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2011 Program

7:00 AM

REGISTRATION & CONTINENTAL BREAKFAST

 

8:00 AM

WELCOME & GREETINGS

 

Introduction:

Randy Kraft, Partner, Real Estate & Financial Services, KPMG LLP


Randy Fennessey

Forum Chairman:

Randy Fennessey, President, CMN Calgary Inc.

8:05 AM

ECONOMIC OUTLOOK FOR ALBERTA AND CANADA: IS THERE LIGHT AT THE END OF THE TUNNEL OR IS THERE MORE TURBULENCE AHEAD?

 

The opening presentation will examine 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. How much turbulence can be expected over the next fifteen months? Will the U.S. experience any recovery in 2012 or is it more likely to be submerged in another recession? What are the potential implications of the issues in Europe? What is the outlook for China, India and other major emerging markets to continue their growth? What will this all mean for the demand for commodities and energy in particular? What are the likely prospects for Alberta’s performance relative to the rest of Canada over the short and medium term?


Warren Jestin

Speaker:

Warren Jestin, Senior Vice President & Chief Economist, Scotiabank

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8:40AM

THE FUNDAMENTALS OF THE ALBERTA OIL AND NATURAL GAS SECTORS: HOW MUCH GROWTH CAN BE EXPECTED? WHERE ARE THEY HEADING?

 

An insightful discussion on the outlook for the Alberta energy sector over the short and medium term. The 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 2012 and beyond? What are the implications of these energy prices for capital investment in Alberta? To what extent will the oil and gas sectors continue to evolve as two very different markets? 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?


Greg Stringham

Speaker:

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

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9:15 AM

THE PROSPECTS FOR ECONOMIC GROWTH IN ALBERTA: THE VIEW OF ONE CORPORATE VETERAN

 

The general view from all corners is that the economy in Alberta and Calgary specifically rises and falls with the performance of the hydrocarbons markets. While there has been a strong logic to that premise, to what extent is a shift occurring? To what degree are the province and the city moving away from being “one trick ponies”? Some insightful comments for one veteran corporate observer on the activities that he has witnessed emerging that could provide Alberta and Calgary specifically with a strong competitiveness and level of growth over the longer term. What do leaders in Calgary need to do in order for the city and province to attain these goals?


Brian Felesky

Keynote Speaker:

Brian Felesky, Vice Chair, Investment Banking Canada, Credit Suisse Securities (Canada) Inc.

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9:40 AM

THE VISION FOR CALGARY: MAKING CANADA’S CITIES ENGINES OF GROWTH AND MAGNETS OF DEVELOPMENT

 

A insightful presentation from the mayor of city on the exciting future for this key centre of Western Canada. What is the strategy that Calgary is implementing to manage growth and development? How is it encouraging dialogue? What are some of the policy directions that help this city become a magnet for talent? What are specific initiatives that are being implemented that will help shape Calgary into a major leading Canadian and global city?


Naheed Nenshi

Speaker:

Mayor Naheed Nenshi, The City of Calgary

9:50 AM

MORNING REFRESHMENTS

 

10:20 AM

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

 

Session A1:

THE DOWNTOWN OFFICE MARKET: NOT ONLY DID IT NOT IMPLODE BUT COULD WE SEE MORE NEW DEVELOPMENT FAIRLY SOON?

Who would have predicted this story? The Calgary downtown office market was one of the hottest in the world from 2005 onwards. One of the results was an unprecedented level of development activity. But had investors overreacted? With the economic softness of 2008 and 2009, speculation grew that developers had gone too far and – in the boom/bust cycle associated with Calgary – the downtown could potentially have vacancy rates as high as 20%. But that is far from the facts. Vacancy rates have actually dropped significantly to 7% for AA/A space for example. This panel will examine the current state of the downtown office market and suggest what the future may hold over the short and medium term. What has created these stronger than anticipated occupancy levels? Is the demand sustainable? Is there any likelihood of more new developments over the next 12-24 months?

Moderator:

Greg Kwong, Executive Vice President & Regional Managing Director, CBRE Alberta Limited (download presentation)

Panel:

Randy Cameron, Senior Vice President, Western Canada Region, Dundee REIT (download presentation)
Brad Krizan, Director, Corporate Administrative Services, EnCana Corporation (download presentation)
Dwight Jack, Vice President, Office Leasing, Brookfield Office Properties
Loy Sullivan, Vice President, Office Leasing, 20 VIC Management (download presentation)

Session A2:

LAND DEVELOPMENT IN THE GREATER CALGARY AREA: WHAT IMPACT ARE ESCALATING VALUES HAVING ON THE MARKET?

