2008 Program

7:00 AM
REGISTRATION & CONTINENTAL BREAKFAST

8:00 AM
OPENING REMARKS: PROGRAM OVERVIEW

Introduction of the Forum Chairman:
Elio Luongo
, Managing Partner, Greater Vancouver Area, KPMG LLP

Forum Chairman:
Neil Chrystal
, President & CEO, Polygon Homes Ltd.


8:05 AM
ECONOMIC OVERVIEW FOR 2008 & 2009: BC AND CANADA IN THE CONTEXT OF INTERNATIONAL ECONOMICS

A presentation of controversial insights from one of Canada’s most prolific economists will deliver the macro perspective of global trends and performance and the potential impacts and influences on Canada and the Vancouver market. What are the major drivers impacting global economics today and where are they going? How will international influences affect Canada’s and British Columbia’s economies and development? How have each been impacted by the US sub-prime crisis and dollar parity? What are the global economic trends and forecasts and how will they impact our regional economies? What is the outlook for inflation, interest rates and energy prices for 2008/09?

Speaker:
Jeff Rubin
, Chief Economist & Chief Strategist, Managing Director, CIBC World Markets Inc.


8:40 AM
CLOSER TO HOME: THE ECONOMIC OUTLOOK FOR VANCOUVER AND BRITISH COLUMBIA IN THE COMING YEAR

Moving the lens closer to home, this session will look at Vancouver and British Columbia in relation to other cities and provinces in Canada. How does it compare? Where is the economy going and what are the emerging trends? Is there any indication that the market conditions have peaked? What are the anticipated major drivers and influences of the economy for 2008/09?

Presenter:
Cameron Muir
, Chief Economist, BC Real Estate Association


9:05 AM
ASSESSING RISK AND BEING INNOVATIVE: WHAT DOES THE FUTURE HOLD FOR INVESTMENT ACTIVITY IN THE VANCOUVER MARKET?

A panel of leading brokers will provide an extensive discussion on current and emerging investment trends. Who are the most active buyers? Who are the sellers? Which product types are currently most favoured by investors? Which asset classes are “top of mind” and why? What have been some of the most significant transactions? How do investor attitudes vary from institutional vs. private and domestic vs. offshore? Is international pricing here to stay in Canada? What is the outlook for investment activity in 2008 and beyond?

Moderator:
John O’Bryan
, Managing Director, TD Securities Realty Group

Panel:
Robert Levine
, Principal, Avison Young Commercial Real Estate (BC) Inc.
Kevin Meikle, Senior Vice President, Capital Markets Group, Cushman & Wakefield LePage Inc.
Jim Szabo, Executive Vice President, CB Richard Ellis – Investment Properties Group


10:00 AM
MORNING REFRESHMENTS

10:00 AM
CONCURRENT SESSIONS (Select A1, A2 or A3)
Session A1:
MIXED USE DEVELOPMENT: NOT AS SIMPLE AS YOU MIGHT THINK

As cost-effective as mixed used development may be, it does include the challenge of having all the parts work together. If one area is delayed, it affects the whole. Delayed financing in one compenent can impact on financing of another and so on. All need to work together in order to move ahead. This session will look at mixed use: what is it really? Is it continuous or integrated? What are its future trends? What are the complexities?

Moderator:
Ian Thomas
, Chairman, Thomas Consultants

Panel:
Michael Cairns
, Managing Director, Blackwood Partners
Stephen Knight, President, Sitings Realty Group Ltd.
John O’Donnell, Senior Vice President, Development, Ledingham McAllister Properties Ltd.
Bob Tattle, Vice President Business Development, Anthem Properties


Session A2:
RISING COSTS OF OFFICE SPACE DOWNTOWN: CURRENT CLIMATE AND FUTURE IMPLICATIONS

With growing supply and greater affordability of suburban properties, panelists will discuss the impacts of suburban development on the downtown core. They will address the viability of doing business in Vancouver, shifts in occupancy and business profiles of the urban core, and whether or not there will be a supply to fill the vacancies. Other discussion points will include the impact of high construction costs on downtown development and the challenges with financing while attempting to maintain affordability.

Moderator:
Sandy McNair
, President, Altus InSite

Panel:
Bart Corbett
, Senior Vice President, Office Leasing, Cushman & Wakefield LePage
Sandy Cruikshank, Executive Vice President, Tonko Realty Advisors Ltd.
Maury Dubuque, Vice President Leasing, Bentall Real Estate Services Limited Partnership
Rob Kavanagh, Vice President Asset Management, GWL Realty Advisors


Session A3:
OPEN DIALOGUE WITH CITY PLANNERS ON THE UPCOMING TRANSPORTATION INITIATIVES AND THEIR IMPACTS

This session will provide some valuable insights and a greater understanding of the recently announced transportation initiatives spanning across the City of Vancouver, Coquitlam and Surrey – the Evergreen, UBC, Expo and Canada Lines. Urban planners from each of the three municipalities will discuss implementation plans and the implications on real estate and retailers directly affected. Looking at the development to date of the Canada line, planners will explain how they have taken “lessons learned” and how they will apply them to these major upcoming projects and how changes made will alleviate some challenges faced thusfar.

