The TreppWire Podcast: A Commercial Real Estate Show artwork

The TreppWire Podcast: A Commercial Real Estate Show

317 episodes - English - Latest episode: about 14 hours ago -

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 [email protected].

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Episodes

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

March 29, 2024 00:00 - 46 minutes - 61.4 MB

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) - ...

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

March 23, 2024 00:00 - 51 minutes - 67.4 MB

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 di...

247. Warm Inflation, Cool Retail Sales, & Family Dollar Stores Being Put on Ice

March 15, 2024 00:00 - 57 minutes - 75.4 MB

In this week's episode of The TreppWire Podcast, we break down the economic headlines along with the news of Family Dollar closing 1,000 stores. We also dig into retail and multifamily transactions, crab grass + a potential mixed-green for office, and more in lodging and industrial. Tune in now. Episode Notes: - Economic update (0:23) - Dollar Tree closures/ Family Dollar news (2:22) - Cash-in mall refi (10:32) - Retail transactions (15:01) - Office news (16:44) - Multifamily sales and finan...

246. Market Moves: Powell's Testimony, S&P 500's Continued Climb, Apartment Sales, & Loan Losses

March 06, 2024 00:00 - 49 minutes - 64.5 MB

This week, we've had no lack of news including ADP, JOLTS, NYCB’s $1 billion-plus capital injection, and Fed Chair Powell’s semi-annual congressional testimony. In this episode, we break down what it all means for CRE, dive into CMBS loan losses, and share stories on apartment sales, office crabgrass, and retail green shoots. Tune in now. Episode Notes: - Economic update (0:23) - CMBS loan losses (8:10) - Not all class b/c offices are created equal (11:59) - Office crabgrass (16:20) - Proper...

245. Leaping Through Data – Macy’s, Malls, Delinquency Report, & Discounted Payoffs

March 01, 2024 05:19 - 54 minutes - 71.1 MB

In this week's episode of The TreppWire Podcast, we break down PCE data, Macy's store closure news and the exposure in CRE, and Trepp's latest figures for CMBS delinquencies. Across property types, we review stories about loans heading to special servicing, property valuation reductions, and discounted payoffs. We also share a review of REIT earnings. Tune in now. Episode Notes: - Economic update (0:23) - Macy's store closures (4:50) - CMBS delinquency report (9:35) - REIT earnings (13:38) -...

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

February 22, 2024 00:00 - 38 minutes - 49.7 MB

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 (1...

243. Extend &… Pretend, Profit or Peril? Office Environment; Lodging Maturities; Property News

February 16, 2024 00:00 - 51 minutes - 67.9 MB

While the market was watching CPI numbers, jobless claims, and retail sales this week, the Trepp team was digging into the ‘extend and pretend’ narrative and signs of distress hiding in the lodging sector. In this episode, we dig into the data behind these themes, give a deep dive into the current office environment, and also share stories across the commercial property types. Tune in. Episode Notes: - Economic update: CPI, retail sales (0:23) - Extend and pretend narrative (4:55) - Hidden l...

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

February 09, 2024 00:00 - 48 minutes - 63.6 MB

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) -...

241. Commercial REality Check: What Fed Pivot? & More with Danielle DiMartino Booth and Dan McNamara

February 02, 2024 00:00 - 49 minutes - 64.8 MB

In this week's episode of The TreppWire Podcast, we are joined by two market experts, Danielle DiMartino Booth, CEO & Chief Strategist at Quill Intelligence, and Dan McNamara, Founder & CIO of Polpo Capital. After a week full of headlines, we discuss the 'cold water' that seems to have been thrown on the recent resilience and soft-landing narrative. Join us as we talk layoffs and what the jobs numbers really mean, CMBS issuance, increasing recession fears, maturity walls, and faltering CRE fu...

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

January 26, 2024 00:00 - 53 minutes - 70.6 MB

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 propert...

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

January 18, 2024 00:00 - 46 minutes - 60.6 MB

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) - Offi...

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

January 12, 2024 00:00 - 43 minutes - 56.3 MB

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) - Multifami...

