2019 Forum Program

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PropTech

Thursday, April 4, 2019


7:00 AM
REGISTRATION & CONTINENTAL BREAKFAST

REGISTRATION SPONSORED BY: 

BREAKFAST SPONSORED BY: 


8:00 AM
OPENING REMARKS

Introduction of Forum Chair:
Kam Raman, Regional Vice President, Pacific Region, FCT

Forum Chair:
Michael Hungerford, Partner, Hungerford Properties


8:10 AM
ECONOMIC OUTLOOK FOR BRITISH COLUMBIA AND THE LOWER MAINLAND

BC’s economy is on the verge of a year-long slowdown after a remarkable run over the past four years when the economy expanded by over 3.5% annually. While the province has the country’s lowest unemployment rate, over 20,000 jobs remain vacant due to a labour shortage. Where are GDP growth and other economic fundamentals heading in 2019 and 2020? What impact are federal and provincial government policies having on this province? What needs to happen in order for the Lower Mainland to maintain its competitive advantage?

Speaker:
Helmut Pastrik
, Chief Economist, Central 1 Credit Union


8:45 AM
HOUSING AFFORDABILITY: WHERE IS IT HEADING IN METRO VANCOUVER? CAN APPROPRIATE SUPPLY BE CREATED?

Housing affordability continues to be a contentious topic in the  Vancouver and Toronto markets in particular.  What is the real story at this time? What have been the challenges and successes of B.C. Housing in providing more affordable housing? Is demand continuing to grow stronger? What programs are in place to assist in producing lower cost housing? How have developers been successful in using them? How are government policies impacting the market? Can municipalities and developers align on producing more affordable housing?

Shayne Ramsay, Chief Executive Officer, BC Housing 

In Conversation With:
Norm Taylor
, Executive Vice President & Managing Director, CBRE Limited


9:15 AM
FOREIGN CAPITAL FLOWS INTO THE VANCOUVER MARKET:  WHERE ARE THEY COMING FROM? WHAT ARE THE CURRENT TRENDS?

In almost every conversation about foreign investment in the greater Vancouver market, the focus tends to be on capital inflows from China – from institutional entities to private high net worth individuals. But the reality is that there is a much broader range of global capital entering Vancouver than strictly from China specifically and Asia in general. This session will provide insights about foreign investment in Vancouver. Where is it coming from? Why? What is the capital attracted to? Are the trends growing or levelling off as assets become fully priced? 

Moderator: 
Avtar Bains
, President, Premise Properties             

Panel:   
Jim Costello
, Senior Vice President, Real Capital Analytics 
Dan Scarrow, President, MacDonald Real Estate Group
Andrew Weir, Global Chair, Real Estate and Construction, KPMG & Vice Chairman & Regional Senior Partner, Hong Kong, KPMG China


10:10 AM
MORNING REFRESHMENTS

10:40 AM
CONCURRENT SESSIONS (Select A1, A2 or A3)
SESSION A1:
IS VANCOUVER RUNNING OUT OF INDUSTRIAL REAL ESTATE? HOW IS THIS ASSET CLASS PERFORMING IN THIS MARKET? WHAT DOES THE FUTURE HOLD?

Vancouver industrial and logistics lease rates increased by 29.1% in 2018 representing the largest increase in the world.  With very low vacancy, growing demand, and escalating land prices, developers are looking for innovative alternatives in order to provide much needed product into this very tight market. What factors are responsible for this strong demand? What is the impact if the port cannot expand? Is stratification becoming a popular option? Given the cost of land, are secondary markets seeing an increase in industrial activity? Case studies of new developments will also be discussed. 

Moderator: 
Bruno Fiorvento
, Executive Vice President, JLL 

Panel:
Blake Asselstine
, Director, Leasing & Asset Management, Beedie Development Group
Dan Cupa, Director, Development, PC Urban Properties Corp 
Tegan Smith, Director of Planning, Hungerford Properties 
Chris Holtved, Senior Portfolio Manager, Real Estate, HOOPP 
Peter van Stolk, Chief Executive Officer, SPUD.ca 

SESSION A2:
HOW IS THE MULTI-RESIDENTIAL MARKET RESPONDING TO THE RISKS CREATED BY POLITICAL POLICIES VS. THE DEMAND FOR RENTAL HOUSING?

Vancouver’s multi-residential market has been on a hot-streak as sales activity skyrocketed in 2017. However, with new government policies and a rising interest rate environment the Vancouver multi-residential market is poised to slow down.  Looking at low cap rates, and high land costs, how sustainable is purpose built rental?  How is the Rental Housing Task Force impacting the market?  Is condominium development a better alternative?  What are investors looking for in the market when it comes to size? Will rising prices in the single-family market sustain higher rental demand?  How will provincial government policies constrain the apartment market from meeting tenant needs? 

