In this week's episode, we review mixed economic data, with a focus on the latest news for the technology sector and how it will impact CRE. We discuss reasons for optimism and pessimism, discuss CMBS spreads, a cap rate analysis, and hairline fractures for the multifamily market. We also share some office headlines and give an overview of NYC's Local Law 97.  Tune in now.

Episode Notes:
•	Economic update (0:23)
•	Interest rates inflection point (8:20)
•	Digging into tech earnings (10:32)
•	Impact on CRE (17:25)
•	Optimistic or pessimistic? (20:12)
•	Cap rates analysis (26:37)
•	CMBS spread levels (30:45)
•	Multifamily cracks (32:32)
•	Office stories (40:19)
•	Hotel news (42:28)
•	Local Law 97 (43:28)
•	Shoutouts (45:45)

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire 
LinkedIn: www.linkedin.com/company/trepp-llc 
Facebook: www.facebook.com/TreppLLC

Tech Turmoil Weighs on Markets; Will Falling CRE Prices Lead to Fed Pivot?

165. Tech Turmoil Weighs on Markets; Will Falling CRE Prices Lead to Fed Pivot?

This week, the Fed raised interest rates amid concerns over bank liquidity. In this episode, we dive into what the Fed decision means for bank securities holdings, explain the FHA/deposit insurance model, and ask the question, “can the Fed fight both inflation and contagion?” In other news, there were large layoffs this week and a lot of negative news for office. Lastly, the team debates the proposal for bank regulators to reestablish CRE troubled debt restructuring programs. (And finally, happy 3rd anniversary to The TreppWire Podcast!) Tune in now.

Episode Notes:
• Fed decision, CS buyout, more banking news (0:23)
• Interest rate hike and impact on banks (12:04)
• FDIC and FHA/deposit insurance debate (15:33)
• Big layoffs this week (21:32)
• Bad times for office (23:26)
• Emergency measures for distressed CRE debt(32:04)
• Shoutouts (41:23)

188. Volatility Up, Liquidity Down for Banks & CRE; Office Turmoil; Restructuring Program Needs?

This week, the White House called for stricter rules for mid-sized banks as lawmakers sifted through what happened with the recent bank failures and what needs to be done in response. In this episode, we dive into some more details of the SVB bank run, then we debate what makes an asset qualify as "toxic." The team discusses the CMBS Delinquency Rate dip in March, while the office rate continues to climb. Lastly, we discuss the retail, multifamily, and hotel sectors. Tune in now.
Episode Notes:
We're Not Out of the Woods Yet (0:20)
What Makes a Toxic Asset? (9:40)
Bank Money Flows (14:40)
CMBS Delinquency (23:21)
CMBS Spreads and Concerns about CRE (27:10)
Crabgrass in Office (31:00)
Green Shoot Trading Alerts (35:09)
Retail, Multifamily, and Hotels (37:00)
Shoutouts (42:01)

190. It's Happening: Office Delinquencies Tick Up Again, Calls for Bank Regulation, and Wrap on Q1

In this week’s episode of The TreppWire Podcast, the team dives into the latest economic news and jobs data. Next up, we give an update on banks and give a sneak peek of Trepp’s Q1 Bank Earnings analysis. Then we sing the office blues but do find positive office news, with big office loans to keep on your radar, and then debate if in-office is coming back …again. Stick around to hear multifamily news and a preview of Trepp’s AI podcast. Tune in now.

Episode Notes: 
Economic and job data (0:25)
Update on Banks (7:07)
Two CMBS Deals Priced (10:06)
Return to office (13:57)
Sublease and office moves (16:30)
Big office loans to watch (22:35)
Retail News (26:28)
Multifamily Housing (36:05)
Shoutouts (40:32)

Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp
Facebook: www.facebook.com/TreppLLC

192. Good Vibrations in a Shaky Market? Some Even in Office

The yield on the 3-month treasury hit more than a 22-year high today, so, clearly, investors are jittery. In this week’s episode of The TreppWire Podcast, we explain what’s going on with the debt ceiling discussions, continued bank worries following the news of First Republic, and the economic uncertainty. In CRE, we cover the CMBS delinquency rate which held steady but revealed more concern for office, dive into comps and benchmarks for office, and review our Trading Alerts. Stick around to hear what ‘Siri’ says. Tune in now.


