The TreppWire Podcast: A Commercial Real Estate Show 360. Fed Easing into the Unknown, Bank Mergers, $4.8T CRE Debt Universe, and Headline Highlights in Multifamily and Office
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Oct 31, 2025 This week dives into the Fed's 25-basis-point rate cut and implications for the banking sector, spotlighting Huntington's acquisition of Cadence Bank. The impact of Amazon’s layoffs on office demand and data centers is dissected, while a new report reveals the $4.8 trillion CRE debt landscape. October's CMBS delinquency rate saw an uptick, particularly in multifamily properties. Key sales in Florida and Georgia's multifamily markets are highlighted, alongside significant office loan alerts in Silicon Valley and Seattle.
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Fed Eases Cautiously Amid Data Blindness
- The Fed cut rates 25 bps but is easing without full confidence due to the government shutdown and data blackout.
- Stephen Bushbaum expects a modest bull steepener unless long-term rates rise, which would signal inflation or term premium concerns.
AI Cuts Shift Real Estate Demand
- Amazon's layoffs and AI focus shift demand from office space toward data centers and power-constrained industrial nodes.
- Expect continued pressure on large office demand while data center-adjacent industrial stays well bid.
Use Bank Commentary To Gauge CRE Lending
- Watch regional bank earnings and C-suite commentary for real-time CRE lending signals.
- Expect banks to compete aggressively on pricing and terms, pressuring loan yields over 3–6 months.