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Mitch Molnar, President, Mitchell Developments Ltd.
Within the Canadian context, Saskatchewan had one of the best economic performances and GDP growth of all provinces from 2010 until 2015. However, in the past three years, it has faced some challenges. This presentation will examine the most significant elements of this unique market including some global, national trends, economic fundamentals, and their potential implications for Saskatchewan. It will also examine how the resilience of its diverse economy has helped Saskatchewan to begin to return to growth. How do the prospects for this market compare with other Canadian provinces? What implications will stagnant oil and some depressed commodity prices have on Saskatchewan?
Michael Gregory, Deputy Chief Economist & Head of U.S. Economics, BMO Capital Markets
In the global environment of the 21st century, economies tied to commodities and resources were experiencing the strongest growth until the past few years. While the Saskatchewan economy continues to adjust to depressed commodity prices, it is still viewed as the sixth-best place for mineral investment – out of 93 jurisdictions surveyed across Canada and around the world. Although weakness in oil and uranium markets has affected its GDP growth, the province remains competitive through a diverse economy and continued population growth. The speakers will provide insights on many various Saskatchewan economic engines from their respective vantage points, and what the future holds for their growth.
Keith Moen, Executive Director, NSBA – Saskatoon’s Business Association
Randy Beattie, President & Founding Partner, PFM Capital, Saskatchewan’s largest private equity and venture capital firm which has invested in energy, value-added agriculture, farmland, industrials, and healthcare. Since its inception, PFM has invested in 121 enterprises.
Chris Dekker, President & CEO, Saskatchewan Trade & Export Partnership, works in partnership with Saskatchewan exporters and emerging exporters to enable commercial success. By facilitating, developing, and promoting the export ecosystem in the past year, STEP delivered over 5,000 trade leads and over 600 export deals in markets.
Susan Jones, President & CEO, Potash and Executive Vice President, Nutrien the world’s largest potash producer with over 20 million tonnes of capacity at six mines in Saskatchewan. With decades of high-quality reserves and multi-year expansions complete, Nutrien is well positioned to meet the world’s long-term potash needs.
Greg Yuel, President & CEO, PIC Investment Group Inc. owns operating companies and places equity investments in firms that are active in agri-business, aviation, biomedical and life sciences, engineering, healthcare, hydrocarbons, manufacturing, real estate, technology, tourism, and transportation.
This session will examine the current trends and future outlook for the office markets in Regina and Saskatoon. Where are the leasing fundamentals in both cities heading at this time? With the development of River Landing, will there be a flight to quality in Saskatoon as there was in Regina with Hill Centre III? What does the future hold for the downtown and suburban office markets in both cities? How competitive will leasing rates be? How much new demand for space is on the horizon? How are Class B and C properties likely to perform compared to Class A space? What strategies are smaller landlords likely to pursue in these markets?
Tom McClocklin, President, Saskatchewan, Colliers International
Dale Griesser, President & Broker, Avison Young Commercial Real Estate (Sask.) Inc.
Aaron McDougall, Vice President, Leasing, Harvard Developments Inc.
Andrew Reial, Senior Vice President, Portfolio Management, Dream Office REIT
Blair Sinclair, Executive Vice President, Investments & Development, Triovest
Residential development markets in Saskatoon and Regina have experienced some turbulent headwinds over the past few years. A decline in housing prices and starts have been two major characteristics of these markets. However, CMHC’s forecasts for 2019 calls for a modest recovery in starts with key factors being continued employment growth, firmer oil prices, and lower new home inventories. The report said the trend should continue into 2020 but starts will remain significantly below 2014 numbers. Home values are also forecast to rebound in both 2019 and 2020. As we are four months into 2019, how correct are these forecasts? What is the price and inventory of residential land in the Regina and Saskatoon? Where are land values heading for 2020 and beyond? What is the outlook for housing demand over the longer term? Are there infrastructure and improvements that should help growth in these communities? Where are construction costs heading at this time?
Ron Olson, General Manager, Boychuk Investments Ltd. & Boychuk Construction Corp.
Adil Kodian, Vice President, Rohit Communities, Rohit Group of Companies
Paul Moroz, General Manager, Tacada Investments
Garth Tomlinson, Manager, Business Development, PCL Construction Management Inc.
Brad Zurevinski, General Manager, Saskatoon, Dream Development
Given the strong investor sentiment in the Canadian market, major opportunities have emerged for entrepreneurialism in the real estate industry. Who are they and what are they doing? They are experienced at looking for innovation and accessing lower priced capital. They are often privately-owned firms. While they do not dismiss risk, they often have the ability to see value and reward where many others do not. What have been the most significant challenges that they have had to endure? How do they see opportunities unfolding in the future?
Richard Jankowski, Managing Director, Saskatchewan Brokerage, Colliers International
Craig Bell, COO & Executive Vice President, Assets, PIC Investment Group Inc.
David Calyniuk, CEO, Land & Commercial Development, North Ridge Development Corporation
Ted Cawkwell, Agriculture Specialist, Cawkwell Group - RE/MAX Saskatoon
Colleen Wilson, Co-Owner & Vice President, Legal Affairs, The Mid-West Group & Meridian Development
Prior to the economic slowdown, industrial lease rates in Saskatoon had inflated to become some of the highest in Canada. A higher vacancy rate combined with a cautious mindset towards development activity has resulted in lower lease rates in both Regina and Saskatoon markets. However, it appears that the industrial property class in both cities is maintaining a competitive balance for landlords/tenants with only a slight softening of lease rates. This session will examine the most significant recent trends in these two industrial markets. The panel will also examine market characteristics including: what preconditions are needed to support new development; how much availability of land is there for additional industrial development and where; 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 12-24 months.
