The TreppWire Podcast: A Commercial Real Estate Show

In this week’s episode, we dive into the latest positive signs for street-level retail following the announcement that all business restrictions in New York will be lifted this summer. We also discuss the list of New York City hotels that have been used for homeless shelters throughout the pandemic, downgrades for mall loans, and how much office demand will be forthcoming for the Tech Titans.

Episode Notes:

Fed’s monetary policy update (0:49)

Positive signs for street-level retail (9:14)

SL Green earnings (12:48)

The reopening of restaurants (15:32)

Downgrades for mall loans (17:34)

New York office news (20:09)

Homeless hotels in Midtown Manhattan (21:36)

Office demand for the Tech Titans (24:35)

Companies returning to the office (33:08)

Deal of the Week (40:35)

Shoutouts (42:37)

Questions or comments? Contact us at [email protected].

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LinkedIn: www.linkedin.com/company/trepp-llc

Facebook: www.facebook.com/TreppLLC

With servicer data slowly showing signs of how the pandemic impacted commercial real estate, it is time to look at last year's delinquencies and whether these loans are starting to "cure" or pay off. In this week’s episode, we preview the current status of loans that were delinquent during the height of the COVID market crisis, review office vacancies, and give an update on the retail apocalypse and the student housing and single-family rental markets.

Episode Notes:

Weekly economic update (0:48)

Where are last year’s delinquent loans now? (6:38)

Government offices shrinking space (10:04)

Office vacancies (15:23)

Positive office headlines (19:28)

“Retail apocalypse” update (21:25)

Hotel news (32:06)

Multifamily occupancy analysis, student-housing (39:53)

Single-family rental market (43:31)

Shoutouts (45:25)

Questions or comments? Contact us at [email protected].

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Twitter: twitter.com/TreppWire

LinkedIn: www.linkedin.com/company/trepp-llc

Facebook: www.facebook.com/TreppLLC

In this week’s episode, we dig into the recovery that the latest Fed economic survey found is “broad-based across industries” and highlight solid big bank earnings. We also review recent office headlines that can fall into good, bad, and ugly categories. We discuss movement in the retail sector in terms of property sales and more stories of occupancy declines for multifamily properties.

Episode Notes:

• Economic recovery, retail sales, interest rates(0:51)

• Q1 bank earnings (8:54)

• Office: Good, bad, and ugly (16:14)

• Retail property sales(29:25)

• Drops in multifamily occupancy(35:20)

• Hotel purchase(42:58)

• Deal of the Week (45:59)

• Shoutouts (49:31)

Questions or comments? Contact us at [email protected].

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LinkedIn: www.linkedin.com/company/trepp-llc

Facebook: www.facebook.com/TreppLLC

In this week’s episode, Trepp’s Head of CMBS, Darren King joins us to analyze the spike in demand for commercial real estate CLOs in Q1 2021. We take a tour across the U.S., where different geographies saw vastly different impacts from COVID-19 in terms of multifamily occupancy and lodging distress rates. We also walk through special servicing data and the latest in retail and CMBX 6.

Episode Notes:

Economic update (1:06)

Spike in demand for CRE CLOs (5:10)

Multifamily occupancy analysis: different impacts across U.S. (17:35)

NYC budget and condo/co-op tax (26:41)

Recovery for the hotel sector, where is the distress? (29:02)

Special servicing update (31:17)

Latest retail headlines and CMBX 6 update (36:29)

Deals of the Week (43:06)

Shoutouts (46:05)

Questions or comments? Contact us at [email protected].

Follow Trepp:

Twitter: twitter.com/TreppWire

LinkedIn: www.linkedin.com/company/trepp-llc

Facebook: www.facebook.com/TreppLLC

In a special guest episode, we welcome David Bitner, Global Head of Capital Markets Insights at Cushman & Wakefield to discuss the firm’s latest Signal Report: The Global Guide to CRE Investing. David and Manus review the global outlook for CRE, areas of strength for retail, the painful lag in business travel, and thoughts on residential real estate. David also shares hidden investment opportunities and surprises.

Episode Notes:

The Signal Report: Global Guide to CRE Investing in 2021 (1:39)

Interest rate risk (6:15)

Global outlook (9:55)

Canary in the coalmine (13:05)

Post-pandemic property type analysis (15:56)

Areas of strength for retail (18:21)

A painful lag in business travel (19:04)

Residential real estate (20:57)

Office market opinions (25:55)

Hidden investment opportunities and surprises (32:55)

Questions or comments? Contact us at [email protected].

