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Optimism of Canadian and US Commercial Real Estate Leaders Declining
August 18, 2010
Following three quarters of improvement, the Sentiment Index has declined slightly in both Canada and the US, according to the Real Property Association of Canada (REALpac) and FPL Advisory Group’s recently-released Third Quarter 2010 REALpac/FPL Canadian Real Estate Sentiment Survey.
This quarter, the survey captured the thoughts of 47 senior real estate executives, including CEOs, presidents, board members and other executives from a broad set of industry sectors including owners and asset managers, financial service providers, operators and related service providers. Survey respondents represent the retail, office, industrial, hotel, multi-family, residential, and seniors residential asset classes.
The survey measures executive’s current and future outlook on three topics: overall real estate conditions, access to capital markets, and real estate asset pricing.
Topline Findings:
- While market conditions appear to have stabilized, optimism regarding continued improvement has abated.
- Asset values have rebounded, driven primarily by investor demand for yield rather than fundamentals. Questions of sustainability remain.
- Perspectives on debt capital availability remain neutral to positive, with most expecting conditions to stay the same or improve slightly.
- Most feel that equity capital is available today and that conditions will remain stable over the next 12 months.
Data was collected in the first two weeks of the third quarter of 2010.
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