237. Structural Changes in CRE Debt Markets, Ares' Bryan Donohoe Helps Us Sort it Out

January 10, 2024 00:00 - 33 minutes - 42.6 MB

In a special guest episode of The TreppWire Podcast, we are joined by Bryan Donohoe, Partner and Co-head of Ares US Real Estate. Bryan breaks down the world of debt markets, lending, and originations. We break down past market disruptions, CRE fundamentals, and the structural changes in the CRE debt markets. *This episode was recorded prior to the December 2023 Fed meeting. Episode Notes: - Background (1:00) - Where are the debt markets today? (6:32) - Is there optimism for CRE? (10:36) - G...

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

January 05, 2024 00:00 - 41 minutes - 54.7 MB

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://s...

235. Taking Stock of 2023: A Look Back & Ahead for CRE Finance

December 29, 2023 00:00 - 52 minutes - 68.9 MB

As the holiday season creates an expected slowdown for the markets, now is the time to take stock of 2023 and take a stab at what we can expect for 2024. In this week's episode of The TreppWire Podcast, we reflect on the year for commercial real estate, sharing thoughts and predictions for lending, issuance, interest rates, and distress. We also save room for some office, retail, and multifamily stories. Happy New Year to all our listeners! Tune in now. This episode is sponsored by Spinoso R...

234. Holiday Blues No More? Falling Rates Shine Light at End of 2023 Tunnel for CRE

December 20, 2023 00:00 - 48 minutes - 62.1 MB

In this episode of The TreppWire Podcast, we have a surprisingly busy episode for the holiday season, with several stories to share across the major CRE property types. It was another positive week for investors, and we break down what falling rates and contracting risk premiums mean for the market. We also share the latest data for commercial mortgage maturities. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-opera...

233. Rates Plummet After Fed Announcement: Is it Enough to Kickstart the CRE Market? Our Hot Takes

December 14, 2023 00:00 - 54 minutes - 70.6 MB

In this episode of The TreppWire Podcast, we digest the Fed’s decision to hold rates steady, along with the declaration that there will be three rate cuts in 2024. We share our initial reactions, the 'nirvana day' market reaction and our hot takes on what it means for CRE, CMBS issuance, and bank lending. We also share some major office and retail headlines, showing it isn’t all roses in the CRE market. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.c...

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

December 07, 2023 00:00 - 47 minutes - 61.5 MB

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 ...

231. Falling Rates, Issuance Uptick Make for (Very) Cautious Optimism Heading into 2023 Home Stretch

November 30, 2023 00:00 - 52 minutes - 67.8 MB

After a week of falling yields, benign inflation, and strong economics, we dig into some (very) cautious optimism for the commercial real estate market. In this week's episode, we also break down the latest CMBS delinquency rates, share green shoots and crab grass for retail and office, and examine the latest issuance data. Tune in now. Episode Notes: - Economic update (0:23) - New CMBS issuance (5:47) - Trepp CMBS delinquency report (10:52) - Office stories (16:03) - Retail headlines (35:0...

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

November 29, 2023 00:00 - 43 minutes - 56.1 MB

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 tha...

229. Alarm Bells from Retail Earnings; Reasons for Thanks in CRE

November 23, 2023 00:00 - 52 minutes - 67.2 MB

In an early Thanksgiving edition of The TreppWire Podcast, we review concerns from the latest retail earnings and what this means for interest rates and CRE. We dig through new loan maturities data, share stories for office and retail, and examine the news of Signature Bank’s multifamily loan sales. And finally, we close with the reasons we’re thankful for the CRE market this year – in former NFL coach and broadcaster John Madden’s "turkey leg" fashion. Tune in now. Episode Notes: • Economi...

228. Carmen Spinoso Proves There is Still Value in Many US Malls, With Spinoso Real Estate Group

November 21, 2023 00:00 - 48 minutes - 63.5 MB

In this special guest episode of The TreppWire Podcast, the team is joined by Carmen Spinoso, CEO of Spinoso Real Estate Group. With more than three decades of shopping mall experience, Carmen explains the different sides of the mall operating and leasing business, breaks down receivership and saving assets, shares optimism for the mall space, and reflects on malls during past crises.  Tune in now. Episode Notes: - Background (0:23) - Sides of the mall business (11:42) - Receivership and sa...

227. CPI Sends T-Yields Tumbling & REIT Shares Higher, But Retail CEOs Warn of Holiday Season

November 17, 2023 00:00 - 47 minutes - 61 MB

This week, a benign CPI reading sent Treasury yields plummeting and REIT shares higher and some big retail CEOs were saying beware of the holiday season. In this episode of The TreppWire Podcast, we make sense of the macro news and also analyze the latest on commercial real estate prices, dig into office and retail data, and examine criticized loans in the multifamily sector. Stick around if you’re a fan of Ambrosia. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https:...

