7:00 am

8:00 am

Introduction:
Randy Kraft, Partner, KPMG LLP

Chair: 
Murray DeGirolamo, President, Hopewell Development

8:10 am

Speaker: 
Doug Porter, Chief Economist, BMO Capital Markets

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8:40 am

UNDERSTANDING THE SHIFTING POLITICAL LANDSCAPE IN UNPREDICTABLE TIMES

The past twelve months have seen a continuation of the shifting political landscape across Canada, in the U.S., in Asia and Europe.  One of Canada’s most prominent political commentators of the past 40 years will provide his insights on the results of the October federal election; the performance of new provincial governments elected in the past 18 months (Alberta, Ontario and Québec); the potential implications of the ongoing trade wars initiated by the U.S. with Canada, Mexico and China among other countries; the likelihood of the ratification of CUSMA; the post Brexit situation in the EU; and the U.S. political environment in preparation for the 2020 elections. What is the impact of all these trends on the Alberta economy?

Introduction:
William Plowman, Director, Commercial Solutions, Southern Alberta, FCT 

Speaker:
Allan Gregg, one of Canada’s most recognized and respected senior social research professionals and political commentators.

9:15 am

BEYOND THE ENERGY SECTOR: WHAT ARE OTHER MAJOR ENGINES OF THE ECONOMY IN CALGARY? HOW MUCH JOB GROWTH IS OCCURRING IN THE VARIOUS CLUSTERS?

SUPPORTING DOCUMENTS - Click button to download presentation

10:10 am

COMMERCIAL PROPERTY TAXES IN CALGARY: WHAT YOU NEED TO KNOW

Speaker:
Kyle Fletcher, Executive Vice President, Prairie Region, Property Tax, Altus Group 

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10:30 am

11:00 am

CONCURRENT SESSIONS (Select A1, A2, A3 or A4)

SESSION A1:
THE CHANGING NATURE OF WORK AND ITS IMPLICATIONS FOR THE OFFICE MARKET: WHAT ARE THE KEY FACTORS BEHIND THESE TRENDS? HOW ARE THE NEEDS OF OCCUPIERS CHANGING AND AFFECTING THIS PROPERTY CLASS? 

As Calgary’s office market moves to absorb its significant levels of vacant space, what do landlords need to understand about how the needs of tenants – in all industries – are evolving and changing? Markets in many other major cities are experiencing a surge and strong growth of coworking office environments. One result is a range of business models and solutions provided by a number of firms and the evolution of the concept of WorkPlace-as-a-Service (WaaS). This session will focus on the landlord and tenant decision drivers and response to the demand for this space, its amenitization, the implications for leasing, and how to properly assign value to flexible leases. To what extent are these and other changes in tenant office environments entering the Calgary market?

SESSION A2:
SPOTLIGHT ON THE CALGARY MUNICIPAL DEVELOPMENT CORPORATION: MOVING AHEAD WITH MAJOR PUBLIC MEGA PROJECTS

In 2007, city council created the Calgary Municipal Land Corporation (CMLC) with a mandate to revitalize the Rivers District beginning with the East Village. Inspired by some of the world’s most liveable places, the master plan established the framework for creating a vibrant, mixed-use, creative city neighbourhood. This presentation will focus on major developments that CMLC is leading at this time: the continued renewal of East Village (Calgary’s oldest neighbourhood), East Victoria Park and the highly anticipated BMO Centre Expansion (expanding the City’s Cultural and Entertainment District). What do these major developments mean for Calgary? Will these projects be catalysts that will lead to complementary private sector revitalization initiatives? 

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SESSION A3:
HOW IS THE DEBT MARKET FINANCING ASSETS AND CONSTRUCTION IN CALGARY?

Aside from the risks that have been assigned to the Calgary economy since 2014, the credit market has remained active. While real estate continues to attract strong amounts of capital, how are lenders and sources of debt and equity capital viewing Calgary? Where is the cost of capital heading? Who are the most active lenders in this market and what are they looking for? How are they assessing a deal and pricing it? Are there any property classes that lenders are avoiding, reducing exposure to, or increasing pricing for? How will the strategies vary among the various types of debt lenders – from major banks and MICs to credits unions and private sources? How much market share do non-bank lenders now have? How available is construction financing and loans for smaller to larger assets and projects?

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SESSION A4:
THE MULTI-RESIDENTIAL MARKET IS NOW A FAVOURED PROPERTY CLASS: HOW HAS IT PERFORMED IN CALGARY? HOW MUCH PURPOSE-BUILT ACTIVITY IS UNDERWAY?

This session will examine the performance of multi-residential in Calgary with a focus on purpose-built and the rental market. The discussion will open with an overview of homeownership and rental demand. What direction are they heading? What are the implications for rental rates and home prices? How much purpose-built apartment construction is underway? How strong is investor interest in Calgary rental assets? Where are sale prices and rents headed for the remainder of 2019 and into 2020? 

NETWORKING LUNCHEON

LUNCHEON REFRESHMENTS

12:50 pm

LUNCHEON KEYNOTE PRESENTATION

FACTS & FALLACIES SURROUNDING ALBERTA’S OIL & GAS INDUSTRY: WHAT IS THE REAL STORY?

Peter is an economist, investment strategist, advisor, author podcaster and public speaker on issues vital to the future of energy and Canada’s role in meeting evolving energy demand. He will provide clarity around the common facts and fallacies pertaining to the energy markets in Canada and specifically Alberta. What is expected to happen with oil prices in 2020 and beyond? How will the results of the federal election impact the future of energy sector in this province? 

