2006 Program

7:00 AM
REGISTRATION & CONTINENTAL BREAKFAST

8:00 AM
WELCOME & GREETINGS

Introduction of Chairman:
Randy Kraft
, Partner, Real Estate & Construction, KPMG LP

Forum Chairman:
Randy Magnussen
, Senior Vice President & General Manager, Bentall Real Estate Services LP


8:05 AM
THE ECONOMIC OUTLOOK FOR THE CALGARY MARKET: HOW LONG WILL THE GROWTH CONTINUE?

The opening presentation will examine the economic outlook and performance of the Calgary market, and the key associated trends that continue to drive the growth in this region. What is the outlook for employment and population growth for the Calgary area over the next twelve months? How do the economic prospects for Calgary compare with the outlook for other major Canadian cities? Is there any indication that the market conditions are peaking? The presentation will also examine the outlook for the Canadian economy for 2007 as a whole including the interest rates, inflation, and bond yields.

Speaker:
Dr. Warren Jestin
, Senior Vice President & Chief Economist, Scotiabank


8:35 AM
The Strength of the Alberta Energy Sector: Is There A Need To Be Nervous?

An insightful discussion on the outlook for the hydrocarbons and energy sector in Alberta over the short and medium term. Where are world oil and gas prices heading in 2007 and over the long term? What are the implications of these energy prices for capital investment in Alberta? How much research, exploration, and development are planned over the next ten years? How has the strength of the energy sector contributed to Calgary’s rise as a major financial centre in Western Canada? Given the historic cycles of “boom and bust” in the energy sector, is there a need to start being concerned about the current cycle?

Speaker:
Martin Molyneaux
, Managing Director, Institutional Research, First Energy Capital Corporation


9:05 AM
THE VISION FOR CALGARY: MANAGING GROWTH IN CANADA’S FASTEST GROWING CITY

With Canada’s fastest growing urban economy and with at least $60 billion of investment planned in the next few years, Calgary has a very exciting future.  But can it afford to continue to grow in the way that it’s been growing? Does the city have a vision and a related growth management strategy to achieve these goals? Is Calgary doing everything that it should to complement the development activity that is surging in the city?

Introduction:
Kevin Keyes
, Partner, Gowlings LLP

Speaker:
Roger Gibbins
, President & CEO, Canada West Foundation


9:35 AM
MORNING REFRESHMENTS

10:00 AM
CONCURRENT SESSIONS (Select A1, A2, A3 or A4)
Session A1:
AN OVERVIEW OF OFFICE MARKET ACTIVITY IN CALGARY

With vacancy rates approaching zero, Calgary is the hottest major office market in North America if not the world. This session will feature two presentations that will provide an in-depth understanding of the leasing market and the outlook for the Calgary office sector for 2007 and beyond. Are the current rental rates sustainable? How significant is the shadow vacancy? What is the comparison between suburban and downtown activity? What projects are underway? What is still proposed? What is the likelihood that they all will be built?

Moderator:
David Routledge
, Vice President, Real Estate Management, Oxford Properties Group Inc.

Presentations:
Randy Fennessey
, President, Colliers International Calgary (download presentation) 
Doug May, Vice President, Colliers International 
Sandy McNair, President, Altus InSite (please contact sandy.mcnair@altusinsite.com to obtain a copy of presentation)


Session A2:
THE OUTLOOK FOR RESIDENTIAL AND NON-RESIDENTIAL LAND IN THE CALGARY MARKET: HOW HIGH WILL THE PRICE RISE?

The session will open with an overview presentation of the trends in the pricing and investment sales of ICI land, residential land, and residential lots in the greater Calgary area. A panel discussion will examine the dynamics of the Calgary housing and condominium markets as well as the demand for industrial, retail, and office greenfield and redevelopment sites. Where are land values heading in the Calgary market for 2007 and beyond? Can the strong demand, severely constrained supply, and escalating prices be sustained? What does the future hold? Is there anything on the horizon that might increase supply and lower prices? How does this compare with other Alberta markets outside of the city proper?