226. Rate Rally Hits Brick Wall; WeBroke; CMBS Deals Show Signs of Office & Hotel Lending Life

November 09, 2023 00:00 - 45 minutes - 58.8 MB

This week, it was all about interest rates... and what the Treasury market gives the Treasury market takes away. In this episode, we explain the rate rally and what it means for the commercial real estate market. We dive into our take on the WeWork bankruptcy, share new deal information that sheds light on hotel and office lending, and of course share a lot of office crab grass. We also have some hotel and multifamily news. Tune in now. This episode is sponsored by Spinoso Real Estate Group:...

225. Multifamily Market Update, Where are the Opportunities Now? With Matthew Frazier, Jones Street

November 07, 2023 00:00 - 31 minutes - 41 MB

In a special guest episode, the team is joined by Matthew Frazier, CEO of Jones Street Investment Partners to discuss all things multifamily. Matt gives us a boots on the ground view of the narrative in the multifamily market, what has changed in the last 18 months, and shares where the opportunities lie. Tune in now. Episode Notes - Background (0:49) - Multifamily contrarian? A focus on the Northeast market (2:40) - Shift in multifamily over the last two years (5:28) - Will work-from-home i...

224. Markets U-Turn as Treasury Yields & Risk Spreads Tumble; Mall Optimism; Bay Area Office Pain

November 02, 2023 00:00 - 46 minutes - 60.2 MB

In this week’s episode of The TreppWire Podcast, we examine the market U-turn that the industry watched as treasury yields and risk spreads tumbled. We dive into new deals, our CMBS delinquency report and a large industrial loan that caused a spike in that rate, REIT earnings and some optimism from mall CEOs, and more pain for the Bay Area office market. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platf...

223. Mixed Economic News Ahead of Fed Decision, Strong GDP, Silver Linings in CRE Issuance

October 25, 2023 00:00 - 45 minutes - 58.5 MB

In this week’s episode, we break down the recent economic news including GDP, budget deficit, and stock moves ahead of the Fed's interest rate decision next week. In CRE, we find some silver linings from mall and hotel loan issuance. Then, we have green shoots and crab grass for office, hotels, and industrial.  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=TreppWir...

222. Mall Green Shoots Offset by Miserable Office Headlines; New Lending Comps

October 20, 2023 00:00 - 1 hour - 78.5 MB

In this week’s episode, after analyzing the continued market volatility, we dig into some commercial real estate lending comps and the data behind the loans. We have a lot of news in office and retail – forming a dichotomy, sharing several green shoots for malls and even more crabgrass for the office sector. We break down stories about WeWork, value reductions, new leases, and close with a big multifamily headline. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://...

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

October 13, 2023 00:00 - 49 minutes - 62.6 MB

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...

220. Rates Up, Risk Premiums Jump, and Lots of Painful CRE Comps

October 06, 2023 00:00 - 52 minutes - 68.1 MB

In this week’s episode, we discuss rising rates, a jump in risk premiums, and several painful comps in the commercial real estate market. The Trepp team searches for silver linings in a tough CRE market, we share positive retail stories, a lot of green shoots and crab grass for office, multifamily comps galore, and an industrial story to note. We also talk about NYC rent control and the retail apocalypse version in the office market. Tune in now. Episode Notes: • Economic update: stagflatio...

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

September 28, 2023 00:00 - 48 minutes - 63 MB

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 l...

218. Life, Lending, & Rock 'n' Roll: The Father of CMBS, Ethan Penner, Tells us How it all Started

September 26, 2023 00:00 - 51 minutes - 66.9 MB

In a special guest episode of The TreppWire Podcast, we are joined by the pioneer of commercial real estate finance, Ethan Penner. Mr. Penner, known as the creator and 'father' of CMBS back in the 1990s, breaks down the lessons he learned through his life in CRE. We discuss the S&L crisis, guard rails for new market entrants, the cause of the Great Financial Crisis, how CMBS got started, and Ethan's new book. We also get to hear a bit about his famous rock 'n' roll parties. Tune in now. Thi...

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

September 22, 2023 00:00 - 48 minutes - 62.7 MB

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 ex...

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

September 20, 2023 00:00 - 46 minutes - 60.5 MB

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 t...

215. Downsizings Haunt Office CRE: Microsoft, Shell, KPMG Bring Painful Reminders (& Trading Alerts)

September 15, 2023 00:00 - 48 minutes - 62.8 MB

In this week's episode, we break down the latest economic data and share several large commercial real estate stories. Starting with the news of more companies downsizing their office space, and closing with multifamily comps, we'll dive into the stories we've been tracking (some for many years). We also discuss note sales vs. loan extensions. Tune in now. Episode Notes: • Economic update: inflation, gas prices (0:23) • Office news to know (10:28) • Note sales or extensions? (19:59) • Hotel...

214. September Swoon: Healthy Market Pause or More? FDIC Loan Sale; Pigs Fly: CA Office Green Shoots

September 07, 2023 00:00 - 50 minutes - 65 MB

Is there a soft- or crash-landing looming? In this week’s episode of The TreppWire Podcast, we discuss a healthy pause in the markets, and debate whether something darker is lurking. Rising unemployment numbers and depleted household savings don’t deter the commercial real estate green shoots, and we even see positive signs for the California office market. We also break down the FDIC sale of Signature Bank’s loans, and share multifamily, retail, hotel, and industrial news. Tune in now. Epis...

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

August 31, 2023 00:00 - 47 minutes - 62 MB

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 delinquen...

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

August 29, 2023 00:00 - 55 minutes - 71.8 MB

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 trans...

211. Multifamily Comps Galore; Retail Earnings Concerns; Interest Rates Level Off Ahead of Fed Talk

August 25, 2023 00:00 - 49 minutes - 64.1 MB

In this week’s episode, we decide if the glass was half-full or half-empty when it came to retail earnings, interest rates, and other macro news. We dig into several large stories for CRE: retail loans resolved with losses, multifamily comps, apartment loans heading to special servicing, and office valuation reductions. Tune in now. Episode Notes: • Economic update (0:23) • Retail stories (12:54) • Multifamily news (23:12) • Office headlines (31:45) • Industrial green shoot (41:23) • Bank d...

210. Late Summer Blues: Can Rising Treasury Yields Stall the CRE Markets?

August 17, 2023 00:00 - 46 minutes - 60.4 MB

Retailers and banks were the focus this week as retail sales and earnings dominated the news and talks of higher capital requirements for banks took a bite out of bank shares. In this week’s episode of The TreppWire Podcast, we back the latest macroeconomic news into commercial real estate and discuss if we think CRE is on an island of its own. We dive into a mix of office stories, multifamily news, retail headlines, and new loan originations Tune in now. Episode Notes: • Economic update (0...

209. Soft Landing Doesn’t Mean No Turbulence; WeWork Exposure; Where to Hide in CMBS

August 11, 2023 00:00 - 55 minutes - 70.6 MB

This week, economic data suggested the Fed might actually pull off a soft landing, but that won’t come without some turbulence. In this episode, we talk about the WeWork news and the firm’s CRE exposure, where investors can hide amid growing market distress, and the latest macroeconomic data. We also break down a potpourri of office stories, and some news for healthcare and industrial properties. Tune in now. Episode Notes: • Economic update (0:23) • Small balance delinquencies (9:41) • We...

208. Ringing in August with CRE Green Shoots; What Can Go Wrong?

August 02, 2023 00:00 - 43 minutes - 55.1 MB

In this week’s episode, we ‘ring’ in a new month with some green shoots for the commercial real estate market. The team explains why they are either buyers or sellers given the latest data. We run through the latest CMBS delinquency readings, retail news, office headlines, and more on multifamily expense data. Tune in now. Episode Notes: • Positive news, what can go wrong?(0:23) • CMBS delinquencies (12:39) • Retail news to know(15:36) • Office crabgrass (22:18 • Office green shoots (26:03)...

207. Frisky Business: Solid Economic Data, Stocks Surging, CRE Sales. Are we Back?

July 28, 2023 00:00 - 51 minutes - 65.5 MB

There was a lot to like about the latest earnings numbers, economic data, and stock movement, but what does it all mean for CRE? In this week’s episode, we break down the ‘friskiness’ in the market following some positive signs. In CRE, we talk about a positive self-storage story, a mix of green shoots and crab grass for office, and retail news to note. Tune in now. This episode is sponsored by BetterPitch: www.betterpitch.com. Episode Notes: • Positive economic news (0:23) • What doe...