Episode Notes:
•	Jittery market: debt ceiling, bank worries, economic uncertainty (0:23)
•	First Republic’s problems (9:23)
•	CMBS delinquency report (14:10)
•	Vornado pausing dividend (15:29)
•	Office stories (17:16)
•	CRE comps and benchmarks (20:06)
•	Trading alerts: sublease space, move outs (25:41)
•	Houston stories (32:30)
•	Multifamily news (35:31)
•	Shoutouts (41:39)

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire 
LinkedIn: www.linkedin.com/company/trepp
Facebook: www.facebook.com/TreppLLC

Jittery Markets, More Bank Fallout, Office Comps

195. Jittery Markets, More Bank Fallout, Office Comps

With concerns over the debt ceiling, credit tightening, and bank deposit runs, problems in commercial real estate may be the least of investors’ worries. In this week's episode of The TreppWire Podcast, we examine regional bank concerns and some promising fresh inflation data. In CRE, we talk good news for suburban retail, retail extensions, and more sublease stories. We also break down quoted versus effective rent. Tune in now.

Episode Notes:
•	Economic news (0:23)
•	Earnings (9:43)
•	Good news for suburban retail? (13:35)
•	Retail extensions (18:00)
•	Trading Alerts (21:23)
•	Negative office news: subleases (26:01)
•	Quoted vs. effective rent (32:51)
•	Office green shoot and crabgrass story (38:49)
•	Multifamily story (41:06)
•	Shoutouts (43:55)

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire 
LinkedIn: www.linkedin.com/company/trepp-llc 
Facebook: www.facebook.com/TreppLLC

Storm Brewing… CRE Issues May be Least of Concerns; Retail Extensions; Rental Rates 101

196. Storm Brewing… CRE Issues May be Least of Concerns; Retail Extensions; Rental Rates 101

With slowing regional bank turmoil, all eyes shifted to the debt ceiling deal debate. In this week’s episode, we examine the latest economic news. Mike Flood of the Mortgage Bankers Association shares his perspective on the debt ceiling and bank regulation. In CRE, we saw several office loans transfer to special servicing, sublease stories, and comps. We also share retail green shoots and crabgrass, a hotel comeback story, and discuss our bank CRE concentration analysis. And in an ode to Sam Zell, we reference his mentality of knowing when to “hold ‘em” and when to “fold ‘em.” Tune in now.

Episode Notes:
•	Economic update(0:23)
•	Debt ceiling thoughts: Mike Flood, MBA (6:45)
•	Bank executive testimonials (9:35)
•	Regulatory changes ahead (11:01)
•	Bank CRE concentrations (15:14)
•	Office special servicing transfers (18:19)
•	Sublease stories (24:10)
•	Office comps (27:58)
•	Retail crabgrass (30:02)
•	Retail green shoots (33:35)
•	Hotel comeback story(36:12)
•	Shoutouts (38:51)

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire 
LinkedIn: www.linkedin.com/company/trepp
Facebook: www.facebook.com/TreppLLC

Debt Ceiling Deal Debate; CRE Poker Face: Hold ‘Em or Fold ‘Em; Office Special Servicing Moves

197. Debt Ceiling Deal Debate; CRE Poker Face: Hold ‘Em or Fold ‘Em; Office Special Servicing Moves

This episode is sponsored by BetterPitch: https://www.betterpitch.com/. In this week’s episode, we break down the shift in economic news that will be bringing us back to our regularly scheduled programming of interest rate decisions, inflation, and job numbers. In commercial real estate, we had a big week for data – we saw the issuance of a CMBS deal, which is defying the debt ceiling drama and we also saw CMBS delinquency readings that investors have been anticipating for months. In office, there are several sublease stories of note.  Tune in now.

