Diverse Data Signals – Equity Highs, Housing Pops, and Multifamily Moves

For the week ending September 26, the LightBox team unpacks a market full of data contradictions. Fed Chair Powell may have given equity investors a sentiment reset, but stocks remain near record highs with CAPE (Cyclically Adjusted Price-to-Earnings) ratios at 40, rivaling the dot-com bubble era.  Still, there’s concern over tariffs, labor softness, and massive AI-driven capex weighing on earnings. Consumers continue to spend on value items as FedEx’s 5% rise in U.S. package volumes shows, but the upcoming holiday season may reveal how much tariffs bite into retail margins.

On the CRE front, August LightBox data showed 74% of deals traded at a gain, but nearly half of the discounted sales were offices, highlighted by a New York asset selling for $164M less than its last price. Multifamily markets delivered more mixed signals: Seattle saw a $400M portfolio trade and a $95M Class A sale at $450K per unit, while Atlanta posted both a $110M gain and a 26% loss on assets bought at the 2022 peak. In San Francisco, a $119M Mission District sale carried the headline: “AI jobs set to feed the market.”

The team also dives into Beverly Hills, where a $205M office traded at $770 per square foot, proving Class A in prime locations can still command premium pricing, while Nashville’s boutique Bobby Hotel fetched $1M per key. They close on a sweet note with Tastykake’s Philly roots holding strong, even as Prologis markets its Navy Yard bakery site.

It’s a week of contrasts, markets are frothy, yet fundamentals are uneven; CRE is steady, but price discovery continues.

01:00 Market Overview & Fed Insights
06:02 Tech Market Dynamics & Valuation Concerns
09:14 Consumer Spending Trends & FedEx Earnings
13:04 Housing Market Trends & New Home Sales
15:59 Office Sector Challenges & Return to Work Policies
19:02 CRE Transaction Insights
23:47 Multifamily Market Activity & Notable Sales
28:17 Beverly Hills Office Market Resilience & Hotel Sector Highlights

Have questions for the pod team? Send them to Podcast@LightBoxRE.com. 

www.lightboxre.com

Transcript

The CRE Weekly Digest by LightBox

Episode 65: Diverse Data Signals – Equity Highs, Housing Pops, and Multifamily Moves

September 26, 2025

Martha Coacher: This is the CRE Weekly Digest by LightBox, a firm transforming the commercial real estate landscape by connecting every step of the CRE process with comprehensive tools and data. I'm Martha Coacher with Manus Clancy and Dianne Crocker. For the week of September 22nd to the 26th, markets just took a breather after Chair Powell sharpened the risk picture in his first comment since the rate cut last week, he said the central bank is in an unusual bind. Concern about the job market is growing at the same time. Inflation is still running above target. Fed officials do see more cuts ahead, but we were reminded that there is no risk-free path.

And when he said the equities look quote, fairly highly valued, that helped. Cool sentiment after record highs with tech leading the pullback, Manus for commercial real estate. It looks as if we're gonna have a control drop in rates. How do you think this is gonna play out in the fourth quarter? 

Manus Clancy: Well fed chair Powell did say that he anticipates having two more 25 basis point rate cuts over the remaining three months of the year, so he's already signaled that it's likely that we'll see another 50 basis points between now and New Year's Day.

That gave the markets some soft certainty, if you will, that short term rates are coming down, but. That means nothing really to long dated treasuries, which are such a big driver of the CRE market. If you go back, if you rewind to September of 2024, we saw that 50 basis point rate cut. There was a very short sugar high where the yield on the 10 year treasury dropped, but shortly thereafter, it ran up to close to a hundred basis points over the next few months and what we've seen since this 25 basis point rate cut a few days ago.

Is more of the same. I think we're at about 4.04%. Before the fed announcement on the 10 year treasury, we had a very brief sugar high only for about 45 minutes after the announcement where the 10 year went below 4%. But since then, it has moved up to 4.14, 4.15%. So bond investors, I think. Rationally are saying to themselves, there is some risk here.

