The TreppWire Podcast: A Commercial Real Estate Show

Recent Episodes

1. 422. From the Fed to FedEx: Warsh’s First Rate Hike, $6.6B in Amazon/FedEx Exposure, and Three Paths for Office

   Sep 18, 2026

   The TreppWire Podcast team analyzes the Federal Reserve's first 25-basis-point rate hike in three years, its unanimous vote, and implications for commercial real estate amid persistent inflation driven by geopolitical oil pressures rather than demand. The episode covers $6.6 billion in industrial CMBS exposure to Amazon and FedEx, emerging GSA lease termination risks from anti-DEI provisions, Hines and Rialto's $1.1 billion office credit fund, and retail sector strength despite broader economic headwinds.

2. 421. Beyond the Headlines: Office Distress, a $30.6B Multifamily Maturity Test, & Western CRE’s Mixed Signals | LIVE at California MBA's WSCREF

   Sep 11, 2026

   In a live panel at the California MBA Western States CREF conference, Trepp's leadership explores why today's CRE market presents contradictory signals across property types and regions. Using a "three clocks" framework (property, capital, and credit), the team analyzes Western office divergence, life sciences distress, multifamily resilience, and the $30.6 billion multifamily maturity test, while case studies of San Francisco office and a Palm Desert multifamily asset illustrate how performance, valuation, and credit outcomes can tell completely different stories.

3. 420. The Art of Storytelling in Commercial Real Estate with Spencer Levy, Host of CBRE’s The Weekly Take

   Sep 8, 2026

   Spencer Levy, Global Client Strategist and Senior Economic Advisor at CBRE and host of the award-winning podcast The Weekly Take, discusses his nearly three-decade career spanning law, investment banking, capital markets, and client advisory. He emphasizes the criticality of relationships, strategic thinking, and human communication in commercial real estate, arguing that real estate is a revenue generator rather than a cost center and that occupiers and investors should focus on NOI growth and demand creation rather than exit cap rates. Levy explores the power of storytelling and multi-channel communication—including podcasting, LinkedIn, public speaking, and networking—as tools for expanding reach and credibility in the industry.

4. 419. Back to School, Back to Price Discovery: The 5% Treasury Test, College Football’s $6.1B Student Housing Connection

   Sep 4, 2026

   This episode of The TreppWire Podcast features the regular hosts discussing economic conditions, rates, and capital markets as the 10-year Treasury approaches 5%, with particular focus on college football season and a $6.1 billion securitized student housing market analysis near AP Top 25 schools. The team covers capital deployment across CRE sectors including a $435 million student housing acquisition by Ares and Scion, multifamily and office challenges, industrial portfolio activity, and a successful mall refinance payoff despite significant valuation declines.

5. 418. How CRE Lending is Changing: Bigger Deals, Data Center Capital, & AI with Catherine Sierakowski, BMO Capital Markets

   Sep 1, 2026

   Catherine Sierakowski, Managing Director and Group Head of Corporate Banking for North American Real Estate at BMO Capital Markets, discusses her 18-year career trajectory from analyst during the 2008 financial crisis to leading BMO's institutional real estate platform. The conversation covers the evolution of CRE lending from pure balance sheet lending to strategic capital solutions, the explosive growth and complexity of data center financing, and how AI is reshaping credit analysis and deal execution without replacing relationship-driven banking.

6. 417. Who Writes the Next Check? Fund Redemptions, Cash-Out Refinancing Trends, & CRE Workouts

   Aug 28, 2026

   The TreppWire Podcast team discusses weekly commercial real estate market developments, including PCE inflation data and its implications for interest rates, new Canadian tariffs affecting construction costs, retail sector weakness at Dick's Sporting Goods and Foot Locker, Google's $10M purchase of Spirit Airlines' operational data for AI training, and Invesco's $2.2B redemption queue management strategy. The episode concludes with five CRE distress case studies spanning successful modifications, equity injections, liquidity shortfalls, foreclosure threats, and near-total valuation loss in leasehold structures.

7. 416. The Bond Market Bites Back: Treasury Intervention, AI’s $3 Trillion Bet, Office Loans Below Breakeven, & Forced CRE Sales

   Aug 21, 2026

   The TreppWire Podcast's weekly commercial real estate market review examines a volatile bond market week featuring Treasury Secretary Scott Bessent's expanded long-term buyback announcement, growing concerns about $3 trillion in off-balance-sheet AI infrastructure commitments, $12.1 billion of performing securitized office loans with debt service coverage ratios below 1.0x despite strong occupancy, and major CRE transactions including Rexford Industrial's $1.2 billion portfolio sale and distressed hotel sales in California.

8. 415. The Retail Story Everyone Gets Wrong with Jim Dillavou, Paragon Commercial Group

   Aug 18, 2026

   Jim Dillavou, co-founder and principal at Paragon Commercial Group, discusses the necessity retail sector and why it represents a durable, often misunderstood asset class. Transitioning from a career as a real estate and finance attorney at Latham & Watkins, Jim founded Paragon during the 2008-2009 financial crisis to capitalize on grocery-anchored shopping centers. The conversation covers the sector's resilience through cycles, the challenge of capital allocation into necessity retail despite rising institutional interest, value-add strategies including drugstore repositioning and out-parcel development, and the importance of rigorous tenant diligence for long-term stability.

9. 414. The AI Capital Boom, Stubborn Treasury Yields, Office Bets, & Insurance Relief

   Aug 14, 2026

   The TreppWire Podcast team discusses macro economic trends including inflation data, Fed policy, and elevated Treasury yields, alongside the extraordinary scale of AI capital infrastructure buildout ($500B+ in financing announced). The episode covers AI's impact on commercial real estate (San Francisco office, data center boom), property insurance relief in Florida multifamily after years of increases, and major CRE transactions in office, multifamily, data centers, retail, and lodging sectors.

10. 413. Inside Nomura's Return to CRE Finance with CMBS Industry Icon Larry Kravetz

    Aug 11, 2026

    Larry Kravetz, Head of U.S. Commercial Real Estate and CMBS at Nomura, discusses the firm's return to CRE finance and its rapid expansion into a full-service platform. With over 30 years of industry experience, including launching Lehman Brothers' large-loan CMBS business and leading CRE finance at Barclays, Kravetz reflects on market evolution, underwriting discipline across cycles, and Nomura's impressive first-year performance of 12 SASB issuances totaling nearly $6 billion. The conversation covers CMBS resilience, the data center financing phenomenon, market outlook, and career advice for younger professionals.