The TreppWire Podcast: A Commercial Real Estate Show

In this special holiday episode of The TreppWire Podcast, we take a step back to “unwrap” the biggest property-sector themes as the year winds down — and one word stands out: bifurcation. We dig into the major data and headlines from 2025 to uncover where performance is holding strong and where early signs of softness are emerging across sectors. We highlight the markets that surprised us most this year, including New York, San Francisco, and Chicago. In our year-end property-type check-in, we revisit the biggest headlines, deals, and storylines across commercial real estate — from office and multifamily to retail and beyond — and look at where unexpected momentum appeared. We wish all our listeners a joyful holiday season! Tune in now.

Episode notes:

• 2025 Themes that Stand Out (1:14)

• Markets that Surprised Us: New York Office (11:48)

• San Francisco (14:11)

• Chicago (19:08)

• Multifamily/Apartment Market (24:41)

• Retail (35:55)

• Lodging & Hotels (46:14)

• Industrial (51:17)

• Programming Notes & Shoutouts (58:36)

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

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In this week’s episode of The TreppWire Podcast, we talk about the market’s response to the Fed’s third straight 25-basis-point rate cut and what early indicators suggest for the economy. We analyze the November jobs report, which surprised with 64,000 payroll gains but also saw unemployment climb to 4.6%, the highest since September 2021. We cover how easing monetary policy could shape commercial real estate (CRE) financing, spreads, and deal flow as we head into 2026. In some CRE deep dives, we break down the ongoing debate around data centers and life sciences, the slowdown in New York’s life sciences sector, and why investors remain cautious on specialty properties. We also examine rent concessions and economic vacancy as new supply, and softer demand weigh on effective rents. The episode wraps with trading alerts from the week (including two in Hawaii). Tune in now.

Episode notes:

• Economic Update (0:28)

• November Jobs Report (4:37)

• 2026 Property Market Outlook (9:09)

• Data Center Investment Challenges (14:04)

• Real Estate Concessions (23:51)

• Trading Alerts & Ground Lease Discussion (33:50)

• Programming Notes: Trepp Connect (in NYC)! (43:37)

• Shoutouts (47:06)

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

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In this special episode of The TreppWire Podcast, we are joined by Michael Comparato, President of FBRT and Senior Managing Director and Head of Commercial Real Estate at Benefit Street Partners. Michael shares why he believes the commercial real estate market is still in the eye of the storm and why a V-shaped recovery is unlikely. He explains why underwriting the story matters more than the spreadsheet, how negative leverage has reshaped credit and equity decisions, and which risks the market has yet to fully price in. Michael also highlights where opportunities may emerge and what disciplined investors should focus on as the market enters its next phase. We discuss Benefit Street’s approach to navigating today’s cycle, as well as how the firm has built a flexible platform across debt, equity, CMBS, and agency lending following the NewPoint Holdings JV LLC acquisition. Tune in now.

Episode Notes

• Background & Start in Commercial Real Estate (1:14)
• Benefit Street's Real Estate Growth (4:25)
• Newpoint Acquisition Strategy (8:01)
• Extend & Pretend Modifications (12:57)
• Commercial Real Estate Market Challenges (17:01)
• Differences in Asset Classes (18:33)
• Where the Opportunities Are (29:33)

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

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This week, we recorded right after the Fed’s December decision to cut interest rates by 25 basis points. In this week’s episode of The TreppWire Podcast, we break down what the Fed’s communication could mean for rates, credit spreads, and CRE financing conditions in the months ahead. We also discuss the December SEP update, including three dissenting votes and revised growth projections for 2026.

We dig into Netflix’s latest acquisition and what it could mean for Hollywood real estate as strategies continue to evolve. We close with office and multifamily transactions across Manhattan, Florida, and Seattle, including the off-market sale of the iconic Friends building in the West Village. Tune in now.

Episode notes:

• Economic Update (1:34)
• Netflix Acquisition & Real Estate Impact (10:43)
• Office Transactions: NYC & Miami (22:12)
• Multifamily Sales in Florida & Seattle (31:54)
• Friends' Apartment Building Off-Market Sale (35:04)
• Programming Notes (37:30)
• Shoutouts (41:20)

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

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LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we examine the state of the commercial real estate (CRE) market and how macroeconomic factors are shaping property sectors, from multifamily to single-family housing. We cover the FHFA’s new 2026 caps for Fannie and Freddie, inflation’s impact on consumer spending, and millennial living trends. We also highlight private-label CMBS issuance topping $120 billion in 2025, pointing to strong momentum for the first half of 2026.

In property type stories, we share notable multifamily and retail transactions, highlighting how price differences are driven by location and asset quality. For office, we discuss Scholastic selling its NYC headquarters, Capstone’s purchase of 205 West 38th Street, and Real Capital Solutions acquiring First Financial Center in Cincinnati for $59 million, or $106.57 per square foot, comparing that to recent NYC deals with prices nearing $974 per square foot. Tune in now.

Episode notes:

• Economic Update (2:03)
• Inflation Impact on Consumer Spending (4:27)
• Single-Family Housing Market Challenges (14:40)
• FHFA Sets 2026 Caps for Freddie and Fannie (18:44)
• CMBS Issuance Update (21:43)
• Millennial Living Trends Impact Housing (26:04)
• Property Type Stories: Multifamily & Retail (30:15)
• NYC–Cincinnati Office Pricing (37:49)
• Programming Notes (43:43)
• Shoutouts (45:48)

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

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We recorded early this week ahead of the Thanksgiving holiday, but even in a short week, the big picture is clear: the economy is cooling, not crashing. In this week’s episode of The TreppWire Podcast, we provide a quick macroeconomic update on where things stand as we head into the holiday and discuss how it all ties back to commercial real estate (CRE). We kick off with a special segment on what we’re thankful for in the industry, highlighting bright spots that stand out despite the challenges of 2025 as we move closer to year-end. We discuss the stabilization of interest rates, which has allowed for continued transaction activity despite rising costs and softening job markets. Finally, we do a 101 segment on Ground Leases, explaining what ground leases are, why they exist, the risks involved, and walking through a real-world case study to bring it all together. Tune in now.

