The TreppWire Podcast: A Commercial Real Estate Show

Right after we recorded last week, President Trump nominated Kevin Warsh to succeed Jerome Powell. In this week’s episode of The TreppWire Podcast, we examine what that move could signal for the future path of interest rates and how markets are reacting. A brief government shutdown also delayed key economic data releases, leaving investors with limited visibility into growth and labor conditions. We also sit down with Ryan Sievers, Tax Partner at EisnerAmper, to unpack the One Big Beautiful Bill and its key implications for CRE, including bonus depreciation, Qualified Opportunity Zones, and what didn't make the cut. On the banking side, the latest Senior Loan Officer Opinion Survey shows lending standards remain tight for office and construction—a trend we tie into findings from Trepp’s own lending survey—along with a look at Santander’s $12B acquisition of Webster Financial. Turning to commercial real estate, we unpack the January jump in the Trepp CMBS office delinquency rate, largely driven by two sizable loans, and close with key headlines from the week, including Brookfield’s $1.2B acquisition of Peakstone Realty Trust and Oracle’s plan to raise $45-$50B this year to expand its data center footprint. Tune in now. Episode notes: Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

As much of the U.S. stays frozen, the Fed also kept rates on ice this week. In this week’s episode of The TreppWire Podcast, we break down the decision and what a shifting policy landscape could mean as Chair Powell’s term winds down. In multifamily, we share insights from the National Multifamily Housing Council conference, including a closer look at disciplined JV equity underwriting and the bridge-to-bridge lending trend fueling CRE CLO issuance. We also apply the Gordon Growth Model to San Francisco’s 3,165-unit Park Merced complex to unpack valuation dynamics and cash flow trends. Plus, we cover the co-working market’s resurgence, the halt of the $16 billion Hudson Tunnel project, Amazon’s closure of Fresh and Go stores, Fat Brands’ Chapter 11 filing, and recent multifamily transactions, including NBA star Giannis expanding his CRE portfolio with a Chicago apartment purchase. Tune in now. Episode notes: • Economic Update (1:40) • Fed Holds Rates Steady (4:11) • Multifamily Insights & Cap Rates (9:00) • Bridge to Bridge Lending & CRE CLO Issuance (19:34) • Park Merced Case Study: Gordon Growth Model Valuation Analysis (21:25) • $16 Billion Hudson Tunnel Project Halted (28:17) • Co-Working Market Roars Back to Life (31:17) • Retail Closures: Amazon Fresh/Go & Fat Brands Bankruptcy (36:03) • Multifamily Transactions: Giannis' Chicago Buy & Arizona Deal (39:55) • Programming Notes (44:10) • Shoutouts (47:12) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Richard (Rick) Schaupp, equity owner, Managing Director, and Head of Private Wealth Distribution at Clarion Partners. Rick shares his expert perspective on today’s commercial real estate (CRE) landscape and how Clarion is positioning itself across cycles. Rick provides insights into Clarion’s strategic focus on industrial and alternative assets, how the firm’s positioning helped it navigate the COVID-19 pandemic, and their approach to private credit and portfolio construction. We explore the evolving nature of industrial real estate, including the impact of Amazon's leasing practices and the potential challenges of long-term tenant commitments. We highlight data centers as an attractive asset class, as well as potential opportunities in senior housing and assisted living. Tune in now. Episode Notes • Background & Start in the Industry (1:14) • Industrial & Alternative Assets Focus (3:26) • Private Credit & Portfolio Construction (7:06) • Investment Strategy Four Themes (11:29) • COVID-19, Tariffs, and Amazon Impact on Industrial (17:46) • Data Center Demand (23:49) • Senior Housing & Assisted Living (28:04) • Opportunistic Approach & Outlook (32:16) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we break down a busy week of economic data as markets look ahead to the Fed’s next meeting and reset expectations for 2026 interest rates. We also cover policy headlines out of Davos that are adding uncertainty around taxes, credit, and regulation. In commercial real estate, we spotlight the growing divide between slowing construction activity and strong data center investment driven by AI demand. We explain why data centers continue to outperform, unpack the nuances behind multifamily distress, and review recent deals that reveal both optimism and trouble across the market. We close with Amazon’s plan for its largest physical retail store yet — a 230,000‑square‑foot big‑box location in the Chicago suburbs. Tune in now. Episode notes: Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, markets are digesting a mix of macro headlines and early signals from commercial real estate (CRE) as 2026 gets underway. We kick things off with insights from the CRE Finance Council Conference in Miami, where discussions centered on improving liquidity, tighter spreads, and the uptick in CMBS issuance. From there, we turn to macroeconomic updates, including the DOJ subpoenaing the Fed, potential caps on credit card interest rates, and wholesale inflation trends. In property type stories, we cover GameStop closing stores nationwide and Saks filing for Chapter 11 bankruptcy. Plus, we break down two loans recently sent to special servicing: a large single-tenant triple net lease (NNN) office portfolio and a Los Angeles mall SASB loan. Tune in now. Episode notes: Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we kick off 2026’s first full trading week with a look at the headlines shaping CRE, housing, and the broader economy. We discuss President Trump’s proposal to limit institutional purchases of single-family homes, the year-end drop in mortgage