Monday, April 4, 2016
Tuesday, April 5, 2016
Laurent Nadeau, Chief Executive Officer, Québec, FCT
WELCOME & OPENING COMMENTS
Bernard Poliquin, Senior Vice President, Office – Québec, Ivanhoé Cambridge
ECONOMIC OUTLOOK: IMPLICATIONS OF PLUNGING OIL PRICES, U.S. RECOVERY, EUROPE’S CHALLENGES AND OTHER TRENDS
An insightful presentation on the economic fundamentals that are driving the Canadian economy in general and the potential performance of Quebec in particular. What are the implications for the sharp decline in oil prices for Canada? What is the outlook for economic growth, employment growth, inflation, interest rates, and commodity prices over the next twelve months? How strong will the U.S. recovery continue to be throughout 2016? What is the outlook for economic conditions in Europe, China and other key growing markets? How will all these trends affect Canada? What are the potential implications in turn for the Quebec economy?
Clément Gignac, Chief Economist, Industrial Alliance
HOW WILL THE MONTREAL MARKET PERFORM IN 2016?
How are the major economic fundamentals performing at this time in the Montreal market? How do the prospects for Montreal compare with other major Canadian cities? What is the outlook for the engines of the Montreal economy, the housing market and the prospects for economic growth in this metropolitan area?
Pedro Antunes, Executive Director, Economic Outlook and Analysis, & Deputy Chief Economist, Conference Board of Canada
HOW IS THE MONTREAL REAL ESTATE MARKET PERFORMING?
An overview of the performance of the office, industrial, retail, and multi-unit residential markets in Montreal over the past twelve months. Where are vacancy rates and cap rates trending at this time? How much development activity has been completed during the past year? How much is ready to be undertaken? Can the Montreal market absorb all the new space? What are the major demographic, capital, and investment factors influencing the market? What is the outlook for 2016 and beyond?
Marie-France Benoit, Director, Business Development, Altus InSite
Sylvain Leclair, Executive Vice President, Québec, Altus Group
ENABLING THE NETWORKED SOCIETY: ERICSSON’S INVESTMENT IN MONTREAL
As a leading player in the information and communications technology (ICT) ecosystem in Canada, Ericsson continues to rank as one of the top 10 R&D investors in the country. This commitment is evident in the construction of a 400,000 sq. ft. Global ICT Centre, one of three worldwide, in Vaudreuil-Dorion. Ericsson is also constructing a new R&D and Services Centre in Saint-Laurent which is expected to open in 2017. Learn more about why this major global company decided to undertake these significant projects in Montreal and how Ericsson is enabling the Networked Society.
Dragan Nerandzic, Chief Technology Officer, Ericsson Canada
CONCURRENT SESSIONS (Select A1, A2 or A3)
The Evolution of the Montreal Office Market: From New Developments to the Renewal of Existing Buildings
With more than 90 million sq.ft. of space, the Montreal office market experienced an increase in vacancy rates to over 10% last year. What were the major reasons for this trend? With a number of new developments nearing completion, what are the major challenges to achieving more absorption in this market? How have the suburbs fared relative to downtown and midtown? What are owners of older legacy towers, B and C class properties doing to try to compete against the attributes offered by the new green certified technologically advanced buildings? How is the “brick and beam” market performing? What is the impact of tenants rethinking their workplaces and space requirements? What are the key priorities of major tenants with expiring leases? Are leasing trends in step with valuations and cap rates?
Michael Stones, Vice President, Eastern Region, Oxford Properties Group
Vincent Chiara, President, Groupe Mach
Lloyd Cooper, Vice Chairman, Office Leasing, Montréal, Cushman & Wakefield
Terry Fraser-Reid, Vice President, Development, The Cadillac Fairview Corporation Limited
Richard Hyland, President, Kevric Real Estate Corporation
Debt Financing: While There is No Shortage of Capital, Is Credit Getting Tighter? Where are Spreads Heading?
A panel discussion will examine the debt market and what borrowers can expect for the remainder of 2016 and beyond. This will include comparative insights from a cross-section of lenders including Schedule A banks, large pension funds, lifecos, mortgage investment corporations and other alternatives. To what extent do their priorities, underwriting and strategies vary? How are they assessing a transaction and pricing it in this market? Are there any property classes that they are avoiding or reducing exposure to? Case studies of actual transactions including smaller projects will be examined during the session. How concerned are lenders about the housing market? What are the financing challenges of mixed-use or new developments at this time?