The risk here is that the Fed lowers too fast. It triggers a speculative frenzy of buying of risk assets, whether that is stocks, crypto, CRE, and that leads to a new round of inflation. Let's not forget that. Cheaper money means more deals will pencil right at, at least if you're using short-term debt for your financing.

Short term lower rates means maybe affirming up a property value. That means that maybe CRE investors are chasing the next next investment to make that next investment work. They have to push rents higher, which means higher. CPI, at least in terms of the housing. Line item within the CPI calculation. So there's a lot going on here, and I do think that the bond market isn't wrong.

I think that there's not a straight line between a 75 basis point cut in the short term treasury rates, or the overnight rates, I should say, from the Fed and a 3 75 Treasury. It just doesn't work that way. 

Dianne Crocker: Yeah, it's an interesting week. Everything feels Manus like it's, it's all over the board. You know, I think on the tenure, you're right, some are hoping for more of a reaction there to the rate cut, you know?

And of course the importance of the tenure treasury is, that's the long end of the market, and that's a really good read, as you said, and to how investors are feeling. Because they're the ones who are calling the shots there. So I think in a lot of ways the 10 year treasury holds more sway in terms of where commercial real estate is headed.

It's really broadly impactful on debt. It's broadly impactful on the market's capacity to lend. It impacts valuations, which in a lot of sectors as we talk about here, valuations are very much in flux. So I think while the rate cut wasn't a surprise, it was good news on the margin. But that long end of the yield curve I think is worth watching.

And then the other thing I wanted to bring to the surface is I thought the Fed statements this week were really, really interesting because in some ways those were a mixed bag too. You know, you had Fed Chair Powell, you had fed Governor Bowman. They both made statements and it was kind of like these dueling dashboards.

You know, Powell seems to be watching prices very closely as he has been. Noting that tariff effects are lagged and they could keep inflation a bit higher over several quarters. So while he's watching prices, Bowman came forward to say that she's watching paychecks. You know, she sees any tariff impact on prices as small and relatively short-lived, but she's concerned that the labor market is starting to look more and more fragile.

So I'm very curious to see what the PCE report says on Friday, because that could decide who gets the mic next. And I think if it comes in hotter than expected, that could definitely throw future rate cuts into question. 

Manus Clancy: I do think that your remark just now about things being all over the board is spot on.

I, I like to keep that one on the short list of things that we discuss over the next couple weeks because you do see. So many countervailing wins right now that on the one hand we're seeing unemployment and labor weakness. On the other hand, we're seeing stocks at all time highs. Martha, I know you have a data point about pe.

Ratios being near all time highs. I'm interested to hear that soon. So you do have this real dichotomy on the stock side. You probably have a really nice wealth effect where people are feeling wealthy right now and willing to spend on new items regardless of price. But on the other hand, we do know that jobs are harder to come by.

So how do you balance those two things? 

Martha Coacher: You mentioned, uh, PE Data Point. Powell obviously was referencing the all time record highs of equities right now. He's absolutely right and there's data obviously to support that. One of the data points that was interesting that came out this week was known as the Cape Ratio, which is a cyclically adjusted price to earnings ratio.

It's at an all time high compared to the year 2000. And if we all remember what happened in the year 2000, there was the.com bubble. And if you look at this, the reading of 40 investors are paying $40 for every dollar of average inflation adjusted earnings over the past decade. That means. For every dollar of profit investors are willing to pay 40 bucks in stock price today.

Now today's market isn't what it was in 2000. We've got a number of differences. Today's big tech companies are producing massive, durable profits. This isn't the era of pets.com, and in 2000, the Fed was tightening into an overheated market. So today we're coming off peak rates, but it does give us a reminder that we are in historically rich territory.

