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Canadian Room, Royal York Hotel
A two-hour opportunity for informal networking and meeting other delegates prior to the conference.
Ken Norris, Managing Director, Toronto Region, Colliers International
Jeremy Wedgbury, Managing Director, Commercial Mortgage Origination, First National Financial LP
Remco Daal, President & COO, Canada, Bentall Kennedy LP
Tom Schwartz, President & CEO, CAP REIT
Given the sluggish performance of the bond and equity markets so far this year, the vigorous search for higher yields and safety is continuing to drive many Canadian investors into commercial real estate. The opening presentation will examine whether this optimism should still be justified, how the fundamentals match up with capital flows, and what expectations can be for 2012 and beyond. What key trends have changed from last year? How will they change for next year?
Pierre Bergevin, President & CEO, Canada, Cushman & Wakefield Ltd.
Sheila Botting, Partner & National Leader, Real Estate, Deloitte & Touche LLP
Another year has passed and there is still no clear consensus on whether the recession is over and the economy is growing in North America or globally as it should. Some pundits feel that Canada was generally spared but that the United States faces a much longer winding road with more deleveraging ahead. Others believe that major aftershocks might be on the horizon for Canada as well. And then there are the ongoing questions pertaining to the emerging markets, the issues in Europe, and geoeconomic and geopolitical trends in general. This session will feature two leading economists who will offer their insights and perspectives on the conditions in North America and where we are heading for 2012. They will analyze each of the major fundamentals comparatively between Canadian and the U.S. markets, e.g. employment, GDP growth, interest rates, inflation, housing markets, economic drivers. A brief commentary will also be made on global economic trends and their implications for North America.
Lorne Burns, National Industry Leader, Real Estate, KPMG LLP
David Rosenberg, Chief Economist & Strategist, Gluskin Sheff + Associates Inc.
Avery Shenfeld, Chief Economist & Managing Director, CIBC World Markets Inc.
An informative discussion with the heads of three organizations who are active in the Canadian and to some extent North American and other global markets. They will examine the impacts and fallout from the global recession on the availability, cost, and deployment of capital; and the performance of the equity markets and the real estate asset class specifically. Has there been a structural or secular change in real estate that has changed the risk profile permanently? The panelists will also comment on what they foresee in 2012 and beyond; what challenges and opportunities they feel are emerging at this time; what the market fallout has meant in strategic terms for their organizations; what will be the major sources of the lowest priced capital that they will tap in the future; and where they would favour deploying their capital.
Douglas McGregor, Chairman and Co-CEO, RBC Capital Markets
Richard Clark, President & CEO, Brookfield Properties Corporation and Senior Managing Partner & CEO, Global Real Estate Group, Brookfield Asset Management, one of the world’s ten largest real estate companies
Daniel Fournier, Chairman & CEO, Ivanhoé Cambridge, one of the world’s ten largest real estate companies
Jon Love, Managing Partner, KingSett Capital, Canada’s largest private equity real estate business co-investing with pension funds and high net worth individuals
“If you’re asking people to go through fire for you, you also have to be willing to get down on your knees with them and claw that success out of the dirt.”
This special presentation will provide you with some valuable insights on teamwork, trust, excellence, and creativity. It will reinforce the purpose and importance of who you are as a leader within your organization. The CEO of Canada’s Vancouver Olympic Games will share with you some powerful stories that will illustrate the lessons learned throughout his ten year journey. He will offer you some strategic insights on the importance of a compelling vision, finding the courage to stay the course in times of adversity, values-based leadership, effective teambuilding, community engagement, deeper partnerships, understanding sustainability, and crisis management. You will also gain a unique glimpse behind the Games to hear remarkably inspiring human stories. He will talk about how important it was for both him and his staff to have “belief” – a kind of secular faith – in their ability to put together what proved to be the most successful Olympic winter games in history.
John Furlong, Author and former CEO, Vancouver Organizing Committee for the 2010 Olympic Games
David Podmore, Chairman & CEO, Concert Properties Ltd.
Some are concerned that international issues or unforeseen risks could derail the Canadian economy and market while others believe that our major Canadian financial institutions are a key reason why our economy leads all G8 countries and will help us withstand any turbulence.