Glen Hill, Senior Vice President, Saskatchewan, Colliers International
Michael Bischoff, Chief Investment Officer, Concorde Properties
Jon Leugner, Senior Leasing & Sales Manager, Hungerford Properties
Frank Long, Director, Saskatoon Land, City of Saskatoon
Blair Sinclair, Executive Vice President, Investments & Development, Triovest
A discussion focusing on the debt market and examining what borrowers can expect for the remainder of 2019 and beyond. While real estate continues to attract strong amounts of investment capital, how are lenders and sources of debt capital viewing the Saskatchewan market? Who are the most active lenders in this province and what are they looking for? How are they likely to assess a deal and price it? Are there any property classes that they are avoiding, reducing exposure to, or increasing pricing for? How will the strategies vary among the various types of debt lenders – from major banks and MICs 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.
Ron Margolis, President, Margolis Capital – Commercial Mortgage Professionals
Aaron Barton, Regional Vice President, Commercial Banking, Conexus Credit Union
Aaron Cameron, Senior Manager, Commercial Operations, First National Financial LP
Dennis Dineen, Senior Vice President, Commercial Banking, Peoples Trust
Taj Sian, Vice President, Commercial Mortgages, RBC Royal Bank
In an ever competitive environment, in which capital is footloose, cities are competing for investment dollars to support municipal growth policies. This session provides opportunity for discussion on the importance of clear municipal rules and regulations, and the need for strong collaborative dialogue between the public and private sectors to support continued real estate investment/development for economic growth. Municipal plans are dependent upon the private sector for execution to achieve desired economic and population growth. In addition to tax regimes and labour market considerations, investors are less apt to pursue markets with ambiguous and/or inconsistent rules and regulations that result in higher risk, less certainty and a longer and cumbersome approval process. How are Regina and Saskatoon are viewed as cities with effective growth management and planning policies? What do the public and private sectors need to understand about each other to improve community competitiveness? Are there key sticking points in relationships and approval processes in either city? What are leading practices in dealing with sustaining growth and attracting investment? How are current processes working and how can they continue to improve?
Stacy Dybvig, Managing Partner, ICR Commercial Real Estate
Lesley Anderson, Director, Planning & Development, City of Saskatoon
Jason Carlston, Regional Vice President, Land, Dream Development
Devin Clarke, Senior Associate, Community Development, Stantec Consulting Ltd.
Diana Hawryluk, Executive Director, City Planning & Community Development, City of Regina
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? What is the profile of investors who are looking at these markets? With some investors deciding to dispose of their assets, is there any disconnect between supply and demand of product? Where are cap rates likely to be by 2020 relative to today’s prices? Which product types appear to most strongly favoured by investors? How do the investment markets in Regina and Saskatoon compare with other Canadian cities?
Barry Stuart, Managing Partner, ICR Commercial Real Estate
Brian Bastable, Managing Director, Slate Asset Management L.P.
Taylor Brown, Vice President, Investment, Strathallen Capital
Luke Schmidt, Vice President & Director, Real Estate Investments, TD Greystone Asset Management
Tina Svedahl, Vice President, Investments, Harvard Developments
This session will examine retail activity in Regina and Saskatoon and the extent of investor, developer and tenant interest in these markets. Why is retail the best performing of all property classes in Saskatchewan with declining vacancy rates? With upgrades and expansions to the province’s largest malls, what are the underlying reasons for these investments? How much new development has been created and leased, e.g. Meadows Market, Brighton Marketplace? How do the Regina and Saskatoon markets compare with one another? Differentiation is also a key ingredient between existing centres and newer projects. How are older assets performing vs. newer ones? Are there any particular formats and innovations growing in popularity? What lies ahead for the retail market in Regina and Saskatoon for 2019 and beyond?
Alvaro Campos, Brokerage Business Manager, ICR Commercial Real Estate
Mark Garber, Senior Vice President, Development, KingSett Capital
Margaret Knowles, Senior Vice President, Development, Morguard Investments Limited
Dawn Pagel, Director, Leasing, Western Region, Smart Centres REIT
Dan Woychuk, Vice President, Retail Leasing, Forster Harvard Development Corp.
An overview of the performance of the office, industrial, retail, and multi-unit residential markets in Saskatchewan over the past twelve months. Where are demand and vacancy rates trending at this time? How much development activity has been completed during the past year? How much is ready to be undertaken? What impact will it have on vacancy? Can the various markets in Saskatchewan absorb all the new space? What underwriting criteria are providers and borrowers of capital using at this time in these markets? Where are cap rates and prices trending? What are examples of bellwether transactions? What is the outlook for 2019 and beyond for Saskatoon, for Regina, and for secondary markets?
Rick Brunsdon, Senior Partner, Saskatoon, Brunsdon Lawrek & Associates
Peter Lawrek, Senior Partner, Regina, Brunsdon Lawrek & Associates
Samantha Lawrek, Partner, Regina, Brunsdon Lawrek & Associates
Kimberly Maber, Managing Partner, Saskatoon, Brunsdon Lawrek & Associates
A discussion with senior real estate executives who chaired the four previous Saskatchewan Real Estate Forum as they provide their perspective on real estate market fundamentals for 2019 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:
Mitch Molnar, President, Mitchell Developments Ltd.
Ken Achs, President & CEO, The Mid-West Group of Companies
Muir Barber, President & CEO, Pinnacle Developments
David Dubé, President & CEO, Concorde Group of Companies
Rosanne Hill Blaisdell, Managing Director & COO, Harvard Developments Inc.