Manus Clancy: We are in historically rich territory. There's no doubt about this. When you talk about us not seeing this since 2000. That takes us through a lot of economic cycles to say that this is the Frothiest period since before the iPod. So it is a concern, and I do think that investors are completely discounting a couple of things that could bite them in the long term.

I was watching CNBC this morning. They had Gabriela Santos on who is the Chief Investment Officer of the Americas for JP Morgan. And she said there's two things going on right now that investors are not really considering when you're talking about this 40 x. P ratio number one is only now are investors starting to get a sense that the CapEx involved in building these AI products is gonna be so extraordinary that that will undoubtedly weigh on earnings in the near term that.

The profits may follow, but the expenses are going to be through the roof, which will weigh on those corporate profits. The other thing she said is hard data is showing that most companies are paying the tariffs and are watching margin contraction. This is particularly true of consumer goods in the us.

That is the other side of the earnings coin, that if that's the case and her data is correct, then in that segment of the market. You should also see earnings compression as companies pay these tariffs. So you really have a little bit of whistling past graveyards right now with investors paying this 40 x on the hope that this AI drives a whole new range of internet like profits like it did 20 years ago.

But they are completely overlooking some of the pitfalls that could happen, and let's not forget. Some of those early bets on a OL and Yahoo didn't exactly pan out in the long term. It was somebody else who really made the money on the internet, not those first movers. 

Dianne Crocker: The other element that's happening manis, is even though prices are higher, as tariffs hit, we're starting to see impacts on the way that consumers are spending.

So let's talk about FedEx for a minute, because their latest earnings just came out. And it's interesting to read about FedEx's earnings and the commentary that went with it because it really does kind of give us this read. Into consumer behavior. So in terms of FedEx's corporate earnings, they beat Wall Street estimates, so that's a plus.

Their revenue was up a modest 3% to 22 billion. Their earnings per share, though, came in stronger than expected, and part of the reason is that US package volume climbed 5% year over year. So that's a sign that domestic e-commerce is holding steady, even if some of their international shipping lanes softened a bit.

So when I read that and I think about what it means for consumer spending, you know, I'd probably characterize it as fine, not frothy. I think consumers are still filling their online carts, but their spending isn't necessarily as extravagant as it has been. They're buying things that they need for everyday purposes, you know, a steady stream of spending, but they're being more value conscious.

They're watching price points, they're watching total costs. So I think watching FedEx's earnings over time will be really interesting to see if consumer spending is starting to wane a little, which I think is unlikely as we're heading into the holiday season, but maybe it's, it's more of a crafty kind of Christmas where we're making each other Christmas presents instead of spending big, 

Manus Clancy: well.

You bring up their holiday season, and I do think that this is a more important one than most. We always look at this season a lot. We wanna see if sales are up, we wanna see if prices are up, how much discounting is going on and so forth. But what we haven't seen yet, I don't think is the true impact of the tariff on the earnings.

And I do think we will see it during the holiday season. If you think about the flow of goods this way, if you think. Retailers were stockpiling inventory in the first quarter in anticipation of tariffs being announced in the spring. Then the passing on of higher costs would not have been showing up in May, June, July, August.

Right? They would've been burning through inventory. But the Christmas season, the holiday season is a, a whole different ball of wax, right? You're building up your inventory over the summer. For what you hope will be a buoyant holiday season, if we're gonna see a compression of earnings from retailers, I think we see it in that Q4 earning season, and it could be very severe.

I think that's thought number one with regard to spending, but going back to the earlier talk about earnings and and tech and so forth, I do think that just as we saw during the big tech times. Of 2000 right during that runup. I do think we are in a pick and troubles moment right here, and I think that at the end of the day, maybe this was a very early call for me and it'll take five years to play out.

