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Victor Calanog

Vice President of Research & Head of Economics

Victor Calanog is vice president of research and economics at Reis. He and his team of economists and analysts are responsible for the firm’s market forecasting, valuation, and real estate portfolio analytics services. His research has received awards and fellowship support from several institutions, including the Ford Foundation, the Russell Sage Foundation and the Penn Lauder Center for International Business Research.

Has the Apartment Market Hit the Inflection Point?
New supply has exceeded demand for eight of the last nine quarters.
The Drop in Oil Prices Has Had a Negligible Impact on CRE 3
The impact of lower oil prices on commercial real estate markets has largely been indirect thus far.
Will the Upcoming Election Affect Job Growth and/or the Real Estate Market?
Does the political party the president belongs to determine job growth and real estate demand?
What Oil Prices Mean for Apartment Rent Growth in the South and the West
How sharply have these markets been hit by the drop in oil prices since the start of 2015?
How Reliable Is Office Employment for Evaluating Market Performance?
In theory, office employment growth should serve as a variable that correlates highly with office occupancy and rent trends.
Where is the Demand for Office?
The national office vacancy rate remained unchanged from the first to the second quarter, mired at 16.6 percent and moving down just 30 basis points over the past 12 months. Monthly job growth has been choppy as of late, though recent months have been more heartening. And while we still expect an uptick in economic activity over the course of the year, GDP growth projections have generally been ratcheted downwards. This implies another year of slow, but hopefully steady, improvement in office fundamentals.
Don’t Expect Multifamily Rents Alone to Catalyze Higher Inflation
Analysts are parsing the words of the Federal Reserve with fervor as we approach what many believe will be the first interest rate increase since 2006 before the end of this year.
Retail Sector Has a Tough First Quarter, Faces Longer-Term Obstacles
The first quarter was marked by weak economic activity, largely attributable to a confluence of temporary factors, such as port labor disputes on the West Coast, inclement weather, a rising dollar crimping exports and low energy prices resulting in depressed business investment.
Multifamily Developers Favor Downtown, But Suburbia Holds Its Own
In the midst of the Great Recession, vacancy in the multifamily sector hit a cyclical high of 8.0 percent. Vacancy now stands at 4.2 percent as of the end of the first quarter. What these figures don’t reveal is whether a disparity exists between the urban and suburban markets.
Soft Economic Growth Hinders First Quarter Industrial Results
Demand for industrial real estate registered a marked pullback, associated with a sharp drop in new construction during the first quarter of 2015.
Office Market Shows Signs of Life, But How Widespread Are These Improvements?
While the headline figures appear promising, a small number of markets are driving performance, while many others struggle to generate any meaningful rent growth.
Low Energy Prices’ Impact on CRE May Be Negligible
Not surprisingly, the decline in the price of oil will have a negative impact on energy-oriented economies around the country. However, this will only slow growth in major metro areas, not drive them into recession.
A Structural Shift in the Retail Market?
Improvements in the retail sector in the fourth quarter were once again tepid. The national vacancy rate for neighborhood and community centers declined by just 10 basis points, to 10.2 percent, a slight improvement from the third quarter when vacancy remained unchanged.
Industrial Demand Slows Slightly, but Recovery Not in Jeopardy
Third quarter industrial results affirmed the continuation of a slow but steady recovery.

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