Nektar Diamantopoulos, Vice President, Debt and Structured Finance, CBRE Capital Markets
Marc Boudreau, Director, Commercial Mortgages, Quebec, Sun Life Financial
Jason Chrein, Managing Director, Real Estate, Credit Agricole Corporate and Investment Bank
Martin Laroche, Director, Real Estate Lending, Québec, Otéra Capital
Julie Neault, Director, Debt Origination, National Accounts, Timbercreek Asset Management
Ben Rodney, President, RFA Capital
An Update on Major Elements of the Multi-Residential Market: Condominiums, Rental Apartments, Student and Seniors Housing
The session will bring some clarity to major elements of the rental and higher density housing markets in Montreal. Has the condominium market been overbuilt? What will be required in order for condominium development to continue throughout 2016 and beyond? Are investors among the most active buyers? Is the condominium market having any implications for the apartment sector, e.g. reducing demand, as renters become owners, creating new rental supply? How is the rental market performing at this time? Is there any viability for new purpose built rental apartments? What opportunities are there in related niche rental markets, e.g. student housing, seniors housing?
Mathieu Collette, Director, Research Valuation & Advisory, Altus Group
Francis Charron, President, Batîmo and Vice President, EMD Construction
Stéphane Côté, President, Dev McGill
Ilan Gewurz, Vice President, Development & Construction, Proment Corporation
Frédéric Soucy, Executive Vice President, COGIR Management Corporation
CONCURRENT SESSIONS (Select B1, B2 or B3)
Innovating Financing Mechanisms for Real Estate & Infrastructure Projects
With increasing population growth in an urban area like Montreal, transportation is a key element for any city’s economic development. However, the costs of transit infrastructure are a challenge because municipalities have little means to fund such projects on their own. New financing mechanisms can make their way to alleviate the risk and assure the city’s growth. LVC (Land Value Capture) tax is one such method that is getting more attention in many major cities. New York’s pillar project Hudson Yards for example is using this formula to develop the extension of a subway line. A group of experts will explain how LVC could apply for transit-oriented developments and discuss the pros & cons of its applications for real estate development in general.
Julie Lanteigne, Partner, De Grandpré Chait LLP
Ludwig Desjardins, Interim Director, Strategic Planning, Agence métropolitaine de transport
Julie Dubé, Real Estate Consultant, Research, Evaluation, Altus Group
Linda Lebrun, Treasurer & Executive Director Planning, Finances & Controls, Société de transport de Montréal
Philippe Raymond, Senior Associate – Infrastructure Advisory Services, Ernst & Young Orenda
Development and Intensification Projects: Why Does the Demand Continue to be Strong?
Inner city development activity continues to sweep across Canadian cities. Montreal is certainly no exception with a wide range of mixed-use developments occurring across the island and on the north and south shores. This session will examine several case studies of major projects in Montreal that have some unique characteristics. These will include: the $1.7B Royalmount project in the heart of Montreal that intends to create a multifunctional urban pole that is green, animated, local, and innovative as well as the renewal of an aging area of the city; Espace Montmorency a new project on the north shore located close to the new subway line Montmorency in Laval’s revitalized downtown; and the two phases of an intensification plan featuring retail and then rental units in the vicinity of the Royalmount project. What concerns do these projects raise and how do developers respond to them?
Andrew Maravita, Managing Director, Québec, Colliers International
Tony Grossi, President, Wittington Properties Limited
Mike Jager, Vice President, Business Development, Montoni Group
Andrew Lutfy, Chairman of the Board, Carbonleo
Industrial Real Estate Market: In What Directions are Development, Leasing and Investment Trends Heading?
The Montreal industrial market has performed with considerable stability over the past few years. The session will open with a brief examination of current and projected investment trends, vacancy and absorption rates, and prevailing NERs. A comparative discussion will follow on off-island markets (e.g. the South Shore and Laval) vs. the challenges in more mature markets closer to the city (e.g. St. Laurent, Pointe Claire, Lachine, East End). What is the outlook for the next 12 months? What is driving the demand for new development especially for the logistics market? What are the plans in the Port of Montreal that will create growth for the industrial market? What does the future hold for the older industrial properties and the repositioning of obsolete buildings? Can they be sold for a premium to investors with redevelopment or renewal plans?
Gabrielle Saine, Real Estate Broker, NAI Commercial
Jean-Marc Dubé, Vice President, Colliers International
Charles Gratton, Vice President, Real Estate, Aeroport de Montréal
Louis-Philippe Langlois, Director, Distribution Centres, Robert Group
Stéphane Robillard, Vice President, JLL
CONCURRENT SESSIONS (Select C1, C2 or C3)
The Pressures and the Continued Evolution of the Retail Market: Are We Approaching a Period of Strong Winners and Weak Losers?