Moderator and Overview Presentation:
Steven Hurst, Vice President, RealNet Canada

Panel:
Wallace Chow, President, Resiance Corporation
Sandy Menzies, Vice President, Land Development, Remington Development Corporation
Alan Norris, President & CEO, Carma Developers LP
Paul Taylor, Executive Vice President, Hopewell Residential Communities


Session A3:
UPDATE ON THE HOT INDUSTRIAL REAL ESTATE MARKET

Industrial real estate continues to be one of the most sought after asset classes by investors across Canada. This is especially the case in the Calgary market which has grown as the leading Western Canadian centre for logistics and distribution. The panel will examine the demand pressures on the Calgary industrial market and the extent to which they are likely to continue through 2007 and beyond. Given the increasing cost of land and escalating construction costs, do the economics of building new industrial continue to make sense? What are the future prospects for the industrial sector from the perspective of owners, developers, investors, and users?

Moderator & Overview Presentation:
Sean Ferguson, Associate Vice President, Cushman & Wakefield LePage

Panel:
Randy Cameron
, Senior Vice President, Western Canada, Dundee REIT
Paul Derksen, Senior Vice President, Regional Partner, Verus Partners Canada Ltd. 
Kevin Pshebniski, President, Hopewell Development Corporation 
Andy Smele, Partner, Pannattoni Development Company


Session A4:
MAJOR TRENDS IN THE RETAIL MARKET: WHAT WILL IT MEAN FOR CALGARY?

The retail sector continues to demonstrate significant leasing strength and strong investment interest. There is very little if any slack in this sector. Some estimates suggest that there is as much as seven million square feet planned to come on stream in the Calgary market. But will that happen? The skyrocketing costs of construction are dramatically changing the economics of the rents that developers must be able to charge to make a project realistic. Food and department store consolidation and other changes in retailer profiles are also creating questions over this sector. This session will discuss all of these trends and issues, and the outlook for Calgary retail market activity. What does the future hold for the Stephen Avenue Mall, Deerfoot Meadows Retail Complex, and other new malls in the north?

Moderator:
Brian Kozak
, Vice President, Western Canada, First Capital Realty Inc.

Panel:
Dalan Bronson
, Operations/Merchandising and Managing Principal, JC Williams Group
Roman Drohomirecki, Senior Vice President, Western Region, Ivanhoe Cambridge 
David Pidgeon, Asset Manager, Heritage Partners Limited Partnership 
Robert Walker, Vice President & Partner, Colliers International


11:10 AM
CONCURRENT SESSIONS (Select B1, B2, B3 or B4)
Session B1:
ROUNDTABLE ON INVESTMENT & DEVELOPMENT ACTIVITY IN THE DOWNTOWN MARKET

Many experts would say that as goes downtown, so goes the rest of the Calgary market. This session will feature a wide-ranging discussion on current and emerging investment and development trends in downtown Calgary from the perspective of brokers, investment bankers, developers, and corporate users. Who are the most active buyers and sellers of the thirty two million square feet of office properties? What have been some of the most significant transactions? How do investor attitudes vary from institutional vs. private and domestic vs. offshore? How does Calgary compare with Edmonton as well as other Canadian markets? Are all proposed office developments likely to be completed? The perspective of Imperial Oil on its real estate needs in the current market conditions will also be examined as an example of a major downtown office user.

Moderator:
John O’Bryan
, Managing Director, TD Securities Realty Group

Panel:
Peter Cohos
, President & CEO, Tonko Realty Advisors Ltd. 
David Forbes, Executive Vice President, CB Richard Ellis Alberta Limited 
James Miller, Partner, Avison Young Commercial Real Estate (Alberta) 
Ian Parker, Senior Vice President, Brookfield Properties Corporation John Stevens, President, Devon Estates


Session B2:
THE CONDOMINIUM AND RENTAL APARTMENT MARKETS IN CALGARY: ARE THEY NOW HEADING IN THE SAME DIRECTION?

Notwithstanding Calgary’s strong population growth, concern was expressed in previous years for the multi-unit residential market. However, that has all changed. This session will examine some of the key trends that are contributing to very strong rental market conditions for apartments and a buoyant condominium sector as well. For example, the rental market is experiencing great pressure as a result of price escalations in the housing market that have considerably reduced affordability, the conversion of apartment buildings to condominiums which reduce rental supply, and the continuing in-migration of new households into the Calgary market. What is the short and medium-term outlook for the Calgary apartment sector?

