Platinum

Principal

Principal

Gold

Thursday, October 8, 2015

7:15 AM
REGISTRATION & CONTINENTAL BREAKFAST

8:00 AM
WELCOME & OPENING REMARKS

Introduction:

Stephen Nicoletti, President, BOMA Ottawa

Forum Chairman:

Aik Aliferis, Chief Executive Officer / Founding Partner, Primecorp Group of Companies


8:05 AM
ECONOMIC OUTLOOK: IMPLICATIONS OF PLUNGING OIL PRICES, U.S. RECOVERY, EUROPE’S CHALLENGES AND OTHER TRENDS

An insightful presentation on the economic fundamentals that are driving the Canadian economy in general. What have been the implications for the sharp decline in oil in particular for Canada? What is the outlook for economic growth, employment growth, inflation, interest rates, and commodity prices over the next twelve months? How strong will the U.S. recovery be over the next 15 months? What economic conditions can we expect in Europe and China? How will all these trends affect Canada?

Derek Holt, Vice President, Scotiabank Economics


8:35 PM
HOW WILL THE OTTAWA ECONOMY PERFORM OVER THE NEXT FIFTEEN MONTHS?

How are the major economic fundamentals performing at this time in the Ottawa market? What impact is the annual population increase of 15,000 having on the Ottawa economy? How do the prospects for Ottawa compare with other major Canadian cities? When one examines the most significant fundamentals, what is the outlook for the key engines of the Ottawa economy and its housing market?

Mario Lefebvre, Former Director, Centre for Municipal Studies, Conference Board of Canada


9:05 AM
AN OVERVIEW OF THE OFFICE, RETAIL, INDUSTRIAL AND MULTI-UNIT RESIDENTIAL MARKETS IN OTTAWA: INVESTMENT, LEASING AND DEVELOPMENT

How much leasing and investment momentum did the Ottawa market experience in 2014 and the first half of 2015?  What is the outlook for the remainder of this year and beyond for the office, retail, industrial and multi-unit residential asset classes?  How do the market fundamentals look at this time including vacancy rates, absorption rates, and cap rates?

Presenters:
Marie-France Benoit
, Senior Director, Altus InSite, Division of the Altus Group
Julianne Wright, Director & General Manager, RVA, Altus Group


9:35 AM
UPDATE ON THE FEDERAL GOVERNMENT’S REAL ESTATE PORTFOLIO IN THE NATIONAL CAPITAL REGION

What space does the federal government currently occupy in Ottawa and Gatineau? What new developments are underway? What changes are on the forefront with respect to federal government space occupancy across the National Capital Region? What trends are we likely to see in 2016 and going forward?

Marie-France Benoit, Senior Director, Altus InSite, Division of the Altus Group
Julianne Wright, Director & General Manager, RVA, Altus Group


9:50 AM
MORNING REFRESHMENTS

10:20 AM
WHERE ARE OTTAWA’S PLANNING PRIORITIES HEADING? WHAT IS THE CITY’S VISION FOR DEVELOPMENT GOING FORWARD? HOW WILL IT GROW TO 1.5 MILLION BY 2045?

As Ottawa continues to evolve into a metropolitan area with a population of over one million, the City is implementing a series of key initiatives and planning policies that have implications on growth and development. These have included a new comprehensive zoning by-law, five year Official Plan review, Development Charges Review, the Employment Land Strategy, and various Community Design Plans. This conversation will examine many of these strategies. How will these policies impact the intensification and urbanization of Ottawa? Can the City afford to keep growing the way that it has been growing or does anything need to change? Will infill developments significantly increase since 75% of the City’s growth is to take place inside the greenbelt? How is the LRT construction progressing? What kind of development opportunities are emerging along this public transit line? What will it be like 30 years from now when it is a city of 1.5 million?

Interviewer:
Michael Polowin, Partner, Gowling Lafleur Henderson LLP

Guests:
Jan Harder, Councillor, Chair-Planning Committee, City of Ottawa
Hugh Gorman, Principal, Bridgeport Realty Capital Partners Inc.


11:10 AM
CONCURRENT SESSIONS (SELECT A1, A2 OR A3)
SESSION A1:
THE OUTLOOK FOR THE DOWNTOWN OFFICE MARKET:  HOW CAN B & C BUILDINGS RETAIN THEIR VITALITY AND COMPETITIVENESS

New construction accounts for a small fraction of the office building stock in Ottawa. However, these new developments coupled with other class A space set a tenant expectation and performance standard that other landlords cannot ignore. The Ottawa office market has a large inventory of properties constructed in the 1960s and 1970s. What are the options for these older B and C class buildings with respect to improving their operational efficiencies and ensuring that their space remains competitive in the market? This session will examine the asset management, marketing, and capital strategies that could help with the occupancy of older existing office properties and maintaining their optimum NAV. The challenge of repositioning an older property will be discussed. How feasible is it to pursue LEED or BOMA BESt certification for existing buildings? Will this branding make a difference in the leasing market? A few case studies will be presented as one answer some of these questions.

Moderator: 
Scott Brooker, Sales Representative, Commercial Sales and Leasing, Cushman & Wakefield Ottawa

Speakers:
Dan Gray, Vice President, Leasing, Bentall Kennedy (Canada) LP
Greg Johnston, Vice President, Property Management, Colonnade Management
Bernie Myers, Vice President, Eastern Canada, Office/Industrial, Morguard
Stephen Nicoletti, Managing Director, Eastern Canada, Manulife Real Estate

SESSION A2:
DEVELOPMENT TRENDS & ACTIVITY IN OTTAWA: WHAT IS THE IMPACT OF THE LRT? WHAT DOES THE FUTURE HOLD FOR CONDO SITES?

Like all other major cities across Canada and in many countries, Ottawa continues to grow organically through development activity both within the inner city as well is in outlying suburban areas.  Annual population growth of 10,000 or more generates demand for 5,000 more households, $160M in retail spending capability, 7,400 more jobs and 1M sq.ft. of new retail space. The session will provide some insights on specific development trends and activity that are occurring including: understanding the impetus for development and infill; how much growth is occurring and where; to what extent are the suburbs reshaping;
the impact of transit corridors; inside the Greenbelt where are the nodes of development; what are important policy thrusts to support development; and what are some of the key projects in all asset classes that are underway or being planned.

Speakers:
Ted Fobert
, Founding Partner, FOTENN Consultants Inc.

Patrick Meeds, Vice President, Ottawa, PMA Brethour Realty Group
John Smit, A-Manager, Policy Development and Urban Design, City of Ottawa


SESSION A3:
TAKING THE TEMPERATURE OF CAPITAL MARKETS & OTTAWA: RAISING, DEPLOYING, PRESERVING, OR OPTIMIZING CAPITAL?

The results of the EY Capital Confidence Barometer will provide insight into the mood of executives related to raising, deploying, preserving or optimizing their capital. The review is forward looking, gauging interest in acquisitions, dispositions, and other strategies with a specific focus on the National Capital Region: the Ottawa and Gatineau markets. Levels of optimisms and pessimism in the economy were measured and key challenges impeding growth will be identified and shared in the presentation. This interactive session will allow participants to lead with their views and assess them against the Capital Confidence Barometer interviewees.  At the end of the session, can we predict whether we should be optimistic or pessimistic? Survey says…

Presenters:
Zach Pendley, Vice President – Transaction Real Estate, Ernst & Young
Jeffrey Wood, Partner – Transaction Real Estate, Ernst & Young LLP


12:20 PM
NETWORKING LUNCHEON

12:20 PM
LUNCHEON REFRESHMENTS

1:20 PM
AN INTERVIEW WITH CYRIL LEEDER: WHAT SPORT CAN TEACH YOU ABOUT CORPORATE LEADERSHIP

Introduction by:

Greg N. Bell, Partner – Tax, KPMG LLP

Kent Browne, Broker of Record/Owner, Royal LePage Team Realty, Royal LePage Gale Real Estate

Cyril Leeder, President, Senators Sports & Entertainment


2:10 PM
CONCURRENT SESSIONS (SELECT B1, B2 OR B3)
SESSION B1:
RETAIL FACTS AND FALLACIES:  THE IMPACT OF TARGET, THE INTERNET, DEVELOPMENT AND OTHER TRENDS

No other real estate property class attracts as much attention as retail. In recent years, U.S. and international retailers like Nordstrom, Saks, Uniqlo and others have been circling Canada and opening stores. The growth of online shopping is having implications for traditional retail formats. Trends like customer/brand experience, lifestyle fragmentation, generational crossover and blurring of sectors are affecting landlord and retailer business models. There are also concerns about tapped out consumers and the closure of national chains like Target, Future Shop, and Blacks. Closer to home, three of the four major regional centres in Ottawa are undergoing or just completed revitalization projects to expand and improve their properties. Added to this is the transformation of Lansdowne Park, the new Tanger discount outlet centre and the proliferation of urban retail in mixed-use developments across the inner city. In total, over 1M sq.ft. of retail space has been absorbed since last year. What is driving all of this activity? How are landlords and retailers responding to trends in the industry? While the retail asset class continues to demonstrate some leasing strength, what does the future hold? How is the supply and demand balance at this time? Is there any potential for the Ottawa market to become over-stored? Clearly, there are many factors to weigh in assessing the vitality, performance and future outlook for the retail real estate market in Ottawa – can we predict what the retail landscape will look like 24 months from now?

Moderator:
Cindy VanBuskirk, General Manager, Rideau Centre, The Cadillac Fairview Corporation Limited

Panel:
Dennis Eberhard, Senior Vice President, Portfolio Leader, SmartREIT
Glenn Featherstone, Vice President, Retail Leasing, Morguard
Lisa Hutcheson, Retail Advisor, J.C. Williams Group

Matthew Smith, Senior Vice President, Capital Markets, National Retail Investment Group, JLL


SESSION B2:
REAL ESTATE OPPORTUNITIES IN GATINEAU – BEST KEPT SECRET IN THE NATIONAL CAPITAL REGION

While most attention in the National Capital Region is focused on Ottawa, the City of Gatineau has quietly flourished across the river. The fourth largest city in Québec, Gatineau has enjoyed the highest rate of growth among all communities in this province over the past ten years. In 2014, the city adopted a new plan earlier this year for managing growth and development. Aside from lower vacancy rates than in the Ottawa market, a number of forthcoming municipal infrastructure and real property projects are also underway in Gatineau. Being a city with a noticeable portion of younger demographics and families, Gatineau is also attracting a growing number of investors and businesses. The result is a mix of traditional economic activities and leading-edge technologies. What opportunities are there for developers and investors in this market?

Moderator: 
Miguel Tremblay, Director Planning & Development, FOTENN Consultants

Panel:
Charles Beaudoin
, Vice President, Business Development, Multivesco Inc.
Frédéric Lewis
, Gatineau General Manager, Brigil
Charles Masse
, Vice President, Development & Operations, Heafey Group
Jeff Westeinde
, Executive Chairman, Windmill Development Group

SESSION B3:
CURRENT AND EMERGING TRENDS IN THE SUBURBAN OFFICE MARKET: FROM KANATA TO THE SOUTH AND EAST ENDS

Some 58% of the Ottawa office market is outside the downtown core. The session will examine these submarkets. With its high concentration of high technology tenancies, Kanata appears to have finally shrugged off the effects of sluggish leasing conditions as the vacancy rate has moved lower from over 16% to 13%. However, vacancies have increased over the past twelve months in most other submarkets – in some cases to levels twice as high as one year ago. Some of this is due to the continuation of the federal government vacating space along with the challenge of finding new occupants. What will generate the growth to fill some of this space in the west, south and east ends? What is the likely performance of these submarkets through 2016?

Moderator:
Oliver Kershaw, Associate Vice President, CBRE Limited

Panel:
Stan Humphreys
, Director, Leasing, Cominar REIT
Chris Ross
, Chief Investment Officer, The Regional Group of Companies Inc.
Martin Vandewouw, President, KRP Properties
Gordon Wadley, Director, NCR & Atlantic Canada Leasing, Dream Unlimited

3:20 PM
SHARK TANK AND DRAGON’S DEN ENCORE: HOW MUCH WILL LOCAL AND NATIONAL INVESTORS PAY FOR OFFICE, RETAIL, INDUSTRIAL OR APARTMENT ASSETS IN OTTAWA? WOULD THEY PREFER TO DEVELOP RATHER THAN TO ACQUIRE?

A follow-up from 2014 featuring a unique face-off between three leading commercial brokers and a cross-section of local and national investors. The brokers will present office, retail, industrial and multi-residential assets for sale and briefly examine some of the benchmark transactions in Ottawa over the past twelve months. The investors will react and comment on the properties for sale. To what extent do they have an interest? What cap rates and valuation will they apply to each asset and property class? How will the cost of capital range from private equity funds to REITs to institutional investors? The last portion of the session will examine their perspective on real estate market fundamentals for 2016 and beyond for the Ottawa market and Canada as a whole.  They will offer their insights on what they see occurring over the next twelve months, and their strategic thinking going forward.  Among the other questions to be examined:

  • What plans do you have with respect your existing Ottawa portfolio; and what will be your strategy for 2016 and beyond in this market?
  • Where are we in the cycle?  Where are cap rates heading?
  • How do you achieve growth in rental rates in this market?
  • What property classes will likely offer the best possible returns in 2016?

Making the Pitch
Aik Aliferis, Chief Executive Officer / Founding Partner, Primecorp Group of Companies

Nathan Smith, Senior Vice President, Capital Markets Group, Cushman & Wakefield Ottawa

Nico Zentil, Vice President, CBRE Limited

The Sharks and the Dragons
Todd Bechard, Executive Vice President, Acquisitions, Cominar REIT
Ugo Bizzarri, Managing Director, Portfolio Management & Investments, Co-Founder, Timbercreek Asset Management
Rob Kumer, Partner, Investments, KingSett Capital
Greg Rogers, Executive Vice President Investments, Minto Properties Inc.
Greg Spafford, Managing Director, LaSalle Investment Management

4:20 PM
NETWORKING RECEPTION