Moderator: 
Cynthia Jagger
, Principal, Goodman Commercial

Panel: 
Neil Chrystal
, President & CEO, Polygon Homes
Michael Ferreira, Managing Principal, Urban Analytics
Michael Geller, President, The Geller Group
Tim Yeung, Director, Development, Peterson Group 

SESSION A3:
NAVIGATING THE CHALLENGES FACING DEVELOPMENT IN THE LOWER MAINLAND: FROM CONSTRUCTION COSTS TO THE MUNICIPAL APPROVAL PROCESS

The ongoing transformation of Metro Vancouver and the Lower Mainland continues in the face of rising construction and land costs along with nimbyism and unfavourable political policies. What are the major factors supporting decisions to move forward with these projects? How are developers responding to these constraints and overcoming barriers to entry? To what extent do policies differ among the various municipalities in the metropolitan area? What are ideal strategies to approach municipal councils for rezoning and development applications? In the face of rising construction costs, what strategies and tools can developers use to manage projects successfully? 

Moderator:
Bill Tucker
, Chief Executive Officer, Omicron 

Panel:
Eric Carlson
, Core-Founder & CEO, Anthem Properties Group
Hani Lammam, Executive Vice President, Cressey Development Group
Greg Moore, Co-Founder, Livable Region Group of Companies, Former Mayor, City of Port Coquitlam and Chair of Metro Vancouver
Brent Toderian, Consulting City Planner + Urbanist, TODERIAN UrbanWORKS 


11:40 AM
CONCURRENT SESSIONS (Select B1, B2 or B3)
SESSION B1:
THE CHANGING NATURE OF WORK AND ITS IMPLICATIONS FOR THE OFFICE MARKET: WHAT ARE THE KEY FACTORS BEHIND THESE TRENDS? HOW ARE THE NEEDS OF OCCUPIERS CHANGING AND AFFECTING THIS PROPERTY CLASS? 

In this landlord’s market, a number of notable projects have been launched in the past twelve months or about to proceed. Predictions are that Vancouver to will have the second-lowest office vacancy rate in the Western Hemisphere by 2019. What factors are contributing to this strong demand within the office market? As US companies like WeWork and Amazon look to expand their Canadian presence, how will Vancouver accommodate the needs of high tech companies? What are these tenants demanding in terms of built product and workplace standards? As people move out of the downtown core into surrounding areas, how is this affecting the office market in both the suburbs and downtown core? Are the office submarkets as robust?

Moderator: 
Maury Dubuque
, Senior Managing Director, Colliers International

Panel:
Trish Clarry, Principal, Corporate Solutions, JLL 
David Haugen, Director, Leasing, Canderel
Gina Phillips, General Manager, Northwest, WeWork
Jon Stovell, President, Reliance Properties 

SESSION B2:
INVESTING IN ONE OF CANADA’S HOTTEST MARKETS: IS VANCOUVER FULLY PRICED OR ARE THERE STILL VIABLE OPPORTUNITIES?

This panel will examine investment activity in a cross-section of real estate asset classes including office, retail, industrial, multi-residential and land in the Metro Vancouver market. The discussion will begin with a brief look at benchmark transactions over the past twelve months. Discussion will then focus on each asset class. Where are cap rates and valuation heading? How will the cost of capital affect investment decision-making? What does it take to complete an investment deal in this market? What do investment fundamentals look like for 2019 and beyond for the Vancouver market?

Moderator:
Jim Szabo
, Vice Chairman, National Investment Team, CBRE Capital Markets 

Panel:
Daniel Drimmer
, President & CEO, Starlight Investments
Kevin Leon, President, Crestpoint Real Estate Investments Ltd.
Marc Ricou, Senior Vice President, Development Acquisitions, QuadReal Property Group 
Richard Weir, Executive Vice President, Acquisitions + Asset Management, Bosa Development Corporation

SESSION B3:
DEBT & CAPITAL MARKETS: WHERE ARE SPREADS, AVAILABILITY AND SOURCES HEADING? WHAT ARE EXAMPLES OF INNOVATIVE SUCCESS STORIES?

A wide-ranging discussion will examine the availability of public and private debt and equity for Vancouver real estate from the perspective of a wide range of lenders. The participants will offer their views from different points on the compass as they comment on today’s capital and credit market environment; what they foresee for the rest of 2019 and beyond; what risks are emerging at this time; and how they would favour deploying their capital. What can be expected next year with respect to the cost, availability and most accessible sources of capital?  How challenging is asset valuation today? How will BOC interest rate policies affect lending in 2019? To what extent are blockchain and cryptocurrency becoming relevant elements within financial markets in Canada?

Moderator: 
Pedro Tavares
, Senior Director & General Manager, Altus Group 

Panel:
Mark Achtemichuk
, Senior Vice President, CMLS Financial
Rick Bachalo, Vice President, Mortgage Investments, Great-West Life 
Scott Coates, Group Head, Mortgage Investments, KingSett Capital
John Lucas, Vice President, Commercial Real Estate Lending, Coast Capital Savings 


12:35 PM
NETWORKING LUNCHEON 
LUNCHEON REFRESHMENTS

1:30 PM
KEYNOTE INTERVIEW
THE CITY OR THE REGION: HOW DO YOU DEFINE VANCOUVER? A CONVERSATION WITH BOB RENNIE

A conversation with Bob Rennie, Founder & Executive Director, rennie

Interviewed by: Jennifer Podmore Russell, Senior Vice President, rennie 

With less than 1:4 people living in the City of Vancouver the imperative of thinking regionally has never been more important. From Squamish to Chilliwack the Vancouver region is now home to more than 2.7 million people and is growing at more than 45,000 people annually. For 40 years Bob has been a keen student of people, policy and housing and will share his experience to challenge the current response to housing affordability, answer why real estate could be the new tobacco and why both our current and future state is easily predicted through demographic truths (and what we should do about it).


