Ottawa Real Estate Forum

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Mission

Advisory Council

PROGRAM

Tuesday, October 6, 2009
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7:15 am	REGISTRATION & CONTINENTAL BREAKFAST
8:00 am	WELCOME & OPENING REMARKS
	Introduction: Bob Perkins, President, BOMA Ottawa Forum Chairman: Pierre Hurteau, Principal, Bridgeport Realty Capital Partners
8:05 am	THE ECONOMIC OUTLOOK FOR GROWTH IN THE OTTAWA MARKET
	A detailed presentation on the economic outlook and performance of the Ottawa market, and the key emerging trends in this region. What industries and sectors are still driving job creation in this region? What are its major economic drivers? What is the outlook for employment, population, and economic growth for the Ottawa area? How do the prospects for Ottawa compare with the outlook for other major Canadian cities? Mario Lefebvre, Director, Metropolitan Outlook Service, The Conference Board of Canada
8:35 am	HOW IS THE OTTAWA LEASING AND INVESTMENT MARKET PERFORMING?
	An overview of leasing and investment activity in Ottawa over the first three quarters of 2009. What were some of the benchmark leasing and investment deals during the past twelve months? What is the outlook for 2010 in the office, retail, industrial and multi-unit residential sectors in terms of absorption rates, cap rates and potential leasing and investment activity? How are the trends in the suburbs comparing with the downtown core? Nathan Smith, Senior Vice President, Capital Markets Group, Cushman & Wakefield Ltd.
9:00 am	HOW MUCH LIQUIDITY HAS RETURNED TO THE PROPERTY MARKET?
	What are the challenges that investors and owners are facing in buy or sell assets in this market? What information do they need in order to try to do a deal in this market? What are the major lessons that have been learned so far from the credit crisis? John O’Bryan, Vice Chairman, CB Richard Ellis Limited
	WHAT ARE THE OPPORTUNITIES, RISKS AND RETURNS FOR THE OTTAWA MARKET? WHAT CAN YOU EXPECT IN 2010?
	A brief discussion of the key points raised in the opening three commentaries. What are the key takeaways for conference attendees from these presentations? John O’Bryan, Vice Chairman, CB Richard Ellis Limited Mario Lefebvre, Director, Metropolitan Outlook Service, The Conference Board of Canada Nathan Smith, Senior Vice President, Capital Markets Group, Cushman & Wakefield Ltd.
9:45 am	MORNING REFRESHMENTS
10:10 am	THE FEDERAL GOVERNMENT’S REAL ESTATE REQUIREMENTS IN THE NATIONAL CAPITAL REGION: WHAT LIES AHEAD?
	An update on the federal government’s real estate requirements and strategies for the National Capital Region including leasing and development plans, and occupancy strategies for downtown Ottawa, Gatineau, and Kanata. Moderator: Hugh Gorman, Principal, Bridgeport Realty Capital Partners Speaker: Claude Séguin, Acting Director General, Portfolio Management, Real Property Branch, Public Works & Government Services Canada
10:35 am	PLANNING AND GROWTH MANAGEMENT ISSUES IN OTTAWA: WHAT IMPACT ARE MUNICIPAL POLICIES HAVING ON REAL ESTATE INVESTMENT AND DEVELOPMENT?
	As Ottawa moulds itself into a metropolitan area with a population of over one million, what are the major strategies and planning policies that the City is implementing to manage this growth and development? What impact are they are having on the market? Among the issues that will be examined: recent actions of Council, including the new comprehensive zoning by-law, the five year Official Plan review, including expansion of the Urban Boundary and the new regulatory landscape within the City, and increases in Development Charges (including the elimination of downtown exemptions), and the upcoming Employment Land Strategy. What transportation policies, industrial strategies and planning policies is the city embarking upon as part of this plan? How is the rapid transit project unfolding? What is the real estate side of the new proposed LRT vs. the planning strategy? What other initiatives are being undertaken to improve the movement of people around the city? Can the Ottawa afford to keep growing the way that it has been growing or does anything need to change? Where is the growth currently going? Has City Hall led, followed or gotten in the way? What will the urban boundaries look like over the next ten to twenty years? Will infill developments significantly increase since 75% of the City’s growth is suppose to take place inside the greenbelt? Discussion will also briefly comment on the work of the Building a Better Ottawa Alliance. Moderator: Michael Polowin, Partner, Gowling Lafleur Henderson LLP City of Ottawa Representative: Peter Hume, Councillor & Chair, Planning and Environment Committee, City of Ottawa Panel: Ted Fobert, Founding Partner, FoTenn Consultants Inc. Cal Kirkpatrick, Vice President, Development, Colonnade Development Inc. Jeff Polowin, Senior Vice President, Hill & Knowlton and a member of the Building a Better Ottawa Alliance Jack Stirling, Vice President, Land Development, The Minto Group
11:45 am	CONCURRENT SESSIONS (Select A1 or A2)
	SESSION A1 THE OFFICE MARKET IN THE NATIONAL CAPITAL REGION
	An examination of the office market including the downtown core, Kanata and other smaller areas across the region. The session will open with an overview of how the market has performed over the past few years including the first three quarters of 2009 and what the outlook is for 2010 and beyond in terms of inventory growth, occupancy, and leasing. The presentation will be followed by a wide ranging panel discussion. What are the key leasing trends? To what extent are rents moving up, down or staying firm? Is any development activity anticipated over the short and medium term? What is forecast for future space requirements of the major occupants of the downtown core? How are Class B and C buildings competing with Class A space? To request a copy of the PowerPoint presentation please click here. Moderator: Sandy McNair, President, Altus InSite Panel: Dan Gray, Vice President, Leasing, Bentall LP Fred Speer, Senior Vice President, National Capital Region, Brookfield Properties Corporation Gillie Vered, Secretary Treasurer, Arnon Corporation Brian Wallace, Director, Office Leasing, Oxford Properties Group Inc.
	SESSION A2 THE CHANGING NATURE OF SHOPPING AND ITS IMPLICATIONS FOR CURRENT AND FUTURE RETAIL DEVELOPMENTS
	The session will open with a visually dynamic presentation that will clearly define the retail experience of the future, exposing the dynamics of a new world where consumers call the shots. From the big box to e-commerce to fast fashion to new luxury, the speaker will strip away old ideas about consumer behavior, shining a spotlight on the key trends retailers, developers and shopping centres need to grapple with in the coming decade. A brief panel discussion will then follow on the issues, challenges and opportunities of the marketplace. Do consumers really want more of the same stores, products and brands? What formats and innovations are growing in popularity? Will open air centres remain the new normal? What does the future hold for regional centres whose ultimate demise is predicted by some pundits? What is in store for new retail formats? What lies ahead for retail market activity in 2010? Moderator: Steve Lerner, Principal, Primecorp Commercial Realty Keynote Speaker: Anthony Stokan, Founding Partner, Anthony Russell Inc. and author of “Naked Consumption: Retail Trends Uncovered” Panel: Jamie Chisholm, Vice President, Central Canada, First Capital Realty Inc. Dennis Eberhard, Vice President, Development, Smart!Centres Inc. Scott MacDonald, Executive Vice President, Retail, Morguard Investments Limited
12:45 pm	INFORMAL LUNCHEON	LUNCHEON REFRESHMENTS