No other real estate property class has attracted as much attention as retail. We have all watched Canadian, U.S. and European retailers opening stores, closing them or looking for fresh approaches to their formats. There is a range of views on how much online shopping is really affecting the Canadian retail market. The influx of inner city mixed-use and residential developments are opportunities for new urban retail formats. There also appears to be a widening gap occurring between strong malls with rising sales and weaker malls with lower quality retailers, sales, and less foot traffic. Some analysts are offering dire forecasts for the future of older malls as changing demographics and buying habits negatively affect poorer quality properties. This session will examine these and other trends and discuss the facts and fallacies pertaining to the evolution of the retail real estate market in Greater Montreal.
Gina Mastromonaco, Vice President, Retail Leasing, CBRE Limited
Maryse Chainey, Director, Retail Leasing, Oxford Properties Group
Jean Landry, Vice President, Retail – Québec, Ivanhoé Cambridge
Luc Lavigne, Vice President, National Leasing, The Cadillac Fairview Corporation Limited
Jean Rickli, Senior Advisor, Sales and Operations, Real Estate, Strategic Planning, J.C. Williams Group
Spotlight on the South Shore: Why is it Attracting Growth and Development? What Opportunities Will the Future Offer?
This session will provide some insights on the reasons the South Shore is such a strong market. With a population of almost 1 million and the second largest retail centre in Canada, the South Shore is often a forgotten portion of the Montreal metropolitan area. Why is job creation twice as strong on the South Shore than any other area around Montreal? The annual household growth is expected to reach 10% for the next 3 years. Transit oriented development projects are leading the way with $1.5B of investments in the pipeline. Some developers are building office space on spec – something not seen in 20 years. What is attracting all this migration? Are mixed-use projects like Dix30 generating that much pull? Will these trends continue throughout 2016 and beyond?
Tom Godber, Principal, Avison Young
Michel Bouchard, Executive Vice President, Operations, Carbonleo
Mathieu Jobin, General Director, Partner, Devimco
Yves Sanscartier, President, Galion Gestion Développement Immobilier
Investment in Montreal: Will Last Year’s Strong Interest Continue in 2016? Who Will be the Buyers and What Will They be Looking For?
Last year, Montreal had the second strongest investment market across Canada. The session will open with a brief overview of some of the bellwether transactions over the past twelve months. The panel will address a range of questions including: What are becoming the major challenges to buy assets in this market? What are the differences between the issues faced by an institutional investor vs. a private equity fund vs. a REIT in acquiring properties at this time? Is Montreal attracting any migratory capital as is the case in a number of other Canadian cities? Where are cap rates likely to be heading by the end of 2016 relative to today’s prices? Which property classes are strongly favored and will likely offer the best returns? Is it possible to create value from acquiring out-of-favor sites and properties and seeing something that no one else does?
Armand Des Rosiers, Managing Director, RBC Capital Markets Real Estate Group
Paul Campbell, Project Lead, KingSett Capital
Jin Choi, Partner, Genii Capital
Jérôme Foulon, Managing Director, Real Estate Investments, PSP Investments
Michal Kuzmicki, Managing Partner, Brookfield Financial
EXECUTIVE ROUNDTABLE DISCUSSION: ASSESSING THE CHALLENGES, STRATEGIES AND OPPORTUNITIES FOR 2016 AND BEYOND FROM THE PERSPECTIVE OF REITS, PENSION FUNDS AND PRIVATE OWNERS
A discussion with senior executives from a range of organizations as they provide their perspective on real estate market fundamentals for 2016 and beyond. They will offer their insights on what they see occurring over the next twelve months, and their strategic thinking going forward. Among the other questions that will be examined:
- What are the key challenges, trends, and risks facing investors, owners and developers of office, retail, industrial and multi-unit residential properties in the Montreal market at this time?
- To what extent is the city’s economy on a rebound? What is required in order to create stronger growth?
- Where are we now in the cycle? How much of a disconnect is there between investment activity and leasing fundamentals? What can be expected with respect to investment velocity and deal flow over the next year?
- What are the key differences in strategies facing REITs vs. pension funds vs. private investors?
- What asset classes and transactions will likely offer the best possible returns in 2016?
- Given the extent of development activity in Montreal, do you have any concerns about the market being potentially overbuilt?
- What challenges do you foresee with the debt and capital markets over the next twelve months?
How do you achieve growth in office, retail or industrial rental rates in this market?
Yves-André Godon, Chief Operating Officer, Triovest Realty Advisors Inc.
Sylvain Cossette, Executive Vice President & COO, Cominar REIT
Michael Emory, President & CEO, Allied Properties REIT
Brian Salpeter, Senior Vice President, Development, The Cadillac Fairview Corporation Limited
Claude Sirois, Executive Vice President, Québec, Ivanhoé Cambridge
Jonathan Wener, Chairman & CEO, Canderel
Bernard Poliquin, Senior Vice President, Office – Québec, Ivanhoé Cambridge