The TreppWire Podcast: A Commercial Real Estate Show

There was a lot to like about the latest earnings numbers, economic data, and stock movement, but what does it all mean for CRE? In this week’s episode, we break down the ‘friskiness’ in the market following some positive signs. In CRE, we talk about a positive self-storage story, a mix of green shoots and crab grass for office, and retail news to note. Tune in now. This episode is sponsored by Be...

The markets seem to have gone from optimistic to exuberant over the last two weeks... In this week’s episode of The TreppWire Podcast, we discuss whether we are seeing 'irrational exuberance' yet, then dive into housing starts, jobless claims, retail sales, and bank earnings. In CRE, we break down several large office and retail stories, discuss more on multifamily syndicators, and take a look at...

In this week’s episode of The TreppWire Podcast, after the CPI and PPI readings came in, we question if the rally and equity pile on was the start of something bigger or a sign of participants getting ahead of themselves. We discuss borrowers handing back the keys, multifamily CRE CLO borrowing, bank earnings, and big stories for hotels, office valuations, subleases, and retail. Tune in now. This...

Although we expected a lull in market news and data during the holiday week, that was not the case for CRE. In this week’s episode of The TreppWire Podcast, we start with macro news that made headlines: jobs numbers, personal expenditures, and Treasury yields. We have a lot to cover in CRE with some large office stories, more sales comps across property types for the market to chew on, and a first...

There was plenty of positive economic data to digest this week, all while Fed Chair Powell was “taking the punch bowl away,” commenting that more rate hikes may be necessary. In this week’s episode, we break it down. And in CRE, there were several large (and unpleasant) comps for investors to digest. We also analyze Trepp’s latest delinquency report; examine defeasance, yield maintenance, and disc...

In this episode, we discuss what we saw in the markets, starting with stocks hitting a wall after Fed Chair Powell indicated that more interest rate hikes were necessary. In CMBS, we dive into new issue pricing that provides market clarity. We also have a lot of CRE news to cover; a large apartment loan going to special servicing, office valuation reductions, some signs of life for the NYC office...

This week, all eyes were on the inflation numbers, the Fed’s interest rate decision, and retail sales. In this episode, we dive into the macro news and discuss whether we think this is it for the CPI and Fed Funds Rate or if we’ll continue talking about it in the second half of the year. In CRE, we share takeaways from the annual CREFC conference in terms of issuance, price discovery, and predicti...

In this week’s episode of The TreppWire Podcast, the Trepp team tries to cut through the haze (in the economic markets, CRE, and with regard to the smoke covering much of the Northeast). We discuss what may have seemed like a quiet week and what is really on the horizon. In property-type news, we dive into a story about a looming hotel default that is renewing concerns about the lodging market, an...

This episode is sponsored by BetterPitch: https://www.betterpitch.com/. In this week’s episode, we break down the shift in economic news that will be bringing us back to our regularly scheduled programming of interest rate decisions, inflation, and job numbers. In commercial real estate, we had a big week for data – we saw the issuance of a CMBS deal, which is defying the debt ceiling drama and we...

In a special episode of our week-in-review podcast, the team shares a live presentation we gave at NAIOP Silicon Valley’s Capital Markets event. We have a data-driven review of what’s happening to commercial real estate in the region and across the U.S. We dive into data on the recent bank turmoil, delinquencies and distress across the country, loan maturities, lease renewals, occupancy, and more....

With slowing regional bank turmoil, all eyes shifted to the debt ceiling deal debate. In this week’s episode, we examine the latest economic news. Mike Flood of the Mortgage Bankers Association shares his perspective on the debt ceiling and bank regulation. In CRE, we saw several office loans transfer to special servicing, sublease stories, and comps. We also share retail green shoots and crabgras...

With concerns over the debt ceiling, credit tightening, and bank deposit runs, problems in commercial real estate may be the least of investors’ worries. In this week's episode of The TreppWire Podcast, we examine regional bank concerns and some promising fresh inflation data. In CRE, we talk good news for suburban retail, retail extensions, and more sublease stories. We also break down quoted ver...