Episode Notes:
- Economic updates: turning our attention back to other economic indicators (0:23)
- CRE state of the market (7:43)
- CMBS deal coming to market (9:00)
- Can CRE operate in a frozen market? (14:21)
- Delinquency report (18:16)
- Office losses at banks (26:20)
- Office stories to watch (28:06)
- Retail sales (37:58)
- Shoutouts (40:20)

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire 
LinkedIn: www.linkedin.com/company/trepp-llc 
Facebook: www.facebook.com/TreppLLC

199. Office Delinquencies Hit 5-Year High; Issuance Defies Debt Ceiling Drama; State of CRE Market

In this special guest episode of The TreppWire Podcast, Bob Knakal, Head of NY Private Capital Group at JLL, and legendary NYC CRE sales broker, joins the team to give a data-driven state of the market. We talk about data that moves the market, liquidity in the current environment, transaction volume stats, retail green shoots, public policy, Seinfeld, and much more. Tune in now. 

Episode Notes:
- Knakal by the numbers (2:49)
- Liquidity in the current environment (4:37)
- What impacts transaction volume? (8:09)
- Comparison of past crises; when does risk come back on? (12:25)
- How do you serve the market with data? (16:35)
- Complexity of NYC data (19:15)
- How's the market? (23:42)
- Data that moves the market (28:06)
- How does your day differ today from 20 years ago?(37:10)
- The Map Room (40:05)
- NYC public policy (46:15)

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire 
LinkedIn: www.linkedin.com/company/trepp

212. Get the 'Knak' with CRE Legend Bob Knakal: Data-Driven Update, Retail Green Shoots, Policy

In this week’s episode, we break down signs of positivity and weakness in the economic markets. We cover our latest CMBS delinquency data and examine CRE exposure to a potential Rite Aid bankruptcy. We have news to share for all the major CRE property sectors including an office valuation reduction, a development for a mall in Puerto Rico, industrial and apartment comps, and news for hotels.   Tune in now.

Episode Notes:

•	Economic update (0:23)
•	Rite Aid bankruptcy (8:51)
•	CMBS delinquency report (11:54)
•	Multifamily portfolio sale (13:57)
•	Apartment comps (16:01)
•	Office news (18:35)
•	Office value reduction (27:54)
•	Industrial comp (30:28)
•	Puerto Rican mall loan development (33:40)
•	Mall loan sale (37:02)
•	Hotel & casino story (39:09)
•	Quick hits: office and student housing (45:
•	Shoutouts (47:54)

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire 
LinkedIn: www.linkedin.com/company/trepp
Facebook: www.facebook.com/TreppLLC

213. CRE Rundown: Transactions, Office Value Reductions, Puerto Rican Loan Pay Off, Delinquency Data

In a special guest episode, we welcome Twitter CRE sensation, StripMallGuy. After a successful career as a value-add retail buyer, StripMallGuy added the title of influencer to the resume. Here, we discuss the ins and outs of strip malls, how to balance social media and the day job, breaking into the industry, and more. Tune in now.

The episode is sponsored by The Henley Group: https://www.thehenleygroup.com/

Episode Notes
- Behind StripMallGuy (0:23)
- Why strip malls? (5:05)
- Adjusting to tighter credit conditions and a resilient consumer (6:15)
- Balancing social media and the job (8:50)
- Position as a value-add buyer (13:26)
- "We don't 1031, we don't cost seg, we don't finance on the front-end of the deal..." (16:51)
- The no-nos: Chick-fil-A, dry cleaners, & karate (21:07)
- Mom & pop vs. national tenants (23:59)
- Rookie mistakes (28:13)
- Negotiating: LOI vs. signed contracts (32:09)
- StripMallGuy's 'Black Swan' Event (36:07)
- Converting mom and pop to triple net lease structure (38:54)
- What would StripMallGuy be doing if not in CRE? (41:56)
- Best thing about NYC (42:25)
- HOAs (43:38)

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp
Facebook: www.facebook.com/TreppLLC

216. Behind 140 Characters: StripMallGuy Opens Up on Anonymity, Tenants, & Chic-fil-a with Trepp

216. Behind 280 Characters: StripMallGuy Opens Up on Anonymity, Tenants, & Chick-fil-A with Trepp

In this week’s episode of The TreppWire Podcast, we break down the post-Fed decision discussion – with the focus on the Dot Plot and the 'higher for longer' narrative. In CRE, we take on the hot (but not hot enough) topic of insurance, discuss a REIT bankruptcy filing, share office crabgrass, and more multifamily comps with interesting cap rates. Tune in now.