I think the people that will make the money in this cycle are those that are selling the chips that the AI builders need. They will be the ones that are cashing the big checks for the next five years. I do think that those that are building the models, because there's so much competition and there's so much spend, I think that is a really backended profit we see among us corporate earnings 

Martha Coacher: man is this week there's a lot of data to be released, which obviously the fed's gonna be using to gauge what they're gonna do.

In October, we saw housing reports this week on housing sales that popped 

Manus Clancy: Pop. Might be an understatement. Analysts were expecting new sales to come in at 650,000 Today. The number itself was 800,000 new home sales, which was the highest level since August of 2022, which was right before we started to see.

Interest rates really get pushed higher and higher and higher, and you have to ask yourself, what is this happening? Is it capitulation by the home builders? Are they saying we have to move inventory now we're sitting on it. We have to discount and get rid of these things and buyers are taking advantage of this.

Or have mortgage rates come down just enough that these deals pencil for people that were on the fence before? But when you look at the timing of this. And you say the last number that we saw, like this was August of 22, and I'm getting my head inside of the home builder's psyche right now. If you're in August 22 and you see rates shooting up for the foreseeable future, you're probably in heavy discounting mode at that point too.

And you're saying, we gotta move. This inventory while the getting is good, and that probably led to that August 22 print. What we're seeing now might be because the sediment has been so low that home builders are saying, the economy is weakening, the job market is weakening. We have this inventory. Now is the time to flush it out before it gets worse.

I don't know. I like to see the glass half full and say, this is a confident consumer coming in, taking advantage of modestly lower mortgage rates. But I fear that this is a flushing out of inventory. Time will tell. 

Dianne Crocker: It was definitely a surprise. Manus, and based on what you just said, it kind of brings to mind a topic that I believe we talked about last week or the week before, which is that home building permits and construction were down.

And we kind of read that as a sense that home builders were getting a little skittish maybe, maybe a lack of confidence. Now, whatever the reason for this uptick in home purchases, you know, you have to wonder, will there be kind of a. A reaction on the side of home builders. You know, what might we see in the next month or two in terms of permits and construction?

Manus Clancy: If you had a party that was 50% home builders. 50% equity investors in the same banquet hall. Right. You'd see quite a different dynamic. On the one side, you'd see the equity investors popping champagne, getting bottle service and buying off the top shelf. And, uh, on, on the other side of the room, you'd see the home builders right.

Eating, uh, cheese whiz on Ritz crackers. Right? It's, it's a very diverse. Set of data we're seeing right now, and two very disparate points of view about where this US economy is and where it's going. And it makes things so difficult to really get your arms around what comes next. 

Martha Coacher: And we've talked about office many times and the return to office.

We saw two reports this week that say the office sector is still wrestling with its slow grind back. 

Dianne Crocker: Yeah, the stories were interesting. You know, one was, I saw the term hybrid creep. 34% of workers are now required to be on site at least four days a week, and that's a big jump from 23% in 2023. Companies are kind of using this.

Boiling frog approach by gradually increasing the days that employees need to be in-house rather than mandating, you know, you need to be back five days a week all at once. Hybrid creep could signal the beginning of the end of, of flexible work at many companies as employers are really kind of pushing.

For more control and and collaboration. But at the same time, there was a Wall Street Journal article that took a different angle saying that return to office has stalled big names like Microsoft, like Amazon. They've really toughened return to office, but the reality is that attendance isn't sticking.

And for many firms that have a three to four day mandate in place, they're seeing compliance of under 75%. So, you know, I don't know. I think companies aren't likely to fire good people for not coming in, and I think the data backs that up. Enforcement spotty top performers maybe get a little more leeway than junior staff.

But I think the overriding theme across the two stories is the push is for more days in office and to do it more often. So I think from a commercial real estate perspective, that is good for leasing demand, um, especially for quality space where you have collaboration perks or a barista in the lobby or a golf simulator machine.

But yeah, I think the response to office could be very uneven and older. Commodity space will still struggle. 

