Shows
The CRE Weekly Digest by LightBoxNavigating CRE Lending Amid Economic Uncertainty with Eastern Bank's Matthew OsborneHow 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 as affordability pressures rise, and how a VC-fueled life sciences boom led to today’s glut of vacant lab space. His detailed breakdown of venture funding cycles, tenant demand, and submarket saturation is a must-listen for anyone tracking the life sciences and lab a...2025-05-2341 min
The CRE Weekly Digest by LightBoxMarket Rebound—Too Much Too Fast? Trade Hopes Rise, CRE Activity Up, Fed Holds BackDoes 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 Port of Los Angeles to persistent uncertainty in corporate earnings, warning signs run counter to renewed optimism. The team flags a shift from April’s panic to May’s complacency, cautioning that investors may be underestimating looming supply disruptions and pri...2025-05-0939 min
The CRE Weekly Digest by LightBoxCRE Distress Decoded with Tammy & David Goldfisher—The Real Story Behind Loan Workouts, Distressed Assets & Capital Market RiskDistress 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 markets landscape. With over 30 years of experience each in lending, advisory, and CMBS workouts, they specialize in helping owners navigate distressed assets and save their properties. They explain why we’re still early in the distress cycle, where borrowers are making critical mistake...2025-05-0233 min
The CRE Weekly Digest by LightBoxA Turnabout on Trade and Fed Talk? Plus the Housing Slump & First CRE Draft—A Market on EdgeMarkets 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 dives into a stalled $778M securitization deal, a funding $17B pipeline on pause, and why “a dead battery, not a blown engine,” might be the best metaphor for today’s economic environment. Plus, the LightBox Appraisal Index shows lenders are still engaged—at least for now. A...2025-04-2538 min
The CRE Weekly Digest by LightBoxCRE Capital Markets with Rick Jones—How Distress, Demand and Debt are Reshaping the Real Estate CycleRick 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 debt. Rick’s take? The CRE market is doing just fine—but there are some tells that he says will warn us when real trouble is afoot. Never one to shy away from knotty topics, Rick makes the case for considering CMBS conduit reinvention, and why the b...2025-04-1134 min
The CRE Weekly Digest by LightBoxCRE Post Tariffs—Safe Harbor or Risk of Downdraft?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 Activity Index suggests yes—for now. March saw its highest reading since September 2022, driven by gains in listings, appraisals, and site assessments. But even in this volatile market, there will be winners and losers. The team shares their glass-hal...2025-04-0434 min
The CRE Weekly Digest by LightBoxState of the CRE Debt Market—Insights from CREFC’s Lisa PendergastThis 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 levels of new issuance, lenders are proceeding with a disciplined approach to underwriting deals. Lisa shares insights into the performance of key asset classes and puts some important perspective on negative media headlines. The discussion also covers policy and regulation and the potential impact of stagflation...2025-03-2830 min
The CRE Weekly Digest by LightBoxThe Fed Soothes Market Madness Plus Retail Sales, Housing, Big CRE Deals, and Leaps of FaithA 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 about the impact of tariffs, especially on consumer confidence and housing. In the commercial real estate sector, it's a dive into the good, bad, and ugly covering major office lease renewals, office-to-residential conversions, and even federal land development proposals. But with all...2025-03-2138 min
The CRE Weekly Digest by LightBoxCRE Deal Activity Surges—Will Recession Fears Drag Investors Down?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 bond yields to heightened volatility in the stock market. Despite the turbulence, the LightBox CRE Activity Index surged 19% month-over-month and 27% year-over-year, signaling continued strength in commercial real estate transactions. The team also unpacks the latest CMBS issuance surge, what Delta’s earnings reveal about business travel pullbacks, an...2025-03-1433 min
The CRE Weekly Digest by LightBoxCan CRE Investors Dodge Tariff and GSA Office Turbulence?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 buyers seized lower rates, while a surprising wave of scorched land listings in LA hints at long-term fallout from recent wildfires. Dianne shares insights from the CRE activity index, with February data showing strong momentum despite macroeconomic headwinds. In Manhattan, institutional investors are eyeing opportunities as leasin...2025-03-0734 min