Episode Notes:
- Post-Fed decision discussion: Dot Plot, higher for longer (0:23)
- Signature Bank CRE portfolio (8:12)
- Insurance expenses (11:37)
- Office (mostly) crabgrass (16:30)
- Retail (32:23)
- Multifamily comps (39:43)
- Shoutouts (42:24)

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp
Facebook: www.facebook.com/TreppLLC

Extensions & Modifications, Insurance Rundown, REIT Bankruptcy, & Dot Plot Discussion

217. Extensions & Modifications, Insurance Rundown, REIT Bankruptcy, & Dot Plot Discussion

This week, rising Treasuries, oil prices, and cooler-than-expected economic data left nowhere for investors to hide. In this week’s episode of The TreppWire Podcast, we discuss the latest economic news, Jamie Dimon’s comments about a 7% Fed Funds rate, and break down the increase in delinquencies in both the CMBS and bank CRE loan markets. We also share several office and retail stories we tracked this week. Tune in now.

Episode Notes:
•	Economic update (0:23)
•	CMBS delinquencies (
•	Bank loan delinquencies (
•	Retail (37:46)
•	

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire 
LinkedIn: www.linkedin.com/company/trepp
Facebook: www.facebook.com/TreppLLC

219. Nowhere to Hide: CRE & CMBS Delinquencies, Jingle Mail, Dwindling Consumer Confidence

There was a lot of economic data this week with CPI, PPI, Fed minutes, and earnings season beginning. But after last weekend’s carnage in Israel, we pause to balance the data and headlines amid the horror. In this week’s episode of The TreppWire Podcast, we also break down comps for office, hotels, multifamily properties, and industrial buildings. Tune in now.

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

Episode Notes:

•	Economic update and the war in the Middle East (0:23)
•	Loan payoffs hit 20-month low (9:45)
•	Banking sector news (13:59)
•	Valuations in the market (17:40)
•	Office green shoots and crab grass (21:58)
•	Industrial comps (30:43)
•	Hotel headlines (33:41)
•	Multifamily comps (37:53)
•	Shoutouts (45:30)


Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp
Facebook: www.facebook.com/TreppLLC

War in Middle East; Office, Hotel, Multifamily, Industrial Comps for Buyers/Sellers to Process

221. War in Middle East; Office, Hotel, Multifamily, Industrial Comps for Buyers/Sellers to Process

In this special guest episode, we are joined by Shlomo Chopp, Managing Partner of Terra Strategies and distressed debt expert. We analyze the state of the CRE and CMBS markets. Shlomo explains workouts, the distressed narrative in the current environment, the state of the office market, and even shares some optimistic takeaways. Tune in now.

Episode Notes:

- Starting out in real estate (0:57)
- First distressed deal (2:20)
- How the distressed process works (4:19)
- Preventable mistakes that borrowers make (8:29)
- Distress narrative in the current market (11:54) 
- Investing in CMBS distress (15:45)
- What is driving the increase in office delinquency rate? (18:30)
- Cause for optimism in the market? (21:50)
- Will the office space follow malls? (27:06)
- Shlomo on social media (30:25)
- New version of retail (32:27)
- Heads up for next year (39:31)


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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp
Facebook: www.facebook.com/TreppLLC

230. As Distressed Assets Pile Up, Shlomo Chopp Tells Us How to Look for Opportunities

There has been plenty of cautious optimism in the economic and commercial real estate markets lately. In this week's episode of The TreppWire Podcast, we discuss what a year-end rally means to sellers on the fence. We also break down this week's gains, dive into green shoots and crab grass for the office and retail markets, and debate renting vs. buying. Tune in now.

Episode Notes:
Economic update (0:23)
Year-end rally? What happens to sellers on the fence? (3:07)
Mortgage REIT originations (12:50)
European CMBS issuance (14:20)
Taylor Swift: CRE's MVP (16:44)
Retail headlines (18:00)
Office green shoots (24:04)
Office Trading Alert: ground lease retired (27:53)
Office crabgrass (32:04)
Brokers start your engines (35:58)
Apartment sales transactions and renting vs. buying (38:00)
Shoutouts (43:37)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp
Facebook: www.facebook.com/TreppLLC

232. Lending & Leases & CRE Sales (Oh My!) But Still Plenty of CRE Bears

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

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

This week's episode of The TreppWire Podcast was recorded early, so the team used this time to provide our listeners with a breakdown of the topics the market has been focused on lately: maturities, modifications, CRE risk pricing, cap rates, and more. In our usual fashion, we also dive into the CRE property types, but today, we share delinquency, DSCR, debt yield, and other important data points to note for each sector.

Episode Notes:
- Extend and pretend? Background and history (2:13)
- Is there a silver lining for office properties that can extend? (6:48)
- How have changing rates related to property values? + Cap Rates (9:28)
- Risk pricing within CRE, Gordon Growth Framework (13:44)
- Size of the CRE Universe (25:25)
- Deep Dive into the Data- Office, Multifamily, Retail, Lodging (28:10)
- San Antonio market (42:35)
- Debt yield and underwriting standards (47:39)
- Multifamily debt yield (49:24)
- Freddie Mac multifamily (51:28)
- Shoutouts (1:01:06)


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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

254. Data Vault Unlocked: Modifications, Maturities, Mortgages; Property Types by the Numbers

In this week's episode of The TreppWire Podcast, we tackle a mixed bag of data as Treasury Yields rise. As we approach new theses week over week, do you stick to the data or trust your gut? We also unpack our latest loan modification trends report, dive into the upcoming volume of office loan maturities, and explore recent transaction and CMBS stories across property types. Tune in now.

This episode is sponsored by AEI Consultants: https://aeiconsultants.com/

Episode Notes:

- Economic update: Treasury yields pushed higher (0:23)
- Consumer confidence reading (6:48)
- Loan modification trends (9:05)
- Maturing office loans (13:10)
- Office stories (21:55)
- Retail news (32:31)
- Lodging (39:50)
- Multifamily transactions (43:39)
- Industrial sale (46:30)
- Shoutouts (47:42)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

Stick to the Economic Data or Trust Your Gut?; Analyzing Loan Modification Trends

260. Stick to the Economic Data or Trust Your Gut?; Analyzing Loan Modification Trends

This week, some of the biggest headlines came from overseas. In this episode of The TreppWire Podcast, we discuss if any moves by Canada and Europe will change anything for the Fed. We also put our professor hats on to provide some insight into delinquencies, foreclosures, modifications, and more. Stick around as we break down the stories we're tracking in office, retail, lodging, and mixed-use. Tune in now.

This episode is sponsored by Marketplace: https://rimarketplace.com/?utm_source=credirect&utm_medium=podcast_paid&utm_campaign=june2024

Episode Notes:
- Interest rates around the globe (0:23)
- Informational technology outflows, Dollar Tree news, American dividend earnings (4:50)
- CMBS delinquencies decline? (8:26)
- CRE loan losses (11:54)
- Office stories (15:27)
- Foreclosures 101 (24:19)
- Retail news (29:53)
- Modification deep dive (33:20)
- Mixed-use appraisal (43:37)
- Shoutouts (45:15)


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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

Trepp

261.  Will Fed Follow Canadian & European Rate Cuts? Foreclosures 101, Modification Insights

In this week's episode, we check in on consumer spending trends, share a deep dive into Sunbelt multifamily data, and update our listeners on life insurance commercial mortgage returns. We also examine a ground lease office value reduction, and several transactions in industrial. Tune in now.

This episode is sponsored by Marketplace: https://rimarketplace.com/?utm_source=credirect&utm_medium=podcast_paid&utm_campaign=june2024

Episode Notes:
Economic Update (0:28)
Retail  (8:15)
Sunbelt multifamily data (10:25)
Life insurance commercial mortgage returns (21:35)
Office news (23:50)
Ground lease evaluation cut (32:30)
Mixed-use (39:10)
Multifamily (48:05)
Shoutouts (53:30)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

263. Consumer Spending Dip, Sunbelt Multifamily, Ground Lease Valuation, & Industrial Sales

In this special guest episode of The TreppWire Podcast, we are joined by Sean Sweeney, co-founder of Hall Sweeney Properties and The Bright Build. Sean takes us on his journey from aspiring actor to real estate developer, sharing how he leveraged his initial success in Minneapolis to build a thriving career. We also hear about the work Sean is doing to help aspiring developers and the importance of enhancing the community with development projects. Tune in now.


