The TreppWire Podcast: A Commercial Real Estate Show

The TreppWire Podcast, A CRE Show

Leveraging Trepp’s market expertise and proprietary data sets, The TreppWire Podcast enables listeners to stay up-to-date on all things commercial real estate, structured finance and banking. Featuring Trepp subject matter experts and guests from across the industry, the weekly podcast explores how recent events have impacted both the markets and the daily lives of market participants. Questions or comments? Please contact us at podcast@trepp.com.

  1. 2D AGO

    378. Banking Back in Focus: Santander-Webster Deal, SLOOS Signals, Office CRE Delinquency Jump, Industrial & Data Center Deal Desk

    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: Economic Update: Fed Chair Nomination & Government ShutdownOne Big Beautiful Bill Deep Dive with Ryan Sievers, Tax Partner at EisnerAmper (15:12)January SLOOS & Trepp-i Data (23:07)Santander to Acquire Webster Financial (30:18)First Bank Failure of 2026: Metropolitan Capital Bank & Trust (33:10)Miami Office Tower Trying to Evict Banco Master (36:11)Trepp January CMBS Delinquency Report (37:58)Brookfield Acquisition of Peakstone Realty Trust (42:13)Data Centers: Oracle to Raise $45B+ (45:56)Programming Notes (47:55)Shoutouts (49:45) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

    55 min

  2. JAN 30

    377. Rates Steady, CRE in Motion: Multifamily Underwriting Pivot, Apartment Cash Flow Analysis, & Co‑Working Comeback

    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

    49 min

  3. JAN 27

    376. Inside Industrial Strategy, Alternative Assets & Private Credit with Clarion Partners’ Rick Schaupp

    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

    34 min

  4. JAN 23

    375. Fed Signals & CRE Shifts: Data Centers, Multifamily Supply Wave, & Amazon’s Big Box Move

    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: Economic Update (0:29) Market Uncertainties (4:03) CRE Construction: Data Centers & More (15:29) Transition Between CRE & Infrastructure (24:26) Supply Wave on the Multifamily Market (32:37) Amazon's Giant Hybrid Retail Store (43:41) Programming Notes (49:19) Shoutouts (51:34) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp

    57 min

  5. JAN 16

    374. Back from CREFC Miami: Commercial Real Estate Market Sentiment, Macro Headlines, & Special Servicing Trading Alerts

    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: CREFC Miami Recap (2:47) Data Centers & AI (9:39) DOJ/Fed, Credit Card Cap, Inflation (18:38) NNN Office Portfolio Loan Sent to Special Servicing (30:52) GameStop & Saks (39:10) Los Angeles Mall SASB Loan Sent to Special Servicing (43:57) Programming Notes (45:46) Shoutouts (49:54) Questions or comments? Contact us at podcast@trepp.com.      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp

    59 min

  6. JAN 9

    373. Separating Risk From Noise in 2026: Digesting Major Policy Shifts, Distress Early Indicators, Major Office Transactions & Moves

    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: Economic Update: Housing Market & Oil Impact (1:49)JOLTS, Jobless Claims & Uncertainty in CRE: Will 2026 Be the Year of Transactions? (14:48)What Does Stress Look Like Before a Default and How to Spot Early Warning Signs? (19:25)AT&T Moving HQ to Dallas Suburb (28:41)SL Green Selling Minority Interest in 100 Park Avenue (35:09)Chicago Investor Buying San Francisco Office Tower in Half-Off Sale (37:55)Google Finally Moving into Austin Office Tower (40:11)5 Times Square Office-to-Resi Conversion (43:44)NYC Mamdani Bankruptcy Building Sale (45:11)Programming Notes (50:00)Shoutouts (52:21) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

    55 min

  7. JAN 6

    372. Carmen Spinoso on Leasing, Experiential Retail, & Why Enclosed Malls Still Matter | Spinoso Real Estate Group

    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: Carmen's Journey: From Leasing Rep to CEO (2:16) Portfolio Update: Grand Central Terminal & Ovation Hollywood (13:00) Why Malls Are Still a Valuable Investment Class (17:00) Turning Around Underperforming Malls (26:12) Marketing, Events & Community Building (29:31) 2026 Outlook & Final Thoughts (36:15) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

    40 min

  8. 12/30/2025

    371. Setting the Stage for 2026: Commercial Real Estate Outlook, Key Predictions & Market Resolutions

    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

    48 min
See All (379)

4.8
out of 5
213 Ratings

About

Leveraging Trepp’s market expertise and proprietary data sets, The TreppWire Podcast enables listeners to stay up-to-date on all things commercial real estate, structured finance and banking. Featuring Trepp subject matter experts and guests from across the industry, the weekly podcast explores how recent events have impacted both the markets and the daily lives of market participants. Questions or comments? Please contact us at podcast@trepp.com.

Information

You Might Also Like