In this week’s episode of The TreppWire Podcast, markets are digesting a mix of macro headlines and early signals from commercial real estate (CRE) as 2026 gets underway. We kick things off with insights from the CRE Finance Council Conference in Miami, where discussions centered on improving liquidity, tighter spreads, and the uptick in CMBS issuance. From there, we turn to macroeconomic updates, including the DOJ subpoenaing the Fed, potential caps on credit card interest rates, and wholesale inflation trends. In property type stories, we cover GameStop closing stores nationwide and Saks filing for Chapter 11 bankruptcy. Plus, we break down two loans recently sent to special servicing: a large single-tenant triple net lease (NNN) office portfolio and a Los Angeles mall SASB loan. Tune in now.

Episode notes:

• CREFC Miami Recap (2:47)
• Data Centers & AI (9:39)
• DOJ/Fed, Credit Card Cap, Inflation (18:38)
• NNN Office Portfolio Loan Sent to Special Servicing (30:52)
• GameStop & Saks (39:10)
• Los Angeles Mall SASB Loan Sent to Special Servicing (43:57)
• Programming Notes (45:46)
• Shoutouts (49:54)

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

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In this week’s episode of The TreppWire Podcast, we kick off 2026’s first full trading week with a look at the headlines shaping CRE, housing, and the broader economy. We discuss President Trump’s proposal to limit institutional purchases of single-family homes, the year-end drop in mortgage demand, Treasury Secretary Bessent’s comments on potential Fed rate cuts, and Mamdani’s bankruptcy sale policy in NYC. We then dive into advanced CRE fundamentals, exploring what stress looks like before a default and identifying early warning signs in loan-level data, while expressing optimism for a year of deal-making driven by improving rates and market conditions. Finally, we break down the first major transactions of 2026, including AT&T’s headquarters move to suburban Dallas, Google’s long-awaited Austin office opening, and the office-to-residential conversion at 5 Times Square. Tune in now

Episode notes:

• Economic Update: Housing Market & Oil Impact (1:49)
• JOLTS, Jobless Claims & Uncertainty in CRE: Will 2026 Be the Year of Transactions? (14:48)
• What Does Stress Look Like Before a Default and How to Spot Early Warning Signs? (19:25)
• AT&T Moving HQ to Dallas Suburb (28:41)
• SL Green Selling Minority Interest in 100 Park Avenue (35:09)
• Chicago Investor Buying San Francisco Office Tower in Half-Off Sale (37:55)
• Google Finally Moving into Austin Office Tower (40:11)
• 5 Times Square Office-to-Resi Conversion (43:44)
• NYC Mamdani Bankruptcy Building Sale (45:11)
• Programming Notes (50:00)
• Shoutouts (52:21)

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

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In this special guest episode of The TreppWire Podcast, we’re joined by Carmen Spinoso, Chairman and CEO of Spinoso Real Estate Group, one of the country's largest privately held enclosed mall operators. With more than 35 years of industry experience, Carmen shares how his firm approaches value creation across its portfolio, including high-profile projects like the management of Grand Central Terminal and Ovation Hollywood. We dive into the current state of the retail sector, why brick-and-mortar still captures 75-80% of all sales, and how Gen Z is driving traffic back to malls. Carmen walks us through case studies on repositioning vacant anchors and attracting experiential tenants, the importance of community-focused marketing and events, and why the 2026 outlook for enclosed malls is looking strong. Tune in now.

Episode notes:

• Carmen's Journey: From Leasing Rep to CEO (2:16)
• Portfolio Update: Grand Central Terminal & Ovation Hollywood (13:00)
• Why Malls Are Still a Valuable Investment Class (17:00)
• Turning Around Underperforming Malls (26:12)
• Marketing, Events & Community Building (29:31)
• 2026 Outlook & Final Thoughts (36:15)

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

Follow Trepp:

X: www.x.com/TreppWire

LinkedIn: www.linkedin.com/company/trepp