Episode Notes:
- Entering the real estate world (1:05)
- Building on the success of the first project (8:42)
- Future projects and expansion (13:26)
- Challenges of the market (15:30)
- Giving back with The Bright Build project (17:00)
- The real estate community with Bobby Fijan (22:58)
- Enhancing the community with developments (25:58)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

Building Real Estate & Community with Sean Sweeney; Development, Design, and Education

271. Building Real Estate & Community with Sean Sweeney; Development, Design, and Education

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

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)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

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)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

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

In a special live edition of The TreppWire Podcast recorded at the California MBA Western States CREF conference, the team is joined by Chad Carpenter, CEO & Chairman of Reven Office REIT to dig into the state of the office market. We go beyond the cubicle and talk all things distress rates, metro areas to watch, criticized loan data, office loan losses, and more. Chad shares stories about taking advantage of the capital void for office debt and what originations have been like. Get access to the slides from this presentation here: https://www.trepp.com/instantly-access-western-cref-presentation. Tune in now.

This episode is sponsored by Xchange.Loans. Visit https://xchange.loans/trepp if you're looking to buy or sell performing and non-performing loans.

Episode Notes:

Year-to-date Office Headlines (0:56)
Distress Rates Since 2000 & Market Cycles (7:37)
Maturity Defaults & Total Office Delinquency (11:39)
Maturities by Property Type through EOY 2026 (19:24)
2024 Office Maturities by Building Age (23:17)
Bank CRE Debt Holdings (27:29)
Urban vs. Suburban & Fault Lines in the Office Market (28:54)
Bank CRE Loans: Criticized Loans by MSA from 2019-2023 (39:21)
New Bank Originations by Property Type from 2019-Q1 2024 (47:59)
Sales Prices Across Major Metros 2019-2023 (51:37)


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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

Beyond the Cubicle: What Does the Office Data Really Show? LIVE at California MBA WSCREF

277. Beyond the Cubicle: What Does the Office Data Really Show? LIVE at California MBA WSCREF

In this special guest episode of The TreppWire Podcast, we are joined by Adam Behlman, Adrienne Coyle, and Natan Bresler of Starwood Property Trust (Starwood). The Starwood team walks us through the background of their firm and the launch of Starwood Solutions. We talk through CMBS market trends and insights on how this market compares to others that we have seen over the years. We also discuss commercial real estate cycles, recent Trepp data, and a sense of optimism in the industry.

Episode Notes:
- Starwood Background (1:14)
- Comparing This Year to Last Year (9:25)
- Thoughts on Multifamily (18:05)
- Solution-side of the Starwood Business (23:00)
- Data on Bank CRE Exposure (27:00)
- What We’re Seeing in the Market (33:45)
- Discussing Debt Yield, Cap Rates & Underwriting (39:42)
- Shoutouts (44:16)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

Want Perspective? Market Deep Dive with a Firm that Sees it All – Starwood Property Trust

279. Want Perspective? Market Deep Dive with a Firm that Sees it All – Starwood Property Trust

In this week's episode of The TreppWire Podcast, we discuss the Fed’s announcement to cut interest rates by 50 basis points, our initial reactions, and how this could potentially impact the CRE market. But we are not out of the woods yet – we also break down several credit stories in the office, retail, and lodging sectors, including recent trading alerts about more loans being transferred to servicing. Tune in now. 

