The TreppWire Podcast: A Commercial Real Estate Show 355. The Markets Keep Moving: Office Bright Spots, Compass’ $1.6B Merger Reshapes Resi, Recapture Explained, & Trepp Trading Alerts
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Sep 26, 2025 Is office space becoming a savvy investment? There's a surge in demand for high-end CBD spaces amid challenges. The discussion includes Compass’ massive $1.6 billion deal to acquire Anywhere and its potential to reshape the residential brokerage landscape. Listeners learn about 'recapture' and its implications for handing back keys. Plus, fresh trading alerts highlight activity in office loans and a noteworthy acquisition of Toll Brothers’ apartment platform. Don't miss insights into the market dynamics influencing these changes!
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CBD Office Demand Is Rebounding
- Stephen favors high-end CBD office as a buy given improving macro signals and tech-led momentum.
- He compares the current cycle more to 1996 than 2000, implying room to run for office demand.
Recovery Is Site‑Specific In Office
- Lonnie notes signs that Class A, amenitized office product is recovering while distress persists elsewhere.
- He expects continued distress short-term but more acquisitions and origination activity in 2026.
Big Residential Brokerage Consolidation
- Compass acquiring Anywhere would create the largest residential brokerage with ~13–15% market share.
- Lonnie says the deal pressures smaller brokerages and could disintermediate MLS listings via private networks.