Stay ConnectedLeveraging 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.
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The yield on the 3-month treasury hit more than a 22-year high today, so, clearly, investors are jittery. In this week’s episode of The TreppWire Podcast, we explain what’s going on with the debt ceiling discussions, continued bank worries following the news of First Republic, and the economic uncertainty. In CRE, we cover the CMBS delinquency rate which held steady but revealed more concern for office, dive into comps and benchmarks for office, and review our Trading Alerts. Stick around to hear what ‘Siri’ says. Tune in now. Episode Notes: • Jittery market: debt ceiling, bank worries, economic uncertainty (0:23) • First Republic’s problems (9:23) • CMBS delinquency report (14:10) • Vornado pausing dividend (15:29) • Office stories (17:16) • CRE comps and benchmarks (20:06) • Trading alerts: sublease space, move outs (25:41) • Houston stories (32:30) • Multifamily news (35:31) • Shoutouts (41:39) 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 a special episode of our week-in-review, the team shares a live presentation we put on for ICSC’s Continuing Education Michigan event, diving into the state of the retail market and the impact of macroeconomic events on commercial real estate. Here, we are joined by Emily D’Agostini Kunath of D’Agostini Companies to examine the “catchy” retail apocalypse theme, deciding if it still holds true in today’s market. We break down what current liquidity, lending, and capital issues mean for retail and decide where the opportunities lie. If you are looking for the presentation that goes along with this podcast, send an email to podcast@trepp.com. Episode Notes: • Liquidity, liquidity, liquidity (1:40) • Retail stats (7:50) • Where was retail earlier this year? (13:05) • Strength of brick-and-mortar(16:30) • Store closings and bankruptcies(18:50) • Retail weaknesses: malls (20:22) • Street-level retail and crime (22:24) • Dispelling the retail myths (32:15) • Post-bank collapse: where is retail now? (34:18) • Headlines we’re watching: debt ceiling (36:30) • Detroit CRE sentiment (37:55) • Where are opportunities? (40:45) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp
This week, we have the Managing Editor of Commercial Real Estate Direct, Orest Mandzy, joining to give us additional perspective within CRE. In this episode, we start with a market update, taking note of the data showing a softening economy. Then we take a look at housing starts and homebuilder sentiment, which remains negative. In CRE, the team reviews our latest Quarterly Data Review, examining the data and trends that shaped the market in Q1. We also take a deep dive into office news and discuss bank earnings and their impact. Tune in now. Episode Notes: Market Update 00:50 Housing Starts 5:52 Office News 15:14 Bank Earnings 26:36 Retail Updates 30:00 Quarterly Data Review Magazine 31:37 Shoutouts: 33:37 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 of The TreppWire Podcast, the team dives into the latest economic news and jobs data. Next up, we give an update on banks and give a sneak peek of Trepp’s Q1 Bank Earnings analysis. Then we sing the office blues but do find positive office news, with big office loans to keep on your radar, and then debate if in-office is coming back …again. Stick around to hear multifamily news and a preview of Trepp’s AI podcast. Tune in now. Episode Notes: Economic and job data (0:25) Update on Banks (7:07) Two CMBS Deals Priced (10:06) Return to office (13:57) Sublease and office moves (16:30) Big office loans to watch (22:35) Retail News (26:28) Multifamily Housing (36:05) Shoutouts (40:32) 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
With the urgency of the bank concerns calmed for now, the spotlight this week turned to jobs and economic data. In this episode, we examine the signs of weakening across the markets ahead of a big jobs week. We also review indications of potential consumer health pressure and/or receding inflation from early retail earnings. In CRE, we discuss tightening lending conditions, CMBS issuance dropping to levels not seen since 2012, delinquencies across the US, and big headlines to watch. Tune in now. Episode Notes: • Markets weakening: economics and job data (0:23) • Fed speak (6:00) • Signs from retail earnings (9:45) • Blackrock selling failed bank securities (12:43) • Tightening of lending conditions (17:25) • Dallas Fed survey • CMBS issuance or “non issuance?”