'50% correction': Why Canada's office real estate sector is heading for a reckoning — via financialpost
Jo Taylor, chief executive of the Ontario Teachers Pension Plan, said in an April 5 interview that office occupancy was holding up relatively well in Teachers’ portfolio through Cadillac Fairview, particularly in desirable “class A” buildings in major cities, adding that Cadillac’s investment model is not predicated on external financing.Article content
Average cap rates rode down from around seven per cent in the early part of the decade to about five per cent as interest rates fell. But they haven’t reversed course despite the rapid rise in interest rates, said Gomez. Gomez said the spread between current average cap rates and 10-year government bond yields is another strong indicator that a revaluation is likely coming to the office segment.
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