The TreppWire Podcast: A Commercial Real Estate Show

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.

Explore the dynamics of the commercial real estate market, influenced by macroeconomic factors. Learn about Fannie and Freddie's new lending caps and the significant rise in private-label CMBS issuance, exceeding $120 billion in 2025. Discover how inflation impacts consumer spending and housing trends, particularly for millennials. The hosts delve into intriguing multifamily and retail transactions, showcasing stark price variations between NYC and Cincinnati office spaces. Tune in for insights that span various real estate sectors.

The economy is cooling, not crashing, as experts discuss the current macroeconomic landscape. They highlight positive trends in commercial real estate, including the stabilization of interest rates and resilient sectors like industrial and retail. A segment dedicated to ground leases uncovers their mechanics, risks, and a real-world case study reveals how they can impact investment outcomes. Gratitude for bright spots in the industry adds an uplifting tone, even amidst challenges ahead.

The podcast dives into the recent division within the Fed and its potential impacts on commercial real estate. There's notable optimism in office lending, particularly for Class A assets, while B/C properties face significant challenges. Retail performance is also on the table, with discussions on contrasting earnings from Home Depot and Lowe's, and the implications of shifting consumer behaviors. Plus, insights into SASB office deals reveal interest shortfalls that could pose risks ahead. Expect updates on trading alerts and the evolving landscape for major office and retail assets.

John Santora, the new CEO of WeWork, brings a wealth of experience from nearly five decades with Cushman & Wakefield. He discusses the significant shifts in commercial real estate, emphasizing the impacts of globalization and technology. John outlines WeWork’s adaptive strategy in the hybrid work era and highlights the importance of operational discipline for growth. He shares insights on rebuilding trust with landlords and the necessity of a strong community training initiative, aiming to redefine WeWork as a pivotal player in flexible office solutions.

This week, lawmakers are racing against a government shutdown while a 50-year mortgage proposal raises questions about affordability and systemic risk. Brokerage earnings show a surprising resilience in the commercial real estate market despite looming distress. Amazon makes headlines with a $700 million land purchase for new data centers, indicating strong demand. The hosts also discuss the fallout from Sonder's bankruptcy, impacting Marriott’s licensing decisions. Plus, updates on CMBS issuance and key multifamily transactions reveal ongoing market developments.