Episode notes:

• Economic Update & Outlook for 2026 (1:43)
• Things We’re Thankful for in CRE (12:37)
• CMBS Issuance Update (20:31)
• Multifamily Absorption & Stabilizing Interest Rates (21:05)
• Ground Lease 101 (29:10)
• Case Study (32:29)
• Programming Notes (38:12)
• Shoutouts (40:24)

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

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In this week’s episode of The TreppWire Podcast, we examine the latest Fed signals as the October FOMC minutes highlight a growing split inside the committee and a wider range of potential outcomes heading into year-end. In commercial real estate, we dig into the rising optimism in office lending and why the narrative is far from uniform... Class A assets are seeing real momentum while B/C properties face a multi-year reset. We also cover mixed retail earnings and discuss how shifting consumer behavior and remodel strategies are reshaping demand. We also review notable SASB office deals showing interest shortfalls and what these signals mean for risk as we approach 2026. In our property-type segments, we highlight this week’s major office and retail trading alerts, from a Manhattan appraisal reduction to a Starwood regional mall portfolio transfer to special servicing. Tune in now.

Episode notes:

• Economic Update (0:44)
• Bifurcation of the Office Market (6:02)
• Retail Earnings: Home Depot vs. Lowe’s and Target vs. T.J. Maxx (12:31)
• Office Bifurcation: Headlines vs. Reality (21:11)
• CMBS SASB Deals with Large Amounts of Interest Shortfalls (28:23)
• Takeaways from Commercial Observer’s 2025 Fall Finance Forum (35:07)
• Office Trading Alerts: (41:02)
• Retail Trading Alerts: (48:12)
• Programming Notes (56:00)
• Shoutouts (58:23)

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

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LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we welcome John Santora, CEO of WeWork and a seasoned leader in global commercial real estate (CRE) industry. After nearly five decades at Cushman & Wakefield, John shares his path to WeWork and his vision for leading the company. We explore major industry shifts, the cyclical nature of CRE, and WeWork’s evolving role in the market. John talks about his renewed focus on operational discipline, profitable growth, and delivering flexible office solutions for today’s workforce. He also shares what he’s hearing firsthand from landlords across the country. Tune in now for an open conversation with one of CRE’s most experienced voices.

Episode Notes

• Background & Start in CRE (1:18)

• Real Estate Market Shifts (3:23)

• Joining WeWork (7:18)

• Hybrid Work Model (10:56)

• Ritz-Carlton-style training for Staff (17:25)

• Portfolio Reduction & Strategic Expansion (21:39)

• Conversations with Landlords (26:32)

• Enthusiasm for WeWork (29:32)

• Final Insights on the CRE Industry (32:24)

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

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At the time of our recording, lawmakers were racing to avert the government shutdown. In this week’s episode of The TreppWire Podcast, we break down the White House’s proposal for a 50-year mortgage and the risks it could introduce, along with the latest CEO talking points on AI investments. In commercial real estate (CRE), we look at how brokerage earnings signal market strength despite headlines focused on distress and provide an update on CMBS issuance, which is expected to surpass $120 billion. We also cover Amazon’s $700 million land purchase for future data centers and Marriott’s decision to end its licensing agreement with Sonder. In property stories, we discuss three multifamily sales, highlight a Blackstone industrial portfolio SASB deal coming to market, and review the Mall of America loan extension. Tune in now.

Episode notes:

• Economic Update (1:32)
• 50-year Mortgage Proposal (5:16)
• AI Impact & Amazon’s $700M Land Purchase (12:52)
• Sonder’s Abrupt Bankruptcy & Marriott’s Reaction (19:26)

• CRE Brokerage Earnings (33:49)
• CMBS Issuance Update (35:24)
• EQT Exeter’s $132.43M Acquisition of Two Warehouses in Florida (37:43)
• Blackstone Data Center SASB Deal (43:39)
• Mall of America Loan Extended (46:52)
• Programming Notes (48:47)
• Shoutouts (50:37)

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

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X: www.x.com/TreppWire

LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we discuss the ongoing government shutdown and its implications, along with the Federal Reserve’s cautious stance and how it is affecting the markets. We also explore the potential impact of New York City’s new mayor on real estate trends and housing affordability. We cover the recent partnership between OpenAI and Amazon, which represents a notable shift away from Microsoft. We also highlight Trepp’s latest AI-powered tools designed to support the commercial real estate finance industry. In a deep dive into October CMBS delinquency data, we go behind the scenes of distress metrics and walk our listeners through the specific loans that drove distress higher or improved the rate in October. To close out the episode, we share notable apartment transactions and compare two industrial property sales, focusing on how location influences price per square foot. Tune in now.  

Episode notes:  

• Economic Update: Govt Shutdown & NYC Mayor (1:40) 

• OpenAI & Amazon Deal and AI at Trepp (15:07) 

• CMBS Delinquency Rate & Cured Loans Analysis (29:43) 

• Notable Apartment Transactions (37:57) 

• Lease Concessions & Market Trends (39:51) 

• Industrial Transactions (45:51) 

• Programming Notes (48:55) 

• Shoutouts (52:52) 

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

Follow Trepp:   

X: www.x.com/TreppWire  

LinkedIn: www.linkedin.com/company/trepp