2:20 PM
CONCURRENT SESSIONS (Select C1, C2 or C3)
SESSION C1:
WHAT ARE ENTREPRENEURS DOING TO SUCCEED: FROM THE LOWER MAINLAND TO SECONDARY
MARKETS

Entrepreneurs are experienced at looking for innovation and accessing lower priced capital. While they do not dismiss risk, they often have the ability to see value and reward where many others do not. How do they source debt and equity capital? What are some examples of how they would consider structuring their deals? Why are secondary markets attractive? Do they offer the high value opportunities that will provide quality returns? How do they continue to compete and grow their business in this market? What have been the most significant challenges that they have had to endure? What do they foresee in these markets now and in the future? 

Moderator:
Lorne Burns
, National Industry Leader, Building Construction and Real Estate, KPMG LLP

Panel:
Scott Butler
, President, Highstreet Ventures Inc. 
Dave Chard, President & CEO, Chard Development Ltd.
Jonathan Friesen, Chief Executive Officer, Mission Group Enterprises Ltd. 
Robert Jawl, President, Jawl Properties Ltd.

SESSION C2:
CASE STUDIES OF INNOVATIVE DEVELOPMENTS: MIXED-USE, JOINT VENTURES, COMPLEX PROJECTS 

Vancouver’s strong real estate investment market is experiencing historically high values, increasing construction costs, and a limited amount of quality, developable land.  Developers are turning to creative and innovative ways to maximize property value.  From joint ventures, to mixed-use to TOD and more complex projects, this session will examine projects that have gone through the process and have been successful.  From The Stack to “The Post” to 565 Great Northern Way among others, there are an array of developments that are changing the face of Vancouver and the Lower Mainland.  This session will examine the process and challenges that these projects overcame in order to proceed. What are the most common barriers to development? How can you overcome them in Vancouver and the Lower Mainland? 

Moderator:
Morgan Dyer,
Senior Vice President, Colliers international

Panel:
Dan Diebolt
, Vice President, Development, Bosa Development
Venelin Kokalov, Design Principal, Revery Architecture
Tobi Reyes, Founder & CEO, PortLiving  
Michelle Paquet, Vice President, Development, Shape Properties Corp.

SESSION C3:
THE DISRUPTION AND TRANSFORMATION OF RETAIL IN THE LOWER MAINLAND: WHAT IS THE NEW REALITY?

No other real estate property class has attracted as much chatter in recent years as retail and its many increased challenges. Canadian, U.S. and European retailers are opening stores, closing them or looking for fresh approaches to their formats. While there is a range of views on how online shopping is impacting the Canadian retail market, it is clear that the landscape is shifting. However, British Columbia’s expanding economy has seen a rise in redevelopments of major successful shopping malls including Oakridge Centre, Brentwood Town Centre and Park Royal. This session will examine these and other trends, and discuss the facts and fallacies from an investor, developer and retailer perspective.

Moderator:
Neil McAllister
, Senior Vice President, Retail, Investment Sales & Leasing, Lee & Associates  

Panel:
Carolyn Egan
, Senior Director, Leasing, Western Region, Choice Properties REIT
Michael Macintyre, Vice President, Ecommerce & Omni Channel Strategy, INDOCHINO 
Graeme Silvera, Vice President, Retail, Development, Ivanhoe Cambridge
Chris Wood, Executive Vice President, JLL  


3:15 PM
AFTERNOON REFRESHMENTS

3:30 PM
EXECUTIVE ROUNDTABLE
ASSESSING THE VANCOUVER MARKET: ITS CHALLENGES, ITS STRENGTHS AND ITS POTENTIAL FOR 2019 AND BEYOND

A roundtable discussion with senior real estate executives as they provide their perspective on real estate market fundamentals for the remainder of 2019 and beyond for the Vancouver and Lower Mainland. 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 Vancouver market?
  • Where are we in the cycle at this time?
  • What can be expected with respect to investment velocity and deal flow? What asset classes and transactions will likely offer the best possible returns in 2019?
  • How much growth do you anticipate in rental rates in the Vancouver market?
  • Is the demand for more office, industrial and retail space sustainable?
  • What are you seeing in real estate markets across Canada?  
  • Is Vancouver now fully priced and has reached its ultimate potential?

Moderator:
Michael Hungerford
, Partner, Hungerford Properties

Panel:
Remco Daal
, President, Canadian Real Estate, QuadReal Property Group
Shenoor Jadavji, Founder, President, Lotus Capital
Jon Love, Chief Executive Officer, KingSett Capital
Chuck Scott, President & CEO, Cushman & Wakefield


4:25 PM
CLOSING COMMENTS

4:30 PM
NETWORKING RECEPTION