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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In this week’s episode, we cover the latest CMBS delinquency report and what it means for the market as the rates descend from their mid-pandemic highs. We also dive into office and multifamily occupancy rates across major metro areas, review positive and negative stories for the office sector, discuss hotel sales, cap rates, and other news, and talk about The Donut Effect. Episode Notes: Economic signs that we’re turning a corner (0:25) CMBS delinquencies (5:08) Hotels rebounding (8:35) New York happenings (11:08) Positive and negative stories for office (13:22) Office occupancy rates (23:03) Hotel sales and cap rates (28:03) Multifamily occupancy analysis (36:59) Eviction Moratorium update (43:06) Deal of the Week (45:13) Shoutouts (47:01) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
During the latest Senate hearing, Jamie Dimon acknowledged there is a housing bubble, but not like the previous one. In this week’s episode, we discuss the housing market and what can be described as an “alternative housing bubble.” We spend this episode looking on the bright side: reviewing the recent headlines for lodging, retail, and office that may show the sectors turning a corner. Episode Notes: Housing bubble or alternative bubble? (0:48) Multifamily and single-family rents (7:36) Investors’ reactions to retail earnings (12:57) Positive CRE finance retail stories (16:42) Commercial rents pave way for new retailers (19:21) A hybrid model for office (22:13) Tenant moves (26:04) Good office news (30:21) Hotels, payoffs, extensions, etc. (34:39) Shoutouts (40:42) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
In a special guest episode, we welcome Dr. Eva Steiner, Associate Professor of Real Estate at the Penn State Smeal College of Business to discuss managing risk in commercial real estate. Professor Steiner discusses several of her studies and dives into the rate of return of real estate, private equity investments in the hotel industry, the impact of PPP loans on the competitive behavior of hotels, and more. Episode Notes: • Rate of return of real estate (1:00) • Private equity investment in the hotel industry (6:49) • Oversaturation in the markets (13:57) • Impact of PPP loans on the competitive behavior of hotels (16:25) • Link between credit market conditions and performance of real estate securities (24:19) • Classes back in session (26:25) • What’s different now in academia? (28:26)
This week, AT&T announced it will spin off WarnerMedia which is the latest installment in the streaming war news... and there is some real impact that this may have on commercial real estate. In this week’s episode, Trepp’s Head of CMBS, Darren King, joins the team to analyze what is going on in this area. We also dive into the latest retail earnings, a CMBX 6 story, more mall news, both negative and positive signs for the office market, and an update on hotels. Episode Notes: • Fed’s last meeting (1:37) • Retail earnings (3:13) • Movie theater industry: Impact on real estate (9:57) • CMBX 6 Trading Alert (25:12) • Office trends and predictions (35:56) • Discouraging and encouraging signs for office(39:10) • Hotel taxes and news (43:39) • Life insurance commercial mortgage returns report (47:26) • Shoutouts (48:28) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
In this guest episode, Jim Shevlin, President and COO at CWCapital and RealINSIGHT joins the team to have a conversation about liquidity in the commercial real estate market. Jim walks us through what he is seeing in terms of transaction volume, compares the current market to other financial crises, and dives into the thought process of special servicers who had to manage an influx of hotel loans. We also discuss what will happen to the office and retail markets. Episode Notes: • Auction marketplace and process (3:06) • Vibe check: managing a special servicing company during covid (5:10) • Liquidity in the CRE market (7:05) • Comparison to other financial crises (8:33) • Hotels in special servicing (11:07) • What is happening to office? (15:00) • Retail after the pandemic (21:59) • Multifamily: will we see the same trends as in single-family homes? (26:13) • Real estate infrastructure and software (27:30) • Where is the distress? (32:04) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
In this week’s episode, we discuss the latest data that confirms inflation is a real issue. But, is it a short-term reopen shock? We also spend some time digging into the current state of the retail market: street-level retail update, mall owners throwing in the towel, REITs adding tenants, mall traffic data, and more. Lastly, we run through office stories and the April loan payoff report and what it means for investors. Episode Notes: • Inflation confirmation (1:00) • Retail round-up (11:35) • L-brands spinoff (17:47) • Simon Property Group earnings (19:22) • Office stories (22:06) • April Payoff Report (30:25) • Why do CMBS investors care about payoffs (32:43) • Shoutouts (36:10) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
In this week’s episode, Manus and Joe run through the highs and lows of the week, and the things that keep them up at night. We review a single-asset single-borrower retail deal in the works, green shoots and crabgrass in retail, more news for firms returning (or not) to their offices, and the latest delinquency rates. The team dives into an update on the Eviction Moratorium and 1031 Exchange and reviews multifamily REIT Earnings. Episode Notes: Highs and lows of the week (1:00) SASB retail deal in the works (8:52) Green shoots and crabgrass in retail (16:15) Deal of the Week (21:06) Delinquency rates (22:59) Office news: WeWork (25:06) Firms returning (or not) to their offices (28:27) Eviction Moratorium update (31:31) Multifamily REIT earnings (32:59) 1031 Exchange on the chopping block? (37:54) Shoutouts (45:47) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
In this week’s episode, we dive into the latest positive signs for street-level retail following the announcement that all business restrictions in New York will be lifted this summer. We also discuss the list of New York City hotels that have been used for homeless shelters throughout the pandemic, downgrades for mall loans, and how much office demand will be forthcoming for the Tech Titans. Episode Notes: Fed’s monetary policy update (0:49) Positive signs for street-level retail (9:14) SL Green earnings (12:48) The reopening of restaurants (15:32) Downgrades for mall loans (17:34) New York office news (20:09) Homeless hotels in Midtown Manhattan (21:36) Office demand for the Tech Titans (24:35) Companies returning to the office (33:08) Deal of the Week (40:35) Shoutouts (42:37) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
With servicer data slowly showing signs of how the pandemic impacted commercial real estate, it is time to look at last year's delinquencies and whether these loans are starting to "cure" or pay off. In this week’s episode, we preview the current status of loans that were delinquent during the height of the COVID market crisis, review office vacancies, and give an update on the retail apocalypse and the student housing and single-family rental markets. Episode Notes: Weekly economic update (0:48) Where are last year’s delinquent loans now? (6:38) Government offices shrinking space (10:04) Office vacancies (15:23) Positive office headlines (19:28) “Retail apocalypse” update (21:25) Hotel news (32:06) Multifamily occupancy analysis, student-housing (39:53) Single-family rental market (43:31) Shoutouts (45:25) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
In this week’s episode, we dig into the recovery that the latest Fed economic survey found is “broad-based across industries” and highlight solid big bank earnings. We also review recent office headlines that can fall into good, bad, and ugly categories. We discuss movement in the retail sector in terms of property sales and more stories of occupancy declines for multifamily properties. Episode Notes: • Economic recovery, retail sales, interest rates(0:51) • Q1 bank earnings (8:54) • Office: Good, bad, and ugly (16:14) • Retail property sales(29:25) • Drops in multifamily occupancy(35:20) • Hotel purchase(42:58) • Deal of the Week (45:59) • Shoutouts (49:31) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC
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