The TreppWire Podcast: A Commercial Real Estate Show

• 356. What This Week Means for CRE: Government Shutdown, AI’s Impact on Employees, CMBS Delinquency Rate Pulls Back, Bank Data Insights & More

  In this week’s episode of The TreppWire Podcast, we analyze what recent developments mean for commercial real estate (CRE), starting with the U.S. government shutdown. We explore its potential economic impact, how long it could last, and what historical shutdowns suggest for CRE. We continue the ongoing conversation about AI, including Accenture layoffs, and Citi’s employee training. Next, we break down our latest CMBS Delinquency Report, which saw the September 2025 overall rate decreasing for the first time since February, and preview Trepp’s Anonymized Loan Level Repository (T-ALLR) Q2 2025 report, sharing signs from bank data. We also cover a trading alert on an outlet loan transferred to special servicing, IKEA’s expansion into Manhattan, continued happenings at Westfield San Francisco Centre, BlackRock’s lease expansion at its Hudson Yards headquarters, and more. Tune in now.Episode notes: • Economic Update: U.S. Government Shutdown (1:33)• AI Discussion: Accenture Layoffs, Citi Training (11:27)• Trepp September CMBS Delinquency Report (22:14)• T-ALLR Q2 2025 Report Preview (25:28)• Outlet Loan Heads to Special Servicing (29:42)• Retail: IKEA’s expansion in Manhattan (34:36)• Westfield San Francisco Center (37:05)• Labubu Times Square Store (39:49)• BlackRock Hudson Yards HQ Expansion (43:53)• Programming Notes (45:06)• Shoutouts (46:56)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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• 355. The Markets Keep Moving: Office Bright Spots, Compass’ $1.6B Merger Reshapes Resi, Recapture Explained, & Trepp Trading Alerts

  Is office a good investment alternative? In this week’s episode of The TreppWire Podcast, we break it down, spotlighting growing demand for high-end CBD space even amid ongoing distress. We dive into Compass’ $1.6 billion acquisition of Anywhere and its potential impact on the broader residential brokerage landscape, along with August’s new home sales data. Responding to a listener question, we explain the concept of “recapture,” exploring how depreciation factors into decisions to hand back the keys. Plus, we share fresh September data-filled office trading alerts, opportunities in student housing, and the acquisition of Toll Brothers’ apartment platform. Tune in now.Episode notes: Economic Update: Office Opportunities (0:28)Compass Acquisition of Anywhere (8:40)New Home Sales Surged 20.5% (15:57)Listener Question: Recapture Deep Dive & One Big Beautiful Bill (21:13)Latest Office Trading Alerts (28:16)Augusta, GA Mall Loan Sent to Special Servicing (36:36)Kennedy Wilson Acquiring Toll Brothers Apartment Platform (38:19)Programming Notes: Upcoming Trepp Webinars (46:02)Shoutouts (49:44)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.x.com/TreppWire

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• 354. Behind the Debt Yield Metric in Commercial Real Estate with John Barkidjija of Byline Bank

  In this special episode of The TreppWire Podcast, we’re joined by John Barkidjija, Executive Vice President and Head of Commercial Real Estate (CRE) and Specialty Finance at Byline Bank. Better known to our listeners as Dr. Debt Yield, John shares why the debt yield metric remains a cornerstone in CRE and reflects on the moment it became his preferred tool for analyzing real estate. He offers valuable lessons from navigating market downturns from the Great Financial Crisis (GFC) and explains how his legal background fuels a creative approach to problem-solving. The discussion covers key macroeconomic forces driving market uncertainty, from interest rate volatility and tariff impacts to the growing influence of AI. We also explore delinquency resolutions, recent shifts in bank regulatory reporting, and John’s outlook on potential interest rate cuts. Tune in now.Episode Notes• Background & Start in CRE (1:50)• Importance of the Debt Yield Metric (6:50)• Macro Factors Impacting CRE Uncertainty (11:10)• The Role of AI & Office Implications (14:17)• Lessons from Down Cycles (18:10)• Good & Bad Resolutions in Delinquencies (24:47)• Bank Regulation Reporting Change (35:37)• Fed Interest Rate Decision Prediction (38:33)• Shoutouts (41:54)Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

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• 353. From Dot Plot to Deal Flow: Unpacking the Fed's Cut, Retail Data Stays Strong, Paramount’s $1.6B Play, Special Servicing Rates Fall

  In this week’s episode of The TreppWire Podcast, we analyze the Federal Reserve's recent rate cut and the impact on the commercial real estate (CRE) capital markets. We revisit the movement of the Secured Overnight Financing Rate (SOFR) and credit spreads leading up to the decision. We also unpack the stronger-than-expected retail sales data for August, debate whether economists are overestimating the impact of tariffs on spending, and touch on the current economic stability amid market risks. Turning to CRE stories of the week, we talk about Rithm Capital’s plans to acquire Paramount Group for $1.6 billion, Brookfield’s completed turn around of 660 Fifth Avenue, as well as SL Green and PGIM's $1.4 billion refinancing deal for 11 Madison Avenue. The episode ends with two recent trading alerts and key takeaways from Trepp’s August CMBS Special Servicing Report. Tune in now.Episode notes: Economic Update: Fed Cut Rates (0:28)What is Causing Elevated SOFR Rates? (9:46)CRE Loan Spreads Performance for the Week Ending Sept. 12 (13:40) Strong Retail Sales Growth & Economic Stability (15:40)Rithm Capital Plans to Acquire Paramount Group (27:45)Brookfield Turned 660 Fifth Avenue Around with a $1.7 Billion Investment (32:14)SL Green and PGIM's $1.4 Billion Refi for 11 Madison Avenue (35:52)Trading Alert: Huge Manhattan Office Loan Sent to Special Servicing (38:59)Trading Alert: Florida Mall Value Slashed Below Loan Balance (42:01)Programming Notes (43:34)Shoutouts (45:38)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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• 352. Nearly 1M Jobs Vanish, Industrial Demand Cools, Return-to-Office Mandates, D.C.'s Office-to-Resi Tax Incentives, & More

  In this week’s episode of The TreppWire Podcast, we unpack major labor market revisions, revealing that job growth was overstated by 911,000 jobs over the past year. We analyze recent data that strengthens the case for a 25-basis-point rate cut at the upcoming Fed meeting. We also dive into Treasury Secretary Scott Bessent’s op-ed, which critiques the Federal Reserve’s post-2008 monetary policy shift. In commercial real estate, we analyze a NAIOP report pointing to cooling demand in the industrial sector and share Trepp’s data on industrial delinquency. We discuss the latest return-to-office developments, with Paramount joining the list of companies enforcing mandates. Turning to office-to-resi conversion trends, we spotlight Washington, D.C., where new tax incentives aim to accelerate transformation. We close the episodes with two notable retail credit stories. Tune in now.Episode notes:• Economic Update: 911,000 Fewer Jobs (1:42)• Treasury Secretary Scott Bessent Op Ed (11:29)• Industrial Space Demand Falls (24:02)• Starwood $930M CMBS Loan (32:37)• Return to Office Mandates (34:59)• Washington D.C. Tax Abatements for Office-to-Resi Projects (40:45)• Retail Credit Stories (43:41)• Programming Notes (46:02)• Shoutouts (46:55)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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