1:45 pm	CONCURRENT SESSIONS (Select B1 or B2)
	SESSION B1 FINANCING IN A VOLATILE ENVIRONMENT: WHAT IS THE OUTLOOK FOR THE DEBT MARKET IN 2010? WILL SPREADS GO ANY HIGHER? HOW HARD IS IT TO STILL FIND A SOURCE?
	The credit crunch continued to escalate throughout the past year, having a strong impact on the pricing and the availability of debt. The CMBS market vapourized, risk was significantly re-priced by the remaining lenders, underwriting standards and LTV requirements changed, and the debt market re-segmented itself. This lively Q & A session will include the perspective of all relevant stakeholders: borrowers, lenders, and mortgage brokers. Who will be the major providers of debt in Ottawa and what will they be looking for? How are lenders likely to assess a deal and price it? What strategies are borrowers taking to navigate the debt markets? What property classes are lenders avoiding, reducing exposure to, or increasing pricing for? How will the strategies of pension funds, major banks and other institutions vary from those of private sources of debt capital? What will need to happen in order to reduce spreads and change the current constraints in underwriting criteria? Will the CMBS market ever return? Moderator: Steve McEwen, Principal, Montrose Mortgage Corporation Panel: Doug Podd, Partner, Brookfield Financial Larry Waters, Director, National Accounts, CIBC Michael Waters, Chief Financial Officer, The Minto Group Alan Winer, President, Harbour Mortgage Corporation
	SESSION B2 HOW DO OLDER OFFICE, RETAIL, INDUSTRIAL & APARTMENT PROPERTIES COMPETE IN THIS MARKET?
	New construction only represents a small fraction of the building stock in Ottawa. What are the options for the older more pre-dominate buildings – especially B and C class properties – with respect to improving their operational efficiencies and ensuring that their space remains competitive in the market? This session will examine the asset management, marketing, and capital strategies that can achieve the goals of keeping older existing office, retail, industrial and apartment properties fully leased and maintaining their optimum NAV. The challenge of repositioning an older property will also be discussed. How do you involve your existing tenants in developing a strategy to improve a building? How do you get their input and buy-in? What alternative uses could B and C class properties have? Moderator: Kelvin Holmes, Managing Director, Ottawa, Colliers International Panel: Jan Haubrich, Vice President, Finance, Metcalfe Realty Company Ltd. Bill Sioulas, Regional Director, Commercial Property, Conundrum Capital Corporation Phil Marcella, Vice President, Gillin Engineering & Construction Ltd. Brian Murray, Director, Leasing & Business Development, Sakto Corporation
2:45 pm	EXECUTIVE ROUNDTABLE DISCUSSION ON OTTAWA: HOW DO MAJOR REAL ESTATE INVESTORS VIEW THIS MARKET?
	A wide ranging panel discussion on the key trends, opportunities and risks emerging in the office, industrial, retail and multi-unit residential markets in Ottawa. The participants will be senior executives of national real estate organizations active in the Ottawa market as well as other regions across Canada. Among the other questions that will be discussed: what do you like about the Ottawa market and what concerns do you have; what is Ottawa doing well and what needs improvement; where do you see the real estate cycle heading over the short to medium term in Ottawa; what are you buying, where are you buying and why are you buying; what plans do you have with respect your existing Ottawa portfolio; how has the subprime fallout and associated turbulence affected your activities; and what will be your strategy for 2010 and beyond in this market. What if anything needs to change in order for Ottawa to reach its ultimate potential? Moderator: Pierre Hurteau, Principal, Bridgeport Realty Capital Partners Panel: Zelick Altman, Managing Director, LaSalle Investment Management Mark Holden, Vice President, Office/Industrial, Asset Management, Morguard Investments Limited John McKinlay, Senior Vice President, Acquisitions, Bentall LP Greg Rogers, Executive Vice President, Minto Commercial Properties Inc. Tony Vadacchino, Director, Equity, GE Real Estate Canada
3:45 pm	NETWORKING RECEPTION