REITs HAVE BEEN SOME OF THE MOST ACTIVE AND INNOVATIVE DEVELOPERS ACROSS CANADA – WHAT DOES COVID-19 AND THE FUTURE HOLD?
For many REITs and REOCs, development has been one of their key growth strategies in the past ten years. But as a result of COVID-19, what does this look like for development going forward?
- Will urban mixed-use, transit-oriented still be in vogue? Or are we going to focus on different models?
- Will they have less retail and more of something else?
- What will the future of development look like depending on which property class you're in, what city you are in and whether you're urban or more suburban?
- Has urbanism peaked? Has a form of obsolescence been created e.g. parking needs, elevator, washroom and hallway congestion, tolerance for density, high-rise vs. low-rise buildings, open plan layouts?
- Is it time to be looking at development because you can get great locations or are people hunkering down? This panel will examine these and other questions in greater detail.
- How much development activity do REITs currently have underway? How are they overcoming current challenges?
- Where are construction costs currently and heading at this time? How are they affecting pro formas?
- How significantly will the pandemic impact development plans and the pace and costs of construction?
- Are REITs still making appropriate profit from development to compensate investors for level of risk? How are development returns being measured? What are best practices in reporting success?
Derek Warren, Vice President, Portfolio Manager, Real Estate Equities, Lincluden Investment Management Limited
Marlon Bray, Senior Director, Cost and Project Management, Altus Expert Services, Altus Group
Hugh Clark, Executive Vice President, Development, Allied Properties REIT
Christine Côté, Vice President, Development, SmartCentres REIT
Daniel Marinovic, Chief Development Officer, Dream Unlimited
Dean Wilkinson, REIT Analyst, CIBC World Markets