In this special holiday episode of The TreppWire Podcast, we take a step back to “unwrap” the biggest property-sector themes as the year winds down — and one word stands out: bifurcation. We dig into the major data and headlines from 2025 to uncover where performance is holding strong and where early signs of softness are emerging across sectors. We highlight the markets that surprised us most this year, including New York, San Francisco, and Chicago. In our year-end property-type check-in, we revisit the biggest headlines, deals, and storylines across commercial real estate — from office and multifamily to retail and beyond — and look at where unexpected momentum appeared. We wish all our listeners a joyful holiday season! Tune in now.Episode notes: • 2025 Themes that Stand Out (1:14)• Markets that Surprised Us: New York Office (11:48)• San Francisco (14:11)• Chicago (19:08)• Multifamily/Apartment Market (24:41)• Retail (35:55)• Lodging & Hotels (46:14)• Industrial (51:17)• Programming Notes & Shoutouts (58:36)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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