In this week’s episode of The TreppWire Podcast, we examine the Fed's decision to hold rates steady against a rapidly escalating geopolitical energy shock that is re-accelerating inflation and effectively taking rate relief off the table for CRE borrowers. We also look back six years to when COVID shocked the world and walk through Trepp data to review how each property sector held up, recovered, and in some cases still has not fully healed. We analyze the $5.6 billion Public Storage acquisition of National Storage Affiliates and what CMBS data reveals about self-storage performance. We close with office green shoots, including Bank of America's 20-year lease at One Bryant Park, OpenAI surpassing 1 million square feet in San Francisco, a Wells Fargo SASB financing in Silicon Valley, and Starbucks expanding to Nashville. Tune in now.
Episode notes:
• Economic Update: Fed Holds, Iran Energy Shock & Higher-for-Longer (2:08)
• Six years post-COVID: CRE Delinquency Retrospective by Property Type (12:48)
• COVID Lessons: Modifications, Policy Response & Structural Shift (16:22)
• Self-Storage: Public Storage & NSA Deal, and CMBS Performance (34:11)
• Office Stories: BofA at One Bryant Park, OpenAI, Wells Fargo SASB & Starbucks Nashville (41:09)
• Trading Alerts: Manhattan, Chicago, Virginia & Office Special Servicing Transfers (47:56)
• Programming Notes (48:50)
• Shoutouts (52:29)
Questions or comments? Contact us at podcast@trepp.com.
Follow Trepp:
X: www.x.com/TreppWire
LinkedIn: www.linkedin.com/company/trepp
