The TreppWire Podcast: A Commercial Real Estate Show

In this week’s episode of The TreppWire Podcast, we cover persistent inflation pressures tied to energy costs, improving liquidity in commercial real estate (CRE) financing and private credit markets, and key takeaways from bank earnings, where large banks continue to pull back from CRE lending while regional banks increase exposure. We also discuss the planned July 2026 launch of the Texas Stock Exchange and its implications for Dallas–Fort Worth as a financial hub. In a 101 segment, we break down 1031 exchanges and examine how eliminating the tax benefit could impact transaction volumes. On the CRE front, we cover Blackstone’s planned $2 billion IPO of its data center REIT (BXDC), the 575 Fifth Avenue acquisition by Sovereign Partners and Hudson Point Capital, WeWork’s new product. We also share several trading alerts from Trepp data. 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 sit down with Mike McDonald, Senior Managing Director of JLL Capital Markets, Americas, to unpack the current reality and outlook of the U.S. office real estate market. Mike shares his career journey, from managing boutique firms to co-leading JLL’s national office investment platform, and offers a 25-year perspective on how office real estate has evolved, particularly in the wake of COVID-19. He explains why traditional Class A and Class B labels no longer tell the full story and how JLL’s new tiering system better evaluates office assets based on quality, location, and vintage. Despite the challenges facing the sector, Mike remains bullish on office investment, and he walks through his three core investment strategies. We also highlight opportunity-rich markets such as Dallas and Austin and discuss AI’s impact on the sector. 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 episode of The TreppWire Podcast, we unpack the market reaction to the US-Iran ceasefire and examine whether the energy shock has already left its mark on upcoming inflation data. We analyze Jamie Dimon's annual shareholder letter and its warnings on geopolitics, AI, and banking regulations. We share highlights from our Trepp banking webinar on CRE lending trends and private credit dynamics, then dive into our Q1 2026 CMBS issuance data, including a 76% surge in CRE CLO volume and rising office concentration in conduit deals. We also walk through a CMBS appraisal reduction trigger 101, cover Empire State Realty Trust's sale of a Midtown Manhattan office building, the biggest LA office lease of 2026 tied to the 2028 Summer Olympics, and Bed Bath & Beyond's recent acquisitions. Tune in now. Episode notes: • Economic Update: Iran Ceasefire, Oil Shock & Inflation Outlook • Petrodollar System & De-dollarization Risk • Jamie Dimon's Shareholder Letter: Geopolitics, AI & Bank Regulations • Bank CRE Lending Trends & Private Credit Dynamics • Q1 2026 CMBS Issuance: Records, CRE CLO Surge & Office Comeback • Appraisal Reduction 101: CMBS Triggers Explained • Office: Empire State Realty Trust Sells Midtown Building to Namdar • Office: On Location Signs Biggest LA Office Lease of 2026 for 2028 Olympics • Retail: Bed Bath & Beyond Acquires Lumber Liquidators' Parent Company • 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

