In this week’s episode of The TreppWire Podcast, we talk about the market’s response to the Fed’s third straight 25-basis-point rate cut and what early indicators suggest for the economy. We analyze the November jobs report, which surprised with 64,000 payroll gains but also saw unemployment climb to 4.6%, the highest since September 2021. We cover how easing monetary policy could shape commercial real estate (CRE) financing, spreads, and deal flow as we head into 2026. In some CRE deep dives, we break down the ongoing debate around data centers and life sciences, the slowdown in New York’s life sciences sector, and why investors remain cautious on specialty properties. We also examine rent concessions and economic vacancy as new supply, and softer demand weigh on effective rents. The episode wraps with trading alerts from the week (including two in Hawaii). Tune in now.

Episode notes:

• Economic Update (0:28)

• November Jobs Report (4:37)

• 2026 Property Market Outlook (9:09)

• Data Center Investment Challenges (14:04)

• Real Estate Concessions (23:51)

• Trading Alerts & Ground Lease Discussion (33:50)

• Programming Notes: Trepp Connect (in NYC)! (43:37)

• Shoutouts (47:06)

Questions or comments? Contact us at podcast@trepp.com.

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