The session will open with a brief overview of the trends in the escalating price and inventory of commercial and residential land in the greater Calgary area. A panel discussion will then examine the market fundamentals and dynamics affecting land acquisitions and development in the region. What are current land values and where are they heading for 2012 and beyond? What are the City’s plans with respect to its land portfolio and bringing some supply on stream? To what extent has the servicing of developable land slowed down? How large is the inventory of serviced land at this time? Given the challenges that new projects pose to existing infrastructure and water resources, a growing number of municipalities are not very pro-growth at this time. As a result, what are developers doing? How are all of these trends affecting the sales of new homes?

Moderator:

Birol Fisekci, President & CEO, Bordeaux Developments Corporation

Panel:

Michael Cowie, Vice President, Dundee Developments
Terry McLean, Senior Executive Vice President, Research Valuation & Advisory, Altus Group
Bob Nobes, RE/MAX House of Real Estate, and Past President of the Calgary Region Home Builder’s Association
James Robertson, Director, Office of Land Servicing & Housing, The City of Calgary
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Mark Wynker, Principal, Urban Land Group, Stantec Consulting Ltd.–>

Session A3:

UPDATE ON THE INDUSTRIAL REAL ESTATE MARKET: THE TIME IS RIGHT FOR MORE NEW DEVELOPMENT AGAIN

Over the past decade, Calgary has become 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 following a period of some robust development, the slowdown in the economy brought new construction to a virtual stop. How have the fundamentals changed in the past year? Where do vacancy rates and absorption stand currently and what is the forecast for 2012? Where is the demand for this space coming from? How much new development can now be anticipated over the next year? How does the North submarket compare with South Calgary? What will be the impact of the completion of the Ring Road on the industrial market? Are developers likely to move into neighbouring communities given the levies and costs of building in the city of Calgary? How much investment activity is this asset class attracting?

Moderator:

Ryan Haney, Vice President, Industrial, CBRE Alberta Limited

Panel:

Bill Bird, Senior Vice President, Industrial, WAM Development Group
John Marotta, Senior Vice President, Western Region, Bentall Kennedy (Canada) LP
Alistair Pickering, Director, National Industrial, Oxford Properties Group Inc.
Blair Sinclair, Senior Vice President, Leasing & Development, Tonko Realty Advisors Ltd.

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Session A4:

THE RENTAL APARTMENT MARKET: IS NEW DEVELOPMENT ON THE HORIZON? WHY IS INVESTMENT ACTIVITY SO TIGHT?

This session will examine the major trends in the Calgary apartment market. What is the short and medium term outlook for the performance of the multi-unit residential sector in this market? With vacancy rates below 3%, are they projected to remain at these levels or will the market get even tighter? Where are rent levels heading over the next twelve months? Is new development of apartments on the horizon? To what extent has interest returned in the condominium market? What impact is this having on rental market demand? How much investor interest is there in this asset class in Calgary? Why is it so difficult to close a transaction? What impact is the lack of available product having on valuations, pricing and investment activity in general?

Moderator:

Tim Sommer, Vice President, Investment Sales, Capital Markets Group, Cushman & Wakefield Ltd.

Panel:

Ugo Bizzarri, CFO & Managing Director, Real Estate Investments, Timbercreek Asset Management Inc.
Clay Hamdon, President, Cove Properties Ltd.
Brad Kroeker, Senior Consultant, Valuation & Advisory Services, Cushman Wakefield Ltd.
John Purcell, Senior Vice President & Portfolio Manager, Investment Management, Bentall Kennedy (Canada) LP

11:25 AM

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

 

Session B1:

MANAGING DEVELOPMENT ACTIVITY AND COSTS IN THE CALGARY MARKET

As the strength in the economy and the real estate market has returned in the past two years, construction activity is on the rebound in Calgary once again. Combined with some new developments is the need to retrofit older aging assets so that they can remain competitive. Commercial demand is emanating from some office development activity; a rebound in industrial leasing that is setting the stage for a return to more building in this asset class; construction of new retail space and renovation of older centres; and a rebound in the condominium market. On top of this is the impact on materials and labour from the billions of dollars of infrastructure construction across the oil patch, in northern Alberta, and in the public sector. This session will examine some of the challenges facing commercial developers in this market environment, the most updated information on current and future direction of construction materials and labour, along with the availability of construction financing for both smaller and larger projects.

