A man walks past a building with office space for rent in Washington, D.C. Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images files

Two of Canada’s largest pension funds say it is getting harder to justify investing in real estate south of the border, but the enormity of the market keeps the United States on their radar.

Real estate executives from the Healthcare of Ontario Pension Plan (HOOPP) and Alberta Investment Management Corp. (AIMCo), members of Canada’s Maple Eight with close to $300 billion in assets between them at year-end, told a real estate conference run by NAIOP, known as the Commercial Real Estate Development Association, that they are taking a cautious approach on further investments.

Sarah Esler, managing directo

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