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Rising rental rates in office market: Dundee REIT CEO

Tags: Dundee REIT

Demand for office properties is quite good across Canada with rental rates rising, according to Dundee REIT.

“Owning office properties – we’ve got increasing net income from the properties,” vice chair and CEO Michael Cooper tells BNN.

Out west, Dundee likes the potential for commercial real estate growth in Saskatchewan. “Saskatchewan probably has the best mix of natural resources of anywhere in the country and they may have the highest resource per capita of anywhere in the country.”

But Cooper notes, the commercial market hasn’t had much new supply outside of Calgary for years. “Probably there’s a need for supply. The vacancy rates are pretty low.”The vacancy rate in Calgary is  about four percent, he says.

He says with the U.S. and Europe appearing to be in an economic recovery, "if anything, I think the demand is going to be increasing not declining. I think we [Canada] are in pretty good shape." CTV Two CTV News CTV News Channel BNN - Business News Network CP24