Follow Trepp:

Twitter: twitter.com/TreppWire

LinkedIn: www.linkedin.com/company/trepp-llc

Facebook: www.facebook.com/TreppLLC

In this week's episode, the team examines new economic data which shows choppy progress. We dive into CMBS delinquency rates and give listeners a sneak peek at the latest bank CRE loan performance and multifamily occupancy data. It was a heavy sports day for the team: we talk about some hotels that are struggling without live sports and also get excited for MLB Opening Day, the Masters, and college basketball.

Episode Notes:

Economic update: Jobs anticipation, Archegos (1:01)

CMBS delinquencies (6:38)

Return to the office (11:53)

Multifamily occupancy (22:23)

Retail vacancies (26:51)

Hotels: hurt by travel and live sports fans (31:40)

Bank CRE loan performance (36:25)

Deal of the Week (38:34)

Shoutouts (41:11)

Questions or comments? Contact us at [email protected].

Follow Trepp:

Twitter: https://twitter.com/TreppWire

LinkedIn: https://www.linkedin.com/company/trepp-llc

Facebook: https://www.facebook.com/TreppLLC

In the CRE space, investors have been waiting for distressed asset sales and it seems that hotel opportunities are now on the rise. In this week’s episode, we discuss these hotel sales, the flux in the state of the office market, and analyze the latest multifamily occupancy news. The team reminisces on one year of The TreppWire Podcast. Thanks to all of our listeners for the continued support!

Episode Notes:

• Fed Chair Powell’s thoughts on CRE (4:15)

• Hotel space opportunities (7:19)

• Office in a state of flux (18:12)

• NYC multifamily market (29:04)

• Retail: malls remain the biggest area of concern (32:10)

• Percentage rent leases (40:10)

• Deal of the Week (42:05)

• Shoutouts (43:27)

• One Year of The TreppWire Podcast (45:10)

Questions or comments? Contact us at [email protected].

In this week's episode, we discuss positive and negative signs (or green shoots and crabgrass as we like to call it) in the latest commercial real estate data. We talk through more commercial property valuations, how working from home can impact credit ratings, and give an update on CMBX 6. Tune in to the end for our March Madness picks.

Episode Notes:

- Fed takeaways (0:58)

- Positive signs in CRE data (7:01)

- Renewed interest in hotels (15:03)

- Green shoots in the office market (23:36)

- Work-from-home impacting CMBS credit ratings (28:32)

- Offices reducing space (31:57)

- The state of CMBX 6 (34:41)

- Environmental risk scores and CMBS (37:40)

- Deal of the Week (39:15)

- Shoutouts (40:30)

Questions or comments? Contact us at [email protected].

Follow Trepp:

-Twitter: https://twitter.com/TreppWire

-LinkedIn: https://www.linkedin.com/company/trepp-llc

-Facebook: https://www.facebook.com/TreppLLC

In a special guest episode, Donald Sheets, Managing Director and Member of the Management Committee at Broadshore Capital Partners is back to give us an update on the distressed debt market. We review concerns over inflation and rising interest rates, commercial mortgage bond prices, and get a lesson on distressed debt 101.

Episode Notes:

• Rising interest rate environment, does capital reprice or disappear? (1:51)

• Distressed debt 101 and catalysts (9:19)

• Vibe check (14:14)

• Office space (18:46)

• Asset by asset prices (26:13)

• Where will malls go? (28:07)

• Where are we a year from now? (34:01)

Questions or comments? Contact us at [email protected].

In this week’s episode, the team is back together as we give our one-year reflections on the coronavirus pandemic by highlighting the biggest surprises in the commercial real estate market and overall. We also dive into the latest stimulus package and the potential impacts to CRE and discuss the latest headlines for retail and office.

Episode Notes:

- Inflation and interest rates

- Impact of latest stimulus on the CRE market (11:50)

- Biggest surprises a year into the pandemic (14:23)

- Property type surprises (21:08)

- Retail headlines: Disney, Kroger, outlet centers (24:31)

- American Dream Mall news(29:15)

- Office sublease and occupancy news (31:40)

- Deal of the Week (37:22)

- Shoutouts (39:39)

Questions or comments? Contact us at [email protected].