The TreppWire Podcast: A Commercial Real Estate Show

Richard (Rick) Schaupp, Clarion Partners managing director focused on industrial, alternatives, and private credit. He discusses industrial’s evolution to high-tech logistics hubs. He explores private credit’s role in portfolios and diversification. Data centers, senior housing, and industrial outdoor storage come up as noteworthy opportunity areas.

This week dives into the latest economic data and what it means for the Fed's interest rate plans. There's a fascinating look at the booming demand for data centers driven by AI, despite slowing construction in other areas. The hosts tackle the complexities behind multifamily market stress and how recent transactions reflect both optimism and challenges. Plus, get insights on Amazon's ambitious new hybrid big-box store in the suburbs — a bold move blending retail and fulfillment.

Insights from the CRE Finance Council Conference reveal excitement about liquidity and rising CMBS issuance. Discussions include the implications of GameStop's store closures, Saks' Chapter 11 filing, and two significant loans being sent to special servicing. Macro updates feature the DOJ subpoenaing the Fed and the potential for capped credit card interest rates. The hosts debate the nature of data centers in real estate and explore concerns around inflation pressures despite tame headline numbers.

This week, the hosts dive into President Trump's proposal to limit institutional purchases of single-family homes and its potential market impact. They explore early warning signs of stress in commercial real estate before defaults, along with exciting major office moves like AT&T's relocation to Plano and Google's opening in Austin. The discussion also touches on the intriguing office-to-residential conversion at 5 Times Square, shedding light on evolving market dynamics and optimistic trends for deal-making in 2026.

Carmen Spinoso, Chairman and CEO of Spinoso Real Estate Group, brings over 35 years of experience in transforming retail spaces. He discusses the surprising resilience of enclosed malls, highlighting that they still capture 75-80% of sales. Carmen illustrates how Gen Z is rejuvenating foot traffic through experiential retail concepts. He shares success stories on repositioning vacant anchors and stresses the importance of community events. With an optimistic outlook for 2026, Spinoso showcases why malls remain a valuable investment, promoting creative marketing and engaging local communities.

The hosts explore the future of commercial real estate, focusing on 2026 predictions amidst changing economic tides. They discuss the impact of interest rates and tariffs, CMBS issuance trends, and rising delinquency rates. There's a spotlight on the competition between Walmart and Amazon for last-mile logistics. Predictions abound, including whether CMBS can reach $100B again and the outlook for bank lending. As they wrap up, they share key market resolutions for a disciplined approach to refinancing and capital structure.

Dive into the fascinating world of commercial real estate as insights unfold on the theme of bifurcation shaping 2025. Discover surprising market momentum in New York and San Francisco, fueled by tech giants and changing dynamics. Chicago's uncertain prospects illustrate a mixed bag. Unearth contrasting trends in retail with thriving grocery-anchored centers amid widespread closures. Meanwhile, explore the multifamily market's supply challenges and the lodging sector's evolving recovery as the hosts wish listeners a joyful holiday season!

This discussion dives into the Fed's recent rate cuts and their impact on commercial real estate financing. The November jobs report reveals surprising payroll gains yet an uptick in unemployment. There's a heated debate on the viability of data centers amid potential oversupply and infrastructure issues. Rent concessions are examined as economic vacuums, obscuring true market rent dynamics. The hosts also share insights on trading alerts, including major real estate deals in Hawaii, and look ahead to the 2026 property market.

In this engaging conversation, Michael Comparato, President of FBRT and Senior Managing Director at Benefit Street Partners, shares insights from his extensive commercial real estate background. He discusses the current market turmoil, emphasizing that we’re only in the eye of the storm and why a V-shaped recovery is unlikely. Michael highlights the importance of understanding property stories over mere spreadsheets and warns of the risks still lurking in the market. He also identifies investment opportunities, particularly in core multifamily and industrial while navigating the challenges of office properties.

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.