In this week's episode of The TreppWire Podcast, we dive into this week's financial market volatility, exploring the impact of tariff policy changes and economic data releases while analyzing key developments with U.S. Treasuries. Drawing on insights from Trepp's Chief Economist, we examine how tariffs may influence various property sectors and the broader commercial real estate finance markets. In our property segment, we highlight Jay Parson’s research on apartment rent growth is slowing crawling back upward, and several key multifamily and industrial stories. To wrap up, we preview Trepp’s GSA data analysis on lease terminations and delve into insights from the March 2025 Special Servicing Report. Tune in now.

This episode is sponsored by ⁠BetterPitch.⁠

Episode Notes

• Economic Update (0:27)
• 10-year Treasury (5:06)
• Potential Impact of Tariffs on Various Sectors (6:40)
• Trepp Connect (in NYC) (21:50)
• Apartment Rent Growth Slowly Crawling Up (23:45)
• Multifamily Stories (27:24)
• Industrial: Blackstone & Taconic (40:47)
• Trepp GSA Coverage (45:07)
• March Special Servicing Numbers (46:36)
• Programming Notes (50:16)
• Shoutouts (51:18)

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In this special guest episode of The TreppWire Podcastwe're joined by Ruth Colp-Haber, President of Wharton Property Advisors and a leading tenant representation broker, for an in-depth conversation on the New York City (NYC) office leasing market. Ruth shares her perspective on what it's like to be a broker in one of the world's largest markets, offering insights into current trends and where the market stands today. We explore how hybrid work models, the return to the office, and work-from-home dynamics are reshaping the industry. As "Queen of the Sublets,” Ruth reveals how she capitalized on the sublease market during the COVID pandemic and shares her advice on how to become an expert in the field. Tune in now.

Episode Notes

• Start in Commercial Real Estate (1:22)
• Benefits of Having a Tenant Rep Broker (6:04)
• New York Market Opportunities & Challenges (8:13)
• Subleases during the Pandemic (11:24)
• Sense of the NYC Market today (14:28)
• Return to Office, Hybrid vs. Work from Home (20:18)   
• Considerations in the Office Leasing Business (23:35)
• Impact of Counselors of Real Estate (25:15)
• Advice on Becoming an Expert in the Field (27:45)

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In this week's episode of The TreppWire Podcast, we cover Liberation Day's tariff announcements, the impact of DOGE on unemployment from the JOLTS report, and other key economic data. We explore the ripple effects of tariffs on thecommercial real estate supply chain, with headlines like Microsoft's global data center pullback and SimonCRE’s ambitious retail expansion. We share Trepp’s March 2025 CMBS delinquency numbers ticking back up, breaking it down by property type, and discuss TPG RE Finance Trust closing a $1.1 billion CRE CLO deal along with Trepp's data. We end with notable property stories, including recent office transactions, loans entering special servicing, and industrial deals in Florida and Washington. Tune in now.

This episode is sponsored by ⁠BetterPitch⁠.

Episode Notes:

• Economic Update (0:28)
• Microsoft Pulling Back on Data Centers (15:36)
• SimonCRE Investing in Retail (19:44)
• March 2025 CMBS Delinquency Rates (22:27)
• TPG RE Finance Trust $1.1B CRE CLO (27:11)
• Hudson Pacific CMBS Deal (34:04)
• Apollo Moving Non-HQ Manhattan Offices (35:21)
• Industrial Acquisitions in Florida and Washington (41:11)
• Programming Notes (43:34)
• Shoutouts (46:43)

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In this week's episode of The TreppWire Podcast, we analyze March's economic indicators showing a clear split between services and manufacturing PMIs. We examine declining consumer confidence and discuss housing market dynamics including FHFA policies and inventory trends. We explore former Governor Cuomo's pivot on rent reforms as he enters the NYC mayoral race and analyze Dollar Tree's sale of Family Dollar for a fraction of its acquisition price. We break down the Trump administration's revised federal property sales strategy targeting a small fraction of the initially announced buildings. We also dive into NYC's Park Avenue development boom, led by JPMorgan's new headquarters, explain the strict foreclosure process affecting a major Stamford, CT office property, and review multifamily transactions across multiple markets. Tune in now.