This week, the data is sending mixed signals about the state of the economy. In this episode of The TreppWire Podcast, we break down February retail sales coming in stronger than expected, suggesting the consumer was still holding up earlier in the year, even as more recent data points to some softening beneath the surface and rates remain volatile. We also take a step back to examine long-term cycles, using the Artemis II mission as a lens to compare today’s economy and built environment to 1972, the last time humans orbited the moon. In commercial real estate (CRE), we dive into what happens as loans reach maturity, tracking a cohort over time to understand how many pay off, refinance, extend, or fall into distress. We also cover the latest CMBS delinquency data, along with notable headlines including a record-breaking $327.50 per square foot office lease in NYC, BGO’s $350 million acquisition of Bell Partners, and CVS’s plans to open more stores than it closes in 2026. 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 break down a market defined by volatility and an “escalate‑to‑de‑escalate” dynamic playing out in real time. We unpack the sharp intraday reversals in rates as weak Treasury demand and inflation concerns push yields higher, only to be pulled back by intermittent hopes for de‑escalation. We also examine new Federal Reserve proposals aimed at reducing bank capital requirements for commercial real estate (CRE) loans, a potential catalyst for increased lending capacity at a critical point in the cycle. We also cover key CRE headlines, including a $166.8 million data center land sale in Virginia, notable office financings at One Madison Avenue and San Francisco’s Merchants Exchange, and Nordstrom’s upcoming store closure at Galleria Dallas. 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 Fed's decision to hold rates steady against a rapidly escalating geopolitical energy shock that is re-accelerating inflation and effectively taking rate relief off the table for CRE borrowers. We also look back six years to when COVID shocked the world and walk through Trepp data to review how each property sector held up, recovered, and in some cases still has not fully healed. We analyze the $5.6 billion Public Storage acquisition of National Storage Affiliates and what CMBS data reveals about self-storage performance. We close with office green shoots, including Bank of America's 20-year lease at One Bryant Park, OpenAI surpassing 1 million square feet in San Francisco, a Wells Fargo SASB financing in Silicon Valley, and Starbucks expanding to Nashville. Tune in now. Episode notes: • Economic Update: Fed Holds, Iran Energy Shock & Higher-for-Longer • Six years post-COVID: CRE Delinquency Retrospective by Property Type • COVID Lessons: Modifications, Policy Response & Structural Shift • Self-Storage: Public Storage & NSA Deal, and CMBS Performance • Office Stories: BofA at One Bryant Park, OpenAI, Wells Fargo SASB & Starbucks Nashville • Trading Alerts: Manhattan, Chicago, Virginia & Office Special Servicing Transfers • 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 break down how the spike in oil is affecting the broader economy and discuss how the energy shock is adding new uncertainty to inflation, Fed policy, and market sentiment. We also analyze the state of the student housing market as March Madness approaches and examine proposed housing legislation that could reshape the single-family rental landscape. In commercial real estate (CRE) news, we cover a major industry consolidation as Savills is reportedly set to acquire Eastdil Secured in a deal valued at $1.2 billion. We highlight insights from Trepp’s latest CMBS Special Servicing Report, review recent trends in the Trepp Property Price Index (TPPI), and discuss several significant headlines and transactions from the week, including Manhattan office tower valuations falling below their COVID-era lows. 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 rising Middle East tensions following US-Israeli strikes on Iran, including Iranian drone damage to Amazon data centers in the Gulf, and the ripple effects on oil prices and the 10-year Treasury. We cover the reversal of the 10-year Treasury back above 4%, rising oil prices, and record redemption requests at Blackstone's private credit fund. We review Trepp's February CMBS delinquency data, take a deep dive into the surging CRE CLO market, and break down $7.6 billion in SASB AAA downgrades. We close with a trading alert on the Minneapolis City Center loan and Target's surprise lease buyout. Tune in now. Episode notes: • Economic Update: Labor Data, Middle East Conflict & Ides of March Superstition (1:14) • Iranian Drone Strikes on Amazon Middle East Facilities (15:35) • Treasury Yields & Oil: Market Reaction to Gulf Conflict (18:55) • Blackstone Private Credit Fund: Record Redemptions & Liquidity Response (22:05) • CMBS Delinquency Report: Rate Declined, Led by Large Office & Retail Loan Extensions (26:19) • CRE CLO Market: Record 2026 Issuance Pace (33:21) • SASB Ratings Migrations & SF Office Losses (40:33) • Programming Notes (53:26) • Shoutouts (56:02) 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 explore whether current market conditions reflect resilience or the early stages of repricing. We break down mixed inflation signals, the Supreme Court’s tariff ruling, and what policy uncertainty means for rates and risk appetite. We dig into private credit volatility and rising selectivity, CMBS issuance sentiment coming out of the SFVegas conference, cash-in refinancings, and new examples of office repricing from Chicago to San Francisco. We also cover fresh Trepp trading alerts and what servicer data is signaling across property types. 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 highlight softer‑than‑expected inflation, market takeaways from the Fed minutes, and key data releases on deck in a shortened week. We talk about key developments in affordable housing cand multifamily markets, followed by a look at data center growth and why Texas could be emerging as the next major hub. In a “digging through the data” segment, we do a deep dive into industrial performance across the top MSAs by occupancy, delinquency and average revenue per square foot. We break down office trading alerts for a Queens office and Chicago SASB loan, along with retail trading alerts involving loans from Saks Fifth Avenue and Paramus Park. We also discuss Palisade Center’s post‑foreclosure sale and wrap with Wendy’s plans to close 300 stores and the implications for retail and franchise operators. 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 sit down with Larry Connor, Founder and Managing Partner of The Connor Group, one of the largest privately held multifamily investment firms in the U.S. Larry shares how he went from a failed business venture to building a multi-billion-dollar multifamily platform grounded in operational discipline. He explains why operations, not renovations, drive the greatest value creation, how his team uses real-time data and AI to measure resident satisfaction, and why the 2020- 2022 liquidity era created a market that couldn’t last. Beyond real estate, Larry reflects on serving as pilot on Axiom Mission 1 to the International Space Station and participating in other demanding expeditions, outlining the philosophy of disciplined risk, preparation, and purpose that guides both his missions and his investment strategy. He closes with advice for builders and operators alike: aim high and don’t self-limit. 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 break down the growing disconnect between headline strength and underlying softness in the economy. Retail sales came in flat, jobs surprised to the upside, and sweeping BLS revisions quietly erased nearly 900,000 jobs from 2025 totals, leaving markets to reconcile conflicting signals. In commercial real estate, a wave of store closures from legacy brands like Eddie Bauer, Pizza Hut, Red Lobster, and Saks made headlines, but we explain why this looks more like retail rationalization than another apocalypse. In multifamily, we analyze Camden’s decision to exit California, the rent-setting software antitrust settlement, Los Angeles’ new adaptive reuse ordinance, and recent transactions in Quincy, Wilmington, and Charlotte. On the lodging side, we cover a $372 million Nashville hotel construction loan, Gencom’s acquisition of the Ritz-Carlton Central Park, and the Waldorf Astoria returning to the market after a $4 billion-plus renovation. We close with a preview of Trepp’s upcoming CMBS maturity playbook. Tune in now. Episode notes: • Economic Update: Retail Sales, Jobs Report & BLS Revisions • Retail Store Closures • Multifamily Deep Dive: Camden's California Exit, Rent Control, Antitrust Settlement & Adaptive Reuse • Multifamily Transactions: Quincy, MA; Wilmington, DE; Charlotte, NC • Lodging: Nashville Construction Loan, Ritz-Carlton Acquisition & Waldorf Astoria 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

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