The CRE Weekly Digest by LightBoxInflation Concerns, CRE Lending, and Why You Shouldn’t Put All Your Eggs in One BasketMartha, 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 layoffs, the cautiously optimistic forecast for CRE lending in 2025, and the sentiment coming out of the MBA conference—where banks are back, but no one is calling the market “normal” just yet. This episode also featured a discussion about the recent LightBox Wildfires Report with insigh...2025-02-1431 min
The CRE Weekly Digest by LightBoxPolicy Twists, Market Turns: CRE Activity Stays PositiveInvestors 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 could mean for unemployment. On the CRE front, the LightBox Activity Index brought some reassuring news—appraisals, transactions, and ESA activity all showed year-over-year gains, a positive sign despite market volatility. Dianne shared key takeaways from her keynote at the Environmental Bankers As...2025-02-0729 min
The CRE Weekly Digest by LightBoxDeepSeek Disruption, CRE Market Sentiment, and Retail & Office TrendsThe 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 Sputnik moment and its potential impact on data centers, power demand, and the broader market. The team also takes stock of CRE’s cautiously bullish outlook, from investors itching to get back in the game to the latest LightBox CRE 2025 Predictions Report, where indust...2025-01-3137 min
The CRE Weekly Digest by LightBoxGaming out 2025 for CRE with Ryan SeverinoRyan 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 Trump policies start to take effect? From the cautious sentiment around the increase in Treasury yields to insights on how AI is reshaping CRE asset management and portfolio strategy, Ryan gives the team his unvarnished analysis. It’s a...2025-01-2438 min
The CRE Weekly Digest by LightBoxCRE Enthusiasm High, Will Bond Market Cooperate?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, the team takes a spin through the spirit of the U.S. economy’s past, present, and future, starting with December’s 40-basis point rise in 10-year Treasury yields, to current concerns about inflationary pressure. But there...2025-01-1040 min
The Environmental Due Diligence PodcastAnthony Buonicore on Life, BEPIE, and the Pursuit of HappinessSend us a textIn this month’s episode, LightBox host Alan Agadoni interviews Anthony Buonicore, Chairman of Sustainable Real Estate Solutions, Inc., and the Task Group Chair for ASTM E3224-19, Standard Guide for Building Energy Performance and Improvement Evaluation in the Assessment of Property Condition. Tune in as they discuss how Anthony got his start, the intent and differences between the older BEPA standard and a BEPIE, and the current state of energy efficiency in Commercial Real Estate. 0:58 Anthony Buonicore’s background and professional accomplishments 5:56 The inspiration behind EDR, running dual businesses, and the major...2025-01-0744 min
The CRE Weekly Digest by LightBoxThe Bulls Are Beating the Bears in Early 2025In 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 listings on the LightBox RCM® platform during the final weeks of 2024 dovetails with bullish sentiments from industry leaders as we head into 2025. Dianne shared an early look at responses from the LightBox Capital Markets Advisory Council’s Q4 survey results. Council members’ optimis...2025-01-0335 min
The CRE Weekly Digest by LightBoxThe Year in Review: Successes, Setbacks, and SurprisesThis 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—to the setbacks, including the inconsistent path of the 10-year Treasury, persistent “hotter for longer” economic data, and rising distress in office and multifamily sectors. The team also highlights the year’s surprises, such as transaction activity holding steady despite market challenges and fewer bank fai...2024-12-2040 min
The CRE Weekly Digest by LightBoxInvestors Eager to Indulge in Fed Punch Bowl, but Will Sticky Inflation Bring a Hangover?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 session with some sky-high valuations. Is the Fed getting bullied by the market to proceed with the December rate cut? And Dianne provides the detail behind the LightBox CRE Activity Index’s second consecutive monthly decline, but strong YoY growth. With movement on inflation, interest...2024-12-1338 min
The CRE Weekly Digest by LightBoxCRE – Yellow Brick Road vs. The Boulevard of Broken DreamsThis 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 today’s more turbulent landscape, shaped by inflation, high interest rates, and global uncertainty. He recommends practitioners follow the mega-trends reshaping the CRE industry: the reshoring of manufacturing, and the transition from CBDs (central business districts) to live-work-play neighborhoods. The discussion also delves into how adaptive reuse offers a pote...2024-12-0631 min