Manus Clancy: I think employers in many cases are pushing on a string here. I think that unless you have really dedicated technology, like key cards and you're checking who's in and you're really looking at all this data, it's really hard to enforce.

You know, imagine you're at a big Microsoft campus and there's thousands of people, and on any given day, 20% of them might be off because they're not working in the office. You know that you're always gonna be 80%. Full and that some people are gonna be missing. It must be very hard to police who is in, who is out when there's always a big cohort of people missing.

And that's why I think employers are pushing on a string here. You know? Was Bob here one day last week or was he here Two days? How about Karen? Was he here one day or two days? I think it's gonna be very easy for employees to easily make. A four day week, a three day week. And that's the challenge for employers that it's gonna be hard to get people to really abide by this when a, it's hard to keep people, as you said, Dianne, if they're good at what they do, especially with this new AI hiring frenzy.

And also it's very hard to really police. 

Martha Coacher: Turning to our LightBox data dive. Dianne, you're gonna give us another peek at what's happening in our August transaction tracker. 

Dianne Crocker: I am. I wanted to go back to that our August analysis of major commercial real estate deals just published this week. We talked about it a little bit on the pod last week.

But Manis, I'm always happy for an opportunity to tell you that you were right. And in this case it was regarding the discussion about the 21% of deals that closed in August where we did have prior purchase data. And what we talked about last week was that 74% of those traded at a, at a gain at a higher price, while 26% sold at a loss compared to the prior purchase price.

And what you said, man, you might remember, is that. You predicted that much of those discounts were on office assets. So we did go back and look and you were spot on. Nearly half of those deals that sold at a discount, 42% to be exact were on office properties, and the greatest loss was associated with an office property in New York City that sold for 164 million.

Below its previous 269 million sale price. So it's another sign that as prices continue to reset, we're seeing some strength in certain sectors and certain geographies, but we're seeing lots of pockets of distress that are dragging down values in others. 

Manus Clancy: Yeah, I think the fault line there is really the Class A is often holding its own, if not thriving, and we're gonna have a story about that.

Later in in Beverly Hills, but the B and the C is still in that discount bin, that deeply, deeply discount bin. It's really undeniable regardless of what. Market you're talking about 

Martha Coacher: and our, did you know for the week takes us to the highest volume of deals for last month. 

Dianne Crocker: I was curious to see which cities kind of rose to the top.

So I looked at the August data, and this is on the basis of the number of transactions, not the sale prices. And what I found was the highest volume of deals last month were in. Florida Metros, so Jacksonville and Miami were at the top. And then we also saw a lot of deals in Brooklyn. So just outside of Manhattan and also Chicago and Denver, so a very broad brush across geographies.

They weren't all in the Sunbelt, they weren't all in the Midwest, they weren't all in New York. So in some ways I think that's, that's reassuring because it, it shows that deals are happening across geographies and and across asset classes. Certainly still led by multifamily. So the report came out this week.

If you wanna see some of the names behind some of those big deals, check out the August transaction. Report report. And of course, Martha September closes next week. I can't believe it. And that is the end of the third quarter. So that means we'll be seeing our September CRE activity index very soon, and that will be the first sign of what that interest rate cut did to commercial real estate's momentum.

Manus Clancy: I don't know if this.

I will say that I do look at property sales like a lot of guys my age. Look at their fantasy football team. How many yards will this guy gain this weekend? How many touchdown passes will this quarterback throw? For me, it's how much will this Class C office building that was built in 1935 in Charlotte sell for?

And that's a long-winded way of me saying that in looking at the tea leaves this month for the September sales, I do feel like. We're not seeing things go through the roof. We're not seeing a huge uptick after a slowish August, which was predictable, where, you know, sales kinda level off because of the late summer vacations.

But I do feel like it's very, very steady. So whatever turbulence we've had in the market from interest rate volatility. Bumpiness over tariffs, geopolitical events doesn't seem to be impacting yet. The velocity of sales, it seems to be very, very steady akin to what we were seeing in June and July. That's just a gut from what I'm seeing in the data, but we'll know for sure in about a week.