Episode Notes:
- Fed Rate Interest Cut (00:30)
- Office Stories: Valuation Reductions, Special Servicing Moves (18:38)
- Amazon Back to Office (27:32)
- Big Lots Filing for Bankruptcy (33:40)
- Retail News (36:51)
- Lodging Stories (40:57)
- Upcoming Research and Reports (44:58)
- Shoutouts (47:25)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

278. Where Were You When the Fed Cut Interest Rates?, CMBS Trading Alerts, & More

In this week’s episode of The TreppWire Podcast, we navigate commercial real estate experts’ takes on the Fed’s decision to cut rates by 50 basis points. We also share Trepp’s top and bottom three Metropolitan Statistical Areas (MSAs) based on CRE performance. In a digging through the data segment, we discuss self-storage debt yields by origination year, as well as full- and limited-service hotel delinquency comparisons. We wrap up with office, retail, and multifamily credit stories to note from this week. Tune in now.

Episode Notes
- CRE Industry’s Reaction to the Fed Rate Cut (0:56)
- August MSA Report: Bulls & Bears (11:28) 
- Self-Storage Properties in CMBS Universe (17:04)
- Hotel Delinquency Data (23:57)
- Office Credit Stories (30:12)
- Retail Property Appraisal Value Reduction (39:59)
- Multifamily Loan Sent to Special Servicing (42:23)
- Programming Notes (44:11)
- Shoutouts (45:11)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

280. CRE Industry Reacts to Rate Cut, Bullish Las Vegas Hotel Sector, & More Office Stories

This week, before 45,000 dockworkers at 36 American ports went on strike, Fed Chair Powell stated that the U.S. economy is in solid shape and the Fed intends to keep it that way... In this week's episode of The TreppWire Podcast, we break down the news of the week, including the port strike, Fed speak, and macro figures like jobs and PMI, and explain the impact on CRE. We also share our latest data for CMBS and bank CRE loan delinquencies, and examine the immediate impact of Hurricane Helene on CRE. Tune in now.

Episode notes:
Economic update (0:25)
Debt market insights (6:45)
September CMBS delinquency data (11:21)
Bank CRE loan performance (T-ALLR) Q2 2024 (15:45)
Hurricane Helene impact (27:09)
Office sector (32:05)
Multifamily transactions (41:58)
Industrial sale (44:45)
Hotel value reduction (45:25)
Shoutouts (45:11)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

281. Resiliency or is CRE Comfortable with the Uncomfortable? Strikes, Storms, & Delinquencies

In a special episode of The TreppWire Podcast, we partnered with The Massimo Group to step away from the data and break down the practice of exceptional CRE brokerage. Rod Santomassimo and Mike Gallegos share their advice and feedback for CRE participants looking to dominate in this industry, across various asset classes, market cycles, and geographies. Given where we're at in the cycle, we examine what differentiates commodity brokers vs. industry-leading brokers. Tune in now.

If you want to attend MassimoCon, use discount code Trepp at checkout: https://xm105.infusionsoft.app/app/orderForms/04d15fa3-ead6-4cb3-9d08-6807763b48a6?cookieUUID=76b13f07-46d1-4b9d-bc2f-dd80859cec91

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

282. Commodity vs. Authority in CRE Brokerage: Motivation & Insights with The Massimo Group

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)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

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

This week was a big one. In this week's episode of The TreppWire Podcast, we unpack it all – from how the incoming Trump Administration could impact commercial real estate (CRE) markets, to the Federal Reserve cutting interest rates for the second time this year. We discuss the “higher for longer” narrative, the impact of monetary policy on transactions, and how issuance should hit $100B this year. We also dig into the major CRE headlines from the week – including Blackstone’s $4B all-cash deal and Starwood’s $244M industrial park sale – and wrap up with notable office, retail, and multifamily credit stories. Tune in now.

Episode Notes:

Economic Update (1:40)
Fed Press Conference (3:40)
Bank Stock Surges (6:40)
Trump Presidency Possible Impacts on CRE (12:01)
Fed Monetary Policy (14:50)
Property-type Investment Discussion (15:50)
$100B in New Issuance (21:23)
Blackstone All-Cash Deal & Starwood Industrial Park Sale (23:26)
Notable Credit Stories (29:22)
Programming Notes (38:19)
Shoutouts (40:17)

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

Questions or comments? Contact us at podcast@trepp.com.

Follow Trepp:

Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp

289. The (Swing) State of Real Estate: Election Results & CRE Impact, Fed Conundrum, & More

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.

The TreppWire Podcast, A CRE Show

Popular tracks