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1:45 pm

CONCURRENT SESSIONS (Select B1, B2, B3 or B4)

SESSION B1:
HOW MUCH DEVELOPMENT ACTIVITY CONTINUES TO MOVE AHEAD? CASE STUDIES OF A
CROSS-SECTION OF PROJECTS

Notwithstanding the sluggish office market and economic softness of the past few years, development activity carries on in various parts of Calgary. The session will examine a number of projects to determine the primary market fundamentals and other factors responsible for these developments. With various station plans for the future Green Line underway, how much transit-oriented development is there likely to be? Discussion will also include: the 84-acre master planned West District with about 2,700 units and 5,500 jobs in office and retail; one of the purpose-built rental projects; the Greenwich development along Highway 1; and the continued activity in the “established areas” of the city like Kensington.

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SESSION B2:
GIVING OLDER ASSETS A NEW LIFE: A LOOK AT REPURPOSING EXISTING PROPERTIES AND SITES.  WHAT ARE ENTREPRENEURS DOING? 

The repurposing of a building is a strategy that often requires some creative thinking. As Calgary’s current office vacancy rate sits in the mid-20%, the conversation is growing about repurposing some of these assets predominately into multi-residential. What is involved in such an adaptive re-use strategy? What are the expected and unexpected costs to consider? How much support is required from the city, and its approval process? Who would move into these converted spaces? What other repurposing strategies have creative entrepreneurs undertaken? This session will examine various case studies and what role municipal policies can play in facilitating this process.

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SESSION B3:
THE PRESSURES AND CONTINUED EVOLUTION OF RETAIL:  WHAT ARE THE FACTS AND FALLACIES IN THE CALGARY MARKET? 

No other real estate property class has attracted as much chatter in recent years as retail. Once a favourite of investors, this property class is now facing many increased challenges. Calgary has witnessed Canadian, U.S. and European retailers opening stores, closing them or looking for fresh approaches to their formats. While there is a range of views on how online shopping is impacting the Canadian retail market, it is clear that the landscape is shifting. With a vacancy rate of below 5%, how are regional malls performing vs. power centres vs. strip centres vs. grocery anchored centres vs. street retail? This session will examine these and other trends, and discuss the facts and fallacies pertaining to the evolution of the Canadian retail real estate market from an investor, developer and retailer perspective. 

SESSION B4:
HOW ARE SECONDARY MARKETS SURROUNDING CALGARY PERFORMING? INSIGHTS ON AIRDRIE, CHESTERMERE, COCHRANE, ROCKY VIEW AND OTHER COMMUNITIES  

Notwithstanding the economic issues, Calgary was still Canada’s fastest growing metropolitan area based on the 2016 census and is now the 4th largest CMA in the country. This session will examine the various communities that surround Calgary. What is the level of real estate activity in these markets? For example, Airdrie – just six kilometres north of Calgary’s city limits – is poised to reap the benefits of growing demand for residential and industrial land in the region. What developments are on the horizon for adjacent communities such as Balzac, Cochrane, High River and Rocky View? To what extent are lower taxes, population growth, appropriate infrastructure, and favourable municipal planning policies and approval processes attracting developers and investors?

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2:40 pm

CONCURRENT SESSIONS (Select C1, C2, C3 or C4)

SESSION C1:
IS THE CALGARY INDUSTRIAL REAL ESTATE MARKET A STABLE PROPERTY CLASS? IS IT PERFORMING BETTER THAN EXPECTED?

To what extent has Calgary’s industrial market proven a desirable commodity? Vacancy in 2019 Q1 was 7.6% notwithstanding the absorption of almost 2 million sq. ft. of new supply that was added to inventory. What factors are responsible for this demand? Are eCommerce and the logistics sector the key as tenants seek state-of-the-art space with greater efficiency? Forecasts have predicted some tightening market conditions and slight growth in net rent values. To what extent are new projects locating outside of the city in surrounding rural municipalities due to overall cost factors and timing of approvals? What notable developments are underway or in final planning stages? 

This session will examine investment activity in the Calgary market, starting with a brief overview of some of the most significant transactions that have occurred over the last twelve months. What property classes appear to be favoured by investors? What are some of the challenges investors face when looking to acquire assets in this market? When it comes to Calgary, what is the perceived value of buildings that are facing low rent and high vacancy? Who has the strongest interest in the Calgary market, e.g. pension funds, lifecos, investment funds, REITs or private investors? How does the investment market in Calgary compare with other Canadian cities? Looking ahead, what can be expected of cap rates in 2020 in each property class? 

The session will examine the dynamic scope of initiatives and policies that the City of Calgary is undertaking in a challenging fiscal environment to assist landlords and developers in proceeding with new projects as well as retrofitting existing buildings over the short and long term. Discussion will include Centre City Enterprise Area, pop-up or interim uses in vacant spaces, crucial work within the Established Area including potential City investment that leverages private capital, and evaluation of potential levy payments by developers to address dated infrastructure. How can these initiatives aid developers that work in established communities and facilitate continuous improvements in Calgary?

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Technology is changing the world at an unprecedented speed and the real estate industry is not exempt from this transformation. The intersection of real estate and technology is referred to as PropTech in addition to smart buildings, smart cities and other terms. It has been said that “Technology changes exponentially; organizations change logarithmically.” You need to understand it, embrace it, and bring it to your decision table at all levels of management. What are examples of technological innovations that can impact your real estate assets, your overall portfolio, your firm, and your clients? Discussion will focus on various examples of PropTech initiatives, the outcomes, challenges and risks and the impact to the local/Alberta economy. Where is technological transformation heading and how do we best prepare for it?

3:30 pm

3:40 pm

A roundtable discussion with diverse group of senior real estate executives as they provide their insights on the Calgary market for the remainder of 2020 and beyond. What do they see occurring over the next twelve months? What is their strategic thinking going forward? What factors are key to their decision-making? As investors?  As developers?