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2007 Program

7:00 AM

REGISTRATION & CONTINENTAL BREAKFAST

 

 

8:00 AM

WELCOME & GREETINGS

 

Introduction of Chairman:

Rhys Renouf, Partner, Advisory Committee, KPMG LLP

Forum Chairman:

Ron Wratschko, Senior Vice President, Western Canada Portfolio, The Cadillac Fairview Corporation Limited

8:05 AM

THE ECONOMIC OUTLOOK FOR THE CALGARY MARKET: GOOD NEWS?

 

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. How do the economic prospects for Calgary compare with the outlook for other major Canadian cities? How does forecast for Alberta compare with Canada? With the United States? Is there any indication that the market conditions are peaking? What is the outlook for inflation, interest rates and energy prices for 2008 and beyond?

Speaker:

Jeff Rubin, Chief Economist & Chief Strategist, Managing Director, CIBC World Markets

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8:35 AM

Calgary And The Alberta Advantage: Will It Continue Or Is It Over? Will Growth Continue Or Will It Level Off?

 

The so called Alberta Advantage — the result of the elimination of any provincial government debt — has received mixed reviews. Notwithstanding the significant growth in Alberta government revenues, why do Calgary’s and Edmonton’s infrastructure needs appear to be underfunded? Why are Calgarians increasingly unhappy with the direction of the quality of life in their community? What is the outlook for employment and population growth for the Calgary area over the next 12 months? To what extent are the pressures of growth likely to continue over the short and medium term?

Speaker:

Jason Clemens, Director of Fiscal Studies, The Fraser Institute

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9:00 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. Among the many questions that he will answer: Where are world oil and gas prices heading in 2008 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 10 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:

Greg Stringham, Vice President, Markets & Fiscal Policy, Canadian Association of Petroleum Producers

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9:35 AM

MORNING REFRESHMENTS

 

10:00 AM

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

 

Session A1:

The Downtown Office Market And New Development Activity: Too Much, Too Little Or Just Right?

With vacancy rates at historic low levels, Calgary is the hottest major office market in North America if not the world. That is one of the reasons why there is more new office space under construction in Calgary than the rest of Canada combined. Should developers start more, slow down existing projects, or just pray? What do the demand fundamentals suggest? What is forecast for future space requirements of the major occupants of the downtown core? What is the market outlook for 2012? What are the implications of the three scenarios (same, better and worse) for the future?

Moderator and Overview Presentation:

Sandy McNair, President, Altus InSite (please contact sandy.mcnair@altusinsite.com to obtain a copy of presentation)

Panel:

Peter Cohos, Principal, Tonko Realty Advisors Ltd.
Randy Fennessey, President & CEO, Calgary Inc., Colliers International
Randy Magnussen, Executive Vice President, Bentall Real Estate Services LP
Ian Parker, Senior Vice President, Asset Management, Brookfield Properties Corporation

Session A2:

The Outlook For Residential And Non-Residential Land In The Greater Calgary Market

The session will open with an overview presentation of the trends in the price and investment sales of industrial, commercial and residential land in the greater Calgary area. A panel discussion will examine the market fundamentals and dynamics driving land acquisitions and development in the region. Is development risk being priced appropriately in today’s market? Where are land values heading for 2008 and beyond? Can the strong demand, severely constrained supply and historically high prices be sustained? What does the future hold? Is there anything on the horizon that might increase supply and lower prices? How does Calgary compare with other Canadian and North American markets?

Moderator and Overview Presentation:

George Carras, President, RealNet Canada Inc.

Panel:

Helmar Basedow, President, Basedow International Inc.
David Negrin, Senior Vice President, Concord Pacific Group Inc.
Alan Norris, President & CEO, Carma Developers LP
Paul Taylor, Executive Vice President, Hopewell Residential Communities Inc.

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Session A3:

Update On The Industrial Real Estate Market: Some Think It’s Hot And Some Think It’s Not

The industrial real estate sector in the Calgary market has grown to be the leading Western Canadian centre for logistics and distribution. However, the skyrocketing cost of land and construction appears to putting some pressure on the ability of the market to attract new investment and development activity. The panel will examine the demand pressures on the Calgary industrial market and the extent to which they are likely to continue through 2008 and beyond. How are the needs of industrial space users changing? What are the implications on industrial building design? Given the escalating cost of land and construction, do the economics of building new industrial continue to make sense? What are the future prospects for the industrial sector to attract investors?

Moderator & Overview Presentation:

Chris Anderson, Senior Management Director, Cushman Wakefield & LePage Inc.

Panel:

Randy Cameron, Senior Vice President, Western Canada Region, Dundee REIT
Peter Derksen, Senior Vice President, Regional Partner, Verus Partners Canada, Ltd.
Murray DeGirolamo, Vice President, Industrial, Western Canada, Hopewell Development Corporation
Jordan Slatt, President, LDC Logistics Development Corporation

Session A4:

The Introduction Of More High End Brands And Other Changing Trends In The Calgary Retail Market

The first part of this session will examine the introduction of higher end retailers into Calgary. Many believe that this market is significantly underserved with respect to top of the line retail in Canada. Some of the brands opening in Calgary are not even present in the Vancouver market (which is more than twice the size of the former). Will these higher end retailers find the smaller but increasingly affluent Calgary market to be sustainable? The second part of the session will focus on some of the other trends in the Calgary retail market. How strong is leasing market activity? What are Ivanhoe Cambridge’s plans with the Mills concept? How much other new development and expansion is in the pipeline? Can the market absorb all the new space?

Moderator:

Kevin McCann, Associate Broker, Barclay Street Real Estate Limited (download presentation)

Overview Presentation:

John Williams, Senior Partner, J.C. Williams Group (download presentation)

Panel:

Darryl Schmidt, Director of Leasing, The Cadillac Fairview Corporation Limited (download presentation)
John Scott, Vice President, Development, Ivanhoe Cambridge
Chris Thompson, Senior Sales Associate, CB Richard Ellis (download presentation)

11:10 AM

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

 

Session B1:

Broker Roundtable: Has Investment Activity Peaked In The Calgary Market?

The retail sector continues to demonstrate leasing strength and strong investment interest. This session will open with an overview of the Canadian retail sector by a leading market consultant. A panel discussion will follow regarding the outlook and prospects for the retail sector for 2006 and beyond in the Calgary market. What is the respective performance of strip and power centres, regional centres, and community enclosed malls? What new retail concepts, if any, are emerging in the Canadian market? How are traditional retailers revitalizing their formats?

Moderator:

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

Panel:

John Cardiff, Partner, Brookfield Financial Real Estate Group
David Forbes, Executive Vice President, CB Richard Ellis Alberta Limited
James Miller, Partner, Avison Young Commercial Real Estate (Alberta)
Chris Ridabock, President, JJ Barnicke Calgary Inc.

Session B2:

The Bouyancy Of The Rental Apartment Market In Calgary

Notwithstanding Calgary’s strong population growth, concern was expressed in previous years by some investors about the short and medium term outlook 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, e.g. 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 performance of the Calgary apartment sector? Are any new apartment buildings being developed? How much concern is there over the provincial government’s comments about the possibility of introducing some form rental controls if significant rent increases continue? Given the rent levels Why is there a lack of new supply?

Moderator and Overview Presentation:

Tim Sommer, Associate Vice President, Investment Sales, Capital Markets Group, Cushman & Wakefield LePage Inc.

Panel:

William Chidley, Senior Vice President, Corporate Development, Boardwalk REIT
Bob Dhillon, President and CEO, Mainstreet Equity Corp.
Daniel Drimmer, President, TransGlobe Property Management Services Ltd.
John Murphy, President & CEO, 20/20 Group Inc.

Session B3:

Managing Construction & Development In A Very Difficult Market; Update On Green Building Activity In Calgary

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 continues to dramatically change the economics of the rents that developers need to charge in order to make a project realistic. This session will examine the unpredictable 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 2008 with respect to strong continuing cost escalations?

Moderator:

David Routledge, Vice President, Real Estate Management, Western Canada,Oxford Properties Group Inc.

Panel:

David Filipchuk, Vice President, PCL Construction Management Inc.
Carolyne Kauser-Abbott, Managing Director, Western Region & Facilities – CFM, MCR, CB Richard Ellis
Iain McCorkindale, Director, Altus Helyar
Avi Tesciuba, Senior Vice President, Hines

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Session B4:

Open Dialogue With The City Of Calgary’s Planning, Development, Transportation & Infrastructure Executives

This session will provide some valuable insights and a greater understanding of the major elements within the City of Calgary that affect real estate development, investment and leasing activities: transportation, infrastructure services and capital projects, and planning and development. City officials will discuss some of their current policies and programs, and what may lie ahead in the future. They will comment on their practices and what steps are being taken to try to deal with managing the growing volume of construction, development and growth in the Calgary market.

Moderator:

Wade Gibbs, Senior Partner, Gibbs Gage Architects

Panel:

John Hubbell, General Manager, Transportation, City of Calgary
Brad Stevens, General Manager, Asset Management & Capital Works, City of Calgary
David Watson, General Manager, Planning, Development & Assessment, City of Calgary

12:20 PM

INFORMAL LUNCHEON & NETWORKING OPPORTUNITY

 
 

LUNCHEON REFRESHMENTS

 

1:20 PM

LUNCHEON PRESENTATION: THE OIL SANDS PROJECT: CANADA’S GREATEST BURIED TREASURE

 

Second only to the Saudi Arabia reserves, Alberta’s Oil Sands deposits were described by Time Magazine being able to “satisfy the world’s demand for petroleum for the next century”. Oil Sands production has grown steadily as the industry matures to an output of almost 1 million barrels per day in 2005. With anticipated growth, this level of production could reach 3 million barrels per day by 2020 and possibly even 5 million barrels per day by 2030. This presentation will offer some unique insights on the Oil Sands and how they could support the development of other key industries that would see Alberta become a Global Energy Leader. The result could have dramatic implications for real estate investment and development in this province.

Speaker:

Marcel Coutu, President & CEO, Canadian Oil Sands Trust

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2:00 PM

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

 

Session C1:

The Vision For Calgary: Is It Possible To Manage The Growth Of Canada’s Fastest Growing City? What Will It Look Like In 10 Years?

With Canada’s fastest growing urban economy and with over $60 billion of investment planned in the next few years, Calgary has a very exciting future. Or does it? 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? What is Calgary doing to deal with the development activity that is surging in the city? What will the city and its downtown look like in 10 years? What kind of pressures are the outlying areas experiencing? Is the idea of creating multiple employment centres being pursued? Is Bell Canada an example of the first of many companies that will move from the downtown core to suburban locations that are within proximity of public transit stations? What has been the outcome of Imagine Calgary, a visioning attempt to create a 100 year sustainable growth plan for the community?

Moderator:

Robert Roach, Director of Research, Canada West Foundation

Panel:

Mary Axworthy, Director, Land Use Planning & Policy, City of Calgary
Bob Holmes, Senior Vice President, Planning and Capital Development, Calgary Health Region
Michael Robinson, President & CEO, Glenbow Museum; Board Member, David Suzuki Foundation; and Co-Chair, Imagine Calgary

Session C2:

The Suburban Office Market: Is It Significantly Different From The Downtown?

This session will examine the trends in the suburban office sector, how they compare and differ with the downtown market, and what the profiles are of the tenants that are being attracted to these locations. How do suburban vacancy rates compare with the core? To what extent are downtown office rates sending more non-oil and gas industry tenants to outlying 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 2008 and beyond.

Moderator:

Chris Law, Partner, Suburban Office Leasing Agent, Colliers International

Panel:

Terry Johnston, Development Manager, Opus Building Canada Inc.
Peter Lockhart, Vice President, Leasing, WAM Development Group
Scott Taylor, Vice President, Asset Management, Prairie Region, GWL Realty Advisors Inc.
Todd Throndson, Managing Partner, Edmonton Office, Avison Young Commercial Real Estate

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Session C3:

Financing Strategies In An Increasing Interest Rate Environment: What Lies Ahead For Capital Markets And Private Equity?

What are the implications on real estate assets and portfolios of a market where the cost of capital appears to be dramatically and quickly changing? How do these market conditions affect values? How do they affect acquisitions and dispositions, development, investment, and financing decisions? What has happened to CMBS and debt financing over the past eight months? Why is private equity so strongly attracted to REITs? Does private equity pose a significant threat to REITs, public corps and the prospects for this sector to continue to evolve and grow? Are sale-leasebacks likely to continue to grow under the current market conditions or not? What are the three techniques that real estate owners can be effectively used to hedge rates within the current interest rate environment?

Moderator:

David Dulberg, Managing Director, RBC Capital Markets Real Estate Group Inc.

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Panel:

Andrew Huntley, Head, Mortgage Investments, Alberta Investment Management
Nick Lagopoulos, Director, Equity Investments, GE Real Estate
Robert Millar, Principal, Montrose (Calgary)
Paul Stone, Regional Director, Canadian Real Estate Investment, Metropolitan Life Insurance Company

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Session C4:

How Much Development Is Expected In The Beltline? What Does The Future Hold For This Area On The Fringe Of The Downtown?

The Beltline is a neighbourhood in significant transition. Along with the Rivers District and the Downtown East Village, the Beltline is presently in the midst of an ambitious urban planning and rejuvenation venture planned by the City to increase the residential density of central Calgary. The area is intended to operate as a mixed-use region and is to include a mix of commercial services and high density condominium and apartment towers. Many of these residential structures are already under construction, and even more are in the proposal stages. Currently there are over 37 major residential towers in some stage of development in the community. This session will examine some of the ongoing revitalization and densification activities in the Beltline focusing on the question of what lies ahead for this key area on the fringe of the downtown.

Moderator:

Angus Fraser, Senior Vice President, CB Richard Ellis Alberta Ltd.

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Panel:

Tony Aksich, Senior Vice President, Giffels Management Inc.
Thom Mahler, Coordinator, Centre City Planning & Design Policy, City of Calgary
George Schluessel, President, ProCura
John Torode, President, TORODE Realty Ltd.

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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 issue facing real estate decision-makers about the Calgary market today: the future outlook for and sustainability of current property values. Among the questions that will be examined:

  • Are properties in Calgary fairly valued or are they now over valued?
  • What key factors continue to influence 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 much investment activity do they foresee in 2008 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 12 months?

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

Moderator:

Ron Wratschko, Senior Vice President, Western Portfolio, The Cadillac Fairview Corporation Limited

Panel:

Michael Cooper, Vice Chairman & CEO, Dundee REIT
Yves-André Godon, Senior Vice President, Legal Affairs, SITQ
Scott Hutcheson, Founding Partner, Chairman, President, CEO & Trustee, Artis REIT
Armin Martens, President & CEO, Artis REIT
Paul Kennedy, Chairman, GWL Realty Advisors Inc.

4:15 PM

CLOSING REMARKS

 

4:20 PM

CLOSING RECEPTION