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Ian Gunn, Partner, Leader, Private Company Services Practice, Calgary, PricewaterhouseCoopers LLP
David Routledge, Vice President, Real Estate Management West, Oxford Properties Group Inc.
The opening presentation will begin by examining the economic outlook for North America including Canadian and U.S. GDP and employment growth, market liquidity, interest rate trends, energy prices, rates of inflation, and currency values. What are the prospects for Alberta’s performance relative to the rest of Canada? What lies ahead for Calgary over the short and medium term?
Derek Burleton, Associate Vice President & Director of Economic Studies, TD Bank Financial Group
In an increasingly global economy, Calgary must compete against other cities across Canada and around the world for investment and prominence. This session will examine several major dynamics, over and above the energy sector, that are propelling Calgary into a role that may not be seen by the average person.
James Gray, Corporate Director, Brookfield Asset Management, and Chairman, Canada West Foundation
An insightful discussion on the outlook for the Alberta energy sector over the short and medium term. This presentation will focus on both major producers as well as the junior explorers. Among the questions that will be examined: Where are oil and gas prices heading in 2010 and beyond? What are the implications of these energy prices for capital investment in Alberta? How much research, exploration and development are likely to occur over the foreseeable future? How are the junior producers performing in the current market and what lies ahead for them? Given the historic cycles of “boom and bust” in the energy sector, is there a need to start being concerned about the current cycle?
Greg Stringham, Vice President, Markets & Fiscal Policy, Canadian Association of Petroleum Producers
Aside from the energy sector, what other industries and economic engines are driving job creation in this city? What is the outlook for population growth and demographic trends over the next few years? Since the real estate industry is at the receiving end of the market, it needs to understand these trends in order to respond with the appropriate products. How much growth can we expect within the corporate sector in Calgary over the next five to six years?
Adam Legge, Vice President and Chief Economist, Calgary Economic Development
Canada is becoming increasingly resource dependent while value-added manufacturing erodes across the country. As a result, why are Calgary and Alberta becoming the financial and corporate centres of Canada? How can this be achieved and which players might make it happen? What are the issues, personalities and societal and cultural nuance that will define this new order? Why has Calgary reached a level of growth and recognition that places it competitively on the global stage with other major cities?
Gordon Pitts, author of the 2009 National Business Book Award winner “Stampede! The Rise of the West and Canada’s New Power Elite” and senior business columnist for the Globe & Mail Report on Business.
With vacancy rates at historic low levels over the past few years, Calgary was North America’s hottest office market. That is one of the reasons that resulted in more new office space under construction here than the rest of Canada combined. But what happens next? It appears that 6 million square feet will be coming on stream in a market that has had an annual historic absorption rate of 600,000. With the energy sector – and especially natural gas – feeling the effects of the recession, demand for office space has subsided and subleasing activity has been growing. What is the forecast for future space requirements of the major occupants of the downtown core? Who else can step into the breach to fill the space? How significantly will the vacancy rate rise over the next few years? What is happening to tenant improvement allowances? How will class A buildings fare vs. class B? What will the supply/demand imbalance mean for the downtown market?
Randy Fennessey, President, CMN Calgary Inc.
Randy Magnussen, Executive Vice President, Bentall Real Estate Services LP
Scott Hutcheson, Chairman, President & CEO, Aspen Properties Ltd.
Dwight Jack, Senior Vice President, Brookfield Properties Corporation
Sandy McNair, President, Altus InSite
Over a three and a half year period, the Calgary Regional Partnership (CRP) undertook a process to complete a regional land use plan for the greater Calgary area. In June, 2009, the CRP revised and approved a strategy referred to as the Calgary Metropolitan Plan and then forwarded it to the provincial government for its review and final approval. This session will examine the major findings, conclusions and recommendations of the Calgary Metropolitan Plan, and the implications for growth and development in the satellite areas surrounding the city. The CMP provides a vision of the region’s development, a regional perspective for required infrastructure, complementary policies between municipalities, higher density infill development, and identifies future growth areas. Regardless of the implementation of the CMP, what are the major issues and concerns of the smaller communities and how are they going to affect development decision-making in the near term?
