The TreppWire Podcast: A Commercial Real Estate Show

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

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 spreadsheet, how negative leverage has reshaped credit and equity decisions, and which risks the market has yet to fully price in. Michael also highlights where opportunities may emerge and what disciplined investors should focus on as the market enters its next phase. We discuss Benefit Street’s approach to navigating today’s cycle, as well as how the firm has built a flexible platform across debt, equity, CMBS, and agency lending following the NewPoint Holdings JV LLC acquisition. Tune in now.Episode NotesBackground & Start in Commercial Real Estate (1:14)Benefit Street's Real Estate Growth (4:25)Newpoint Acquisition Strategy (8:01)Extend & Pretend Modifications (12:57)Commercial Real Estate Market Challenges (17:01)Differences in Asset Classes (18:33)Where the Opportunities Are (29:33)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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. We dig into Netflix’s latest acquisition and what it could mean for Hollywood real estate as strategies continue to evolve. We close with office and multifamily transactions across Manhattan, Florida, and Seattle, including the off-market sale of the iconic Friends building in the West Village. Tune in now. Episode notes: Economic Update (1:34)Netflix Acquisition & Real Estate Impact (10:43)Office Transactions: NYC & Miami (22:12)Multifamily Sales in Florida & Seattle (31:54)Friends' Apartment Building Off-Market Sale (35:04)Programming Notes (37:30)Shoutouts (41:20)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 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 $120 billion in 2025, pointing to strong momentum for the first half of 2026.In property type stories, we share notable multifamily and retail transactions, highlighting how price differences are driven by location and asset quality. For office, we discuss Scholastic selling its NYC headquarters, Capstone’s purchase of 205 West 38th Street, and Real Capital Solutions acquiring First Financial Center in Cincinnati for $59 million, or $106.57 per square foot, comparing that to recent NYC deals with prices nearing $974 per square foot. Tune in now.Episode notes: Economic Update (2:03)Inflation Impact on Consumer Spending (4:27)Single-Family Housing Market Challenges (14:40)FHFA Sets 2026 Caps for Freddie and Fannie (18:44)CMBS Issuance Update (21:43)Millennial Living Trends Impact Housing (26:04)Property Type Stories: Multifamily & Retail (30:15)NYC–Cincinnati Office Pricing (37:49) Programming Notes (43:43)Shoutouts (45:48)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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 we’re thankful for in the industry, highlighting bright spots that stand out despite the challenges of 2025 as we move closer to year-end. We discuss the stabilization of interest rates, which has allowed for continued transaction activity despite rising costs and softening job markets. Finally, we do a 101 segment on Ground Leases, explaining what ground leases are, why they exist, the risks involved, and walking through a real-world case study to bring it all together. Tune in now.Episode notes: Economic Update & Outlook for 2026 (1:43)Things We’re Thankful for in CRE (12:37)CMBS Issuance Update (20:31)Multifamily Absorption & Stabilizing Interest Rates (21:05)Ground Lease 101 (29:10)Case Study (32:29)Programming Notes (38:12)Shoutouts (40:24)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp