The TreppWire Podcast: A Commercial Real Estate Show

Hosted by The TreppWire Podcast, A CRE Show

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401

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Jun 2026

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EN-US

About the 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.

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60 recent

June 16, 202646 min

401. Scott Rechler, Chairman & CEO of RXR: CRE Investing In the "Age of Disruption" | Live at Trepp Connect (in NYC)

In a special episode of The TreppWire Podcast, we’re bringing you a keynote conversation recorded live at Trepp Connect (in NYC). RXR Chairman & CEO Scott Rechler joined Trepp CEO Annemarie DiCola on stage to discuss what he calls the "Age of Disruption" – a period defined by rapid technological change, shifting capital markets, evolving workplace trends, and new opportunities emerging across commercial real estate.Their conversation explores higher-for-longer interest rates, the future of office, housing demand, public-private partnerships, and the investment themes shaping the next decade. Revisiting RXR's 2022 "Project Kodak" study, Scott explains how the firm identified which office assets were positioned to succeed in a post-pandemic world and why it viewed the transformation of the sector as a structural shift rather than a cyclical one.Scott also shares how RXR approaches investing through uncertainty, evaluates market dislocations, and identifies opportunities amid changing economic and policy environments. The discussion examines AI's impact on commercial real estate, the rapid growth of digital infrastructure and data centers, and why periods of disruption often create the greatest opportunities for investors and operators willing to adapt. Tune in now.Episode notes:The "Age of Disruption" and the forces reshaping commercial real estate (2:36)Investing through uncertainty and identifying market constraints (4:44)Public-private partnerships and community revitalization (11:20)The future of office and RXR's "Project Kodak" framework (21:25)Office-to-residential conversions and beyond (24:00)Emerging growth markets and long-term investment themes (28:00)AI, data centers, and the tactical and strategic perspective (31:24)Career advice for CRE professionals (41:32)Why Scott Rechler remains optimistic about the future (43:50)Questions or comments? Contact us at podcast@trepp.com.Follow Trepp:X: https://x.com/TreppWireLinkedIn: https://www.linkedin.com/company/trepp/

June 12, 202651 min

400. Liquidity is Back, (Sales) Price Discovery Isn't | CREFC Takeaways & Episode 400

This week marks a major milestone as we celebrate Episode 400 of The TreppWire Podcast. In this episode, we tackle one of the biggest questions facing commercial real estate today: are valuations beginning to stabilize, or is the market still searching for true price discovery? We break down May CPI data, recap key takeaways from the June CREFC conference, and discuss what healthy liquidity, strong CRE CLO issuance, lender competition, and a refinance-driven market may be signaling about the state of CRE.Digging through the data, we examine acquisition versus refinancing activity across CMBS issuance and what transaction volumes can tell us about market valuations. To celebrate 400 episodes, we also spotlight several notable CMBS properties with addresses in the 400s, including the JW Marriott Marco Island, PGA National Resort, Lyrik Back Bay, and the Sheraton Dallas, which also happen to be some of the market's most interesting recent transactions. Tune in now.Thank you to our listeners for being here for 400 episodes!Episode notes: Economic Update: CPI Data (0:55) Refinancing vs. Acquisition Activity (8:06) Key Themes from CREFC (17:27) CMBS Addresses in the 400s (22:02)Programming Notes (39:24)Shoutouts (42:15)Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

June 5, 202654 min

399. The Apex of CapEx? AI Sticker Shock, Data Center Delays, REIT 101, & Sports-Driven CRE

In this week’s episode of The TreppWire Podcast, we break down macro data pointing to a resilient economy, with Institute for Supply Management (ISM) PMIs at multi-year highs, but employment components still in contraction and the Fed firmly on hold. We dig into corporate AI sticker shock, including one company's reported $500 million monthly bill, and discuss whether data center build-out delays could slow the CapEx engine driving the economy. We then cover sports and CRE: underwhelming World Cup hotel demand, the Mavericks' planned arena at the Valley View Mall site, Samsung's HQ move to Plano, and how Midtown has transformed since the Knicks' last Finals run. To close, we do a Real Estate Investment Trust (REIT) 101 and introduce Trepp's new REIT IQ tool. Tune in now.Episode notes: • Economic Update • AI Sticker Shock & Corporate AI Spending• Data Center Build-Out Delays • Trepp MCP & AI Use Cases• World Cup Hotel Demand Underwhelms• Dallas Mavericks’ Valley View Arena & Dallas Stars’ Move to Plano, TX• Samsung HQ Relocation to Plano, TX• Knicks & Midtown’s Transformation• REIT 101 & Trepp’s REIT IQ Tool• Programming Notes• Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

