I’ve just returned from the annual CREFC conference in New York, and I’m encouraged by the resilience I saw across our industry. While the atmosphere was noticeably more cautious than the January gathering in Miami, there’s a sense that markets have stabilized after the turbulence caused by the recent “Liberation Day” tariff announcement, which temporarily froze activity for about a month.
Despite the challenges, annual CMBS volume is still projected to exceed $100 billion, with about one-third coming from conduit deals and the remaining two-thirds from SASB deals. Transactions are moving forward, even if the pace feels slower than usual.
Conference Highlights: Geopolitics and Leadership
The event featured two standout speakers. Ian Bremmer shared his perspective on the shifting geopolitical landscape, discussing the influence of Russia, China, and the growing skepticism toward mainstream media. His outlook on Russia was pessimistic, but he noted surprising strength in NATO and a stable — if uncertain — future for Europe. He also expressed concern about the impact of AI on employment, even advising current programming students to reconsider their career paths.
Danny Meyer, known for founding Shake Shack and several other successful restaurants, spoke about the power of hospitality and leadership. He drew a meaningful distinction between service — delivering what’s expected — and hospitality, which is about making people feel valued and remembered. For example, serving a steak cooked to order is service; recalling a guest’s previous preferences is hospitality. Danny’s advice was clear: don’t settle, and build teams with both strong technical skills and a high “hospitality quotient.” That’s how organizations stand out.
A Memorable Weekend at SailGP
I arrived in New York early to catch the SailGP races, and it was a fantastic experience. Several clients joined us for the event, which was both competitive and entertaining. Spain took the win for the second consecutive time, and Brazil celebrated their first fleet race victory — especially notable since their driver is the only female driver in the league.
We had the chance to go behind the scenes, watching Team Australia wrap up their day. I spoke with Tom Slingsby, their driver and a leader in the sport. Tom was part of Oracle Racing for the 2013 America’s Cup, and I had the privilege of sailing with him back in 2012. While he didn’t recall our earlier sail, he shared how much the league has evolved and how rewarding the journey has been. It was great to see someone at the top of their field still pitching in with the team and making time for a friendly conversation.
Statue of Liberty from the water. The way it was meant to be seen.
Team USA’s boat with Team Australia’s sail in the background.
Team Australia.
Takeaways
This year’s CREFC conference was a reminder of the value of resilience, the importance of understanding the broader forces shaping our industry, and the lasting impact of genuine hospitality. Whether in commercial real estate or on the water, success comes from both technical excellence and the way we make people feel. As Danny Meyer might say, don’t settle — strive for that extra level of connection and care.
Best,
Jim Flaherty
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About CMBS.com
Founded in 2000, CMBS.com provides commercial real estate valuation, pipeline, loan origination, asset management, and securitization management software. The firm’s flagship platform, Backshop, is the leading CRE loan origination, management and servicing platform supporting a range of CRE market participants. CMBS.com is also an authorized third-party data provider to the CMBS industry.
Contact
Jim Flaherty
Founder & CEO, Backshop
jim@cmbs.com
