2013 Program

Chairman’s Reception

Platinum

Gold

Monday, April 29, 2013

5:30 PM – 7:00 PM
CHAIRMAN’S RECEPTION

Networking opportunity for all Forum delegates will be held at the Innovation Place Rotunda.

Tuesday, April 30, 2013

7:15 AM
REGISTRATION & CONTINENTAL BREAKFAST

8:00 AM
WELCOME AND OPENING REMARKS

Forum Chairman:
Muir Barber
, President & CEO, Pinnacle Developments Inc.

UNDERSTANDING SASKATCHEWAN’S STRONG COMPETITIVE ADVANTAGE

8:05 AM
WHAT ARE THE MAJOR ECONOMIC DRIVERS IN SASKATCHEWAN? WHY IS THIS PROVINCE LEADING THE COUNTRY IN GROWTH?

Within the Canadian context, Saskatchewan has had the best economic performance and GDP growth of all provinces since 2010. More importantly, many economists predict that the trend will likely continue. This presentation will examine the most significant elements of this unique market beginning with global, national trends, economic fundamentals, and their potential implications for Saskatchewan. It will also examine the outlook and major economic drivers responsible for the province’s strong results, and the forecast for continued employment and population growth. How do the prospects for this market compare with other Canadian provinces and major cities?

Speaker:

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


8:40 AM
HOW ARE THE LEASING AND INVESTMENT MARKETS IN REGINA AND SASKATOON PERFORMING?

An overview of leasing and investment activity in Regina and Saskatoon in 2012 and Q1 of 2013. What were the benchmark leasing and investment deals during the past twelve months? What is the outlook for 2013 and beyond in the office, retail, industrial and multi-unit residential sectors in terms of absorption rates, cap rates and potential leasing and investment activity? How do the prospective trends for Regina and Saskatoon compare with other major Canadian markets?

Speakers: 
Colin Johnston, President, Research, Valuation & Advisory, Altus Group
Sandy McNair, President, Altus InSite

For inquires regarding obtaining a copy of the PowerPoint, please click here.


9:15 AM
WHAT ARE THE MAJOR CONTRIBUTORS TO SASKATCHEWAN’S COMPETITIVE ADVANTAGE? WHY IS THIS PROVINCE ON TRACK TO BE CANADA’S LEADING ECONOMY?

In the current global environment, economies that are tied to commodities and resources are experiencing the strongest and most sustainable growth. Saskatchewan is the sixth-best place in the world for mineral investment – out of 93 jurisdictions surveyed across Canada and around the world. But just as importantly, the province has evolved into the most diverse economy in Canada that includes: agribusiness, biotech, a mining industry larger than Ontario’s, fabricated manufacturing, engineering, prospecting, and a hydrocarbons market that includes a portion of the oil sands. World class companies are headquartered here. Add to this the wide range of capital programs in the billions for new plants, mines, and facility expansions, and one has an economy that is on fire and is well positioned to remain that way. Is it any wonder that Saskatchewan has the lowest unemployment rate in Canada? The speakers in this session will offer some diverse insights on the strong competitive advantage that this province offers and why it should be attracting the undivided attention of investors. Learn why this province has exceptional resources, talented people and tremendous economic potential.

Moderator and Overview Presentation:
Larry Hiles
, President & CEO, Regina Regional Opportunities Commission

Speakers:
Don Black
, currently Chairman, Greystone Capital Management Inc, has had a very distinguished career of over 45 years in the financial services sector. He has served in successive order as Chief Executive Officer of Houston Willoughby (which is now part of RBC), Saskatchewan Government Insurance, and Pioneer Life Assurance Company. In 1992, he became Chief Executive Officer of Greystone Capital where he continued to lead its growth into one of Canada’s largest institutional investment management funds with a portfolio of over $34 billion in assets.

Murad Al-Katib, President & CEO, Alliance Grain Traders Inc. is a unique agribusiness success story. Founded in 2007, the firm is one of the largest lentil and pea splitting companies in the world shipping to over 100 countries around the globe. Alliance Grain Traders are the first multiple winner of the Saskatchewan Business of the Year award and Murad was named by Profit magazine as one of Canada’s 30 most fabulous entrepreneurs.

