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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.

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.
Once Again, Office Vacancy Rate Doesn’t Budge
The national vacancy rate for the office sector remained unchanged at 16.8 percent in the third quarter. The vacancy has not budged all year, wedged at a level that is only 80 basis points below the cyclical high observed four years ago.
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.
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