Moderator:
Peter Ladner
, Board, Councillor, City of Vancouver, Vice Chair, Metro Vancouver

Speakers:
Fin Donnelly
, Councillor, City of Coquitlam
Brent Toderian, Director of Planning, City of Vancouver
Jean Lamontagne, General Manager, Planning & Development, City of Surrey


11:25 AM
CONCURRENT SESSIONS (Select B1, B2 or B3)

Vancouver land prices just seem to continue to climb. Some say the bubble will burst, but will it really? This session will look at the major influences on Vancouver’s market such as the U.S. real estate crash and foreign investment. Panelists will discuss who is really buying the land and why. It appears that many investors and developers are full steam ahead in an uncertain market. The panel will look at why and discuss what the developers may know that others don’t.

Moderator:
Sandra Cawley
, Principal, Burgess Cawley Sullivan & Associates

Panel:
Hani Lamman
, Vice President, Development & Acquisitions, Cressey Development Group
Cameron McNeil, Partner, MAC Marketing Solutions
Chris Philps, Executive Vice President, Polygon Homes Ltd.
Richard Weir, Vice President, Real Estate Acquisitions, Bosa Development Corp.

Session B1:
VANCOUVER’S RESIDENTIAL MARKET: BUBBLE OR NOT?

Vancouver land prices just seem to continue to climb. Some say the bubble will burst, but will it really? This session will look at the major influences on Vancouver’s market such as the U.S. real estate crash and foreign investment. Panelists will discuss who is really buying the land and why. It appears that many investors and developers are full steam ahead in an uncertain market. The panel will look at why and discuss what the developers may know that others don’t.

Moderator:
Sandra Cawley
, Principal, Burgess Cawley Sullivan & Associates

Panel:
Hani Lamman
, Vice President, Development & Acquisitions, Cressey Development Group
Cameron McNeil, Partner, MAC Marketing Solutions
Chris Philps, Executive Vice President, Polygon Homes Ltd.
Richard Weir, Vice President, Real Estate Acquisitions, Bosa Development Corp.


Session B2:
RETAIL DEVELOPMENT AND LEASING: THE CONUNDRUM OF ACHIEVING A PROFIT MARGIN WHILST DEALING WITH SKY-ROCKETING COSTS, GOVERNMENT REGULATION AND OTHER CHALLENGES

Retailers are facing tremendous challenges in current times. From high construction costs to regulated sustainability requirements and associated costs to high rents and now to caps on parking lots, what is a retailer to do? How can business be viable considering the costs and the hoops that one must jump through? What are some innovative approaches to managing current conditions while maintaining a profit margin? Speaking from their experience, seasoned panelists will share their perspective on the retail asset class and discuss strategies for managing the challenges.

Moderator:
Scott Lee
, President, Northwest Atlantic (Canada) Inc.

Panel:
Joe Allbright
, Director of Real Estate, Wal-Mart Canada
Cam Gresko, Director of Leasing, The Cadillac Fairview Corporation
Tom Munro, Vice President, Real Estate & Store Development, Overwaitea Food Group
Jeffrey Wren, Principal, Staburn Property Group


Session B3:
MIGRATION TO PREMIUM RECREATIONAL PROPERTIES IN BRITISH COLUMBIA AND BEYOND — CURRENT DEVELOPMENTS AND PROJECTED TRENDS

The demand for high-end recreational properties is steadily growing due to prosperity gained from the booming economies of both Alberta and British Columbia along with an aging baby boomer population looking for luxury leisure. This session will look at the trends, upcoming developments and potential opportunities in British Columbia and beyond.

Moderator:
Tony Letvinchuk
, President, Macdonald Commercial Real Estate Services Ltd.

Panel:
Peter Dupuis
, Chief Executive Officer, S & P Destination Properties
Steve Laver, President, Playground Limited Partnership
Mark Lester, Senior Vice President, Unique Properties, Marketing Group, Colliers International


12:25 PM
RECEPTION
LUNCHEON

1:40 PM
CONCURRENT SESSIONS (Select C1, C2 or C3)
Session C1:
2010 AND BEYOND: WHERE ARE WE GOING?

What will Vancouver look like five or ten years from now? Some say the city will suffer after the Olympics. Is this true or do the private and public sectors have strategies to ensure a healthy and vibrant economy? A group of panelists will discuss Vancouver’s future and direction in terms of economic strategy, planned initiatives and possible infrastructure developments post-2010. They will also look at what infrastructure will be needed as Vancouver grows to ensure its smooth operation? How will the city handle growing issues of traffic gridlock and transportation? What are the implications?