The yield on the 3-month treasury hit more than a 22-year high today, so, clearly, investors are jittery. In this week’s episode of The TreppWire Podcast, we explain what’s going on with the debt ceiling discussions, continued bank worries following the news of First Republic, and the economic uncertainty. In CRE, we cover the CMBS delinquency rate which held steady but revealed more concern for o...

In a special episode of our week-in-review, the team shares a live presentation we put on for ICSC’s Continuing Education Michigan event, diving into the state of the retail market and the impact of macroeconomic events on commercial real estate. Here, we are joined by Emily D’Agostini Kunath of D’Agostini Companies to examine the “catchy” retail apocalypse theme, deciding if it still holds true i...

This week, we have the Managing Editor of Commercial Real Estate Direct, Orest Mandzy, joining to give us additional perspective within CRE. In this episode, we start with a market update, taking note of the data showing a softening economy. Then we take a look at housing starts and homebuilder sentiment, which remains negative. In CRE, the team reviews our latest Quarterly Data Review, examining...

In this week’s episode of The TreppWire Podcast, the team dives into the latest economic news and jobs data. Next up, we give an update on banks and give a sneak peek of Trepp’s Q1 Bank Earnings analysis. Then we sing the office blues but do find positive office news, with big office loans to keep on your radar, and then debate if in-office is coming back …again. Stick around to hear multifamily n...

With the urgency of the bank concerns calmed for now, the spotlight this week turned to jobs and economic data. In this episode,  we examine the signs of weakening across the markets ahead of a big jobs week. We also review indications of potential consumer health pressure and/or receding inflation from early retail earnings. In CRE, we discuss tightening lending conditions, CMBS issuance dropping...

This week, the White House called for stricter rules for mid-sized banks as lawmakers sifted through what happened with the recent bank failures and what needs to be done in response. In this episode, we dive into some more details of the SVB bank run, then we debate what makes an asset qualify as "toxic." The team discusses the CMBS Delinquency Rate dip in March, while the office rate continues t...

In a special guest episode, Warren de Haan, managing director, co-founder, and co-CEO of ACORE Capital joins the team to provide market perspective from a private CRE lender. Here, we examine the impending credit crisis by talking through the current lending environment. Warren shares a boots-on-the-ground view of private lending, market constraints, and assets that are facing pressure or have opp...

This week, the Fed raised interest rates amid concerns over bank liquidity. In this episode, we dive into what the Fed decision means for bank securities holdings, explain the FHA/deposit insurance model, and ask the question, “can the Fed fight both inflation and contagion?” In other news, there were large layoffs this week and a lot of negative news for office. Lastly, the team debates the propo...

This week, Trepp’s Managing Director, Matt Anderson joins the team to break down the banking market turbulence after the failure of Silicon Valley Bank and the takeover of Signature Bank by regulators. In this episode, we examine how and why this happened and what came next for other banks and their stocks. We discuss the liquidity position of banks and the current holding pattern for CMBS lenders...

In this week's episode, we dive into the market reaction that followed Fed Chair Powell’s comments, the high stakes that surround the latest jobs data, and a proposed budget. We talk about soaring CMBS spreads and if the widening represents a buying opportunity or a sign of trouble coming for the industry. Then in CRE, we have a flurry of office crabgrass (and a few green shoots) to share. Stick a...

We may not be fluent in Fed Chair Jerome Powell, but in this special guest episode of The TreppWire Podcast, we found an expert who is. Danielle DiMartino Booth, CEO & Chief Strategist of Quill Intelligence, economist, and former Federal Reserve insider joins the team to make sense of the Fed Chair’s comments coming off the heels of the Senate Banking Committee meeting. We talk about the size of U...

In this week’s episode of The TreppWire Podcast, it is hard to find good news. Amid treasury yield increases, economic data, consumer confidence, and retail earnings, there are negative signs all around. In commercial real estate, we report on the CMBS delinquency rate posting its second-largest increase since the start of the pandemic, discuss office obsolescence, and dive into a massive trading...

In this week's episode, there is a lot of news to digest. To start, we review economic results, Fed minutes, geopolitical tension, and company earnings that are revealing mixed messages and signs of stagflation and examine what the impact will be on CRE. In property-type news, we dive into several stories to watch for office and retail and share news for hotels. Tune in now. Episode Notes: • Geopo...