The CEO of one of Canada’s largest banks will offer his insights on both domestic and global economic and political trends and their potential impact on our market over the short and medium term. What do you need to understand about today’s business environment and the risks, uncertainties, challenges, and opportunities that it offers? What are the most significant issues and ultimate decisions that you will likely face in 2012? What are the priorities and strategies that the bank will pursue going forward?
Rick Waugh, President & CEO, Scotiabank
Stephen Sender, Managing Director, Industry Head, Real Estate, Scotia Capital Inc.
A wide ranging discussion on international real estate trends beginning with an examination of the U.S. market. The panel will assess what impact the global economic environment has had on real estate values, the cost and availability of capital, and investment activity in general. What is the prevailing view on the pricing of real estate around the world? What are the major issues and challenges facing investors, owners, and private and public equity decision-making in a global context as the new year approaches? The participants will offer insights from different vantage points as they comment on what is currently happening in the United States, other tier one countries, and emerging markets; what risks and opportunities do they see increasing in 2012 and beyond; what have been some of the successes and failures over the past year; how Canada is viewed from an investment perspective; what is the preferred way to invest in foreign real estate; and what has the market fallout meant in strategic terms for their respective activities.
Peter Senst, Executive Vice President & Director, CBRE Limited
Graeme Eadie, Senior Vice President, Real Estate Investments, Canada Pension Plan Investment Board, Canada’s largest single purpose pension fund with over $11B invested in real estate on a global basis
Guy Metcalfe, Managing Director and Global Co-Head, Real Estate Investment Banking, Morgan Stanley who has advised his clients on over $250 billion in transactions
David Paine, Head of Real Estate Investments, Standard Life Investments Ltd. with over £10 billion of real estate assets under management
Roni Soffer, President, Gazit-Globe Ltd., one of the world’s 10 largest real estate organizations.
“The most efficient and productive cities and regions are ones in which people are thinking and working – not sitting in traffic. We are now passing through the early development of a wholly new geographic order of which the move back toward the city is just one part. The shift from the suburbs toward the urban core is increasing as talented, ambitious people trade more space for shorter commutes. This trend is under way from Toronto and Montreal to Vancouver and Calgary. While we are in the early development of this new economic geography, one trend is clear: The history of economic development and of capitalism revolves around the more intensive use of urban space. The coming decades will see greater concentrations of people, increasing densities, and further clustering of industry, work and innovation in cities. Alongside that will come ever more concentrated economic opportunity.”
– Richard Florida
Led by one of Canada’s most respected development consultants, this session and panel discussion will provide an insightful examination of how major economic, demographic and social forces are reshaping Toronto, and what the implications of these key trends are for real estate investment and development activity going forward. What type of innovative and successful projects are emerging to take advantage of the population growth in inner city areas? How are governments able to participate as willing partners and facilitators in this process? To what extent is the experience in Toronto transferable to other Canadian markets?
Moderator and Speaker:
Barry Lyon, Senior Partner and President, N. Barry Lyon Consultants Limited
Remo Agostino, Director of Development, The Daniels Corporation
Lorne Braithwaite, President & CEO, Build Toronto Inc.
Cliff Korman, Senior Partner, Kirkor Architects and Planners
Stefan Savelli, Vice President, Development, Trinity Developments Inc.
Remco Daal, President & COO, Canada, Bentall Kennedy LP
Tom Schwartz, President & CEO, CAP REIT
Thomas McCarthy, Chairman, DTZ Barnicke Limited
Bruce Duncan, President & CEO, First Industrial Realty Trust Inc., Chairman of the Board, Starwood Hotels & Resorts Worldwide Inc. From 1995 to 2000, he also served as Chairman, President and CEO of The Cadillac Fairview Corporation Limited.
Rex Murphy, Political Commentator and Author
The office market in most cities is experiencing the lowest vacancy levels in a number of years. The most significant question on the mind of many landlords is related to demand for space. What are the major reasons for this surge in occupancy? How much more leasing can we expect? Given the continued economic turbulence in the U.S. and some other global markets, will the growth in the Canadian office market remain unaffected? What are the top priorities of tenants in this market? Among other issues that the panel will examine: How much development activity is expected in major cities and mid-markets across Canada? What type of leasing velocity and NERs are we likely to see? Are we now witnessing a return to a landlord’s market? How are downtown buildings faring vs. suburban locations? How will the older office stock compete with new green certified developments? Do we have any early evidence of the success of sustainable buildings? What is the appetite for investment activity in the office market? Are leasing trends in step with valuations and cap rates? To what extent is the urban trend towards “live, work, and play” affecting office markets?
