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-half-full and glass-half-empty takes on what’s next, asking the big question: Will April showers bring May flowers for CRE—or more market storms? And while investors search for safe alternatives, one brand is betting on comfort food. Waffle House is launching delivery at 500 locations, prompting the team to wonder: are waffles tariff-proof? Probably. As for sticky tables and hangovers—that’s another story.

01:59 The Tariff Fallout Bigger and Broader than Expected

07:58 Is Retail at Ground Zero for Tariff Impact?

10:37 LightBox CRE Activity Index Insights

14:34 Commercial Real Estate as a Safe Harbor?

21:20 Positive Signs in CRE Market

Have questions for the pod team? Send them to [email protected].

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