The TreppWire Podcast: A Commercial Real Estate Show

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” segme...

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 renovati...

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 lega...

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....

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 bri...

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...

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 a...

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,...

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 pol...

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...

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 prediction...

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 thi...

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...

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 spre...

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....

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 $...

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...

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 propert...

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...

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...

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...

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 h...

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 implicat...

In this week’s episode of The TreppWire Podcast, we unpack the ripple effects of the government shutdown and discuss how the Beige Book has gained importance amid the economic data drought. We highlight Trepp’s projection of over $123 billion in private-label CMBS issuance for 2025 and preview our September CMBS Special Servicing report, where the rate climbed to 10.65%—the highest since May 2013....

In this week’s episode of The TreppWire Podcast, we break down the U.S. government still being shut down and what it means for economic data releases being paused the longer it drags on. We unpack the September Fed meeting minutes, which revealed a split among policymakers following last month’s 25-basis-point rate cut. We dive into Q3 CMBS issuance trends and explore how the current pace could ma...