Mark Rose, Chairman & CEO, Avison Young Commercial Real Estate
Michael Emory, President & CEO, Allied Properties REIT
Alan Marcovitz, Chairman & President, The Westcliff Group of Companies
Sandy McNair, President, Altus InSite
Ted Willcocks, Global Head of Asset Management, Real Estate, Manulife Financial
Paul Zemla, CIO, Canada, Bentall Kennedy LP
For many, the staple of any well-diversified real estate portfolio today are still multi-family properties. Investor confidence in this sector continues to attract funds from a broad range of sources. The predictable yields and strong cash flows continue to keep this sector as the one of the most reliable of all the real estate asset classes. The growth of the condominium market not only in Toronto but also in other major urban centres has not resulted in a deathwatch for cap rates and apartment investment values. Why does this continue to be the case? This session will examine the major investor trends and their risk tolerance, and the opportunities for innovation within this asset class. How are occupancy rates in major markets across the country? Where are cap rates at this time and what direction are they likely to take in 2012? How much new development of apartment buildings is underway and in which cities? Why are some rental buildings performing very well while others have significantly higher vacancies?
Derek Lobo, CEO, ROCK Advisors Inc.
Philip Fraser, President & CEO, Killam Properties
Roberto Geremia, President, Boardwalk REIT
Kelly Hanczyk, CEO, TransGlobe Apartment REIT
Alf Hendry, CEO, Homestead Land Holdings Limited
Talented professionals are the cornerstone of any successful business. With baby boomers starting to retire and a smaller (and much more demanding) pool of talent in Gen Y and Gen X, organizations are trying to plan for succession, develop younger talent, and create a work environment that can win the next generation. How do you attract “best in class” employees who have appropriate skills to either fill or be developed to fill senior level jobs? In this session, four developing leaders will offer their views of what attracted them to a career in real estate vs. opportunities in other sectors. What makes a developing leader want to join and subsequently invest back into your company? What is attractive to future leaders that will allow your company to maintain a talent pipeline? How do you keep them engaged to ensure that they do not exit your company before they provide a meaningful return on investment? What values and new sets of skills will they bring into your organization?
Lori-Ann Beausoleil, Partner & National Real Estate Leader, PricewaterhouseCoopers LLP
Sharmeen Dossani, Asset Manager, GE Capital Real Estate
Michael Lazier, Associate, Real Estate Investment Banking, Raymond James Ltd.
Charlie Musgrave, Downtown Leasing Executive, The Cadillac Fairview Corporation Limited
Sarah Segal, Business Development Consultant, RealNet Canada
A wide ranging panel discussion will examine the lending and investment perspective of banks, capital markets, and financial services corporations. The participants will offer their views from different points on the compass as they comment on the current capital and credit market environment; what they foresee in 2012 and beyond; what risks and opportunities are emerging at this time; how they would favour deploying their capital; and where the real estate asset class fits relative to all their other investment opportunities for the year ahead. What can you expect in 2012 with respect to the cost, availability and most accessible sources of capital? Is the CMBS market making a comeback? Are lenders likely to be more aggressive? How difficult is asset valuation today? What information is required from a valuation by management, purchasers, vendors, shareholders, auditors, lenders, and the capital markets? How does one determine value in today’s market? Since IFRS has been implemented for a year, what are emerging as the best practices? How is the market responding to them? How is the data being interpreted by investors, by owners, and by lenders?
Tom Rothfischer, Partner, KPMG LLP
Colin Johnston, President, Research, Valuation & Advisory, Canada, Altus Group
Dennis Mitchell, Deputy Chief Investment Officer and Senior Portfolio Manager, Sentry Investments
Moray Tawse, Vice President, Mortgage Investments, First National Financial LP
Karen Weaver, Executive Vice President & CFO, First Capital Realty Inc.
