In this week’s episode of The TreppWire Podcast, we break down macro data pointing to a resilient economy, with Institute for Supply Management (ISM) PMIs at multi-year highs, but employment components still in contraction and the Fed firmly on hold. We dig into corporate AI sticker shock, including one company&#x27;s reported $500 million monthly bill, and discuss whether data center build-out delays could slow the CapEx engine driving the economy. We then cover sports and CRE: underwhelming World Cup hotel demand, the Mavericks&#x27; planned arena at the Valley View Mall site, Samsung&#x27;s HQ move to Plano, and how Midtown has transformed since the Knicks&#x27; last Finals run. To close, we do a Real Estate Investment Trust (REIT) 101 and introduce Trepp&#x27;s new REIT IQ tool. Tune in now. Episode notes: • Economic Update • AI Sticker Shock &amp; Corporate AI Spending • Data Center Build-Out Delays • Trepp MCP &amp; AI Use Cases • World Cup Hotel Demand Underwhelms • Dallas Mavericks’ Valley View Arena &amp; Dallas Stars’ Move to Plano, TX • Samsung HQ Relocation to Plano, TX • Knicks &amp; Midtown’s Transformation • REIT 101 &amp; Trepp’s REIT IQ Tool • 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

399. The Apex of CapEx? AI Sticker Shock, Data Center Delays, REIT 101, & Sports-Driven CRE 

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 June 5th, 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.

This week's macro data gave us a pretty classic good news, bad news setup. On the good side, the economy still looks resilient. The ISM manufacturing PMI rose to 54 in May, its highest level since 2022. And the ISM services PMI also improved to 54.5. ADP showed private employers adding 122,000 jobs in May, and JOLTS showed job openings jumping back to 7.6 million in April.

But the inflation and labor details were a little less comforting. Prices are still elevated across both manufacturing and services, supplier delivery times remain stretched, and employment components in both PMI reports were still in contraction territory, with the ISM Manufacturing Employment Index coming in at 48.6, and services employment at 47.9. So macro data has the Fed pinned in place for now, as the economy still looks resilient enough that a cut isn't warranted,

and inflation isn't quite hot enough to warrant a hike either. On today's episode, we'll also cover a wide range of CRE headlines, including AI spending sticker shock, underwhelming World Cup hotel demand, the Dallas Mavericks planned arena district at the former Valley View mall site, and how the area around Madison Square Garden has transformed since the Knicks' last finals run. Then later in the episode, we'll do a 101 on REITs and plug Trepp's new REIT IQ tool.

399. The Apex of CapEx? AI Sticker Shock, Data Center Delays, REIT 101, & Sports-Driven CRE

Read the full transcript

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

399. The Apex of CapEx? AI Sticker Shock, Data Center Delays, REIT 101, & Sports-Driven CRE

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.