Moderator:
Tim Sommer
, Agent, Capital Markets Group, Cushman & Wakefield LePage

Panel:
Dale Anda
, Principal, Resident Office, Montrose Mortgage (Calgary) 
Eric Carlson, President & CEO, Anthem Properties Corp. 
Evan Kirsh, Vice President, Asset Management, GWL Realty Advisors Inc. 
John Murphy, President, 20/20 Properties Inc.


Session B3:
MANAGING YOUR DEVELOPMENT & CONSTRUCTION COSTS IN THE CALGARY MARKET: HOW HIGH IS UP?

Although there are very strong market fundamentals to support development activity in the Calgary office, retail and industrial real estate sectors, the significant escalation in land, labour, and construction material costs is dramatically changing the economics of the rents that developers need to charge to make a project realistic. This session will examine construction costs in the current Calgary market and labour supply and demand conditions. What are the major contributing factors to the rising costs? How can development projects be realistically managed under such market conditions? What is the outlook for 2007 with respect to strong cost escalations?

Moderator:
Scott Hutcheson
, President & CEO, Aspen Properties Ltd.

Panel:
Paul Douglas
, President and COO, Canadian Buildings, PCL Constructors Inc. 
Carolyne Kauser-Abbott, Vice President, Western Canadian Operations, Trammell Crow Company Canada 
Archie Roberts, CEO, Pivotal Projects 
Neil Tidsbury, President, Construction Labour Relations Association of Alberta


Session B4:
UNDERSTANDING CALGARY’S MUNICIPAL DEVELOPMENT AND BUILDING APPROVAL PROCESS: LEGAL, PLANNING, ENGINEERING, AND TRANSPORTATION ADVICE

This session will provide some valuable insights and a greater understanding of the municipal planning, development, and building approval process within the City of Calgary. While it is often considered to be quite cumbersome and complex, the panel will examine many of the key components, master planning policies, legal considerations, and other issues that developers need to deal with in the Calgary market. The focus will be on legal, planning, engineering, and transportation issues.

Moderator and Opening Presentation:
Wade Gibbs,
Principal, Gibbs Gage Architects

Panel:
Darryl Barber
, Partner, Bennett Jones LLP 
Greg Brown, President, Brown and Associates Planning Group 
Ron Kellam, President, Kellam Berg Engineering & Surveys Ltd. 
Glen Pardoe, Principal, Bunt & Associates Engineering Ltd.


12:20 PM
INFORMAL LUNCHEON & NETWORKING OPPORTUNITY
LUNCHEON REFRESHMENTS

1:20 PM
LUNCHEON PRESENTATION: THE PROVINCIAL ROLE IN URBAN GROWTH MANAGEMENT IN ALBERTA

A former senior provincial cabinet minister and candidate for the leadership of the Alberta Progressive Conservative Party discusses his vision for the future of Calgary, and what strategies he believes that the city should be implementing to manage its significant growth and development. What policies and programs would a provincial government under his leadership provide to support the efforts of Calgary and Edmonton in managing their growth?

Speaker:
Jim Dinning
, Chairman, Western Financial Group Inc.


2:00 PM
CONCURRENT SESSIONS (Select C1, C2, C3 or C4)
Session C1:
SUBURBAN OFFICE DEVELOPMENT IN THE CALGARY MARKET

Very low office vacancy rates also extend to the suburbs in Calgary. This session will examine the trends in the suburban office market including the profiles of the tenants that are being attracted to these locations. Discussion will also focus on what new development is currently being proposed as well as the projects that are already underway, and their target markets. The session will end with a brief overview of the outlook for Calgary’s suburban office market for 2007 and beyond.

Moderator:
Tod Hughes
, Managing Director, Calgary, Avison Young Commercial Real Estate

Panel:
Randy Borisenko
, General Manager, Office/Industrial, Calgary, Morguard Investments Inc.
Cody Clayton, Vice President, Leasing & Land Sales, Remington Development Corporation 
Jeff Hyde, Vice President, Development, Prairie Region, GWL Realty Advisors Inc. 
Hannes Kovac, Vice President, Operations, Opus Building Corporation


Session C2:
INNOVATIVE REAL ESTATE FINANCING TO GROW YOUR PORTFOLIO

There are many significant sources of capital available for investment real estate in today’s market. This session will examine how developers and investors are using debt financing to lever or expand their portfolios through acquisitions, intensification of their existing properties, or other forms of development activity.  A panel of four experienced participants representing the two sides of the mortgage commitment letter will debate the mortgage process and how best to satisfy borrowers’ and the lenders’ mutual needs. A panel of four experienced participants representing the two sides of the mortgage commitment letter will debate the mortgage process and how best to satisfy borrowers’ and lenders’ mutual needs.