206. Irrational Exuberance in the Markets?; Property Transfers & Deed-in-Lieu; Multifamily Expenses

July 20, 2023 00:00 - 51 minutes - 65.7 MB

The markets seem to have gone from optimistic to exuberant over the last two weeks... In this week’s episode of The TreppWire Podcast, we discuss whether we are seeing 'irrational exuberance' yet, then dive into housing starts, jobless claims, retail sales, and bank earnings. In CRE, we break down several large office and retail stories, discuss more on multifamily syndicators, and take a look at property expense data across the US. Tune in now. This episode of The TreppWire Podcast is spons...

205. Risk On! Inflection Point or False Flag? Enthusiasm Everywhere, Bearishness in Short Supply

July 12, 2023 00:00 - 51 minutes - 64.8 MB

In this week’s episode of The TreppWire Podcast, after the CPI and PPI readings came in, we question if the rally and equity pile on was the start of something bigger or a sign of participants getting ahead of themselves. We discuss borrowers handing back the keys, multifamily CRE CLO borrowing, bank earnings, and big stories for hotels, office valuations, subleases, and retail. Tune in now. This episode is sponsored by BetterPitch: https://www.betterpitch.com/ Episode Notes: - Economic up...

204. No Holiday Lull for CRE: Comps Galore, Big Office News, H1 CMBS Recap

July 06, 2023 00:00 - 44 minutes - 56.8 MB

Although we expected a lull in market news and data during the holiday week, that was not the case for CRE. In this week’s episode of The TreppWire Podcast, we start with macro news that made headlines: jobs numbers, personal expenditures, and Treasury yields. We have a lot to cover in CRE with some large office stories, more sales comps across property types for the market to chew on, and a first half of 2023 CMBS recap of issuance, spreads, and pricing data. Buckle up for a ‘Live Wire.’ Tun...

203. Comps Comps Comps, Sales Comps Dominate News; Delinquencies Rise

June 29, 2023 00:00 - 53 minutes - 67.5 MB

There was plenty of positive economic data to digest this week, all while Fed Chair Powell was “taking the punch bowl away,” commenting that more rate hikes may be necessary. In this week’s episode, we break it down. And in CRE, there were several large (and unpleasant) comps for investors to digest. We also analyze Trepp’s latest delinquency report; examine defeasance, yield maintenance, and discounted prepayments; and talk about a large industrial story. Tune in now. Episode Notes: • Econo...

202. Did Fed Pause Stall the Market? New Issue Pricing & Property Sector Rapid-Fire Rundown

June 22, 2023 00:00 - 46 minutes - 59.8 MB

In this episode, we discuss what we saw in the markets, starting with stocks hitting a wall after Fed Chair Powell indicated that more interest rate hikes were necessary. In CMBS, we dive into new issue pricing that provides market clarity. We also have a lot of CRE news to cover; a large apartment loan going to special servicing, office valuation reductions, some signs of life for the NYC office market, and several stories in industrial and life sciences. Episode Notes: • Economic updates (...

201. Optimism Hard to Find at CRE Event; Industrial Hitting a Wall?; Retail Owner Throws in Towel

June 16, 2023 00:00 - 47 minutes - 61 MB

This week, all eyes were on the inflation numbers, the Fed’s interest rate decision, and retail sales. In this episode, we dive into the macro news and discuss whether we think this is it for the CPI and Fed Funds Rate or if we’ll continue talking about it in the second half of the year. In CRE, we share takeaways from the annual CREFC conference in terms of issuance, price discovery, and predictions for the market. We also dive into an industrial demand story, analyze multifamily data, and...

200. Cutting Through the Haze; Looming Hotel Default Renews Lodging Concerns; More Office Subleases

June 10, 2023 00:00 - 51 minutes - 65.8 MB

In this week’s episode of The TreppWire Podcast, the Trepp team tries to cut through the haze (in the economic markets, CRE, and with regard to the smoke covering much of the Northeast). We discuss what may have seemed like a quiet week and what is really on the horizon. In property-type news, we dive into a story about a looming hotel default that is renewing concerns about the lodging market, and for office: there seems to be no end to the sublease news. Happy 200th episode of The TreppWire...

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