Scott Banda, Chief Executive Officer, Federated Co-operatives Limited. Owned by the Saskatoon-based FCL,a $2.66 billion expansion of the Coop Refinery Complex was recently completed with one of the results being that it is now the fourth largest refinery in Canada. Over 150 companies provided services to the project. At peak construction, more than 5,000 people a day were on site, as the project provided some 8,000 person years of employment and brought in excess of $5 billion in economic activity to Saskatchewan.


10:15 AM
MORNING REFRESHMENTS

10:45 AM
CONCURRENT SESSIONS (SELECT A1, A2 OR A3)
SESSION A1:
WHY ARE THE OFFICE MARKETS IN SASKATOON AND REGINA SO STRONG? WHAT CAN WE EXPECT IN THE REMAINDER OF 2013 AND GOING FORWARD?

This session will examine the current trends and future outlook for the office markets in Regina and Saskatoon. Why does Regina have the lowest office vacancy rates in Canada? Will all the proposed developments of almost 1 million square feet likely be delivered? With a healthy market of just under 6% vacancy, how do the suburban and downtown markets compare in Saskatoon? Where are the underlying leasing fundamentals in both cities heading at this time? What is driving demand at this time? What is the outlook for absorption in Regina and in Saskatoon? How are Class B properties performing compared to Class A? What strategies are smaller landlords pursuing in these markets? What role do the policies of Regina and Saskatoon play in facilitating office development in the suburbs vs. downtown area? How much interest is there in greening new and existing buildings in either city?

Moderator:
Tom McClocklin
, President & Managing Director, Saskatchewan, Colliers International

Panel:
Rosanne Hill Blaisdell
, Managing Director, Harvard Buildings Inc.
Randy Cameron, Senior Vice President & COO, Dundee Industrial REIT
Dale Griesser, President & Broker, Avison Young Commercial Real Estate (Sask.) Inc.
Mitch Molnar, President, Mitchell Developments Ltd.


SESSION A2:
HOW HOT IS RESIDENTIAL LAND DEVELOPMENT IN THE GREATER REGINA AND SASKATOON MARKETS?text

Housing prices are very strong in the Regina and Saskatoon markets. Aside from a solid demand created by population growth, while residential land development and housing projects have been vibrant, they have also been affected by a wide range of factors. These include municipal planning policies, the impact of issues with the MDs surrounding the two cities, the cost and limitations on the availability of serviced land, and the disconnect in the timing for the servicing of new subdivisions by provincial utilities. What is the price and inventory of residential lands in the greater Regina and Saskatoon markets? Where are land values and housing prices likely heading for 2013 and beyond? What is the outlook for housing demand over the short and medium term? What infrastructure and transportation improvements should be priorities going forward to meet the need of growth in these communities?

Moderator:
Dion Tchorzewski
, Partner, McDougall Gauley LLP

Panel:
Jeff Balon
, Branch Manager, Stuart Olson Dominion Construction Ltd.
Wayne Hydeman, Founder & CEO, Hydeman Property Management
Paul Moroz, General Manager, Dundee Developments
Kevin Reese, President, Karina Developments Ltd.


SESSION A3:
THE REGINA REVITALIZATION INITIATIVE: SPOTLIGHT ON THE CITY’S LARGEST REDEVELOPMENT PROJECT

In May 2011, the Regina Revitalization Initiative (RRI) was unveiled and approved by City Council. Spanning a ten to fifteen year period, the community renewal project will create vibrant and energetic communities that will replace former industrial and under-utilized lands. This will include neighbourhoods in the heart of the city where people will be able to live, work, and play. The Stadium Project, Taylor Field Neighbourhood, and Railyard Renewal Project are the three main components. A big part of the RRI is to connect these three pieces with improved roadways and enhanced pedestrian connections. This session will examine in greater detail the plans and timing for the Initiative and how the private sector will be able to participate.

