In this week’s episode of the TreppWire Podcast, we mark 250 years of American commercial real estate with a special Fourth of July deep dive into the original 13 colonies and how their markets evolved. We also spotlight three historic properties still carrying active CMBS debt today. Before the history, we cover a softening macro backdrop, the New York City Rent Guidelines Board&#x27;s freeze on roughly 1 million stabilized apartments, and Sergey Brin&#x27;s reported exit from a New York multifamily fund at six cents on the dollar. We also hit Kroger&#x27;s planned acquisition of Giant Eagle, Digital Realty&#x27;s $3.5 billion data center buyout, and Target&#x27;s latest store openings. Happy Fourth of July from all of us at Trepp. Tune in now. Episode notes: • Economic Update: Manufacturing, Labor &amp; the Housing Affordability Squeeze • New York Multifamily Under Pressure: Rent Freeze &amp; Sergey Brin&#x27;s Exit • Kroger&#x27;s Next Move: The $1.65B Giant Eagle Acquisition • Digital Realty Buys Out Blackstone&#x27;s $3.5B Data Center Stake • 250 Years of American Real Estate: The 13 Colonies in Today&#x27;s CMBS • Three Historic Properties Older Than the Country • Programming Notes &amp; Shoutouts Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

405. 250 Years of Commercial Real Estate, NYC Rent Freeze, Kroger's Next Move, & More

The TreppWire Podcast: A Commercial Real Estate Show

Welcome to the TreppWire Podcast, the show where commercial real estate meets data and insights. This is our week in review for the week ending July 3, 2026. I'm Haley Keen with Trepp, a data, modeling, and analytics firm for the CMBS, commercial real estate, and CLO markets. I'm with Lonnie Hendry, Chief Product Officer, and Stephen Bushbaum, Head of Applied Research and Analytics. On the macro side, the early week data gave us a familiar mix. Manufacturing is still expanding but losing a little momentum. The labor market still looks

resilient but less clean. Housing remains stuck in a low transaction, low affordability environment. And construction spending is barely moving. So not exactly a recessionary backdrop, but also not the kind of data that suddenly makes the rate story easier for CRE. And that fits pretty neatly with this week's commercial real estate headlines. We'll start in New York where the rent freeze for stabilized apartments and Sergey Brin's reported exit from an A&E real estate multifamily fund both speak to the

continued pressure on rent regulated housing. Then we'll move to retail with Kroger's planned acquisition of Giant Eagle and Target's latest round of new store openings. We'll also hit Digital Realty's $3.5 billion buyout of Blackstone's stake in three Northern Virginia data centers, which is another reminder that data centers are still attracting big institutional capital. And then we'll walk through a very 4th of July appropriate data segment talking about the original 13 colonies, 250 years

American real estate history and what those markets look like in CMBS today. So Stephen, start us off with the macro setup. What stood out to you from this week's data? All right, I'll take the macro.

405. 250 Years of Commercial Real Estate, NYC Rent Freeze, Kroger's Next Move, & More

Read the full transcript

The candid version is on a podcast,
not the earnings call.

405. 250 Years of Commercial Real Estate, NYC Rent Freeze, Kroger's Next Move, & More

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.