Calvin Schnure

Senior Vice President, Research & Economic Analysis at Nareit (National Association of REITs)
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Calvin Schnure is the Senior Vice President of Research and Economic Analysis at Nareit. He analyzes developments in the macro economy and their impact on REITs and commercial property markets, and on financial returns to REITs.

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  • There has been a flurry of mergers, including deals going private, and I expect these may continue. There is a lot of money in the space these days. In terms of acquisitions (property-level purchases), 2021 acquisitions of $67.8 billion was the highest on record. With rising share prices giving REITs an attractive cost of capital, many are expanding their footprint. That appears likely to continue this year.

  • One is the cost that might make a developer think this might be a project that isn’t doing. We are seeing delays and real difficulty in getting requirements at every step in the chain.

  • REITs and commercial real estate are experiencing a more complete recovery as the economic reopening continues. While the Delta variant raises risks of slower improvement ahead, robust economic growth is spurring demand for commercial space.

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