Episode Notes

• Economic Update: Consumer Confidence (1:50)
  
• Housing Market: FHFA, Inventory, Prices (8:48)
  
• Cuomo Backpedals on Rent Reforms After Entering Mayoral Race (16:52)
  
• Forever 21 Bankruptcy & Opportunities for Malls (21:02)
  
• GSA’s Targeted Office Sales Strategy (25:30)
  
• NYC’s Park Avenue Expansion (29:30)
  
• Strict Foreclosure in Stamford, CT Office Property (34:10)
  
• Dollar Tree Selling Family Dollar Chain for $1B (36:15)
  
• Multifamily Transactions (40:12)
  
• Programming Notes (44:39)
  
• Shoutouts (48:42)

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In this special guest episode of The TreppWire Podcast, we celebrate our five-year podcast anniversary and Women's History Month by welcoming Annemarie DiCola, CEO of Trepp, to the show. With nearly 35 years at the company, Annemarie shares her remarkable journey from commercial real estate attorney to leading Trepp through multiple market cycles. She discusses Trepp's role in standardizing the CMBS market, supporting financial institutions during the Great Financial Crisis, and providing critical insights during today's market uncertainty. Annemarie offers valuable perspectives on current CRE trends, including office sector recovery signals, upcoming CMBS maturities, and delinquency patterns across property types. She also shares powerful leadership lessons and career advice for professionals at all stages. Throughout the conversation, Annemarie emphasizes Trepp's enduring mission of illuminating risk while embracing innovation and change. Tune in now.

Episode Notes:

• Annemarie's Career Journey (01:57)
• Building Trepp's Success & Reputation as the Gold Standard (06:59)
• Trepp's Role in CMBS Market Standardization (12:31)
• Evolution from TreppLoan to TreppCRE (16:33)
• Trepp's Market Support Through Research & Education (17:57)
• Current Market Insights: Maturities & Delinquencies (20:48)
• Office Sector Recovery Signals (25:27)
• Career Advice for Professionals in Challenging Markets (27:33)
• Looking Ahead: Exciting Opportunities for Trepp & CRE (29:06)

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In this week's episode of The TreppWire Podcast, we dive into the key takeaways from the recent FOMC meeting, discussing the Fed's decision to hold interest rates steady and Powell's revival of the term “transitory,” along with the prevalent wait-and-see narrative. We explore the potential commercial real estate (CRE) impacts of a continued economic slowdown, especially on the retail and lodging sectors, despite February's uptick in retail sales. On the housing front, we examine challenges in the residential market, Florida's consideration of property tax removal, and the hurdles unsellable condos are facing. Moving to commercial property stories, we cover two retail properties with significant value reductions and two noteworthy office trading alerts. Lastly, we celebrate five years of The TreppWire Podcast by reflecting on data from March 2020 and comparing it to the present day. Tune in now.

This episode is sponsored by ⁠BetterPitch⁠.

Episode Notes

- Economic Update: FOMC Meeting & CRE Implications (0:27)

- CMBS & CRE CLO Issuance Numbers (11:51)

- Housing: Florida Possibly Removing Property Taxes (15:46)

- Retail Trading Alerts: Values Slashed (23:07)

- Wayfair Opening 150K SF Store in Atlanta (31:42)

- Office Market Trading Alerts: NY & DC (33:14)

- Five Years of The TreppWire Podcast (41:16)

- Programming Notes (51:06)

- Shoutouts (52:28)

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In this special guest episode of The TreppWire Podcast, we are joined by Bill Ferguson, Co-Chairman and CEO of Ferguson Partners, a global talent management firm founded 35 years ago that specializes in the real assets, hospitality and leisure sectors. Bill shares the highlights of his distinguished career in executive search and leadership consulting, discusses the evolution of the industry, and how his firm navigated various market downturns. The conversation covers the importance of following capitalin tough times, the impact of global economic uncertainties, and the role of strong leadership in achieving business success. Bill also touches on his philanthropic efforts at NYU and University of Virginia, mentorship roles, and his latest book that aims to inspire the next generation of diverse real estate leaders. Tune in now.