Birol Fisekci, President & CEO, Bordeaux Developments Corporation
Linda Bruce, Mayor of Airdrie and Chair, Calgary Regional Partnership
Terry McLean, Executive Vice President, Western Canada, Research Valuation & Advisory, Altus Group Limited
Alan Norris, President & CEO, Carma Developers LP
Lorie Pesowski, Director, Planning and Community Services, Rocky View County
Over the past decade, Calgary became the leading Western Canadian logistics and distribution centre. In recent years, the skyrocketing cost of land and construction put strong pressure on the ability of the market to deliver new industrial space at reasonable prices. But where are we now? What impact has the slowing economy and the challenges facing oil and gas exploration and production had on industrial demand in Calgary? How much new development is still underway? Where do vacancy rates stand currently and what is the forecast for 2010? How much absorption is anticipated over the next few years? How much investment activity is there in this asset class? What impact has the softening economy had on the price of land and the cost of construction? Will that lead to more new development or not?
Marshall Toner, Senior Vice President, CB Richard Ellis Limited
Randy Cameron, Senior Vice President, Western Canada, Dundee REIT
Blair Sinclair, Regional Director & Senior Development Officer, First Industrial Realty Trust Inc.
David Weinkauf, Vice President, Leasing & Development, Centron Group of Companie
Todd Yuen, Vice President, Industrial Development, The Beedie Group
Notwithstanding Calgary’s strong population growth in recent years, concern has been expressed by some investors about the short and medium term outlook for the multi-unit residential market. This session will examine the key trends in the Calgary apartment market. Housing prices have bottomed out and sales activities have started to increase again. However, the condominium market was considerably overbuilt and there are virtually no new projects on the horizon. What is the short and medium term outlook for the performance of the multi-unit residential sector in Calgary? Have vacancy rates stabilized and are they starting to fall? Where are rent levels heading over the next twelve months? What impact is the sluggish condominium market having on apartments? Where are cap rates heading? What has been the impact of CMHC mortgage insurance on apartment values? How much investor interest is there in this asset class in Calgary?
Tim Sommer, Vice President, Investment Sales, Capital Markets Group, Cushman & Wakefield Ltd.
Bob Dhillon, President & CEO, Mainstreet Equity Corporation
Roberto Geremia, President, Boardwalk REIT
Mark Kenney, COO, CAP REIT
John Maslen, Director, Research Valuation & Advisory, Altus Group Limited
While there are some strong advocates of the economic and social values of green buildings, others are skeptical about the feasibility of these projects and feel they only make sense if tenants are prepared to assume higher rents. But does a green building actually cost more? Why are an increasing number of corporations and institutional investors among some of the strongest advocates for green investment and see this as a value proposition? What tangible results have been offered on the quantifiable value of such higher performance buildings? What are the most practical measures that a landlord can take in upgrading an existing building to compete with new green developments? This session will examine these and other questions. Discussion will also focus on one of Canada’s most significant LEED Platinum rated office buildings: the Child Development Centre at the University of Calgary. Learn how such a project is providing an acceptable ROI within investment grade parameters that is comparable to a typical spec suburban office building.
Matt Grace, Sustainable Buildings Consultant, Enermodal Engineering Ltd.
Robert Peterson, President, R.C. Peterson Ltd.
Kim Rishel, Manager, Sustainable Building Services, EllisDon Construction Services Inc.
The retail sector in Calgary continues to demonstrate some leasing strength and strong investor interest with millions of square feet planned to come on stream over the next few years. But will that happen? Where is the threshold? To what extent has the softening economy affected the cost of construction and the economics of the rents that developers must be able to charge to make a project realistic? How is the current supply and demand balance for various types of retail formats being offered, the interest in this market of tenants, and consumer sales and preferences? Differentiation is also a key ingredient between the existing centres and new projects. This session will discuss all of these trends, challenges and issues, as well as the outlook for Calgary retail market activity. 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? What is in store for new retail formats? What lies ahead for retail market activity in 2010?
Rob Walker, Vice President, Partner, Retail Associate, CMN Calgary Inc.
Stan Boniferro, Director of Leasing, 20Vic Management
Ralph Huizinga, Vice President, Acquisitions & Development, Western Canada, First Capital Realty Inc.
Darryl Schmidt, Senior Director of Leasing, Western Portfolio, The Cadillac Fairview Corporation Ltd.
Chris Wood, Principal, Broker, Northwest Atlantic (Canada) Inc.
Office, retail, industrial and multi-unit residential sectors have all experienced a reduction in deal flow and a lack of liquidity. This session will feature a wide ranging discussion on current investment trends from the perspective of commercial realtors, investment bankers and investors. How much of a disconnect is there between the expectations of buyers and sellers in this market? Where are cap rates heading over the next few years? What are the challenges that investors and owners are facing to buy or sell assets in this market, e.g. the impact of the cost and availability of capital? Which asset classes might see increased activity in 2010? 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? What have been some of the noted transactions in Canada in 2009 to this point? What are the major lessons that have been learned so far from the credit crunch?
John O’Bryan, Vice Chairman, CB Richard Ellis Limited
Jason Cottle, Managing Director, RBC Capital Markets Real Estate Group
Micheal Dal Bello, Senior Vice President, Real Estate, AIMCO
James Miller, Principal, Investment, Avison Young Commercial Real Estate
Bruce Traversy, Principal, Dundee Real Estate Asset Management
Concurrent with the unprecedented growth that occurred in and around Calgary, the City incorporated new planning and approval guidelines that impacted all existing and proposed developments. This session will begin by examining the experience with the year old Land Use Bylaw (1P2007) and the Beltline ARP. Has it worked as expected or have issues arisen with its implementation? What were the most significant revisions and what impact has the Bylaw had on development? The downtown land district is the last remaining area that still uses the old By-law 2P80. Has the city determined whether there will be any changes needed to this ordinance? The panel will also discuss how the City’s regulatory process has been modified now that there has been a reduction in proposed new building activity; the City’s upcoming long range planning policies and what developers, building owners, consultants and investors need to understand about the evolving approval process in the Calgary market; and how the city intends to deal with projects that have been stopped prior to completion.
Vince Dods, Principal, Gibbs Gage Architects
Greg Brown, Principal, Brown and Associates Planning Group
Kevin Griffiths, Chief Building Official & Manager of Building Regulations, Development & Building Approval, City of Calgary
David Watson, General Manager, Planning Development & Assessment, City of Calgary
This session will open by examining the key trends in the suburban office market, and how they compare with the downtown core, e.g. rent levels, tenant profiles, vacancy rates, subleasing activity. Discussion will then focus on how much new development is still underway, and what are their target markets. To what extent has the suburban market been overbuilt and, if so, in which areas? What does the future hold for suburban office leasing and development? Is the City still advocating Transit Oriented Development policies for suburban projects? Is the concept of creating strong nodal development in outlying areas a pipedream or does it make sense and will it eventually occur?
Alex Brough, Vice President, Office Leasing, Cushman & Wakefield Ltd.
Cody Clayton, Vice President, Leasing & Land Sales, Remington Development Group
Rod Gatenby, Managing Director, Sun Life Financial
Hannes Kovac, President & CEO, Opus Building Canada Inc.