Moderator:

Randy Magnussen, Executive Vice President, Bentall Kennedy (Canada) LP (download presentation)

Panel:

Vince Davoli, Senior Vice President, Western Canada, EllisDon Construction Services Inc.
Kris Heron, Partner, MillarForan (download presentation)
Doug Porozni, Vice President, Development, Ronmor Developers Inc. (download presentation)
Wayne Procter, Senior Cost Consultant, Altus Group (download presentation)

Session B2:

THE CHANGING RETAIL LANDSCAPE: THE ENTRY OF U.S. AND EUROPEAN TENANTS AND THEIR IMPACT ON NEW DEVELOPMENTS, EXISTING CENTRES, AND LEASING IN THE CALGARY MARKET

There has been a considerable amount of reports and speculation on the strong interest among a growing number of U.S. and European tenants in the Canadian retail market – whether they are attracted by the sales per square foot, the belief that this country is understored, or the strength of the Canadian economy relative to others. This panel discussion will examine the overall extent of this anticipated influx and what potential implications it could have on existing retail centres and formats, current retail tenants, and consumers in general. How are landlords and retailers preparing to respond to these new entries into our market? Will one result be a greater range of new developments, retrofits and expansions? How will occupancy levels rents be affected? What lies ahead for retail market activity in Calgary in 2012?

Moderator:

Rob Walker, Vice President & Partner, Retail, CMN Calgary Inc.

Panel:

Ralph Huizinga, Vice President, Acquisitions & Development, Western Canada, First Capital Realty Inc.
Andrew Megson, President, Springwood Land Corporation
Darryl Schmidt, Vice President, National Leasing, Western Canada Portfolio, The Cadillac Fairview Corporation Limited
Chris Wood, Principal & Director, North West Atlantic (Canada) Inc.

Session B3:

BRANDING YOUR BUILDINGS & REAL ESTATE ORGANIZATION BETTER: UNDERSTANDING THE IMPACT OF SOCIAL MEDIA AND HOW TO USE IT

Real estate marketing is at a tipping point. From the days when some print advertising, a corporate brochure, and signage on the exterior of a building were the most common tools, the entire rule book has been re-written as social media, digital media, and traditional media offer stronger combined power. How can you play-to-win in this new paradigm? How can you use new and old media to your advantage? How can you make sure your real estate development or space for lease is getting noticed by the right prospects? Since the recent recession, a “new normal” has been the hallmark of success. This session will provide concrete, tangible steps you can take back to the organization and apply immediately to your marketing efforts, and a timely perspective on the new realities of commercial real estate marketing. You will leave this session with some great ideas that can help you succeed.

Speaker:

David Allison, Co-Founder & President, Braun/Allison Inc.

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Session B4:

WHAT NEW INITIATIVES, POLICIES AND PLANS IS CALGARY PURSUING FOR THE CENTRE CITY? WHAT IS THE IMPACT OF THE NEW DOWNTOWN LAND USE DISTRICT?

The session will examine some of the new initiatives, policies and plans that the City of Calgary is pursuing for the Centre City. Discussion will begin with an overview of the proposals for the new downtown district that will replace the existing CM-2 district of the Land Use Bylaw. The proposed changes to the district are designed to reflect contemporary planning objectives for the City’s core area. The most significant among these initiatives is the updating of the bonus density system used to achieve maximum floor area ratios in the downtown. An overview of the new +15 policy direction will also be presented.

Moderator:

Scott Hutcheson, Chairman & CEO, Aspen Properties Ltd.

Speakers:

Vince Dods, Principal, Gibbs Gage Architects
Joachim Mueller, Senior Planner, Centre City Planning & Implementation, Planning, Development & Assessment, The City of Calgary
Sinisa Tomic, Manager, Centre City Planning & Implementation, Planning, Development & Assessment, The City of Calgary
Jay Wollenberg, Principal and President, Coriolis Consulting Corp.

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12:25 PM

INFORMAL LUNCHEON & NETWORKING OPPORTUNITY

 
 

PRE LUNCHEON REFRESHMENTS

 

1:25 PM

KEYNOTE SPEAKER: A NEW VISION FOR ALBERTA

 

Danielle Smith

Introduction:

Scott Hutcheson, Chairman & CEO, Aspen Properties Ltd.

Keynote Speaker:

Danielle Smith, Leader, Wildrose Alliance Party of Alberta

2:05 PM

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

 

Session C1:

THE OFFICE MARKET IN THE BELTLINE AND SUBURBS: TO WHAT EXTENT ARE THEY BENEFITTING FROM RISING DOWNTOWN RATES?

This session will open by examining the key trends in the office markets in the Beltline across the suburbs, and how they compare with the downtown core, e.g. rent levels, tenant profiles, vacancy rates, development activity. What have been the major implications of decreasing vacancies and rising NERs in the downtown on these alternative markets? To what extent are some tenants moving out of the core to take advantage of lower real estate costs in other locations with Calgary? What does the future hold for office leasing and development in the Beltline and the suburbs? What are the strategic options facing a tenant considering a location in the Beltline vs. the outlying surburban areas?

Moderator:

Robert MacDougall, Senior Managing Director, Calgary, Cushman & Wakefield Ltd.

Panel:

Tom Burns, Executive Vice President, Operations & Leasing, Allied Properties REIT
Cody Clayton, President, Remington Development Corporation
Rod Gatenby, Managing Director, Real Estate, Sun Life Financial
Hannes Kovac, President & CEO, OPUS Corporation

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Session C2:

A MAJOR GOAL OF THE CITY OF CALGARY: PARTNERING WITH STAKEHOLDERS TO CREATE MORE CERTAINTY IN THE PLANNING PROCESS

This session will examine important new approaches in the City of Calgary’s planning and land use regulation process. The goal of these changes is to provide more certainty to real estate owners, the development industry and community stakeholders. The presentations will include a discussion of recent independent reviews of the aforementioned processes; how Calgary’s structure compared to other cities in Canada and the United States; and what changes were proposed as a result of this review and are how being contemplated for implementation. The recently approved Urban Design Framework will also be examined.

Moderator:

Mary Axworthy, Director of Land Use Planning & Policy, Planning, Development & Assessment,The City of Calgary

Speakers:

David Watson, General Manager, Planning, Development & Assessment, The City of Calgary
David Down, Coordinator of Urban Design and Heritage, Land Use Planning & Policy, The City of Calgary (download presentation)
Don Elliott, author of “A Better Way to Zone”, who conducted the review of the City’s Land Use Bylaw (download presentation)

Session C3:

CREDIT AND DEBT MARKETS IN ALBERTA: CASE STUDIES OF ACTUAL COMMERCIAL LENDING PRACTICES

A comprehensive examination of major commercial lending practices in the Calgary market. The session will open with a presentation on the state of the Canadian banking system in Western Canadian from the perspective of a very strong and successful regional entity. The address will include a reference to how their commercial real estate loan portfolio has been performing and why they continue to support lending to the real estate industry. The second part of the session will feature a broader range of lenders examining capital availability, “spot” pricing, mortgage underwriting and what type of transactions they looking for. The speakers will use examples of case studies from actual deals to demonstrate how loans are finalized and what the near term holds for borrowers entering the market in the last quarter and the beginning of 2012.

Moderator:

Neil Foran, Partner, MillarForan

Speaker:

Chris Fowler, Executive Vice President, Canadian Western Bank

Panel:

Rick Bachalo, Vice President, Mortgage Investments, Western Canada & Portfolio Management, Great-West Life Assurance Company
Jeff Bowling, Senior Assistant Vice President & Branch Manager, Canadian Western Bank
Frank Malone, Vice President, Commercial Mortgage Group, TD Commercial Banking
Ron Sawatzky, Associate Vice President, Concentra Financial

Session C4:

INVESTOR INTEREST IN CALGARY: WHO WANTS TO INCREASE THEIR PRESENCE IN THIS MARKET?

An insightful discussion about investment activity in the Calgary market. The session will open with a brief overview of some of the bellwether transactions over the past twelve months. The panel will address a range of questions including: Given cap rate compression on the one hand and the abundant availability of low priced capital, what have been the major challenges facing investors trying to buy assets? Where are cap rates at this time and where do they appear to be heading? Which asset classes might see activity in 2012? 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? This session will feature a wide ranging discussion on current investment trends from the perspective of commercial realtors, investment bankers and investors.

Moderator:

John O’Bryan, Vice Chairman, CBRE Limited

Panel:

John Cardiff, Managing Partner, Brookfield Financial
Peter Cohos, Managing Director, Tonko Realty Advisors Ltd.
James Miller, Principal, Investment, Avison Young Commercial Real Estate
Bruce Traversy, Principal, Investments, Dundee Real Estate Asset Management

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3:10 PM

EXECUTIVE ROUNDTABLE DISCUSSION ON CALGARY: HOW ARE MAJOR REAL ESTATE INVESTORS VIEWING 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 Calgary. Among the questions that will be discussed: what do you like about the Calgary market and what concerns do you have; what impact is the volatility in the global economy having on your strategy over the next twelve months; is liquidity being threatened by the issues in the U.S. and European economies in particular; where do you see the real estate cycle heading over the short to medium term in Calgary by asset class; what are you buying or selling, and where are you buying or selling; what plans do you have with respect your existing Calgary portfolio; and to what degree are you optimistic vs. pessimistic over the short and medium term.

Moderator:

Randy Fennessey, President, CMN Calgary Inc.

Panel:

Tom Farley, President & Global Chief Operating Officer, Brookfield Office Properties
Paul Kennedy, Principal, Vantage Properties Ltd.
Jon Love, Managing Partner, KingSett Capital
Randy Remington, Chairman, Remington Development Corporation

4:10 PM

CLOSING REMARKS

 

Randy Fennessey, President, CMN Calgary Inc.

4:15 PM

NETWORKING RECEPTION