(23:26) • Delinquency moves across the US (26:40) • Property sector news (29:57) • Headlines of CRE stories to watch (34:07) • Shoutouts (40:27) 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, the White House called for stricter rules for mid-sized banks as lawmakers sifted through what happened with the recent bank failures and what needs to be done in response. In this episode, we dive into some more details of the SVB bank run, then we debate what makes an asset qualify as "toxic." The team discusses the CMBS Delinquency Rate dip in March, while the office rate continues to climb. Lastly, we discuss the retail, multifamily, and hotel sectors. Tune in now. Episode Notes: We're Not Out of the Woods Yet (0:20) What Makes a Toxic Asset? (9:40) Bank Money Flows (14:40) CMBS Delinquency (23:21) CMBS Spreads and Concerns about CRE (27:10) Crabgrass in Office (31:00) Green Shoot Trading Alerts (35:09) Retail, Multifamily, and Hotels (37:00) Shoutouts (42:01)
In a special guest episode, Warren de Haan, managing director, co-founder, and co-CEO of ACORE Capital joins the team to provide market perspective from a private CRE lender. Here, we examine the impending credit crisis by talking through the current lending environment. Warren shares a boots-on-the-ground view of private lending, market constraints, and assets that are facing pressure or have opportunities. Episode Notes: - Intro (0:20) - Setting the stage: take on current environment (1:07) - Deposit insurance issues (7:34) - CRE and market constraints (8:50) - Dealing with troubled assets (12:30) - Playing lending offense and defense (17:20) - Potential for regulation? (19:20) - Is there a potential for optimism in 2023? (22:12) - Third rail of CRE: office sector (24:24) - Assets that will face pressure (29:18) - Where are the opportunities? (30:57) 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, the Fed raised interest rates amid concerns over bank liquidity. In this episode, we dive into what the Fed decision means for bank securities holdings, explain the FHA/deposit insurance model, and ask the question, “can the Fed fight both inflation and contagion?” In other news, there were large layoffs this week and a lot of negative news for office. Lastly, the team debates the proposal for bank regulators to reestablish CRE troubled debt restructuring programs. (And finally, happy 3rd anniversary to The TreppWire Podcast!) Tune in now. Episode Notes: • Fed decision, CS buyout, more banking news (0:23) • Interest rate hike and impact on banks (12:04) • FDIC and FHA/deposit insurance debate (15:33) • Big layoffs this week (21:32) • Bad times for office (23:26) • Emergency measures for distressed CRE debt(32:04) • Shoutouts (41:23)
This week, Trepp’s Managing Director, Matt Anderson joins the team to break down the banking market turbulence after the failure of Silicon Valley Bank and the takeover of Signature Bank by regulators. In this episode, we examine how and why this happened and what came next for other banks and their stocks. We discuss the liquidity position of banks and the current holding pattern for CMBS lenders as lending and issuance dry up. In CRE news, we dive into several office stories that represent continued challenges for the market. Tune in now. Episode Notes: • What happened with banks this week? (0:23) • Signature Bank’s NY CRE Exposure (13:32) • Small bank failures to come? (16:50) • Deposits leaving banks (20:49) • Contagion to other banks (21:28) • CRE lending and CMBS issuance (24:52) • Unrealized losses (37:09) • CRE stories: more bad news for office (44:45) • Shoutouts (49:03) See our banking news monitor here: https://www.trepp.com/banking-news-monitor 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 dive into the market reaction that followed Fed Chair Powell’s comments, the high stakes that surround the latest jobs data, and a proposed budget. We talk about soaring CMBS spreads and if the widening represents a buying opportunity or a sign of trouble coming for the industry. Then in CRE, we have a flurry of office crabgrass (and a few green shoots) to share. Stick around to hear our take on water cooler data and betting on WWE... Tune in now. Episode Notes: Market reactions this week (0:23) CMBS spreads soaring (9:45) Loans paying off on their maturity date (13:56) Return to office (15:39) Dumping of office space: Amazon (18:30) Flurry of negative office news (21:04) Office green shoots (33:25) Programming notes (33:40) Shoutouts (35:10) 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
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