For the week ending September 19, the LightBox team unpacks a market defined by mixed data signals. The Fed’s latest rate cut sent investors mixed messages, with Powell calling it a “risk management” move as job risks mount. Inflation data continues to contradict itself; retail sales are running hotter than expected, and holiday forecasts point to …

The CRE Weekly Digest team is joined by Craig Benton, Director of Valuation Services at Synovus Financial, to unpack the state of commercial real estate from the appraisal and lending POV. The team kicks off with a scorecard on Craig’s 2024 CRE predictions, earning nearly straight A’s for calling sector-specific downturns, rate cuts, and the timing…

For the shortened week ending September 5, The CRE Weekly Digest team unpacks a turbulent few days in the markets. A federal court ruling that could unwind $500B in tariffs sent bond yields soaring, only to be reversed by disappointing labor data that pushed rates back down. With job openings now below the number of job seekers for the first time s…

CMBS issuance has roared back, yet distress, especially in office keeps building. In this episode, Michael Haas, founder & CEO of Credit IQ, joins us to separate signal from noise across CMBS and CRE CLOs. We dig into what the data shows right now, why CMBS has been winning share from the GSEs, and how five-year structures and bank scrutiny are sha…

David Auerbach, Chief Investment Officer at Hoya Capital Real Estate, joins hosts Manus Clancy and Martha Coacher for a deep dive into the misunderstood world of REITs. Often dismissed as “boring” or overlooked next to market movers like Apple, Nvidia, or even crypto, REITs are in fact powering much of the CRE ecosystem. Auerbach explains why misco…

For the week ending August 15, The CRE Weekly Digest team digs into a tale of two markets. Hot wholesale inflation data dampened hopes for a jumbo September rate cut, but investors are still more focused on the prospect of cheaper money than the persistence of higher prices. Manus Clancy warns that U.S. equities are looking dangerously complacent –…

We welcome back Ryan Severino, Managing Director, Chief Economist and Head of Research at BGO, for a sweeping conversation on the macroeconomic forces shaping commercial real estate in the back half of 2025. Fresh off being named one of PERE’s 100 most influential figures in global real estate, Ryan joins the LightBox team to unpack everything from…

While the Fed held rates steady as expected, the bigger story may be what's underneath: Corporate earnings show tariffs are starting to bite.  Economic data prints are increasingly mixed. And the labor market is still holding out. But for how long? Manus takes a minute to assess the Fed funds rate stalemate. And he provides a thought about why a ra…

Rebecca Rockey, Deputy Chief Economist and Global Head of Forecasting at Cushman & Wakefield, joins the LightBox team for a focused conversation on the macroeconomic forces shaping commercial real estate in the back half of 2025. With stagflation creeping in, tariffs hitting record highs, and policy uncertainty clouding forecasts, Rebecca breaks do…

This week’s slate of economic data left pundits divided even as investors cheered on rising markets. Retail sales surprised to the upside, inflation was muted, and bank earnings beat forecasts. However, deeper trends raise caution: tariff receipts are surging, homebuilders are cutting prices, and the Trump–Powell standoff briefly rattled equity and…

David Putro, Head of Analytics for Morningstar Credit, doesn’t sugarcoat it. In this candid conversation with the LightBox team, he offers an unflinching look at where distress is building in commercial real estate and why resolution is moving at a crawl. With a sharp focus on office, multifamily, and malls, David explains why this cycle is unfoldi…

It’s halftime in 2025, and The CRE Weekly Digest team is back with a data-driven gut check on a market that’s proving more resilient than expected. Despite tariff shocks, geopolitical tension, and consumer gloom, CRE hasn’t blinked. In fact, capital is flowing, transaction volume is up, and nine-digit retail deals are making a surprise comeback. Ma…

It’s a milestone week at The CRE Weekly Digest—our one-year anniversary and 52nd episode. From launch day to today, we’ve unpacked the headlines, challenged assumptions, and surfaced the trends that matter most for CRE professionals navigating uncertainty. This episode is no different. Markets are running hot, with stocks brushing all-time highs de…

What does it take to make a property—and a team—resilient in today’s volatile CRE landscape? Holly Neber, Chief Resilience Officer at AEI Consultants, joins the LightBox team to unpack the rising urgency around climate risk, insurance hurdles, and resilience planning. A 30-year environmental veteran and chair of the ASTM task group behind the indus…

Inflation cools, tariff tensions ease, and investors start breathing a little easier, but is CRE catching a tailwind? The team digs into surprisingly positive CPI and PPI reports, unpacking why the market's fears may have overshot reality for now. With the May LightBox CRE Activity Index posting its first monthly decline of the year, the big questi…

CMBS workouts aren’t for the faint of heart—and CMBS expert Shlomo Chopp knows it better than most. With 20+ years of experience untangling distressed assets, Shlomo offers a rare, unsparing look into what borrowers, bondholders, and even AAA investors often get wrong. From why “non-recourse” loans aren’t always what they seem to how banking can re…