Moderator and Overview Presentation:
Jack McDiarmid
, Principal, Montrose Mortgage (Calgary)

Panel:
Dean Atkins
, Vice President, Mortgages, British Columbia Investment Management Corporation
Rick Bachalo, Vice President, Mortgage Investments, Western Canada & Portfolio Management, Great West Life Assurance Company 
Greg Guatto, COO, Aspen Properties Ltd. 
Robert Proud, CFO, Tonko Realty Advisors Ltd. 
Dean Atkins, Vice President, Mortgages, British Columbia Investment Management Corporation


Session C3:
WILL THE BELTLINE BECOME AN EXTENSION OF DOWNTOWN CALGARY?

If the towering glass-and-steel skyscrapers of downtown are the heart of Calgary, then where is its soul? Many would suggest that the Beltline area – one of the city’s oldest communities – has that enormous potential. If it’s developed correctly, these neighborhoods lining the south edge of the downtown could be the place where Calgary can become a serious urban city. Land prices in the Beltline are at twenty five percent of those in the downtown core. As longer commute times continue to grow as an issue, the concept of downtown living is also becoming more appealing. This session will examine some of the revitalization and densification activities in the Beltline including some of the proposed projects for this attractive area.

Moderator:
John Torode
, President, Torode Realty Limited

Panel:
Tony Aksich
, Vice President, Giffels Design & Construction 
Helmar Basedow, President, Basedow International Inc. 
Thom Mahler, Coordinator, Centre City Planning & Design, City of Calgary 
Eileen Stan, Executive Director, Victoria Crossing Business Revitalization Zone


Session C4:
THE HOTEL & HOSPITALITY MARKET IN THE GREATER CALGARY AREA

An examination of the current investment and development market fundamentals for hotel and hospitality forms of real estate in the greater Calgary region. For whatever reasons, this is a portion of the real estate asset class that is often forgotten. And yet it can represent an important opportunity for investors, developers, and owners. Among the many issues that the panel will discuss is whether Calgary is currently adequately served or underserved with respect to hotel properties. Is there a viable need for hotels offering higher levels of service?

Moderator:
Lyle Hall
, Managing Director, HLT Advisory Inc.

Panel:
Calvin Buss
, President, Millenium Realty Ltd. 
Ian McAuley, President, Superior Lodging Corp. 
Ed Romanowski, President & CEO, Bellstar Hotels & Resorts Ltd.


3:00 PM
Afternoon Refreshments

3:20 PM
THE EXECUTIVE ROUNDTABLE – MAKING SENSE OF PROPERTY VALUES IN CALGARY: WHERE DO WE GO FROM HERE?

A panel discussion on the most significant issues facing real estate decision-makers about the Calgary market today and the future outlook for property values. Among the questions that will be examined are as follows:

  • Are properties in Calgary fairly valued or over-valued?What are the key factors influencing current property values in Calgary?
  • How does pricing in Calgary compare with other major Canadian markets?
  • If high prices are an international trend, is Calgary now priced at global values?
  • How long is real estate likely to remain more attractive than alternative areas of investments?
  • How much investment activity do they foresee in 2007 across Canada in general and in Calgary specifically?
  • Of those panelists who are buyers, what are their strategies at this time? 
  • What will be their priorities over the next twelve months?

The panel will also address the matter of liquidity and its impact on property values and many other factors that determine value.

Moderator:
Randy Magnussen
, Senior Vice President & General Manager, Bentall Real Estate Services LP

Panel:
Paul Campbell
, President & CEO, SITQ 
Amy Erixon, COO, North American Operations, Giffels Asset Management America Inc. 
Tom Farley, President & COO, Canadian Commercial Operations, Brookfield Properties Corporation 
Blake Hutcheson, Chairman & President, CB Richard
Ellis Limited (Canada) Mark McGoldrick, President, Goldman Sachs (Asia) LLC


4:20 PM
CLOSING RECEPTION