In this week’s episode of the TreppWire Podcast, we examine what is becoming one of the defining themes of today's commercial real estate market: capital is still available, but it is moving far more selectively. We break down the Federal Reserve’s increasingly hawkish stance under new chair Kevin Warsh, following the latest inflation data, and reflect on the legacy of former Fed Chair Alan Greenspan. We dive into key CRE headlines, including Wheeler REIT’s plan to sell a significant portion of its portfolio as it grapples with ongoing leverage challenges and balance sheet strain, and discuss Morgan Stanley’s potential $1.3 billion office investment in Dallas as it expands its presence in Texas. We also break down the lending landscape, where banks are increasingly lending to private credit lenders rather than making direct CRE loans. Finally, we dive into Trepp's latest research on the 2021 multifamily vintage, examining how acquisition activity differed across major and secondary markets before bringing the data to life with a case study of 10X Living at Weston as it approaches maturity.

Episode notes:

• Economic Update: Greenspan’s Legacy (0:23)
• The 21st Century ROAD to Housing Act (13:27)
• Wheeler REIT Marketing its Portfolio (18:23)
• Morgan Stanley Office Tower Investment in Dallas (23:56)
• Commercial Real Estate Lending Evolution (32:58)
• Multifamily Market Analysis 2021 (38:43)
• Case Study: 10X Living at Weston Loan (41:48)
• Programming Notes (55:18)
• Shoutouts (55:44)

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

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In this week's episode of The TreppWire Podcast, we discuss Kevin Warsh's first FOMC meeting as Fed Chair and what the potential end of forward guidance means for CRE investors. We also examine Apollo's decision to wind down ARI, revisit key themes from our conversation with Scott Rechler on the "Age of Disruption" and why today's environment increasingly favors operators, explore what current office cap rates may be signaling about market sentiment, and break down credit risk transfer (CRT) and its potential impact on bank lending. We close with several notable trading alerts, including Bank of America Plaza in Los Angeles and the Fairmont Austin. Tune in now.

Episode notes:

• Economic Update: Fed Holds Rates Steady

• Apollo To Shutter Mortgage REIT Following $9B Loan Sale

• Scott Rechler, RXR on the Age of Disruption, AI & NYC Office Cap Rates

• 101: Credit Risk Transfer and What It Means for Bank Lending

• Office Deals & Trading Alerts: BofA Plaza, 26 Broadway, Illinois Center

• Deals & Trading Alerts: Multifamily, Industrial, Retail & Lodging

• 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

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/TreppWire

LinkedIn: https://www.linkedin.com/company/trepp/