Alan Todd, CFA, Head of US Commercial Mortgage Backed Securities (CMBS) Research at BofA Securities, joins host Patrick Dolan to discuss the trends and expectations for the CMBS market in 2025. Alan shares his outlook on CMBS delinquency rates, special servicing rates, investor interest in alternatives such as data centers, single family rentals and self-storage and CRE CLO issuance as compared to 2024 levels. We also cover the office market dynamics in major cities, including quality shifts, supply shortages and tenant demand for second-tier office space as well as the outlook for the multifamily sector.