Episode Notes:

- Bill Ferguson's Career Journey (00:59)

- Navigating Market Downturns (03:46)

- Challenges and Opportunities in Recent Years (06:37)

- Evolving Talent and Leadership Needs (14:22)

- Advice for Aspiring Real Estate Professionals (17:47)

- Mentorship and Giving Back (19:37)

- Bill Ferguson's Latest Book (21:32)

- CEO Succession Planning (29:53)

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In this week's episode of The TreppWire Podcast, we analyze the economic data from the week, new CMBS issuance numbers, and housing trends to see if the Ides of March are proven to be turbulent again. We explore the slowdown in consumer spending across all income levels and unpack the latest CMBS issuance numbers. On the housing side, we break down insights from Trepp’s Chief Economist on understanding preferences between renting vs. buying. We discuss signs of life in the NYC office market, highlighted by Amazon’s Midtown Manhattan lease and Blackstone's commitment to investing. We close with several loans that have been transferred to special servicing, as well as retail and multifamily transactions and acquisitions. Tune in now.

Episode Notes

- Economic Update: Consumer Spending (1:00)

- CMBS Issuance Numbers (6:30)

- Understanding Housing Preferences (13:18)

- NYC Office Market Showing Signs of Life: Amazon & Blackstone (17:42)

- Big Office Stories: Onward Investors & Hammes Partners Transactions (23:09)

- Retail Green Shoot & Several Loans Transferred to Special Servicing (25:54)

- Trepp February 2025 Special Servicing Rates (28:48)

- Multifamily: Investment Activity (29:39)

- Mixed-Use SASB Loan Transferred to Special Servicer (32:07)

- Programming Notes (35:52)

- Shoutouts (37:36)

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In this week's episode of The TreppWire Podcast, we discussthe recent economic headlines we’ve seen week after week – including inflation, tariffs and immigration – to continue to bring you fresh perspectives on why matter for the commercial real estate (CRE) markets. We discuss the GSA office property data behind the properties they want might want to sell, analyze the impact of the trade wars on the industrial market, and do a deep dive into the concept of anticipatory value. We share our latest CMBS Delinquency numbers before turning to notable credit stories from the week, including crabgrass and green shoot office stories, as well as retail and mixed-used property stories. Tune in now.

This episode is sponsored by ⁠BetterPitch.⁠ 

Episode Notes

- Economic Update: Inflation, Tariffs, ADP Job Report, Beige Book (0:27)

- GSA Office Property Data (9:59)

- Impact of Trade War on Industrial (15:34)

- Anticipatory Value 101 Segment (18:55)

- Trepp February Delinquency Report (23:33)

- Office Stories: Crabgrass & Green shoots (29:08)

- Retail Stories: Target, Staples, Natick Mall Loan (35:19)

- Mixed-Use Property Loan Extension (40:35)

- Programming Notes (41:58)

- Shoutouts (45:00)

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In a special guest episode of The TreppWire Podcast, we welcome Bill Sexton, CEO of Trimont, to discuss Trimont's landmark acquisition of Wells Fargo’s non-agency third-party commercial mortgage servicing business. This deal makes Trimont the largest loan servicer in the U.S., managing approximately 11% of all U.S. commercial real estate (CRE) debt. Bill provides insights into why this acquisition was a strategic move, how it reshapes the competitive landscape, and what it means for bondholders, investors, and the broader CRE market. He also shares perspectives on the evolving role of AI, data aggregation, and technology in loan servicing, as well as the challenges and opportunities in today’s CRE finance environment. Visit https://trimont.com/ today to learn more. Tune in now.

Episode Notes:

• Bill Sexton Background (0:23)
• Trimont’s Acquisition of Wells Fargo’s Servicing Business (1:16)
• Impact of the Acquisition on CRE Market (4:27)
• Technology & AI in Loan Servicing (6:26)
• Future Strategy, Growth, & Organizational Changes (9:46)
• Careers in Loan Servicing & Global Opportunities (15:48)
• Lessons from the Acquisition (23:45)
• Market Outlook (27:56)

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