{"id":831,"date":"2014-07-21T19:53:00","date_gmt":"2014-07-21T19:53:00","guid":{"rendered":"http:\/\/rf.podcastfixit.com\/index.php\/2014\/07\/21\/calgary-impervious-to-interest-rate\/"},"modified":"2015-06-01T19:41:00","modified_gmt":"2015-06-01T19:41:00","slug":"calgary-impervious-to-interest-rate","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2014\/07\/21\/calgary-impervious-to-interest-rate\/","title":{"rendered":"Calgary impervious to interest rate uncertainty"},"content":{"rendered":"

By Robert Frank<\/b>
\nwww.sqft.ca<\/a><\/p>\n

Optimism is pervasive in Calgary’s commercial real estate market, observes Randy Cameron.<\/p>\n

\u201cCalgary has been very active during the past few years and, like the rest of the real estate industry in Western Canada in general, the land development business has been going very, very well,\u201d said Dundee Industrial REIT\u2019s interim CEO. <\/p>\n

\u201cIt\u2019s incredible how resilient Alberta has been, particularly Calgary, where a lot of new commercial office development is coming on stream,\u201d Cameron continued. \u201cA few years ago, some people were predicting that Calgary would have a 20 per cent plus vacancy rate due to the large amount of new development going on. It never got anywhere near that. Despite all those new projects, that commercial space has been fully absorbed.\u201d <\/p>\n

He attributed the city\u2019s long-term strength, in part, to pension funds\u2019 long-term view of real estate assets. <\/p>\n

\n\u201cIf you look at any city in Canada where there is downtown or industrial development going on, a lot of it is being done by, or for, pension funds,\u201d he said. \u201cIncreased bond yields have driven REITs; which are reluctant to raise debt capital in current market conditions, to the sidelines. Pension funds have, to a large extent, stepped in to fill this void.\u201d <\/p>\n

Although investors have priced three-year bonds at about 3 per cent, Cameron cited reports which judge that figure to be too punitive. <\/p>\n

\u201cThere are credible sources who believe that the ten-year U.S. Treasury yield will decline to about 2.2 per cent and indeed they have recently been declining, this should be good for REIT values,\u201d he reported. <\/p>\n

Although Cameron doesn\u2019t anticipate a return to sky-high interest rates any time in the foreseeable future, \u201ceven if they rise somewhat in late 2014, I think they\u2019ll need to level off at a level the world economy can sustain.\u201d <\/p>\n

\u201cIf they do rise because central banks are concerned about inflation,\u201d he concluded, \u201call prices will rise accordingly\u2014including rents.\u201d <\/p>\n

\nNote: This report appeared on pages 30-31 of the Fall 2013 issue of Canadian Real Estate Magazine.<\/i><\/div>\n

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By Robert Frank www.sqft.ca Optimism is pervasive in Calgary’s commercial real estate market, observes Randy Cameron. \u201cCalgary has been very active during the past few years and, like the rest of the real estate industry in Western Canada in general, the land development business has been going very, very well,\u201d said Dundee Industrial REIT\u2019s interim<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-831","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nCalgary impervious to interest rate uncertainty - Newscoverage<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newscoverage.org\/index.php\/2014\/07\/21\/calgary-impervious-to-interest-rate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Calgary impervious to interest rate uncertainty - 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