Victor Calanog

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.

Articles
Despite Improving Economy, Retail Still Years Away From Full Recovery
With the recoveries in GDP and the labor market only recently accelerating, retail has lacked a serious driver of growth, and the pace of vacancy compression reflects this. However, the sector is not retrenching, and the recent improvement in the economy portends a more robust recovery in the future, though not in the near term.
The Current State of the Seniors Housing Market 
Within the last 15 years, seniors housing went from being a small property niche to one of the key secondary property types in commercial real estate. In this column, we will use newly introduced seniors housing data from Reis to take a look at the current state of the market.
Multifamily Vacancy Compression Stalls in the Second Quarter 
The national vacancy rate remained unchanged at 4.1 percent during the second quarter, a potentially worrisome result for those who fret about the near-term future of the apartment sector. As we explain in this column, this is not unexpected, and a moderation in the brisk pace of improvement in fundamentals has been built into our forecasts for some time.
Industrial Leasing Activity Strong in the Second Quarter 
Relatively more robust economic activity during the second quarter appeared to benefit the industrial sector as fundamentals improved at a modestly quicker pace.
Incremental Improvements in the Office Market Are No Longer a Surprise 
The national vacancy rate for the office sector fell to 16.8 percent in the second quarter, a 10 basis point decline over the first quarter of the year. This is in line with trends witnessed over the last three and a half years.
Open-Plan Office Space: Is It All It’s Cracked Up to Be?  5
Not only is the reduction in square footage being overstated, the benefits these formats supposedly offer are failing to materialize, resulting in worse outcomes for office space users.
More of the Same For Retail 
Preliminary data released by Reis this month indicated the national vacancy rates for neighborhood and community shopping centers as well as for regional malls were unchanged during the first quarter.
Apartment Sector Remains Resilient, Despite Minimal Improvements in Occupancy 
Vacancy in the sector declined by 10 basis points during fourth quarter to 4.1 percent, in line with the 10 basis point decrease in vacancy recorded during the quarter prior.
Industrial Improvements Modest in 2013, but Signals Point to Healthy 2014 
Reis data for the fourth quarter of 2013 indicates that the U.S. warehouse/distribution market remains stuck in slow recovery mode.
Office Market Remains Stuck in a Rut 
The national vacancy rate for office properties remained unchanged during the fourth quarter at 16.9 percent. Fortunately, given how slowly the office sector’s recovery has progressed, this is not necessarily reason for worry.
Another Pause for Retail Properties 
Vacancies for neighborhood and community centers were unchanged during the third quarter and now stand at 10.5 percent, just 60 basis points below the peak vacancy of 11.1 percent, recorded during the third quarter of 2011.
Have Apartment Fundamentals Peaked? 
With vacancy declines slowing to a crawl and rent increases constrained by meager wage growth, market observers are wondering whether apartment fundamentals have peaked.
E-Commerce and the Evolution of Warehouse/Distribution Space 
More than a decade since the rise of the internet in the 1990s, e-commerce has officially become the bogeyman for the traditional retail industry. Executives are hard at work incorporating internet retailing platforms within their firms' existing structures under pressure from shareholders, though some are finding the task far from simple. Property owners are consumed with managing the fallout from the bankruptcies of major retailers and the trend toward smaller physical stores.
Office Vacancies Remain Elevated 
With the labor market unable to generate significant office-using employment, demand for space remains muted.
Despite Ongoing Headwinds, Retail Recovery Trudges Onward
While overall economic growth remains slow, consumers appear to be weathering the storm. This is particularly impressive given the one-two punch of higher taxes and spending cuts facing the country’s consumer base. Retail sales growth, though inconsistent, has generally remained positive. However, these favorable indicators have not translated into significant or consistent absorption of neighborhood and community shopping center space. The limited demand that exists is primarily for smaller units of less than 5,000 sq. ft. while landlords continue to have a more difficult time leasing larger boxes.
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