In this week’s episode of The TreppWire Podcast, we break down the U.S. government still being shut down and what it means for economic data releases being paused the longer it drags on. We unpack the September Fed meeting minutes, which revealed a split among policymakers following last month’s 25-basis-point rate cut. We dive into Q3 CMBS issuance trends and explore how the current pace could make 2025 the most active year for issuance since 2007, when $230.5 billion was issued. In banking news, we spotlight Fifth Third’s acquisition of Comerica, a deal that would create the ninth-largest U.S. bank and potentially reshape the regional lending landscape. In the commercial property segment, we highlight RXR’s $1.45 billion Midtown recapitalization, a major office-to-residential conversion near Penn Station, Crescent Real Estate’s purchase of a Dallas office building, and more. Tune in now.

Episode notes:

• Economic Update: Government Still Shutdown (1:37)

• Implications for CRE (10:28)

• FOMC Meeting Minutes & Economic Data (12:56)

• Q3 CMBS Issuance & Projections (16:49)

• Fifth Third to buy Comerica (24:01)

• RXR $1.4B Midtown Recapitalization (31:36)

• Office-to-Resi Conversion Near Penn Station (36:50)

• Crescent Real Estate Buys Dallas' 2000 McKinney Office (39:26)

• Programming Notes (41:53)

• Shoutouts (43:21)

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