William Wong, Managing Director, RBC Capital Markets Real Estate Group
A panel of commercial brokers and investment bankers from across the country will provide an extensive discussion on investment trends and the outlook for 2012. The past year has been a slight paradox starting with a significant amount of investment in Canadian real estate. But at the same time, there is a market imbalance where the number of prospective investors greatly outnumbers the supply of product for sale. What have been the major reasons for the growth in transaction activity and investor interest? What will be required in order for this trend to continue? Who will be the most active buyers? Who will likely be the sellers? Which product types will be favoured by investors? Which markets will be “top of mind”? What type of assets are most likely to be available? How do investor attitudes vary from institutional vs. private and domestic vs. offshore? Where will cap rates be trending for core assets? How much liquidity can we expect in 2012?
John O’Bryan, Vice Chairman, CBRE Limited
Trevor Blakely, Managing Director, BMO Capital Markets Real Estate Group, Toronto
Armand Des Rosiers, Managing Director, RBC Capital Markets Real Estate Group, Montreal
Kevin Meikle, Senior Vice President & Managing Director, Capital Markets, Cushman & Wakefield Ltd., Vancouver
James Miller, Principal, Investment, Avison Young Real Estate Alberta Inc., Calgary
Nick Pantieras, Managing Principal, Primecorp Commercial Realty, Ottawa
Possibly no other real estate asset class has attracted as much interest and attention as the retail market across the country. There has been considerable reporting on the strong interest among a growing number of U.S. and European tenants in the Canadian retail market – whether they are attracted by our high sales per square foot, the belief that this country is understored, or the strength of the Canadian economy relative to others. This panel discussion will examine the overall extent of this anticipated influx and what potential implications it could have on existing retail centres and formats, current retail tenants, and consumers in general. How are landlords and retailers preparing to respond to these new entries into our market? Will one result be a greater range of new developments, retrofits and expansions? Will occupancy levels and rents be affected? Another significant trend that the session will also examine is the growing resident population of downtowns and inner city areas across Canada. How are developers and planners responding to this surge? Combined with the very high cost of land, what kind of innovative formats and projects are emerging to create retail space in viable options? What lies ahead for retail market activity in Canada in 2012
Sam Winberg, Principal & Co-Founder, Northwest Atlantic (Canada) Inc.
Brad Jones, Vice President, Retail Leasing, Oxford Properties Group
Navid Maqami, Principal, Perkins Eastman, Studio 9
Jeff Ryckman, Senior Vice President, Property Development, Winners Merchants International LP
Fred Waks, Executive Vice President & COO, RioCan REIT
In 2011, the capital markets in Canada continued their unpredictable performance of the past few years. It appears that investment real estate is back in favour. Given the challenges faced by other asset classes, real estate is outperforming many vehicles by offering investors steady and favourable yields at better levels than the bond market. A panel of senior executives will discuss some of their mandates and priorities for 2012. Questions that will be discussed include: What will be your major sources of capital and its likely cost? What’s an acceptable spread between buying rates and lending rates? What are the most significant factors affecting cap rates, eg expectation of growth, cost of capital, change in the ownership? Which product types will be most favoured, in which markets, and why? What have been the most significant challenges in order to buy or sell assets in this market? Since the cities with strongest economic growth are mid-markets, are they attracting your attention? What are the differences between the issues faced by a REIT vs. a pension fund vs. a private equity fund vs. a foreign investor in pricing properties at this time? What are the major differences between what you were doing prior to 2008 and what you are doing now? Will capital continue to flow into real estate if interest rates rise?
Jamie Ziegel, Managing Director, TD Securities Realty Group
Donnie Clow, President & CEO, Crombie REIT
Phil Gillin, Senior Managing Director, Head of Canadian Real Estate, Sun Life Assurance Company of Canada
Blair Tamblyn, President & CEO, Timbercreek Asset Management Inc.
Stephen Taylor, President & COO, Morguard Investments Limited
Strengthening market fundamentals are supporting an increase in development activity on a scale that has not been seen for a few years. From office and retail to industrial and multi-unit residential, construction activity is on the rise. For some companies, their major growth strategy is to renew their existing portfolio and develop new properties rather than try to acquire high priced assets. This session will examine the major factors and trends related to development in various markets across Canada. Do land, labour, and construction material costs support the economic rents in order to make projects realistic? Is it now more affordable to develop than five years ago? What are the most significant incentives supporting development activity at this time? What proportion of projects are green and sustainable buildings? What are the unique challenges associated with mixed-use development and intensification projects? What steps are developers taking in order to deal with these market realities? What are some examples of innovative financing, design and construction that are being implemented?
