The TreppWire Podcast: A Commercial Real Estate Show

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

Matthew Frazier, CEO of Jones Street Investment Partners, joins the podcast to discuss the multifamily market. He highlights the Northeast market as a contrarian focus and explores the shifts that have occurred in the last two years. The impact of remote work on multifamily is analyzed, along with the flip in interest rates and rent growth. Frazier shares insights on playing offense or defense in the current market and discusses indicators of relative value. Other topics include multifamily maturities, commercial real estate pressure points, and where the opportunities lie in CRE. The conversation also touches on insurance costs and the benefits of vertical integration. The strength of the Boston real estate market and its university ecosystem are explored, along with the personal significance of Joan Street and the creation of opportunities.

In this week’s episode of The TreppWire Podcast, we examine the market U-turn that the industry watched as treasury yields and risk spreads tumbled. We dive into new deals, our CMBS delinquency report and a large industrial loan that caused a spike in that rate, REIT earnings and some optimism from mall CEOs, and more pain for the Bay Area office 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+Oct+Nov+2023+Sponsorship Episode Notes: • Economic update: Fed decision, spreads & rates (0:23) • CRE deals announced (11:22) • CMBS delinquency report (14:50) • REIT earnings and mall CEOs (21:31) • Retail stories (28:47) • Office news (31:30) • Industrial story (41:28) • Shoutouts (43:12) 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 week’s episode, we break down the recent economic news including GDP, budget deficit, and stock moves ahead of the Fed's interest rate decision next week. In CRE, we find some silver linings from mall and hotel loan issuance. Then, we have green shoots and crab grass for office, hotels, and industrial.  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 deals (9:48) • Office green shoots (14:07) • Office crab grass (17:07) • Retail headlines (26:43) • Hotels news (30:32) • Student housing green shoot (35:53) • Industrial (36:33) • Shoutouts (39:25) 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

In this week’s episode, after analyzing the continued market volatility, we dig into some commercial real estate lending comps and the data behind the loans. We have a lot of news in office and retail – forming a dichotomy, sharing several green shoots for malls and even more crabgrass for the office sector. We break down stories about WeWork, value reductions, new leases, and close with a big multifamily headline. 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) • Lending comps: rates and data (9:25) • Retail crabgrass (17:45) • Retail green shoots (26:45) • Office crab grass (31:48) • Value reductions (40:00) • Leases (47:03) • Multifamily loan value slashed (52:08) • Shoutouts (54:15) 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