The TreppWire Podcast: A Commercial Real Estate Show

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 nowEpisode 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 [email protected]. 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: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 [email protected]. 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 [email protected]. 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 [email protected]. 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 [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp