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Introduction of the Conference Chair:
Tara Steell, Development Manager to Brookfield Residential & President-Elect, CREW Calgary
Paul Skeans, Senior Vice President, Dream Office REIT
The dramatic fall in crude oil prices over the last 12-months has created a great deal of anxiety and change in Calgary’s market. Hear from one of Canada’s leading oil and gas analysts for a review of what led to the collapse, what it means and what the next 24 months could look like. How will oil and gas companies respond to recent economic developments around the world? Is Alberta heading for a recession and what does that mean? Is the drop in oil part of a cycle? How does this time compare to previous price drops?
Randy Ollenberger, Managing Director, Oil & Gas Equity Research, BMO Capital Markets
As recently as late 2014, Alberta was the fastest growing economy in the country with predictions from economists that this trend would continue. With the decline in the price of oil most are predicting Alberta to fall behind Central Canada & B.C. and some are predicting a possible recession. For seasoned members of the real estate industry in Alberta this is par for the course – in Calgary’s cyclical market, but for others it feels catastrophic. What tools can be applied to survive a tough economy? What lessons can be learned? What makes this time different – or perhaps not so different?
Paul Vander Schaaf
Alex Wong, Executive Vice President, Avison Young
Scott Hutcheson, Chairman, Aspen Properties
Jennette Leyland, Vice President of Leasing, H&R REIT
Paul Vander Schaaf, Vice President, Industrial, KingSett Capital
It’s no secret that the price of oil has and will continue to dramatically impact demand for office space, not only in the downtown core but surrounding business districts as well. Estimates put Q1 and Q2 at over 1.5 million square feet of vacant space. With that decline comes an increase in sublease space – what does that mean for tenants, brokers? What best practices need to be employed? How did the panel manage similar challenges in 2009? What marketing strategies should be considered? What can brokers and tenants expect in the coming months? Is it time to make a greater effort in attracting diversified industries such as tech and healthcare? What opportunities exist despite the challenges in the market?
Rob Blackwell, Vice President, Leasing & Acquisitions, Aspen Properties
Geoff Christie, Senior Director, Office Leasing, CREIT Management LP (invited)
Dwight Jack, Vice President, Office Leasing, Brookfield
Sandy McNair, President, Altus InSite
Peter Whitehead, Property Director, Manulife Real Estate
As the reality that the price of oil has in fact had a big impact on Calgary’s economy, this session will discuss ways in which to manage potential tenant bankruptcy and insolvency of the lease, dealing with a receiver, and recent case law that addresses these issues. What are the latest concerns in tenant default remedies? Does the landlord have the right to cancel the lease? Does the tenant? What about the trustee? What happens to the letters of credit, deposits and guarantees when the tenant goes bankrupt or seeks the protection of insolvency laws? How can lease provisions manage sublease activity without unduly penalizing the tenant? When can the landlord’s consent be reasonably withheld?
Kendra Pinder, Principal, Cresa
Greg Liakopolous, Partner, Bennett Jones
Jeff Oliver, Partner, Gowlings
David Simpson, General Manager, Oxford Properties
Not all business has come to halt, however in a challenging market tenants demands and expectations often change. Balancing cost conscious and focus on lease flexibility more than ever, while trying to maximize rents and occupancy can be a delicate balancing act. This session will examine key strategies and techniques that landlords, tenants, lawyers and brokers should consider in negotiating a lease in a tenant driven market. Will tenants trade-up into space they are not naturally suited for over the long term? What sections of the lease are open for negotiation? What is the ideal timing for renewing leases in the current market? What are the typical discussion points that will be difficult, and what are the issues that should be easily resolvable?
Sean McCullough, Executive Vice President, Strategic Group
Irene Au, Vice President, Leasing, Dream Office Management Corp.
Kevin Keyes, Borden Ladner Gervais LLP
Shannon Potter, Director, Leasing, Morguard Investment Limited
Cody Watson, Associate, Colliers International
KEYNOTE PRESENTATION — Calgary 2.0: From Good to Great
Calgary is in the midst of a metamorphosis. As it attracts more people, more investment, and more development, Calgary is not just getting bigger. It is becoming a fundamentally different kind of city. It could jump from good to great—if it makes the right design choices. Simon O’Byrne will tell the story of how we got here, where we’re going, and why it matters.
Simon O’Byrne, Vice President, Planning Community Development, Stantec
Sheltered by distribution in the Calgary region, the industrial sector has been less impacted by the downturn in the market with only 30% of product occupied by oil and gas. Some brokers predict that any potential impact won’t be felt until the summer and fall of 2015, and that the real issue is Target moving out of Canada. That said there will be over 3.5 million square feet of construction — higher than other markets in Western Canada. This panel will examine issues facing the industry as the demand for space continues. What services is the city able or willing to deliver? Where will demand come from next? What opportunities exist for diversification?
Ryan Haney, Senior Vice President, Industrial, JLL
Jay Balkwill, Associate Vice President, Cushman & Wakefield
Jorden Dawson, Director, Industrial Development, Beedie Development Group
Sean Day, Vice President, Industrial, Avison Young
Casey Stuart, Vice President, Barclay Street Real Estate
This panel will review the latest practices, and key differences, in rights of expansion, rights of contraction, early termination, rights of first refusal, rights of first offer and other real estate leasing tools. How has today’s market impacted what tenants are asking for and why? How are landlords responding to tenant requests to downsize? What are some sources of common conflict between a landlord and a tenant? How can they be avoided? How can landlords work with tenants to build flexibility and control into deals? What are some best practices to ensure that competing interests and needs can co-exist? Learn how these points should be addressed from the perspective of a landlord, a tenant, and a litigator resulting in a more ideal lease.
Randy Ferguson, COO, Strategic Group
Kent Bacon, Principal, Avison Young
Rick Charlton, Vice President, GWL Realty Advisors
Richard Morden, Vice President, Bentall Kennedy (Canada) LP
Increasingly organizations are taking a closer look at how their employees live and work, resulting in significant changes to leasehold improvements. With this in mind, the panel will address the key issues they are hearing and having to address in order to provide tenants with ideal working spaces. What’s really important to tenants and what do they really want in a space? What impact do these demands have on leasehold improvements? What are some of the most common requests? Is workspace density making it tricky to maintain services such as bathrooms, elevators, HVAC? How important is workplace health to closing a deal? What do brokers need to consider to sweeten the deal?
Robyn Bews, Director, WORKshift, Calgary Economic Development
Robyn Baxter, Vice President, HOK
Ken Dixon, Senior Vice President, Property Management, Strategic Group
Patricia Evans, Principal Sizeland Evans
Jerilyn Wright, Owner, Jerilyn Wright & Associates Interior Design Consultants Ltd.
It’s inevitable that in a challenging market, sublease activity increases. What key issues and differences should tenants and landlords understand with these types of tenancies? How is a sublease defined? What are the major differences between a head lease and a sublease? How should tenants work with landlords in order to get consent? How are lease takeovers being structured? What is the tenant’s and landlord’s perspective on subleases? What is the difference between lease and sublease enforcement? How can a lease be terminated? When can the landlord’s consent be reasonably withheld? Does the landlord need a third party agreement?
David J. Fenrich
Loy Sullivan, Vice President, 20 VIC Management
David J. Fenrich, Senior Director, Legal Services, Cadillac Fairview
Ryan Handley, Leasing Manager, Brookfield Properties
Rob Housman, Partner, Norton Rose Fulbright Canada LLP
Considered one of the biggest misses in the retail history of the country, the departure of Target from Canada is impacting more than just the retail market. There are also a great deal of lessons to be learned from the perspective of landlords, lawyers, and tenants. This panel will examine 4 elements of the Target deal and offer their thoughts on how this historical miss will impact the future of retail and industrial leasing in Canada.
Grant Kosowan, Director, Prairie Provinces, Orange National Retail Group (invited)
Laurel Adamson, Vice President, Leasing, Primaris Management Inc. (invited)
Jeff Robson, Vice President, Associate Broker, Barclay Street Real Estate
Darryl Schmidt, Vice President National Leasing, Cadillac Fairview
Geoff Stollery, Vice President, Real Estate, Best Buy Canada
As vacancies increase, what strategies and best practices should be applied in these market conditions? What tools can be used to market vacant and soon-to-be vacant space? Are landlords keen to “extend and blend” and to renew tenant leases for as long as possible while tenants are seeking much shorter terms? What’s the best way to get a deal signed, sealed and delivered in a challenging market? Do short term leases save money or create more hassle down the road? This panel will tackle key points that all brokers should understand to market, negotiate and close deals in what is a changing market.
Paul Skeans, Senior Vice President, Dream Office REIT
Cody Clayton, President, Remington Development Corporation
Greg Guatto, President & CEO, Aspen Properties
Greg Kwong, Regional Managing Director, CBRE Limited
Steve Smith, Managing Director, Western Canada, Manulife Real Estate