May 29, 202657 min

398. CRE’s New Math: Multifamily Cap Rates, Office Recovery Bets, & Capital Costs

In this week’s episode of The TreppWire Podcast, we discuss elevated rates, inflation concerns, and surprisingly resilient equity markets as capital costs continue to shape commercial real estate. We cover JPMorgan’s plan to liquidate its 24-year-old real estate fund, new NYC hotel labor agreements ahead of the World Cup, and Chicago multifamily sales surging 117%. We then break down the proposed Equity Residential and AvalonBay merger, including how to derive an implied cap rate from deal financials, and what that may signal about the disconnect between public and private market pricing in multifamily today. We also highlight key office activity, from the recapitalization of 600 California Street to a downtown Dallas departure and Braven Office Commons hitting the market. We close with two office-to-residential conversion stories, including a $114 million HUD loan from Dwight Capital for a Milwaukee project and a controversial conversion in downtown Denver. Tune in now.Episode notes: Economic Update (2:19) Chicago Multifamily Sales Up 117% (7:44)JP Morgan Liquidating Real Estate Fund (11:34)NYC Hotel Labor Agreement Ahead of the World Cup (14:08)Equity Residential & Avalon Bay Merger Analysis (18:50)Harvest Properties & Lone Star Form JV (32:00)Fifth Third Leaving Downtown Dallas (35:23)Braven Office Commons Up for Sale (39:04)Two Office-to-Resi Conversion Headlines (41:14)Programming Notes (51:00)Shoutouts (52:44) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

May 22, 202656 min

397. What the Fed Is Really Watching, CRE’s Consolidation Wave, Why Retail Is Winning, the LA Mansion Tax Backfire & AT&T's Move to Plano

In this week's episode of The TreppWire Podcast, we unpack a sharp Treasury repricing that pushed the 10-year past 4.5% and what it means for the CRE recovery. We also cover consumer warning signs from Costco, the underwhelming results of LA's mansion tax, Google and Blackstone's new AI cloud venture, and the Ares-Scion $910 million student housing portfolio deal. In our 101 segment, "Dancing with the Stars," Stephen breaks down the Fed's hidden benchmarks (R*, U*, Y*, Pi*) and how they shape rate decisions. We also dig through the data on retail originations, cover the Equity Residential and AvalonBay's $52 billion mega-merger, and run through trading alerts on 20 Times Square, 2 Manhattan West, and AT&T's new Dallas headquarters. Tune in now.Episode notes: • Economic Update: Treasury Repricing, the 4.5% CRE Threshold and Costco Consumer Signals• Google & Blackstone AI Cloud Venture• Ares & Scion Launch JV For Student Housing Portfolio• 101 Segment: Hidden Fed Benchmark• Digging Through the Data: Retail Originations by Subtype• AvalonBay & Equity Residential $52B Merger• Trading Alerts: 20 Times Square, 2 Manhattan West, AT&T Dallas HQ• Programming Notes • Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

May 15, 20261 hr 13 min

396. Inside Trepp Connect: Capital Deployment, the Lending Reset & CRE’s Emerging Divide Amid AI and Data Center Growth

In this week’s episode of The TreppWire Podcast, we unpack a split picture: hotter-than-expected CPI and PPI prints set against a more constructive capital markets backdrop. We recap two days of our Trepp Connect (in NYC) conference, where the overall sentiment was positive on capital availability and deal activity, walking through the conference sessions on the economic outlook, capital deployment, property sector bifurcation, the lending reset, and AI and data centers, plus our keynote with Scott Reckler of RXR and a fireside chat with Bill Sexton, CEO of Trimont. We also discuss CBRE's report showing CRE lending at a five-year high, Blackstone's new homebuilder lending platform, the political uncertainty around build-to-rent, and a Georgia data center story that shows how infrastructure risk is becoming a bigger part of the conversation. Tune in now.Episode notes: Economic Update: Macro Numbers (1:46) Trepp Connect (in NYC) Recap Day 1 (10:57) Trepp Connect (in NYC) Recap Day 2 (43:59) CBRE Report: CRE Lending (1:04:58) Blackstone Homebuilder Lending Program (1:06:11) Build-to-Rent Political Uncertainty (1:06:55) Georgia Data Center Story (1:07:37) Programming Notes (1:11:35) Shoutouts (1:12:49)Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

May 8, 202653 min

395. Structure, Scale, & Liquidity: What’s Driving CRE Right Now (and Mall Ownership 101)

In this week’s episode of the TreppWire Podcast, we explore the market forces shaping commercial real estate, with a focus on structure, control, and optionality in today’s investment landscape. We cover several major headlines, including a potential AvalonBay–Equity Residential combination, Starwood’s pause on redemptions at its S-REIT, and KKR’s launch of a $10 billion AI-driven data center fund led by former AWS CEO Adam Selipsky, unpacking what these moves reveal about strategy and capital allocation. We also break down how mall ownership really works, explaining why regional malls often involve multiple ownership layers across anchors, inline space, and common areas, with structures ranging from ground leases to owned boxes. We preview our latest Trepp CMBS delinquency report, which shows the overall rate ticking down 1 basis point to 7.54% in April. Tune in now.Episode notes: • Economic Update• Lending Environment & Market Themes• AvalonBay–Equity Residential• Starwood Pause on Redemptions• Private Real Estate Fund Investments• KKR's $10 Billion AI Infrastructure Fund• Mall Ownership 101• North Shore Mall Repositioning Strategy• Programming Notes• Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

May 1, 20261 hr 8 min

394. The Inflation Games: The Fed Transition & Trimmed Mean PCE, Regional Bank & Mortgage REIT Earnings, & AI-Driven Real Estate Transactions

In this week’s episode of the TreppWire Podcast, we unpack the latest macro uncertainties shaping markets, from the Federal Reserve’s rate outlook to the potential transition to a Warsh-led Fed. We also share a 101 on Trimmed Mean PCE, explaining how the metric works, why it matters, and why it is gaining attention as an alternative way to read underlying inflation trends. We also examine mixed signals across commercial real estate (CRE), highlighting strength in data centers and AI-driven office leasing in San Francisco alongside cooling housing trends. The conversation digs into earnings and deal activity, including a strong quarter from CBRE driven by infrastructure momentum. We highlight cautious return to lending from mortgage REITs and improving credit trends among regional banks from recent Trepp research. Finally, we discuss major transactions like Ken Griffin expanding office footprint at planned Miami headquarters, Supermicro’s large San Jose lease, and Oracle’s Michigan data center project. Tune in now.Episode notes: Economic Update (0:29)Market Outlook, Data Centers & AI (2:09)Housing Market & Oil Prices (9:28)FOMC Meeting and Rate Decisions (26:45)Trimmed Mean PCE Inflation 101 (32:42)CBRE Earnings and Growth Performance (39:44) Mortgage REITs & Regional Bank Earnings Review (43:07)AI-Driven Leasing in San Francisco & NYC (50:04)Ken Griffin Expanding Office Footprint (54:15)Oracle Data Center Project in Michigan (57:58)Programming Notes (1:00:42)Shoutouts (1:02:29)Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

April 28, 202635 min

393. Debt Liquidity, Senior Housing's Surge, and the 2026 CRE Outlook with Chad Lavender of Newmark

In this special guest episode of The TreppWire Podcast, we sit down with Chad Lavender, President of Capital Markets for North America at Newmark, to unpack how credit, liquidity, and pricing have recalibrated through the 2025 maturity wave and what that signals for 2026. With more than $50 billion in investment sales, recapitalizations, debt placements, and JV equity transactions to his name, Chad brings a front-row view of the capital stack. He explains why this cycle differs fundamentally from the GFC, thanks to deep debt liquidity, why senior housing is outperforming every asset class with his team alone closing over $12.5 billion this year, and how operational alpha is separating winners from losers. We also cover the resurgence of Class A office, the rise of active adult and medical office, GP-led recaps and continuation funds, and why Dallas remains one of the most investable CRE markets in the country. Tune in nowEpisode notes:Chad's Background & Path to Newmark (1:17)How Today's Cycle Differs from the GFC: The Role of Debt Liquidity (6:50)Deal Flow in 2026: Problem-Solving Deals, GP-Led Recaps & Continuation Funds (9:32) What Separates Great Operators in Today's Market (13:20)Why Senior Housing Is Outperforming Every Asset Class (16:25)Class B/C Buyer Pools & Class A Office Resurgence (23:39)Dallas CRE Momentum (27:16)How Newmark Uses Data & Technology to Advise Clients (30:57) Underwriting Priorities & Closing Thoughts (32:28)Questions or comments? Contact us at podcast@trepp.com.      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp

April 24, 202655 min

392. Gigawatts & Green Shoots: Data Center 101, Blue Owl's Healthcare Grab, & NYC's Pension Housing Bet

In this week's episode of The TreppWire Podcast, we examine the selective stabilization theme shaping CRE in 2026, with strong retail sales and pending home sales pointing to forward motion even as affordability still caps housing. We break down Blue Owl's $2.4 billion acquisition of Sila Realty Trust, dig into multifamily supply dynamics as the top 25 developers command a record share of starts, and cover New York City's $4 billion pension commitment to affordable housing. We walk through Trepp's latest CRE debt universe analysis, showing banks finally showing early signs of credit expansion. We then dedicate a deep dive to data centers, covering operational resilience, the emerging power stack, Meta's $1 billion Tulsa AI facility, Maine's new construction ban, and Google-linked data centers' record $5.7 billion junk bond. Tune in now.Episode NotesEconomic Update: Retail Sales & Pending Home Sales (1:55)Blue Owl's $2.4B Sila Realty Acquisition (6:10)Multifamily Supply & the NMHC Top 25 Developer Shake-Up (12:43)NYC Pension Fund's $4 Billion Affordable Housing Bet (17:34)CRE Debt Universe Update: Credit Growth & Banks Re-Entering (20:54)Data Center 101: Operational Resilience Tiers & the Power Stack (25:41)Meta's $1 Billion AI Data Center in Tulsa, Oklahoma (35:25)Maine Bans Large Data Center Construction (40:14)Google-Linked Data Centers' Record $5.7 Billion Junk Bond (45:26)Multifamily Deals: San Francisco, New Jersey, & St. Petersburg Foreclosure (46:53)Programming Notes & Shoutouts (50:26)Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp