The TreppWire Podcast: A Commercial Real Estate Show

As the holiday season creates an expected slowdown for the markets, now is the time to take stock of 2023 and take a stab at what we can expect for 2024. In this week's episode of The TreppWire Podcast, we reflect on the year for commercial real estate, sharing thoughts and predictions for lending, issuance, interest rates, and distress. We also save room for some office, retail, and multifamily stories. Happy New Year to all our listeners! Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platform/?utm_source=TreppWire&utm_medium=TreppWire+Digital+Content&utm_campaign=TreppWire+Dec+Jan+2023+2024+Sponsorship Episode Notes: - A review of 2023: by the numbers (0:49) - Predictions for 2024: interest rates, issuance, spreads (16:29) - Office mixed greens (24:55) - Office green shoots: the year of the sublease? (30:45) - Retail headlines (39:58) - Multifamily news (45:02) - Shoutouts (50:44) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this episode of The TreppWire Podcast, we have a surprisingly busy episode for the holiday season, with several stories to share across the major CRE property types. It was another positive week for investors, and we break down what falling rates and contracting risk premiums mean for the market. We also share the latest data for commercial mortgage maturities. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platform/?utm_source=TreppWire&utm_medium=TreppWire+Digital+Content&utm_campaign=TreppWire+Dec+Jan+2023+2024+Sponsorship Episode Notes: - Economic update (0:23) - Commercial mortgage maturities (8:05) - Office news (13:00) - Hotel stories (24:30) - Retail headlines (39:38) - Multifamily green shoots and sales (37:54) - Industrial (41:40) - Shoutouts (43:29) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this episode of The TreppWire Podcast, we digest the Fed’s decision to hold rates steady, along with the declaration that there will be three rate cuts in 2024. We share our initial reactions, the 'nirvana day' market reaction and our hot takes on what it means for CRE, CMBS issuance, and bank lending. We also share some major office and retail headlines, showing it isn’t all roses in the CRE market. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platform/?utm_source=TreppWire&utm_medium=TreppWire+Digital+Content&utm_campaign=TreppWire+Dec+Jan+2023+2024+Sponsorship Episode Notes: • Economic update: Fed decision and market reaction (0:23) • Other data points: CPI, PPI, jobs (6:10) • Hot takes: Impact of Fed decision on CRE (8:40) • Office crabgrass (21:45) • Office loan extensions (30:37) • Green shoots for office (33:02) • Macy's buyout (39:43) • Retail news (42:20) • Shoutouts (47:25) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

There has been plenty of cautious optimism in the economic and commercial real estate markets lately. In this week's episode of The TreppWire Podcast, we discuss what a year-end rally means to sellers on the fence. We also break down this week's gains, dive into green shoots and crab grass for the office and retail markets, and debate renting vs. buying. Tune in now. Episode Notes: Economic update (0:23) Year-end rally? What happens to sellers on the fence? (3:07) Mortgage REIT originations (12:50) European CMBS issuance (14:20) Taylor Swift: CRE's MVP (16:44) Retail headlines (18:00) Office green shoots (24:04) Office Trading Alert: ground lease retired (27:53) Office crabgrass (32:04) Brokers start your engines (35:58) Apartment sales transactions and renting vs. buying (38:00) Shoutouts (43:37) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

After a week of falling yields, benign inflation, and strong economics, we dig into some (very) cautious optimism for the commercial real estate market. In this week's episode, we also break down the latest CMBS delinquency rates, share green shoots and crab grass for retail and office, and examine the latest issuance data. Tune in now. Episode Notes: - Economic update (0:23) - New CMBS issuance (5:47) - Trepp CMBS delinquency report (10:52) - Office stories (16:03) - Retail headlines (35:08) - Hotel sales (43:23) - Shoutouts (47:06) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this special guest episode, we are joined by Shlomo Chopp, Founder and Managing Partner at Case Property Services and Managing Partner at Case Equity Partners. Shlomo has over 20 years of experience in commercial real estate and specializes in distressed real estate. We analyze the state of the CRE and CMBS markets. Shlomo explains workouts, the distressed narrative in the current environment, the state of the office market, and even shares some optimistic takeaways. Tune in now.Episode Notes:- Starting out in real estate (0:57)- First distressed deal (2:20)- How the distressed process works (4:19)- Preventable mistakes that borrowers make (8:29)- Distress narrative in the current market (11:54) - Investing in CMBS distress (15:45)- What is driving the increase in office delinquency rate? (18:30)- Cause for optimism in the market? (21:50)- Will the office space follow malls? (27:06)- Shlomo on social media (30:25)- New version of retail (32:27)- Heads up for next year (39:31)Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHGQuestions or comments? Contact us at podcast@trepp.com.Follow Trepp:Twitter: www.twitter.com/TreppWireLinkedIn: www.linkedin.com/company/treppFacebook: www.facebook.com/TreppLLC

In this podcast, the hosts discuss concerns from retail earnings and how they affect interest rates and CRE. They also dive into new loan maturities data, share office and retail stories, and examine Signature Bank's multifamily loan sales. Lastly, they discuss the reasons to be thankful for the CRE market this year.

Carmen Spinoso, CEO of Spinoso Real Estate Group, has over three decades in the shopping mall industry. He shares insights on the complexities of mall management and the importance of receivership in saving assets. Spinoso expresses optimism for mall revitalization, highlighting examples like Glenbrook Square and the rise of experiential retail, including unconventional attractions like pickleball. He discusses the challenges of leasing and maintaining tenant relationships, emphasizing the resilience of brick-and-mortar retail in today’s evolving marketplace.

This week, a benign CPI reading sent Treasury yields plummeting and REIT shares higher and some big retail CEOs were saying beware of the holiday season. In this episode of The TreppWire Podcast, we make sense of the macro news and also analyze the latest on commercial real estate prices, dig into office and retail data, and examine criticized loans in the multifamily sector. Stick around if you’re a fan of Ambrosia. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platform?utm_source=TreppWire&utm_medium=TreppWire+Digital+Content&utm_campaign=TreppWire+Oct+Nov+2023+Sponsorship Episode Notes: • Economic update (0:23) • CRE prices (15:40) • Negative office news this week (22:20) • Office green shoots (30:09) • Mixed-bag of retail news (32:54) • Multifamily bank data (35:47) • Shoutouts (39:00) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

This week, it was all about interest rates... and what the Treasury market gives the Treasury market takes away. In this episode, we explain the rate rally and what it means for the commercial real estate market. We dive into our take on the WeWork bankruptcy, share new deal information that sheds light on hotel and office lending, and of course share a lot of office crab grass. We also have some hotel and multifamily news. Tune in now. This episode is sponsored by Spinoso Real Estate Group: https://spinosoreg.com/mall-investment-opportunity-and-operating-platform?utm_source=TreppWire&utm_medium=TreppWire+Digital+Content&utm_campaign=TreppWire+Oct+Nov+2023+Sponsorship Episode Notes: • Market update (0:23) • WeWork (8:31) • Office green shoots (17:56) • Office crab grass (23:13) • Multifamily (31:15) • Hotel news (35:24) • October loan payoff report (38:15) • Shoutouts (40:35) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC