In this special holiday episode of The TreppWire Podcast, we take a step back to “unwrap” the biggest property-sector themes as the year winds down — and one word stands out: bifurcation. We dig into the major data and headlines from 2025 to uncover where performance is holding strong and where early signs of softness are emerging across sectors. We highlight the markets that surprised us most this year, including New York, San Francisco, and Chicago. In our year-end property-type check-in, we revisit the biggest headlines, deals, and storylines across commercial real estate — from office and multifamily to retail and beyond — and look at where unexpected momentum appeared. We wish all our listeners a joyful holiday season! Tune in now.

Episode notes:

• 2025 Themes that Stand Out (1:14)

• Markets that Surprised Us: New York Office (11:48)

• San Francisco (14:11)

• Chicago (19:08)

• Multifamily/Apartment Market (24:41)

• Retail (35:55)

• Lodging & Hotels (46:14)

• Industrial (51:17)

• Programming Notes & Shoutouts (58:36)

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

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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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In this special episode of The TreppWire Podcast, we are joined by Michael Comparato, President of FBRT and Senior Managing Director and Head of Commercial Real Estate at Benefit Street Partners. Michael shares why he believes the commercial real estate market is still in the eye of the storm and why a V-shaped recovery is unlikely. He explains why underwriting the story matters more than the spreadsheet, how negative leverage has reshaped credit and equity decisions, and which risks the market has yet to fully price in. Michael also highlights where opportunities may emerge and what disciplined investors should focus on as the market enters its next phase. We discuss Benefit Street’s approach to navigating today’s cycle, as well as how the firm has built a flexible platform across debt, equity, CMBS, and agency lending following the NewPoint Holdings JV LLC acquisition. Tune in now.

Episode Notes

• Background & Start in Commercial Real Estate (1:14)
• Benefit Street's Real Estate Growth (4:25)
• Newpoint Acquisition Strategy (8:01)
• Extend & Pretend Modifications (12:57)
• Commercial Real Estate Market Challenges (17:01)
• Differences in Asset Classes (18:33)
• Where the Opportunities Are (29:33)

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

Follow Trepp:

X: www.x.com/TreppWire

LinkedIn: www.linkedin.com/company/trepp