The TreppWire Podcast: A Commercial Real Estate Show 367. Year-End CRE Plot Twists: Fed Dots and Drama, Warner Bros. Sale & Their CRE Footprint, and Office & Multifamily Transactions
Dec 12, 2025
Dive into the latest shifts in commercial real estate following the Fed's 25 basis point rate cut. Explore Netflix's acquisition of Warner Bros and its potential effects on Hollywood real estate. Learn about key office and multifamily transactions in Manhattan, Miami, and Seattle, including the off-market sale of the iconic Friends building. The hosts also discuss the market’s optimism indicated by a rise in conduit issuance and the varying investor sentiments between office and multifamily assets in New York.
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Fed Cut With Divisions And Quiet Liquidity
- The Fed cut rates 25 bps but showed notable internal disagreement with three dissents.
- That split and reserve purchases signal a cautious shift toward liquidity support, raising 2026 volatility.
Targeted Reserve Purchases, Not Full QE
- The Fed plans targeted short-term Treasury purchases to maintain 'ample' reserves, not broad QE.
- That limited buying should ease money-market stress and marginally support risk assets.
SEP Signals Soft-Landing Path, Not Aggressive Easing
- The SEP shows modest growth revisions and a path that aims to return inflation to target by 2027.
- Policy remains 'higher for longer' in effect—helpful to borrowers short-term but not a refinance cure.