Markets may have cheered a court ruling limiting presidential tariff power—but don’t mistake it for clarity. The LightBox team—Martha Coacher, Manus Clancy, and Dianne Crocker—unpacks what’s really moving CRE: supply chain strains, shaky retail guidance, and tariff whiplash. Retailers are pulling forecasts, investors are fatigued, and Manus warns w…

How are regional banks navigating today’s choppy economic and federal policy waters? The LightBox team gets an inside look when they talk to Matthew Osborne, EVP and Chief Credit Officer at Eastern Bank – a regional bank in the Boston MSA. Matt explains why Boston’s chronic housing shortage is helping multifamily remain a magnet for capital, even a…

What separates good brokers from great ones? In this special episode, Martha, Manus, and Dianne chat with two titans of CRE sales—Bob Knakal and Rod Santomassimo— who get real about what it takes to succeed, scale, and stay relevant across decades of market cycles. From the grind of daily prospecting to the power of knowing what the market data mea…

Does the first U.S. trade deal signal an off-ramp to global trade tensions? Stocks surged on news of the UK agreement, but other indicators suggest the market’s ebullience may be front-running reality. And the Fed knows it. Martha Coacher, Manus Clancy, and Dianne Crocker break down the signals that may impact CRE. From lighter cargo ships at the P…

Distress is building in the CRE market—and borrowers are running out of room as opportunistic investors prepare to jump in. The power duo Tammy and David Goldfisher of The Henley Group join the LightBox team to break down what’s really happening behind the scenes with distressed commercial real estate assets, workouts, and the evolving capital mark…

Markets may be uncertain, but the LightBox team is keeping it grounded—with some perspective and invoking the classic Gimme Shelter. As investors brace for tariff fallout, Manus, Dianne, and Martha break down the latest headline fatigue, a housing market under pressure, and the question of whether the lending engine will keep running. The team dive…

The timing for this conversation couldn’t have been better. Former Federal Reserve insider Tyler Wiggers gives us a break down on what the Fed is thinking right now about monetary policy especially in the wake of the tariff turmoil and market volatility. He shares why rate cuts may be further off than the market (and the Trump administration) hopes…

Rick Jones, Founder and Principal of Jackstay Ventures LLC, joins the LightBox crew to unpack the latest capital markets chaos stirred up by post-tariff volatility and macro uncertainty. The conversation spans the latest pulse on recession risk and lender behavior to the evolving role of warehouse lending and the long-awaited wave of distressed deb…

The team breaks down what Manus calls “tariffs on steroids” and why the impact is more opaque than anything we’ve seen before. With investors reacting to tariffs with a stock sell-off and a flight to the safety of Treasurys, the discussion focuses on the potential impact to commercial real estate (CRE). Is CRE the new safe harbor? The LightBox CRE …

This week the LightBox podcast team talks with Lisa Pendergast, President and CEO of Commercial Real Estate Finance Council (CREFC) about the CRE debt market. Together, they discuss the current landscape of the commercial real estate finance market, highlighting a sharp rebound in market sentiment and CMBS issuance volumes. And, despite the robust …

A round of mixed economic data took a back seat to the investor focus on the Federal Reserve meeting. With the expected no change on interest rates, the focus was on Chairman Powell’s outlook, inflation forecasts – (yes, he said transitory again), and how the stock market corrections are shaping investor sentiment. The team also unpacks new data ab…

Markets whipsawed this week against a barrage of policy and economic headlines. Inflation cooled more than expected, which was welcome news, but investors grappled with trade war escalations sparking recession fears and a sharp selloff in equities. Martha, Manus, and Dianne break down how macro uncertainty is shaping investor sentiment, from rising…

Martha, Manus, and Dianne tackle another week of economic uncertainty, breaking down the latest data—and tariff turbulence—and what it signals for CRE. Stagflation fears are creeping in as the economy weathers a turbulent cycle—much like a white-water rafting trip, where each rapid brings fresh uncertainty. Mortgage applications jumped over 20% as …

Martha, Manus, and Dianne break down the latest twists that impacted the commercial real estate market this week, from bond yields and the flipping yield curve to the drop in consumer confidence to the lowest pending home sales reading in over 25 years—all signaling a bumpy road ahead. The team asks: are we stuck in the mud? The retail sector is fa…

Martha, Manus, and Dianne break down a short, yet jam-packed week in the markets, from the Fed’s “status quo” minutes and weak housing data to Walmart’s downbeat retail outlook and a major shake-up in government office leases. They dissect the 2.3 million square feet of leases on the chopping block—half in D.C.—and the ripple effects for landlords,…

Martha, Manus, and Dianne dig into the latest economic data, including inflation reports that sent mixed signals to the markets. Consumer inflation came in hotter than expected, rattling the bond markets, while Fed Chair Powell maintained a steady stance, signaling no rush to adjust policy. The team also discussed the downstream effects of federal …

Investors had plenty to chew on this week, as Martha Coacher, Manus Clancy, and Dianne Crocker tackled everything from earnings reports to Trump tariff turbulence, keeping heads on a swivel amid policy uncertainty. Treasury rates drifted lower, sparking cautious optimism, while Professor Manus broke down a major federal workforce buyout and what it…

