The TreppWire Podcast: A Commercial Real Estate Show

In this week's episode of The TreppWire Podcast, we unpack a sharp Treasury repricing that pushed the 10-year past 4.5% and what it means for the CRE recovery. We also cover consumer warning signs from Costco, the underwhelming results of LA's mansion tax, Google and Blackstone's new AI cloud venture, and the Ares-Scion $910 million student housing portfolio deal. In our 101 segment, "Dancing with the Stars," Stephen breaks down the Fed's hidden benchmarks (R*, U*, Y*, Pi*) and how they shape rate decisions. We also dig through the data on retail originations, cover the Equity Residential and AvalonBay's $52 billion mega-merger, and run through trading alerts on 20 Times Square, 2 Manhattan West, and AT&T's new Dallas headquarters. Tune in now.

Episode notes:
• Economic Update: Treasury Repricing, the 4.5% CRE Threshold and Costco Consumer Signals
• Google & Blackstone AI Cloud Venture
• Ares & Scion Launch JV For Student Housing Portfolio
• 101 Segment: Hidden Fed Benchmark
• Digging Through the Data: Retail Originations by Subtype
• AvalonBay & Equity Residential $52B Merger
• Trading Alerts: 20 Times Square, 2 Manhattan West, AT&T Dallas HQ
• Programming Notes
• Shoutouts

Questions or comments? Contact us at [email protected].
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In this week’s episode of The TreppWire Podcast, we unpack a split picture: hotter-than-expected CPI and PPI prints set against a more constructive capital markets backdrop. We recap two days of our Trepp Connect (in NYC) conference, where the overall sentiment was positive on capital availability and deal activity, walking through the conference sessions on the economic outlook, capital deployment, property sector bifurcation, the lending reset, and AI and data centers, plus our keynote with Scott Reckler of RXR and a fireside chat with Bill Sexton, CEO of Trimont. We also discuss CBRE's report showing CRE lending at a five-year high, Blackstone's new homebuilder lending platform, the political uncertainty around build-to-rent, and a Georgia data center story that shows how infrastructure risk is becoming a bigger part of the conversation. Tune in now.

Episode notes:
Economic Update: Macro Numbers (1:46)
Trepp Connect (in NYC) Recap Day 1 (10:57)
Trepp Connect (in NYC) Recap Day 2 (43:59)
CBRE Report: CRE Lending (1:04:58)
Blackstone Homebuilder Lending Program (1:06:11)
Build-to-Rent Political Uncertainty (1:06:55)
Georgia Data Center Story (1:07:37)
Programming Notes (1:11:35)
Shoutouts (1:12:49)

Questions or comments? Contact us at [email protected].


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LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of the TreppWire Podcast, we explore the market forces shaping commercial real estate, with a focus on structure, control, and optionality in today’s investment landscape. We cover several major headlines, including a potential AvalonBay–Equity Residential combination, Starwood’s pause on redemptions at its S-REIT, and KKR’s launch of a $10 billion AI-driven data center fund led by former AWS CEO Adam Selipsky, unpacking what these moves reveal about strategy and capital allocation. We also break down how mall ownership really works, explaining why regional malls often involve multiple ownership layers across anchors, inline space, and common areas, with structures ranging from ground leases to owned boxes. We preview our latest Trepp CMBS delinquency report, which shows the overall rate ticking down 1 basis point to 7.54% in April. Tune in now.

Episode notes:
• Economic Update
• Lending Environment & Market Themes
• AvalonBay–Equity Residential
• Starwood Pause on Redemptions
• Private Real Estate Fund Investments
• KKR's $10 Billion AI Infrastructure Fund
• Mall Ownership 101
• North Shore Mall Repositioning Strategy
• Programming Notes
• Shoutouts

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 unpack the latest macro uncertainties shaping markets, from the Federal Reserve’s rate outlook to the potential transition to a Warsh-led Fed. We also share a 101 on Trimmed Mean PCE, explaining how the metric works, why it matters, and why it is gaining attention as an alternative way to read underlying inflation trends. We also examine mixed signals across commercial real estate (CRE), highlighting strength in data centers and AI-driven office leasing in San Francisco alongside cooling housing trends. The conversation digs into earnings and deal activity, including a strong quarter from CBRE driven by infrastructure momentum. We highlight cautious return to lending from mortgage REITs and improving credit trends among regional banks from recent Trepp research. Finally, we discuss major transactions like Ken Griffin expanding office footprint at planned Miami headquarters, Supermicro’s large San Jose lease, and Oracle’s Michigan data center project. Tune in now.

Episode notes:
Economic Update (0:29)
Market Outlook, Data Centers & AI (2:09)
Housing Market & Oil Prices (9:28)
FOMC Meeting and Rate Decisions (26:45)
Trimmed Mean PCE Inflation 101 (32:42)
CBRE Earnings and Growth Performance (39:44)
Mortgage REITs & Regional Bank Earnings Review (43:07)
AI-Driven Leasing in San Francisco & NYC (50:04)
Ken Griffin Expanding Office Footprint (54:15)
Oracle Data Center Project in Michigan (57:58)
Programming Notes (1:00:42)
Shoutouts (1:02:29)

Questions or comments? Contact us at [email protected].

Follow Trepp:
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LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we sit down with Chad Lavender, President of Capital Markets for North America at Newmark, to unpack how credit, liquidity, and pricing have recalibrated through the 2025 maturity wave and what that signals for 2026. With more than $50 billion in investment sales, recapitalizations, debt placements, and JV equity transactions to his name, Chad brings a front-row view of the capital stack. He explains why this cycle differs fundamentally from the GFC, thanks to deep debt liquidity, why senior housing is outperforming every asset class with his team alone closing over $12.5 billion this year, and how operational alpha is separating winners from losers. We also cover the resurgence of Class A office, the rise of active adult and medical office, GP-led recaps and continuation funds, and why Dallas remains one of the most investable CRE markets in the country. Tune in now

Episode notes:
Chad's Background & Path to Newmark (1:17)
How Today's Cycle Differs from the GFC: The Role of Debt Liquidity (6:50)
Deal Flow in 2026: Problem-Solving Deals, GP-Led Recaps & Continuation Funds (9:32)
What Separates Great Operators in Today's Market (13:20)
Why Senior Housing Is Outperforming Every Asset Class (16:25)
Class B/C Buyer Pools & Class A Office Resurgence (23:39)
Dallas CRE Momentum (27:16)
How Newmark Uses Data & Technology to Advise Clients (30:57)
Underwriting Priorities & Closing Thoughts (32:28)

Questions or comments? Contact us at [email protected].     


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X: www.x.com/TreppWire 
LinkedIn: www.linkedin.com/company/trepp