31. CMBS Delinquency Rate Sees Another Big Decline, Underwritten vs Actual NOIs, Top Secondary MSAs

In a normal summer, August results in lighter volume (and more volatility). Of course, this has been a summer like none other. In this week's episode, we break down the macro trends, the most recent CMBS delinquency data, potential forbearances, retail as “the falling knife,” and the top secondary MSAs for CRE investment. Inspired by Bruce Springsteen, Manus explains the similarities between Texaco road maps and the early CMBS mega deals. Episode Notes: Not your typical August (1:11) Takeaways from this month’s delinquency data (10:45) Is retail the “falling knife”? (14:39) A data-driven approach to assessing property values (22:44) The debate on when to return to the office (26:48) The CRE Deal of the Week (38:03) Top secondary MSAs for CRE investment (42:20) Comparing underwritten vs actual NOI (44:58) Life insurance commercial return index surges in Q2 (50:57) CLO exposure to college cafeterias (52:37)