demand, Treasury Secretary Bessent’s comments on potential Fed rate cuts, and Mamdani’s bankruptcy sale policy in NYC. We then dive into advanced CRE fundamentals, exploring what stress looks like before a default and identifying early warning signs in loan-level data, while expressing optimism for a year of deal-making driven by improving rates and market conditions. Finally, we break down the first major transactions of 2026, including AT&T’s headquarters move to suburban Dallas, Google’s long-awaited Austin office opening, and the office-to-residential conversion at 5 Times Square. Tune in now Episode notes: Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we’re joined by Carmen Spinoso, Chairman and CEO of Spinoso Real Estate Group, one of the country's largest privately held enclosed mall operators. With more than 35 years of industry experience, Carmen shares how his firm approaches value creation across its portfolio, including high-profile projects like the management of Grand Central Terminal and Ovation Hollywood. We dive into the current state of the retail sector, why brick-and-mortar still captures 75-80% of all sales, and how Gen Z is driving traffic back to malls. Carmen walks us through case studies on repositioning vacant anchors and attracting experiential tenants, the importance of community-focused marketing and events, and why the 2026 outlook for enclosed malls is looking strong. Tune in now. Episode notes: Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In our final 2025 episode of The TreppWire Podcast, we look ahead to what 2026 may bring for commercial real estate (CRE), sharing initial calls for the year while reflecting on how economic conditions, interest rates, and tariffs shaped the past twelve months. We dive into CMBS-specific dynamics, including issuance, delinquencies, and maturities that set the stage for the new year. Our predictions tackle the big questions: Will CMBS hit the $100B issuance three-peat? Where is bank lending headed? And what’s next for the looming CMBS maturity wall? We review rising delinquency trends and forecast where the numbers might land, and also provide our insights on property pricing as the new year begins. We close with our New Year’s resolutions for the market. Tune in now. Episode notes: • CRE Calls for 2026 (1:16) • Market Inflection Point (6:18) • Economy, Interest Rates & Tariff Impacts (8:25) • Walmart & Amazon Discussion (14:17) • 2026 CMBS Issuance & Lending Volumes Predictions (18:54) • December 2025 CMBS Delinquency Report & 2026 Predictions (22:35) • Rolling CMBS Maturity Wall (26:33) • Property Prices (30:20) • New Year’s Resolutions for CRE (36:24) • Programming Notes & Shoutouts (41:44) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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 podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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 podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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 Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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 (Fed Cuts Rates & December SEP Data) • Netflix Acquisition & Real Estate Impact • Office Transactions: NYC & Miami • Multifamily Sales in Florida & Seattle • Friends’ Apartment Building Off-Market Sale • Programming Notes • Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire 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: Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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: Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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: Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire 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 podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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: Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: 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 podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down the Fed’s 25-basis-point rate cut and the continued banking consolidation trend, including Huntington’s acquisition of Cadence Bank. We discuss Amazon’s 14,000 layoffs amid its AI push and how that shift impacts office demand and data centers. We also review Trepp’s new report on the $4.8 trillion CRE debt universe, which details who holds the debt and when it comes due. We cover the October CMBS delinquency rate increase to 7.4% and highlight a Texas multifamily loan default. We wrap up with multifamily sales in Florida and Georgia and two office trading alerts. Tune in now. Episode notes: Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

The government is still shut down and the markets are awaiting a delayed inflation report. While this doesn’t sound like new news, in this week’s episode of The TreppWire Podcast, we give it all a real estate spin – what do the happenings in the macro landscape really mean in the context for the commercial real estate (CRE) market. We dive into the Amazon Web Services (AWS) outage and its implications for infrastructure risk, followed by a breakdown of major developments in AI, including OpenAI’s launch of its new browser and growing concerns about AI replacing white-collar jobs. In banking news, we break down Zion’s $1 billion drop in valuation in a single day and discuss what has changed since. We close with some deals and loan performance changes at properties across the country. Tune in now. Episode notes: • Economic Update: CRE Playbook (0:29) • AWS Outage & AI Shifts (12:36) • Zions Bancorporation: Bad Loans? (27:19) • $126.5M Dallas Office Building Purchase (38:28) • Value of New Hampshire Mall Slashed (44:24) • Chicago Apartment Property Sold for $54M (45:51) • Programming Notes (50:16) • Shoutouts (52:06) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp