

The TreppWire Podcast: A Commercial Real Estate Show
The TreppWire Podcast, A CRE Show
Leveraging Trepp’s market expertise and proprietary data sets, The TreppWire Podcast enables listeners to stay up-to-date on all things commercial real estate, structured finance and banking.
Featuring Trepp subject matter experts and guests from across the industry, the weekly podcast explores how recent events have impacted both the markets and the daily lives of market participants.
Questions or comments? Please contact us at podcast@trepp.com.
Featuring Trepp subject matter experts and guests from across the industry, the weekly podcast explores how recent events have impacted both the markets and the daily lives of market participants.
Questions or comments? Please contact us at podcast@trepp.com.
Episodes
Mentioned books

Jan 21, 2022 • 39min
118. Risk & Reward of Debt vs. Equity with Pasquale Cardone II, PC2 Capital
In this week’s episode, Pasquale Cardone II, founder of PC2 Capital joins the team to discuss the risk and reward of debt vs. equity in the commercial real estate space... given what we have seen with market, business cycle, and asset type risk. We dive into REIT equity vs. CMBS credit, predictions for interest rates and property types, contrarian market views, and property sector divergence.
Episode Notes:
Market predictions (0:52)
Volatility: Public equity REITs vs. CMBS debt (4:00)
Bullishness on spreads (8:06)
Private equity’s impact (12:53)
How rising rates play into REIT performance (14:25)
Office sector divergence (17:30)
What’s next for the b & c office operator? (19:25)
Retail in 2022 (22:17)
Interest in hotels (27:15)
Contrarian views (31:37)
Shoutouts (36:55)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp-llc
Facebook: www.facebook.com/TreppLLC

Jan 14, 2022 • 51min
117. Unpleasant CRE Surprises, Hotel & Office Happenings, CREFC Confidential
For the last few days, while attending the CREFC conference, Manus commented that the prevailing sentiment for 2022 is that the year will look like 2021... but also noted similarities to 2005. So the question is, how likely is it that?
In this week’s episode, we go back and forth on this sentiment and highlight takeaways from the conference. Then, we dive into some unpleasant surprises in CRE and talk through positive stories for office and news in the hotel market.
Episode Notes
Economic update (0:29)
Prevailing CRE sentiment from CREFC (10:47)
Unpleasant surprises in CRE (25:20)
NY hotel valuation reduction (26:40)
CA property sold to pay off at par (28:23)
CA pulls back on office leases (29:21)
Hotel news (33:16)
Positive office headlines (38:12)
Shoutouts (44:38)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp-llc
Facebook: www.facebook.com/TreppLLC

Jan 7, 2022 • 41min
116. Rare Uptick in Delinquencies, Big Week for Office News, Retail Closures
Trepp reported that for the first time in 18 months, the CMBS delinquency rate increased, which is largely attributed to several new and significant office loans going delinquent. In this week’s episode, we dive into the rare uptick, highlight several important office stories, review the Fed minutes, and examine recent store closures for Macy’s, Bed Bath & Beyond, and the like.
Episode Notes:
Fed minutes (0:43)
Delinquency report (11:12)
Office stories (17:34)
Office crabgrass (23:48)
Green shoot news (25:25)
Retail store closures (26:23)
Retail green shoot with some caveats(29:45)
Shoutouts (34:21)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp-llc
Facebook: www.facebook.com/TreppLLC

Dec 30, 2021 • 55min
115. Looking into the CRE Crystal Ball: 2022 Predictions & Resolutions
This year, we’ve covered the changes in the commercial real estate and macroeconomic markets as the world tried to recover from the coronavirus pandemic. In this week’s episode, we take a crystal ball approach, sharing our predictions for the economy and society in 2022 and then for each of the major CRE property types. Happy New Year to all our listeners!
Episode Notes:
• Macro predictions and state of the market (0:40)
• Societal predictions (8:02)
• Impact on CRE (13:12)
• Office predictions (14:31)
• Chicago office news (22:24)
• Lodging predictions (27:31)
• Predictions for retail (33:31)
• What happens to the malls that do die? (38:22)
• CMBX 6 predictions (41:04)
• Multifamily (42:28)
• CRE CLOs (45:13)
• Shoutouts (48:36)
• Resolutions (49:53)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp-llc
Facebook: www.facebook.com/TreppLLC

Dec 22, 2021 • 49min
114. Scary Parallels of Retail & Office, Mall Comps, Alternative Asset Classes
In this week’s episode, Lonnie Hendry joins to discuss scary parallels in the retail and office sectors and to share an update on some alternative real estate asset classes. We also dive into mall comps, a parade of good news for hotels, and discuss holiday parties in the Metaverse... Happy Holidays to all!
Omicron news and market update (0:24)
Parallels between retail and office (6:23)
Latest office stories (11:53)
Must-know office news (16:56)
Metaverse holiday parties (19:27)
Alternative asset classes (22:23)
Big retail green shoot: movie theaters (27:09)
Mall comps (25:59)
How would you value a movie studio? Dreamworks news (31:57)
Parade of good news for hotels (36:50)
Self-storage update (39:51)
Shoutouts (43:43)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp-llc
Facebook: www.facebook.com/TreppLLC

Dec 17, 2021 • 36min
113. Health Check on the Heavily-Watched Retail, Office, & Lodging Sectors
In this week’s episode, we look at some of the most talked-about commercial real estate sectors throughout the pandemic: retail, office, and lodging. We dive into the latest macro news impacting these sectors and then turn to some key CMBS and CRE headlines to note. We also ask listeners to send us their predictions for the markets and CRE in 2022 for an upcoming episode. Send us your thoughts to podcast@trepp.com.
Episode Notes:
• Market movement (0:38)
• Retail headlines (7:30)
• Office news (18:42)
• Green shoots for office (21:25)
• Changes to return to office (23:22)
• Hotel update and top stories (27:59)
• Shoutouts (33:49)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp-llc
Facebook: www.facebook.com/TreppLLC

Dec 10, 2021 • 45min
112. Post-COVID Property Valuations, Hotel Transactions, Office Occupancy
In this week’s episode, we look at the hospitality transaction market which has been busy recently, with the sales providing insight into post-COVID valuations. Then, we turn to the office sector where we see signs of occupancy rebounding and highlight several important Trading Alerts. Lastly, we share some positive and negative retail news and dive into our latest property value analysis.
Episode Notes:
Omicron news and Fed update (0:21)
Hotel transactions (5:10)
Office occupancy and headlines (12:13)
Shorting office? Positive stories (23:57)
Deed-in-lieu for large office loan (30:01)
Retail green shoot and crabgrass (34:49)
Property values analysis: https://www.trepp.com/trepptalk/commercial-property-values-pain-retail-catches-breath(38:27)
Shoutouts (40:22)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp-llc
Facebook: www.facebook.com/TreppLLC

Dec 2, 2021 • 49min
111. Hotel Loan Cures, Mixed Office News, Green Shoots in the Metaverse
In this week’s episode, we discuss significant market swings and what is driving the rebound. Our theme this week revolves around several large cures in the hotel market. We also note some major office headlines and explain what is going on in the metaverse... In CMBS, we break down the latest delinquency numbers and dive into the issuance number which sets a post-GFC record. Listen here.
Episode Notes:
• Market swing, what is dominating the rebound (0:21)
• Breaking down the delinquency report (7:48)
• Issuance sets post-GFC issuance (14:30)
• Hotel green shoots and loan cures (21:47)
• CMBX 7 Chicago loan cured (25:55)
• More hotel cures (31:00)
• Office foot traffic (32:51)
• Office headlines (37:55)
• Digital land in the metaverse (41:10)
• Life insurance commercial mortgage returns(44:52)
• Shoutouts and Miami podcast (46:35)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp-llc
Facebook: www.facebook.com/TreppLLC

Nov 23, 2021 • 44min
110. Black Friday Bonanza, Retail Worries; What's Weighing on the Markets?
As Thanksgiving, Black Friday, and the holiday season approach The TreppWire Podcast team thought it was time to dive into the retail market. In this week’s episode, we analyze what is weighing on the economic markets right now, then we turn to our “Black Friday” special where we review retail earnings, worries, and CMBS Trading Alerts. We highlight a few other interesting stories for multifamily and hotels and close by sharing what we are thankful for this season compared to last season (episode 48 for reference). Happy Thanksgiving!
Episode Notes:
Economic Update (0:20)
What is weighing the markets down right now?(0:55)
Retail earnings and headwinds (5:35)
Trading Alerts: bond prices moved for particular deals (24:38)
Other property type headlines (30:45)
Reflecting on last year (37:55)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp-llc
Facebook: www.facebook.com/TreppLLC

Nov 19, 2021 • 40min
109. Retail Renaissance or False Start? “Next Big Short” CMBX 6 Update, Office Green Shoots
For every negative headline this week there seemed to be a positive. In this week’s episode of The TreppWire Podcast, we dive into the green shoots and crabgrass focusing on trends in retail earnings, an update on the retail-heavy CMBX indices, and positive signs for the office market. We also review the increased demand in the single-family rental market.
Episode Notes:
• Economic news (0:20)
• Mall revival and retail earnings (0:55)
• Retail-heavy CMBX 6 and 7 update (10:33)
• Green shoots in retail headlines (15:39)
• CVS closures (18:38)
• Office crabgrass (21:17)
• Greenshoots (29:17)
• Must-Know of the Week (31:46)
• Single-family rental demand growth (33:15)
• Shoutouts (35:04)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
Twitter: www.twitter.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp-llc
Facebook: www.facebook.com/TreppLLC