Ric Campo, chairman and CEO of Camden Property Trust (NYSE: CPT), participated in a video interview at Nareit’s REITworld: 2019 Annual Conference in Los Angeles.
Campo said Camden expects that supply is going to peak in most of its markets in 2020 and then start declining after 2021. “The great news is that we’ve had enough demand to take up the supply,” he said.
Meanwhile, despite the decline in development yields, Campo said Camden is “still getting paid a pretty good spread over what we could buy assets for, so we’re continuing to expand our development pipeline.” The company expects its 2020 development platform to total $300 million, compared with about $250 million this year.
Campo also commented on the appeal and increasing diversification of Houston, which represents about 11% of Camden’s portfolio. “Long term it’s a great market ,” he said.