339. From Data Centers to Derivatives: The 4 Ds of 2025 with Jeffrey Berenbaum of Citi Research
Description
This episode was recorded on April 28, 2025. We are releasing it on July 8, 2025.
In this special guest episode of The TreppWire Podcast, we’re joined by Jeffrey Berenbaum, Director and Head of CMBS and Agency CMBS Strategy at Citi Research. Jeffrey offers insights into financing markets, lending conditions, and the broader economic outlook. We explore the impact of economic uncertainty on property sectors - highlighting challenges in retail and industrial, and resilience in multifamily due to housing shortages. Jeffrey introduces his “4 Ds” for the year: data centers, government efficiency, the dollar, and derivatives. We also discuss shifts in the lending environment, the importance of consumer health data, and the potential effects of tax and regulatory policy on commercial real estate. Tune in now.
Episode Notes:
- Career Background (1:24 )
- Lending Environment Shifts & Optimism (6:25 )
- Economic Uncertainty & Real Estate Impact (7:37 )
- Property Sectors: Retail & Industrial (12:20 )
- "4 Ds" for the Year (13:52 )
- Importance Consumer Health Data (23:09 )
- Office Leasing Trends (23:26 )
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