Wave of Sell-Offs Triggers Market Jitters but CRE Holds Its Ground

A sudden wave of market turbulence jolted investors this week, triggering sharp selloffs across tech stocks, crypto, and precious metals. Volatility spiked, and confidence quickly gave way to caution. In this week's episode, Manus Clancy and Dianne Crocker share thoughts on what’s driving the sell-off, from weaker job growth and record-high layoffs to stretched equity valuations and growing unease around AI-fueled trades.

The key question: is this a healthy correction, or the early stages of a deeper market reset?

Despite the broader market chaos, commercial real estate is showing notable resilience. LightBox’s January CRE Activity Index points to environmental due diligence volume up 27% year-over-year, listings up 25%, and December closing out as the most active transaction month of 2025. The conversation explores regional bank consolidation, high-profile office assets coming to market in Chicago, Manhattan, and South Florida, and why CMBS and CRE CLO spreads may be the most important indicators to watch as volatility persists.

A week defined by uncertainty, yet one where CRE continues to test its footing. 

00:41 Markets Snap: From Calm to Fear in 48 Hours
03:04 Macro Crosscurrents: Jobs, Rates & Bank Consolidation
05:10 Volatility Without a Safety Net: Why Treasuries Aren’t Saving CRE
07:10 Sentiment vs. Data: Is This a Healthy Correction or Something More?
10:12 Will CRE Hold Up If Markets Slide Further?
14:34 Market Signals to Watch: CMBS & CRE CLO Spreads
15:30 January CRE Activity Check: Listings, Due Diligence & Transactions
19:24 Big Assets Coming to Market: Office & Multifamily Price Discovery
26:50 Office Reset Stories: Contrarian Bets That Paid Off (and One to Watch)
30:31 New Development Returns: Trammell Crow’s Santa Monica Resi Play

Have questions for the pod team? Send them to Podcast@LightBoxRE.com. 

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