and other loans sent off to special servicing. Tune in now.

Episode Notes:
- Economic Update (1:28)
- Is the Rent too Damn High? (6:10)
- NYC Multifamily Properties (17:19)
- Data Center Data (19:10)
- Delinquency Preview (23:37)
- Struggling Mall & Retail Loans (29:11)
- Office Property Value Reductions (36:15)
- Mixed-Use Loan Moved to Special Servicing (45:03)
- Shoutouts (48:05)

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274. Is the Rent too Damn High?, Multifamily Deep Dive, Data Center Data, & Delinquency Sneak Peek

In this week's episode of The TreppWire Podcast, we analyze Hurricane Milton's impact on CRE, the latest CPI reading (and drop-off in attention it is receiving), and the increase in jobless claims. We share data for special servicing rates and loan losses and dig into recent credit stories including office market trends, retail special servicing issues, and multifamily property transactions. We also explore industrial sector performance and lodging market shifts. Tune in now.

Episode Notes:

- Macro news: Hurricane Milton, new CPI reading, Fat Bear Week (0:23)
- Insurance premium risk (8:00) 
- CMBS Special Servicing Report (11:45)
- CMBS Loan Losses (17:49)
-Office news (20:58)
- Retail: Special Servicing and Loan Performance Issues (33:03)
- Multifamily: Special Servicing and Property Transactions (34:25)
- Industrial: Warehouse Demand and Logistics Trends (38:49)
- Lodging: Hotel Performance and Travel Industry Update (43:23)
- Programming Notes (46:21)
- Shoutouts (51:02)

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283. Storms & Stats: Hurricane Milton, Inflation, Jobs, Special Servicing Spike, CRE Sector Stories

Leveraging Trepp’s market expertise and proprietary data sets, The TreppWire Podcast enables listeners to stay up-to-date on all things commercial real estate, structured finance and banking. 

Featuring Trepp subject matter experts and guests from across the industry, the weekly podcast explores how recent events have impacted both the markets and the daily lives of market participants. 

Questions or comments? Please contact us at podcast@trepp.com.

New tracks tagged #structured finance