Dianne Crocker: Yeah, listen, I'll take steady any day of the week to flat or declining and, and maybe if that's how September plays out for the month as a whole, maybe the story there is just many had already baked in that 25% basis point cut because it, it really came as no surprise to anybody. 

Martha Coacher: We have a lot of transactions to cover.

We're gonna whittle them down to the highlights. Let's start with multifamily In Seattle, we've got some signs that the market's thawing there. 

Manus Clancy: Yeah, we saw two very big sales out there. The first one, a $400 million purchase of five Seattle area apartments. The buyer there. Security properties, the seller, Washington Holdings over 900 units transacted in this particular transactions.

It is one of the largest multifamily acquisitions in that region so far this year. The price. Implies about $450,000 per unit, so a good sale there if you move elsewhere. In Seattle, a big one. Eighth and Republican. This is at the corner of eighth and Republican Streets in Seattle, a class A. Apartment complex, the purchase price there, 95 million, uh, 211 units, again, equating to about $450,000 per unit.

There, we don't have the buyer, but Eli hch, Kyle Yamamoto, Mark Washington, Natalie Casper, CBRE. They all represented the seller there. So a couple big sales in Seattle, perhaps that's the AI trade. Helping that market, right? Uh, Seattle and San Francisco. Two big tech areas. Maybe that is. A reason for the activity picking up there.

We do have a story in the Bay Area after this. Turning our attention to Atlanta, we had a good story and a bad story. So the good story was Timberline a property in Buford, Georgia that sold for $110 million. The buyer. DBG properties and GSL properties, the sellers related and Rock Point. This equates to about 300 k per unit.

So, uh, that was the positive sale there. Separately, in Atlanta, the negative sale was 1185. Apartments. Here, the purchase price, 67 million. That was sadly down 26% from the $91 million sale in 2022. The buyer there, Isler number of units, almost 300 price, 230 K per unit. Uhler also bought Trace Midtown.

Recently the price there not known reporting on the 1185 apartments coming from Janelle Ward of the Atlanta Business Chronicle. So what does this particular sale show us in Atlanta? This down from 91 million to 67 million. We sing this everywhere, right? People that bought at the peak of the market in 2022, where everybody was flush with ideas that 8% rent growth for the next 10 years was sustainable.

That low interest rates were going to be. The way of life for the next five years. Peak markets in 2022, reality setting in in 2025. 

Dianne Crocker: And what's interesting about those two stories in Atlanta, Manis, is it kind of hearkens back to what we just talked about with the transaction tracker and that some assets are selling at higher values and some are selling at a discount.

You know, so here you have Atlanta, which is a very attractive commercial real estate market, and a newer suburban quality asset. Attracted institutional and private buyers, and it was at pricing that was notably above. Atlanta's 2025 year to date average per unit. And then at the other you have a discounted late vintage urban asset that, you know, still attracted capital, but it sold at a discount.

Manus Clancy: I did wanna talk about one more multifamily property sale, because I did refer to it just a few moments ago. In San Francisco, in the Mission District, the Madeline. Just sold for $119 million. The buyer there, Rubicon Point Partners, uh, reporting came from multi-housing news, but the real deal also reported on this particular story and their headline there was.

AI jobs set to feed the market. So as I was saying, perhaps those Seattle sales were a function of people feeling more upbeat about the employment market in Seattle and AI driving job gains and wage gains. Maybe the same thing is gonna happen in San Francisco. 

Martha Coacher: Manus, let's shift to office in Beverly Hills.

Even though there's a soft LA market, it seems that Beverly Hills is staying gold. 

Manus Clancy: Beverly Hills is immune. Just like. Class A offices around Grand Central terminal in New York are immune from the downturn. We've seen this before. The subject property here is 3 45 North Maple in Beverly Hills, 75% occupied.

