In this week’s episode of The TreppWire Podcast, we analyze what recent developments mean for commercial real estate (CRE), starting with the U.S. government shutdown. We explore its potential economic impact, how long it could last, and what historical shutdowns suggest for CRE. We continue the ongoing conversation about AI, including Accenture layoffs, and Citi’s employee training. Next, we break down our latest CMBS Delinquency Report, which saw the September 2025 overall rate decreasing for the first time since February, and preview Trepp’s Anonymized Loan Level Repository (T-ALLR) Q2 2025 report, sharing signs from bank data. We also cover a trading alert on an outlet loan transferred to special servicing, IKEA’s expansion into Manhattan, continued happenings at Westfield San Francisco Centre, BlackRock’s lease expansion at its Hudson Yards headquarters, and more. Tune in now.

Episode notes:

• Economic Update: U.S. Government Shutdown (1:33)

• AI Discussion: Accenture Layoffs, Citi Training (11:27)

• Trepp September CMBS Delinquency Report (22:14)

• T-ALLR Q2 2025 Report Preview (25:28)

• Outlet Loan Heads to Special Servicing (29:42)

• Retail: IKEA’s expansion in Manhattan (34:36)

• Westfield San Francisco Center (37:05)

• Labubu Times Square Store (39:49)

• BlackRock Hudson Yards HQ Expansion (43:53)

• Programming Notes (45:06)

• Shoutouts (46:56)

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

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