Moderator:
John Hopkins
, Chief Executive Officer, Regina Chamber of Commerce

Speakers:
Brent Sjoberg
, Deputy City Manager & CFO, City of Regina
Jason Carlston, Deputy City Manager, Community Planning & Development Division, City of Regina


11:50 AM
CONCURRENT SESSIONS (SELECT B1, B2, OR B3)
SESSION B1:
WHY CANADA’S LEADING INDUSTRIAL REAL ESTATE MARKET MIGHT GET EVEN HOTTER

The industrial real estate markets in Regina and Saskatoon are characterized by some of the lowest vacancy rates and highest NERs in the country. This session will examine major factors contributing to these factors including the plans for BizHub Industrial Park in Saskatoon and Regina’s 2,000 acre Global Transportation Hub (GTH). To what extent are these two cities becoming western Canadian transportation and logistics centres? The panel will also examine other characteristics of the market including: how much space has been added in the past few years; to what extent has there been a resurgence of spec development; how much availability of land is there for additional industrial development; what type of product is in highest demand in Regina and in Saskatoon; and what is the outlook for the industrial sector over the next twelve months.

Moderator:
Paul Mehlsen
, Managing Partner, NAI Commercial Real Estate (Sask) Ltd.

Panel:
Don Barr
, Director, Assessment, Tax & Real Estate Department, City of Regina
Michael Bischoff, Chief Investment Officer, Concorde Group Corp.
Ron Ritchie, Partner, ICR Commercial Real Estate
Blair Sinclair, Senior Vice President, Leasing & Development, Triovest Realty Advisor Inc.


SESSION B2:
CREDIT AND DEBT MARKETS: WHAT LIES AHEAD? WHERE ARE SPREADS HEADING? WHAT ARE THE MAJOR SOURCES?

A panel discussion focusing on the debt market and examining what borrowers can expect for the remainder of 2013 and beyond. What is attracting greater amounts of capital into the real estate market? Are we possibly heading for a market with too much potential credit and capital again? Who are the most active lenders in Saskatchewan and what are they looking for? How are they likely to assess a deal and price it? What property- classes are they avoiding, reducing exposure to, or increasing pricing for? How will the strategies vary among the various types of debt lenders – from major banks and institutions to credits unions and private sources? How available are mezzanine financing and other secondary sources of debt? Discussion will also briefly examine construction financing and loans for smaller assets and smaller projects.

Moderator:
Kris Heron
, Partner, MillarForan

Panel:
Greg Dwyer
, Vice President, Mortgages, Addenda Capital
Mike Fortier, Associate Vice President, Trez Capital
Peter Lawrek, President & Senior Partner, Lawrek Johnson Bird Appraisals & Consulting
Rick Morin, Vice President, Retail Services, Business Banking Division, Conexus Credit Union
Taj Sian, Vice President, RBC Commercial Mortgages, Canada, Royal Bank of Canada


SESSION B3:
SECONDARY MARKETS: IS THERE LIFE AFTER REGINA AND SASKATOON?

While the size of the Regina and Saskatoon markets may be rather challenging to attract the attention of some national and international investors, there are many smaller investors and developers who have found good opportunities not only in these two cities but also in secondary communities across southern and central Saskatchewan. This would include markets like Prince Albert, Moose Jaw, Swift Current, Yorkton, North Battleford, Estevan and Weyburn. What opportunities have investors and developers quietly and patiently found in this towns? How much liquidity do assets in secondary markets offer?

Moderator:
Richard Jankowski
, Managing Director, Avison Young Commercial Real Estate (Sask.) Inc.

Panel:
Martin Blair
, President, West Humboldt Properties Ltd.
Tim Cheesman, Project Manager, Moose Jaw Regina Industrial Corridor
Clint Elenko, Vice President, Development Western Canada, Canadian Tire Real Estate Limited
Ross Stathers, Director of Leasing & Development, SmartCentres


12:50 PM
NETWORKING LUNCHEON
LUNCHEON REFRESHMENTS

1:45 PM
SASKATCHEWAN’S VISION 2020

The Honourable Brad Wall, Premier of Saskatchewan

Introduction:
David Dubé
, President & CEO, Concorde Group Corp.


2:25 PM
CONCURRENT SESSIONS (SELECT C1, C2, OR C3)
SESSION C1:
INVESTOR INTEREST IN SASKATCHEWAN: WHO WANTS TO INCREASE THEIR PRESENCE IN THIS MARKET?