This sale was announced in July, but there was no sale price attached to it and the buyer was unknown. Is has since been reported by commercial observer. The sale price was $205 million. The buyer is Kilroy, and the sales price equates to $770 per square foot, and it's that $770 per square foot, which is really the headline we've seen in San Francisco.

The market go from an $800 a square foot market to $300 a square foot. Even for really highly regarded and well located space in Los Angeles, we've seen that drop to a $200 a square foot market or $150 square foot market down from four or $500 a square foot a couple years ago. But here you have in Beverly Hills, a 75% occupied property at over $700 a square foot.

It just shows the real. Dichotomy between A, B, and C right now. And location, location, location in the office segment. With that, let me throw over Another positive sale in the hotel market to Dianne. 

Dianne Crocker: We've talked before on the pod. I happen to really love Nashville, and so a story that caught my eye this week in the hotel sector shows that investors do too.

In this particular story, Castlerock Asset Management sold its remaining 50% stake in the Bobby Nashville to. Music City Venture for $72 million. That pegs the hotel at about 144 million total, and that is roughly $1 million per key. So this is a 144 room boutique. It's a block off. Broadway rooftop scene, the whole like music vibe and like a lot of assets in Nashville.

It was a historic conversion, so it still kind of has that historic feel. So, you know, I think this isn't a distressed flip. It's a local owner that's really doubling down on a brand and a location and a. Historic asset that really performs. It's only a block away from Broadway where all the action is and just, you know, far enough for visitors to sleep, and that's classic Nashville.

So this is a good deal. 

Manus Clancy: That $1 million per key really got my attention. You don't see that in markets other than New York and San Francisco. That's an extraordinary number. I have to pivot here. Dianne, I have to ask, when you're in Nashville, are you old Opry? Are you karaoke? Are you line dancing? What's the vibe?

When Dianne Crocker goes to Nashville, 

Dianne Crocker: I'm very particular, but I was raised on the oldies like Willie Nelson and Chris Kristofferson, Janice Joplin. So I lean more toward that than the Garth Brooks scene and the more kind of contemporary country singers. 

Martha Coacher: And we'll close on a sweet note. Literally, Prologis is marketing the tasty cake bakery and distribution facility in Philly's Navy yard.

I, of course, grew up in Philly, so I got a little concerned when I saw this news, but fear not the company's gonna remain a tenant. So. I'm a butterscotch crit lover, so I'm happy to see that uh, tasty cake is, is not leaving. 

Manus Clancy: It's a funny thing. Tasty cake, so big in the Philly area. Kind of an also ran in New York, right? New York is much more a hostess, devil, dogs, ringings, yodels type of market. So. I'm intrigued. I do see a small display of tasty cakes in my local angles down here in South Carolina. I may be tempted to, uh, dip my toe in the tasty cake, uh, a set of offerings next time I head in. 

Dianne Crocker: Man as you left little Debbie's off the list. I remember little Debbie's from when I was little. My, um, we didn't have Tasty cakes in Connecticut, though. That is a relatively new brand. My mom was a master baker, so things like hostess and little Debbie's were forbidden fruit. So I remember gonna my friend's house and I thought it was so great that they had those yellow hostess cupcakes on their.

Manus Clancy: Whole New York scene is just loaded with great bakeries as well. So if you had a choice between walking into a bakery and getting a crumb cake or a cream donut, or one of those really amazing jelly donuts or going into the supermarket and getting a devil dog, there was no debate. Right? It was always that bakery.

Martha Coacher: That's fair. With that, we'll close. Thanks to our production team of Alyssa Lewis and Josh Bruyning. Please join us every week as our LightBox team share CRE News and Data in Context. You can listen on any of your favorite podcast channels and send your comments or questions to podcast@lightboxre.com. Thank you for listening and have a great week. 

Manus Clancy: Let's go.