The Environmental Due Diligence PodcastNew ASTM Certification for EPs Conducting Phase I ESAsSend us a textPublished in early November, the new ASTM Certified Environmental Professional Program is designed to prepare EPs with the tools they need to succeed in conducting Phase I ESAs. In this month’s episode, LightBox host Alan Agadoni interviews Brittney Gibson and David Von Glahn about the details of the program, including preparation, registration, and the rigor of the course. 0:30 Panelist intro and introduction to ESA training and certification programs 1:53 Goals and details of new ASTM Certified Environmental Professional Program 6:50 Differentiators of Environmental Liability Professional Level 1 Program 7:56 Who is this new program appropriate for an...2024-12-0327 min
The CRE Weekly Digest by LightBoxBond Market Concerns: Is the Fed Blowing It?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 divergent retailers like Walmart and Target and some warnings on potential inflation. But as always, there are CRE data and stories delivering some positive offsets. In a special segment, Dianne and Martha, cover an inspiring adaptive reuse story by interviewing Luis Menendez, Director of Con...2024-11-2235 min
The CRE Weekly Digest by LightBoxSpecial Edition – The Trump Economic Agenda, Another Rate Cut, and CRE Activity IndexIn 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 these could have on commercial real estate. They also unpack the Fed's recent decision and what the CRE Activity Index reveals about market sentiment and investor activity as the industry navigates a shifting policy landscape. Have questions for the podcast team? Reach out to podcast@ligh...2024-11-0836 min
The Environmental Due Diligence PodcastHolly Neber Introduces New Property Resilience Assessment StandardSend us a textRight before the ASTM standard for Property Resilience (ASTM E3429) was published, LightBox’s Alan Agadoni interviewed Holly Neber, CEO of AEI Consultants. Tune into this month’s episode to catch up on how the new Property Resilience Assessment standard was established and what the opportunities are for environmental professionals. Plus, Holly shares some tips and tricks for those curious about breaking into the field and bulking up their experience. Holly mentioned a few great resources in this episode. Check them out below: The CRE Weekly Digest: CRE Market: Recalibrating Invest...2024-11-0741 min
The CRE Weekly Digest by LightBoxCRE Market: Recalibrating Investor ConfidenceWith 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 ‘Professor’ Manus gives us an education on CMBS losses with some doses of fact and fiction. Transactions covered this week have some surprises and a fair share of green shoots. Have questions for the podcast team? Reach out to podcast@lightboxre.com.2024-11-0141 min
The CRE Weekly Digest by LightBoxDid the Fed Rate Cut Backfire?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; CRE appraisal trends for Q3; office leasing comps, and sales comps with one that sounds like ‘music’ to our ears. Plus, a deep dive into post-storm impact related to hazardous substances and contamination, emphasizing the need to assess these risks. Listen to...2024-10-1138 min
The Environmental Due Diligence PodcastExperts React to 2024 PFAS Benchmark Survey: The Road to ConsensusSend us a textIn this month's episode, our host Alan Agadoni, SVP Environmental Due Diligence solutions at LightBox, and a panel of experts discuss results from LightBox's 2024 PFAS Due Diligence Benchmark Survey. On our panel is Georgie Nugent, Environmental Division Director at McFarland Johnson, Jon Kitchen, who is a Principal at Civil & Environmental Consultants, Inc., and Victor DeTroy, National Practice Leader, Due Diligence Services, AEI Consultants. They discuss trends in the data and whether the industry has reached a consensus on how to conduct and interpret the results of PFAS due diligence for commercial real estate...2024-10-0846 min
The CRE Weekly Digest by LightBoxCan CRE Good Will Sidestep a Hurricane, Labor Strike, and War?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 confidence in the CRE market. Listen to the discussion about how the Fed policy shift has fueled an increase in property listings and due diligence activities, setting the stage for a strong fourth quarter. But the young recovery could go wobbly with recent macro eve...2024-10-0434 min
The CRE Weekly Digest by LightBoxCRE Forecasting — How Many Ways Can You Say Cautious Optimism?Join Martha Coacher and Dianne Crocker on this week’s episode of the CRE Weekly Digest by Lightbox, featuring lending industry expert Candi Coleman. They discuss the top concerns among lenders and appraisers, assess current economic shifts impacting commercial real estate, and share the post-Fed rate cut takeaways from the CREW Network convention. Plus, hear why one industry titan has decided to “check out” of one of its well-known lodging brands.00:59 Economic Data and Fed Rate Cut Impact05:08 CREW Network Annual Convention Takeaways05:47 Commercial Real Estate Forecast08:59 Housing Market Update...2024-09-2727 min
The CRE Weekly Digest by LightBoxSpecial Edition — What the Fed Rate Cut Means for CREIn this special edition of the CRE Weekly Digest by Lightbox, Martha, Manus, and Dianne discuss the implications of the Fed's 50 basis-point rate cut. What are some of the immediate and long-term effects on commercial real estate as the market shifts into this easing cycle? The team details the tailwinds for bank lending, private equity, developers, and brokers, as well as the broader U.S. economy. But there are some areas of concern to watch for. Find out where those pockets of risk remain.01:01 Market Implications of the Rate Cut03:51 Paradox of the...2024-09-2024 min
The CRE Weekly Digest by LightBoxMarket Signals Keep CRE Investors GuardedIn this week’s episode, Martha, Manus, and Dianne explore why recent data on inflation, jobs, and the consumer economy are tempering CRE market enthusiasm, even with expected Fed rate cuts. Plus, the team offers a look at LightBox data which reveals promising signs for the Q3 2024 Appraisal Index and what that may mean in the following months for CRE participants. 0:10 Economic Policy Predictions 9:00 Market Sentiment and CRE Outlook 12:50 LightBox Data Dive: Appraisal Activity 17:31 From the Field 25:35 Who’s Fighting for Office Space? 32:15 9/11 Anniversary Tribute Have questio...2024-09-1336 min
The CRE Weekly Digest by LightBoxSoft Landing in Doubt with Fresh DataIn this week's CRE Weekly Digest by LightBox, Martha Coacher, Manus Clancy and Dianne Crocker dissect a new round of data from labor reports, retail earnings, and market performance that raise doubts about a soft landing for the economy. The latest on jobs and consumer spending is spooking traders. Is the bad news really bad this time around? “Professor” Manus gives us his take on the uninverted yield curve and how Treasury moves could impact refinance opportunities; Dianne offers a sneak peek at the CRE Activity Index and what it means; and the team dives into some good and not...2024-09-0638 min
The CRE Weekly Digest by LightBoxInvestors Close the Book on August; Look Toward Rate CutsTune into the latest episode of The CRE Weekly Digest, where Martha, Manus, and Dianne unpack the soft-landing narrative supported by new data on inflation, retail earnings, and the expected September Fed rate cuts. Plus, a deep dive into LightBox data on investor interest in multifamily and retail listings, and the latest on one executive’s high-flying commute.00:29 Soft Landing?01:55 Retail Earnings Surprises9:56 Housing Market Challenges 11:49 LightBox Data Dive: Investor Interest22:01 Office Leases Worth Noting26:14 Office and Multifamily Transactions32:22 Data Centers and Energy Challenges 36...2024-08-3136 min
The Environmental Due Diligence PodcastKey Updates and Insights on Forestland Due Diligence with Matt LeshSend us a textIn this month’s episode, Alan Agadoni, SVP Environmental Due Diligence Solutions at LightBox, talks with Matt Lesh, Chair of the ASTM E2247-23 Task Group and Professional Geologist at SLR International Corporation. They discuss the latest updates to the ASTM standard for Environmental Site Assessments on forestland and rural properties, how it compares to E1527, and the recent EPA recognition of E2247-23 for CERCLA’s All Appropriate Inquiries.00:35 Meet Matt Lesh: From Geologist to Task Group Chair02:14 The Evolution of Timberland Assessments05:59 Key Differences Between Stan...2024-08-2930 min
The CRE Weekly Digest by LightBoxGame On for the CRE Market in Q4?Join Martha, Manus, and Dianne as they dive into this week’s market moves impacting CRE—retail earnings that give more clues about the consumer economy, Fed rate cut predictions, and the big downward revision on jobs. The team discusses the LightBox CRE Activity Index early indicator signs, and how to read the tea leaves about recent environmental assessment trends. Going from shifts in value vs. high-end retail to trends in office, industrial, and self-storage, the team asks will Q4 2024 bring fireworks or fizzle?00:49: Labor Market Risk12:06: Retail Earnings: Value vs. High-End ...2024-08-2336 min