Moderator & Presenter:
Larry Beasley
, Principal, Beasley & Associates Planning Inc., ‘Distinguised Practice’ Professor of Planning, University of British Columbia School of Community and Regional Planning

Speakers:
Ken Peacock
, Director Economic Research, Business Council of BC
Al Poettcker, President & CEO, UBC Properties Trust
David Podmore, President & CEO, Concert Properties Ltd.


Session C2:
AN UPDATE ON THE INDUSTRIAL REAL ESTATE MARKET: WHY THE DELAY?

Vancouver’s industrial market is stigmatized by the development process of industrial land. There is very little supply and of raw land and there is a desperate shortage of developed industrial space. Delays are common and those in search of operational industrial facilities are waiting for two, three years or longer. Why the delay? What are the obstacles contributing the shortage of supply and what can be done to address them? How is the market coping with shortage? Where are industrial businesses going? What are the long-terms consequences for Vancouver and area?

Moderator:
Bill Tucker
, Partner, Omicron Consulting Group

Panel:
Ron Emerson
, President, Emerson Real Estate Group Inc.
Kathy Harder, Chief Investment Officer, ING Real Estate Canada
Randy Heed, Vice President, Colliers International
Andrew Tong, Vice President, Acquisitions, Concert Properties Ltd.


Session C3:
WHAT ARE THE KEY FACTORS BEHIND THE GROWING INVESTOR INTEREST IN THE APARTMENT MARKET? WILL THEY CONTINUE?

With the latest report using CMHC and Altus data indicating a steady vacancy rate of 0.7%, the multi-unit residential sector continues to quietly attract strong investor interest as a major source of steady, predictable yields and cash flow. The growth of the condominium market not only in Vancouver but also in other major urban centres has not resulted in a deathwatch for cap rates and apartment investment values. This session will examine the major investor trends and their risk tolerance, and the opportunities for innovation within this sector. Do the international buyers use multi-family as a platform for getting in to Canada? Is size and having a major management platform a significant advantage? Are any of the markets overheated? How significant an issue to the market is the rental of condo units? Why are some rental buildings performing very well, while others have significantly higher vacancies?

Moderator:
Lee King
, British Columbia Corporate Representative, Canada Mortgage & Housing Corporation

Panel:
David Goodman
, Commercial Sales Agent, Multi-Family Housing & Development, MacDonald Commercial Real Estate Services Ltd. 
Bill Goold, Apartment Building Specialist, Bill Goold Realty
John Lynch, Regional Manager, Business Development, Multi-Unit Housing Canada Mortgage and Housing Corporation (CMHC), BC Region
Kevin Screpnechuk, Senior Vice President, Rental Operations, Boardwalk Rental Communities
Scott Ullrich, President and CEO, Gateway Property Management Corporation


2:40 PM
AFTERNOON REFRESHMENTS

2:45 PM
WHAT HAS HAPPENED TO THE CREDIT MARKETS? HOW HAS THIS AFFECTED PRIVATE EQUITY AND THE CAPITAL MARKETS?

The past six months have seen a major swing from a market awash with low cost capital and high leverage strategies to a significant tightening of credit underwriting and depletion of private equity buyout opportunities. The cost of capital and the cost of equity have dramatically changed. What has happened to the investor and financier’s risk tolerance for real estate? How is it being re-priced in the market? How can an entrepreneur navigate through this changing market? What is the difference between U.S. and Canadian experience? What is the outlook for credit and capital availability for 2008? How difficult is it to finance developments today and how has pricing changed as a result? How has all of this affected the interest of the buy side and the capital markets appetite for the real estate asset class?

Moderator:
Dean Atkins
, Vice President, Mortgage Investments, BC Investment Management Corporation

Panel:
Bruce Clarke
, Vice President, Commercial Financial Services, HSBC Bank Canada
Brian McGuire, Vice President, Real Estate Lending Western Canada, Scotiabank
James McPherson, President, Realtech Capital Group Inc.


3:35 PM
CHAIRMAN’S ROUNDTABLE: ASSESSING THE RISKS, TRENDS, CHALLENGES, AND OPPORTUNITIES FOR 2008-09

Given the broad range of issues that were raised during today’s conference, a panel of past chairmen and well respected senior real estate executives will have the last word. They will give us their insights and perspectives on what they believe are the most critical issues and market trends facing their business plans and the industry in general over the next year. What course of action should be taken?

Moderator:
Neil Chrystal
, President & CEO, Polygon Homes Ltd.

Panel:
Eric Carlson
, President & CEO, Anthem Properties Ltd.
Jon deC Evans, President & CEO, Trilogy Properties Corporation
Steve Laver, President, Playground Limited Partnership
Ward McAllister, President & CEO, Ledingham McAllister Properties Ltd.


4:25 PM
CLOSING COMMENTS

Chuck We, Director of Leasing, Oxford Properties Group and President, NAIOP Vancouver


4:30 PM
CHAIRMAN’S RECEPTION