Stefan Ciotlos, President, CBRE Limited
David Dubé, President & CEO, Concorde Group Corp.
Brian McCauley, President, Concert Properties Ltd.
Anne Morash, Vice President, Development, Primaris Retail REIT
Jim Tadeson, Founding Partner, Carttera Private Equities Inc.
From the impact of a battered and bruised manufacturing sector to the economic slowdown, industrial real estate faced some challenges as it works its way through the market conditions of 2009. Some cities and regions were more affected than others. But this asset class is now on a strong comeback trail. This session will examine some of the major investment, leasing and development trends in the industrial market today. To what extent can it be categorized as a tale of two submarkets comprised of new modern warehousing buildings vs. older vintage properties with marginal applications for many users? While some of the properties are state-of-the-art facilities, what does the future hold for B and C class aging and out-dated buildings? What are the greatest sources of demand for space? To what extent do rent levels support new development? What is needed in order to move NERs higher? How is the cost of oil impacting the movement of goods and potential modal transportation? How are industrial tenant requirements changing, and what recent landlord initiatives are addressing this demand? How strong is investor interest in this asset class? How do the investment fundamentals compare with leasing trends and velocity? Which markets show the potential for strongest growth?
Jim McIntosh, Senior Vice President, National Investment Team, Industrial, Colliers International
Kevan Gorrie, Vice President, Industrial, Oxford Properties Group
Joe Mazzocco, Partner, Investments, KingSett Capital
Kevin Pshebniski, President, Hopewell Development Corporation
David Ward, Director, Acquisitions, Morguard Investments Limited
A unique group of speakers will address some of the most significant questions on the minds of all real estate executives, lenders, investors and brokers. How much real growth in the economy, in employment, and in household incomes can we anticipate in 2012? What will be the key engines of the economy that will support and accelerate this growth? Which cities and markets will experience the strongest growth and why? How are the underlying demographics changing in Canada as a whole as well as on a local or regional basis? What will be the implications of these demographic trends on consumer spending and therefore retailing, on homeownership and rental housing markets, on labour availability, and development activity in general? The three experts will examine these questions and others to provide you with some insights into the strengths and weaknesses of urban economies across the country.
David Bowden, CEO, Canada, Colliers International
Mario Lefebvre, Director of the Centre for Municipal Studies, The Conference Board of Canada
Dennis DesRosiers, President, DesRosiers Automotive Consultants
John Williams, Founder & Senior Partner, J.C. Williams Group Global Retail Consultants
Given the broad range of issues that were raised during the Real Estate Forum over the previous two days, a panel of well respected senior real estate executives will provide the last word. Representing a divergence of interests and viewpoints, the panel will offer their insights and perspectives individually and as a collective on what they believe are the most critical challenges and market trends that the industry must deal with in 2012, what risks and opportunities lie ahead, and what courses of action they would suggest accordingly. How much global interest is there in real estate across Canada or conversely among Canadian investors going global? If interest rates rise in 2012, what impact will they have on the market? What has a greater impact on profitability: strategic management or the fluctuation in cap rates? How much liquidity can we expect in the market over the short and medium term? What will cause investors to sit on the sidelines? Of all the opportunities in today’s market, what is the most significant one for real estate executives?
Remco Daal, President & COO, Canada, Bentall Kennedy LP
Tom Schwartz, President & CEO, CAP REIT
Michael Cooper, Vice Chair & CEO, Dundee REIT and Managing Partner, Dundee Real Estate Asset Management
Paul Finkbeiner, President, GWL Realty Advisors Inc.
David Henry, Vice-Chairman, President & CEO, Kimco Realty Corporation and Chairman, International Council of Shopping Centres
Dori Segal, President & CEO, First Capital Realty Inc. and Chairman, Gazit America Inc.
Bill Tresham, President, Global Investments, Ivanhoé Cambridge