In this week’s episode of The TreppWire Podcast, we cover persistent inflation pressures tied to energy costs, improving liquidity in commercial real estate (CRE) financing and private credit markets, and key takeaways from bank earnings, where large banks continue to pull back from CRE lending while regional banks increase exposure. We also discuss the planned July 2026 launch of the Texas Stock Exchange and its implications for Dallas–Fort Worth as a financial hub. In a 101 segment, we break down 1031 exchanges and examine how eliminating the tax benefit could impact transaction volumes. On the CRE front, we cover Blackstone’s planned $2 billion IPO of its data center REIT (BXDC), the 575 Fifth Avenue acquisition by Sovereign Partners and Hudson Point Capital, WeWork’s new product. We also share several trading alerts from Trepp data. Tune in now.

Episode notes:

• Economic Update (0:29)
• Market Liquidity & Mortgage Trends: Blue Owl Capital's Bonds (11:36)
• Banks Earnings & Trading Challenges (18:02)
• Texas Stock Exchange & Dallas Discussion (33:10)
• 1031 Exchanges 101 (40:22)
• Blackstone Data Center REIT IPO (51:56)
• Trading Alert: Aon Center Loan (54:56)
• 575 Fifth Avenue Acquisition (59:25)
• Trading Alert: South Plains Mall Loan (1:01:20)
• WeWork Go (1:06:50)
• Programming Notes (1:10:55)
• Shoutouts (1:13:00)

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

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In this special guest episode of The TreppWire Podcast, we sit down with Mike McDonald, Senior Managing Director of JLL Capital Markets, Americas, to unpack the current reality and outlook of the U.S. office real estate market. Mike shares his career journey, from managing boutique firms to co-leading JLL’s national office investment platform, and offers a 25-year perspective on how office real estate has evolved, particularly in the wake of COVID-19. He explains why traditional Class A and Class B labels no longer tell the full story and how JLL’s new tiering system better evaluates office assets based on quality, location, and vintage. Despite the challenges facing the sector, Mike remains bullish on office investment, and he walks through his three core investment strategies. We also highlight opportunity-rich markets such as Dallas and Austin and discuss AI’s impact on the sector. Tune in now.

Episode Notes

• Background & Start in the Industry (1:18)
• Office Sector Evolution (3:08)
• Three Strategies for Investing in the Office Sector (14:36)
• Market Trends & Cycles: 2023 to Today (23:28)
• Opportunities in Dallas and Austin (26:54)
• AI's impact on the Office Sector (36:47)
• Betting on Office (40:54)
• Closing Thoughts (45:27)

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

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In this episode of The TreppWire Podcast, we unpack the market reaction to the US-Iran ceasefire and examine whether the energy shock has already left its mark on upcoming inflation data. We analyze Jamie Dimon's annual shareholder letter and its warnings on geopolitics, AI, and banking regulations. We share highlights from our Trepp banking webinar on CRE lending trends and private credit dynamics, then dive into our Q1 2026 CMBS issuance data, including a 76% surge in CRE CLO volume and rising office concentration in conduit deals. We also walk through a CMBS appraisal reduction trigger 101, cover Empire State Realty Trust's sale of a Midtown Manhattan office building, the biggest LA office lease of 2026 tied to the 2028 Summer Olympics, and Bed Bath & Beyond's recent acquisitions. Tune in now.

Episode notes:

• Economic Update: Iran Ceasefire, Oil Shock & Inflation Outlook

• Petrodollar System & De-dollarization Risk

• Jamie Dimon's Shareholder Letter: Geopolitics, AI & Bank Regulations

• Bank CRE Lending Trends & Private Credit Dynamics

• Q1 2026 CMBS Issuance: Records, CRE CLO Surge & Office Comeback

• Appraisal Reduction 101: CMBS Triggers Explained

• Office: Empire State Realty Trust Sells Midtown Building to Namdar

• Office: On Location Signs Biggest LA Office Lease of 2026 for 2028 Olympics

• Retail: Bed Bath & Beyond Acquires Lumber Liquidators' Parent Company

• 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