The last week of January delivered a mixed bag for the markets—the Federal Reserve kept rates unchanged, a fresh GDP print showed slower-than-expected growth, but most notably AI upstart DeepSeek sent shockwaves through the tech market with its launch. In this episode, Martha Coacher, Dianne Crocker, and Manus Clancy dig into the AI disruptor’s Spu…

Ryan Severino, chief economist at BGO and adjunct professor at Columbia, never holds back and this week he joined the LightBox team to break down what lies ahead in 2025. The conversation centered on key questions: Has the market soured on the Fed? What can the office market learn from retail? And what predictions does he have for the year ahead as…

Fresh economic data brought a much-needed sigh of relief this week, as Martha Coacher, Manus Clancy, and Dianne Crocker tackled everything from the “Goldilocks prints” to the bullish outlook among lenders eager to return to dealmaking. Manus coined a new term, “office collateral damage,” comparing the current state of office space to the retail apo…

In a week that was chock full of economic data for investors to digest, there was no lack of market news for Martha Coacher, Manus Clancy, and Dianne Crocker to consider as a bond rout took hold, and wildfires continued to burn out of control in the Los Angeles area leaving a path of devastation. With the holidays firmly in the rear-view mirror, th…

In the first episode of 2025, guest host Tina Lichens, General Manager of LightBox Capital Markets joins Manus Clancy and Dianne Crocker to kick off the new year with an encouraging look back at the final few weeks of 2024 and a forward-looking discussion of expectations for the New Year. Tina’s observation of an unexpected surge in property listin…

This week, Martha Coacher, Manus Clancy, and Dianne Crocker take a look back at CRE’s hits and misses in 2024 with a review of "Successes, Setbacks, and Surprises." The discussion covers 2024 as a tale of two halves, from the successes—like banks resuming lending, impressive CMBS volumes, and double-digit growth in the LightBox CRE Activity Index—t…

This week, Martha Coacher, Manus Clancy, and Dianne Crocker unpack the mixed signals from the latest economic data including November’s wholesale inflation report, which came in hotter than expected, alongside an expected uptick in consumer inflation and a notable jump in weekly jobless claims. All this, while Wall Street has come off a mixed sessi…

This week, the LightBox team welcomes Spencer Levy, global client strategist and senior economic advisor for CBRE, for a compelling conversation about the seismic shifts in commercial real estate since the pre-COVID era. Levy compares the “Yellow Brick Road” era of low interest rates, strong fundamentals, and geopolitical stability before 2020 with…

This week on the CRE Weekly Digest podcast, Jamie Woodwell, Head of CRE Research at the Mortgage Bankers Association, shares key insights that signal reasons for optimism in CRE lending as 2025 approaches. The discussion covers the impact of Q3 rate cuts on loan originations, a significant uptick in CMBS single-asset, single-borrower deals, and Fre…

The LightBox podcast team evaluates the week’s bullish and bearish signs contributing to renewed uncertainty in CRE. With a bond market signaling that investors are concerned about geopolitical events and mixed economic data, there’s plenty for the team to dive into: 10-Year Treasurys’ new heights, Fed speak on interest rates, a tale of two diverge…

You’ll want to take notes during this episode where the team dives into insights from Partner Valuation Advisors’ senior managing directors, Brandon Nunnink and Eric Enloe, on the evolving private REIT market. They explore Q3 trends on bid-ask spreads, the reset in markets like San Francisco, the “enthusiasm gauge” of 2024, cap rate analysis and of…

In this special edition, Martha Coacher and experts Manus Clancy and Dianne Crocker review Trump’s proposed economic agenda, the latest Fed rate cut, and the LightBox CRE Activity Index. With Trump’s election win setting the stage for anticipated policies on tariffs, taxes and deregulation, the team explores the immediate and long-term impacts thes…

With Treasury yields marching upward, the podcast team dives into inflation, jobs, and big tech earnings data and what it means ahead of the presidential election. A lot has changed in the last 45 days as investor euphoria has recalibrated. The team also shares Q3 data from LightBox RCM, focusing on capital market and investment trends. And ‘Profes…

In this week’s podcast episode, Brian Olasov, Executive Director of Financial Services Consulting at Carlton Fields and Adjunct Professor of Real Estate Capital Markets at New York University Schack, joins the team to discuss the current state of the commercial real estate market. With the benefit of a historical perspective, Brian holds nothing ba…

In this week’s guest pod episode, the team dives into the potential economic impact of the upcoming November election with special guest David McCarthy, managing director and head of Legislative Affairs at CREFC. McCarthy breaks down the CRE risks and opportunities tied to outcome scenarios, examining potential impacts on taxes, housing and climate…

This week the team considers whether the Fed’s jumbo rate cut last month now seems ill-advised in the context of fresh inflation data that was warmer than expected and the September jobs report that showed a surge in job growth. This episode is chock full including LightBox data analysis assessing Hurricane Milton’s landfall with structures at risk…

Join Martha, Manus, and Dianne on this week’s episode of the CRE Weekly Digest as they dive into the impact of Hurricane Helene and the industry's move toward a Property Resilience Assessment to better measure environmental risk. The team also reveals the latest LightBox CRE Activity Index, which rose modestly in September, signaling growing confid…