John Marotta, Senior Vice President, Western Region, Bentall LP
The credit crunch continued throughout the past year, having a strong impact on the pricing and the availability of debt. The CMBS market remained non-existent, risk was significantly repriced by the remaining lenders, underwriting standards and LTV requirements changed, and the debt market re-segmented itself. This session will focus specifically on debt financing and try to determine what borrowers can expect in 2010. Who will be the major providers of debt in Calgary and what will they be looking for? How are lenders likely to assess and price a deal? 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?
Neil Foran, Principal, Montrose Mortgage Corporation Ltd. (Calgary)
Peter Aghar, President & CIO, KingSett Capital
Rick Bachalo, Vice President, Mortgage Investments, Western Canada & Portfolio Management, Great West Life Assurance Company
Jeff Bowling, Assistant Vice President & Deputy Manager, Canadian Western Bank
Wissam Francis, Director of Finance, First Capital Realty Inc.
Changing markets conditions require a rethinking of investment strategies. Notwithstanding the sluggishness of the economy and its impact on real estate asset classes, there are opportunities to protect and build you asset value during these challenging times. This session will examine the importance of strategic planning, goal setting, and capital allocation in these market conditions. How do you differentiate your assets from what is more of a commodity market? What kind of leasing strategies might provide greater success in these times? Is it possible to create value from acquiring out-of-favour sites and properties and seeing something that no one else does? How important are personal and corporate values, communication and relationship building in this market? What are some of the significant elements of successful strategies, e.g. understanding your investment mandate, thorough research and underwriting, risk analysis, clear definition of exit strategy and liquidity, compliance with a risk/reward profile, and strong strategic communication with property management and leasing teams.
Randy Kraft, Partner, KPMG LLP
Bill Bird, Vice President, Alberta, CREIT Management LP
Peter Cohos, President, Tonko Realty Advisors Ltd.
Mark Klym, Director, Global Investments, Oxford Properties Group Inc.
Jeff Tripp, Vice President, Asset Management, Redcliff Realty Management Inc.
Over the next sixty years, Calgary’s population will double in size to over 2 million people. Where will these future Calgarians live, work and play? Plan It Calgary is an ambitious integrated land use and transportation plan to guide the development of the city over the next six decades. The plans calls for a balance of growth between established and greenfield communities; higher density nodes and corridors served by a primary transit network; increased mobility and housing choices; and optimization of existing infrastructure. This blueprint took more than two years to prepare, and generated a considerable amount of discussion and debate about the future growth of Calgary. The panel will discuss their perspectives on whether this is the right vision for our city and provide advice on critical implementation considerations.
Mary Axworthy, Director of Land Use Planning & Policy Planning, Development & Assessment, City of Calgary
Ben Brunnen, Manager of Policy and Research, Calgary Chamber of Commerce
Grace Lui, Senior Development Manager – Planning, Calgary Land Division, Carma Developers LP
Byron Miller, Director, Urban Studies Program, University of Calgary
Jaydan Tait, Senior Development Manager, Grosvenor Americas
A wide ranging panel discussion on the key trends, opportunities and risks emerging in the office, industrial, retail and multiunit residential markets in Calgary. Among the questions that will be discussed: what do you like about the Calgary market and what concerns do you have; where do you see the real estate cycle heading over the short to medium term in Calgary by asset class; what are you buying, where are you buying and why are you buying; what needs to happen in order to increase liquidity in the property markets; what plans do you have with respect your existing Calgary portfolio; how has the credit crunch and associated turbulence affected your activities; and what will be your strategy for 2010 and beyond in this market. What needs to change in order for Calgary to reach its ultimate potential?
David Routledge, Vice President, Real Estate Management West, Oxford Properties Group Inc.
Michael Catford, Vice President, Real Estate Investments, Hospitals of Ontario Pension Plan (HOOPP)
Tom Farley, President & CEO, Canadian Commercial Operations, Brookfield Properties Corporation
Paul Kennedy, Chairman, GWL Realty Advisors Inc.
Jon Love, Managing Partner & CEO, KingSett Capital
Randy Remington, President & CEO, Remington Development Corporation