An insightful discussion about investment activity in the Saskatchewan 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: What have been the major challenges facing investors trying to buy assets in Regina or Saskatoon? Are investors avoiding Saskatchewan anymore because asset values are below their minimum desired thresholds? What is the profile of investors who are looking at these markets? Has the availability of too much low priced capital and an ever increasing number of potential buyers created a disconnect between supply and demand of product? Where do you project that cap rates will be by 2014 relative to today’s prices? Which product types appear to most strongly favoured by investors? How strong is investor interest in agricultural farmland as a new real estate asset class? How do the investment markets in Regina and Saskatoon compare with other Canadian cities?

Moderator:
Phill Elenko
, Partner, ICR Commercial Real Estate

Panel:
David Ward
, Director, Acquisitions, Morguard
Ted Welter, Managing Director, Real Estate and Mortgage Investments, Greystone Managed Investments Inc.
John Williams, President, North Prairie Developments Ltd.
Greg Yuel, President & CEO, PIC Investment Group Inc.


SESSION C2:
HOW BUOYANT ARE THE RETAIL MARKETS IN SASKATOON AND REGINA FOR INVESTORS, DEVELOPERS AND TENANTS?

This session will examine retail activity in Regina and Saskatoon and the extent of investor, developer and tenant interest in these markets. What are the major differences and similarities between the two markets from a leasing and development perspective? How is the supply and demand balance at this time with respect to the various types of retail formats and tenant interest in these markets? Who are the new retailers expected to be coming into these cities? Differentiation is also a key ingredient between older existing centres and newer projects. What developments have been completed in either market? How are they performing? Are there any particular formats and innovations growing in popularity? What lies ahead for retail market activity in Regina and Saskatoon for 2013 and beyond?

Moderator:
Keith Webb
, Vice President, Saskatoon, Colliers International

Panel:
Colin Baryliuk
, Vice President, Investments, KingSett Capital
Blair Forster, Vice President, Development, Harvard Developments Inc.
Anthony Marquart, President, Royalty Developments Ltd.
Doug McGregor, Senior Vice President, Leasing, Western Region, Artis REIT


SESSION C3:
MANAGING CONSTRUCTION AND DEVELOPMENT COSTS IN THE SASKATCHEWAN MARKET

As the strength in the economy and the real estate market in Saskatchewan continue to grow, construction activity is facing more and more challenges. Demand is emanating from across the entire market: office, industrial, retail, multi-unit residential, and hotel developments. On top of this is the very strong impact on materials and labour from the billions of dollars of construction in the mining, minerals and energy sectors in Saskatchewan and northern Alberta, and in public sector activities as well. This session will examine some of the challenges facing 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 & Speaker:
Brian Barber
, Senior Vice President, Saskatchewan, Ledcor Construction Ltd.

Panel:
Kirk Banadyga
, Architect, number TEN architectural group

Dave Gurnsey, Vice President, Altus Geomatics LP

Tom Williams, Senior Project Manager, Associated Engineering (Sask.) Ltd.


3:30 PM
CLOSING ROUNDTABLE: ASSESSING THE RISKS, CHALLENGES, STRATEGIES AND OPPORTUNITIES FOR 2013 AND BEYOND

A discussion with senior real estate executives as they provide their perspective on real estate market fundamentals for 2013 and beyond for Regina, Saskatoon and the overall Saskatchewan market. 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 are the most significant challenges, trends, risks and opportunities for investors and owners in the Saskatchewan market?
  • Do they expect the credit and capital markets to continue to be flush with cash for real estate for some time?
  • What impact are investors armed with a tsunami of cash having on cap rates? Where are valuations likely heading?
  • What can be expected with respect to investment velocity and deal flow in Saskatchewan?
  • What challenges if any do the leasing markets face?
  • What about development challenges?
  • What asset classes and transactions will likely offer the best possible returns in 2013?
  • What needs to change in order for the real estate markets in Saskatchewan to reach their ultimate potential?
  • What are you seeing in capital, financial and real estate markets across Canada?

Moderator:
Muir Barber, President & CEO, Pinnacle Developments Inc.

Panel:
Mo Bundon, Senior Vice President & COO, Harvard Developments Inc.
Michael Cooper, Managing Partner, Dundee Realty Management Corporation
David Dubé, President & CEO, Concorde Group Corp.
Stephen Taylor, President & COO, Morguard


4:30 PM
NETWORKING RECEPTION