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Introduction of the Forum Chairman:
Mike Bishop, President, BOMA BC
Andrew Bibby, President and Chief Executive Officer, Grosvenor Americas
Leading economist Warren Jestin shares insights and provides informed forecasts for the short and long-term outlook of the Canadian economy in general and the Vancouver market in particular. Addressing the impact on Canadian Real Estate he reviews the current status and charts future growth and development with related issues such as: Canadian and U.S. interest rates for the next 12-18 months, the outlook for the Canadian dollar, market liquidity, energy prices and inflation rates and bond yields. How does the forecast for Vancouver compare with the rest of Canada and with the United States?
Warren Jestin, Senior Vice President and Chief Economist, Scotiabank
A panel of leading brokers discusses current and emerging international investment trends providing a global perspective of the Vancouver market. Who are the active buyers and sellers and how do attitudes vary from institutional vs. private and domestic vs. offshore? What trends are impacting local investment potential and confidence? Reviewing recent global activity and some of the most significant transactions of the past year the panel identifies which property types are “top of mind” and why, providing an outlook for investment activity in 2010 and beyond.
William Briscoe, Executive Vice President, Investments, GWL Realty Advisors Inc.
Avtar Bains, Executive Vice President, Colliers International
Mark Hannah, Principal & Managing Director, Avison Young Canada Inc.
Jim Szabo, Executive Vice President, CB Richard Ellis Ltd.
Despite record turmoil in the US and European real estate market Vancouver has remained relatively buoyant as an “island market” in North America. The presenters will address what key factors contribute to the unique economy of Vancouver and how Vancouver is perceived by investor’s outside of this market. Have the global challenges impacted investment confidence in British Columbia? Scrutinizing investor profiles, capital sources and changing demographics the speakers will share viewpoints on the relative long term immunity of Vancouver to North American market cycles and how to plan for the future.
Cameron Muir, Chief Economist, BC Real Estate Association
Gary Carpenter, Senior Vice President, Bentall US
Jon Love, Managing Partner, KingSett Capital
The office market downtown and in the Broadway corridor remains steady and looks to be heading toward historically low vacancy in the next 18-36 months, while the regions’ two largest suburban markets (Burnaby, Richmond) are reaching historically high vacancy levels and could remain there over the same time period. Will the next two years finally see a flight to the suburbs? Or are the fundamentals present to finally kick off a new building in the downtown core? In addition, the panel will discuss how old office stock is competing with newer sustainable and green buildings now being completed in the suburbs.
Mark Renzoni, Executive Vice President & Managing Director, CB Richard Ellis Ltd.
Tony Astles, Executive Vice President, Bentall LP
Sandy Cruickshank, Executive Vice President, Tonko Realty Advisors Ltd.
Tom Knoepfel, Senior Vice President & Portfolio Manager, Western Canada, Cadillac Fairview Corporation
Sandy McNair, President, Altus Insite (please email for presentation)
Access to capital is crucial for real estate developers, investors and for their customers or clients. Assessing the major debt providers and their underwriting criteria this session focuses specifically on debt financing and what borrowers can expect going forward for the short term. As borrowing costs increase affordability is affecting operational viability, how are businesses changing their strategies to cope with reduced access to credit and tighter lending regulations? The panel will clarify what needs to happen in order for the mortgage market to continue with liquidity.
Ward McAllister, President & CEO, Ledingham McAllister Properties Ltd.
Dean Atkins, Vice President, Mortgage Investments, B.C. Investment Management Corporation
Shirley Bennie, Vice President & Area Manager, Business Development Bank of Canada
Bruce Clarke, SVP & National Head, Commercial Real Estate, HSBC Bank Canada
James McPherson, President, Realtech Capital Group Inc.
This session provides a performance update on the office, retail, industrial and multi-unit residential markets in Victoria.
The panel discussion examines current strengths, challenges and distinctive aspects of this regional real estate sector taking into consideration how the recessionary economic conditions and tightening credit conditions have affected leasing, investment and development in Victoria factoring an outlook for 2010/11 and beyond.
Andrew Turner, President, Invermay Real Estate Advisors
David Ganong, President, Canada ICI Capital (Victoria) Corporation
Robert Jawl, Jawl Properties Ltd.
Andrew Tong, Senior VP Acquisitions and Dispositions, Concert Properties Ltd.
Ty Whittaker, Vice President, Colliers International
The residential market in Vancouver recovered swiftly in the second half of 2009 prompting comments that the market returned to 2008 peak values. What’s next for this sector? The panel will address a number of variables that will impact the residential market going forward including how historically low interest rates motivated sideline buyers and will the trend continue relative to global investment opportunities.
Jennifer Podmore Russell, Senior Manager, Financial Advisor, Deloitte
Ben Taddei, Chief Operating Officer, Parklane Homes
Richard Weir, Vice President, Bosa Development Corporation
George Wong, Owner, Magnum Projects Ltd.
Despite potential shrinkage in the retail sector some retailers are showing growth. As US retailers make steady investments into the BC market, what impact have they had on the market and will it continue? This panel of leading retail professionals will discuss successful players, their strategies and how they see potential patterns to promote growth going forward. How do major retailers fit into the discussion and what is the foreseeable period of adjustment regarding rightsizing and closures? Taking a look at the overall retail market and the fallout from closures, the panel will discuss effects on retail rental rates, new developments and incentives for growth and stability in the retail market sector.
Ian Thomas, Chairman, Thomas Consultants Inc.
Christine Day, CEO, Lululemon Athletica (download presentation)
Stephen Henderson, Co-CEO, Staburn Property Group (download presentation)
Tom Munro, Vice President, Real Estate & Store Development, Overwaitea Food Group (download presentation)
A benefit to hosting the Olympic torch is the marketing platform for city officials, businesses and economic interest groups to invite the world to invest in Vancouver. Unlike other post Olympic winter host cities Vancouver already claimed the enviable profile as one of the best cities in which to live and work so what can Vancouver expect after the scrutinizing global spotlight of the Olympics? This session brings to the forefront integral questions about the value of the Olympics as a marketing platform for Vancouver and what economic outlooks can we and are seeing as a result of such global marketing? With natural geographical boundaries controlling real estate growth how will the expected influx affect Vancouver from a standpoint of living costs, development restrictions and long term sustainability? What role did the Olympics play in ramping up investment momentum and what is the next step for Vancouver?
John Tylee, Director of Research and Chief Economist, Vancouver Economic Development
C. Tsuriel (Tsur) Somerville, Director, UBC Centre for Urban Economics and Real Estate, Sauder School of Business
Brent Toderian, Director of Planning, City of Vancouver
Since 2002 a significant number of PPPs have been successfully implemented in BC in social infrastructure, but are they really working? Does the public really see value for money through a PPP model? This panel presentation will explore and discuss how PPPs differ from traditional real estate development focusing on major commercial terms in PPP and non-PPP projects and how they have evolved over time. The panelists will include key players instrumental to the implementation of three major real estate infrastructure development projects: Gordon and Leslie Diamond Healthcare Centre, Fort St. John Hospital, and the Olympic Village.
Winnie Shi, Director, KPMG
Duncan Ball, Senior Vice President, Project Finance, Bilfinger Berger Project Investments Inc.
Larry Blain, CEO, Partnerships BC
Greg Lewis, Partner, Bull, Housser & Tupper LLP
In the recent past skyrocketing land and construction costs created a dearth of new reasonably priced industrial space. What effect has the economic changes over the last 18 months had on this property type? The session reviews the impact the softening economy had on land and construction costs relative to investment activity and new developments. Addressing influential factors such as vacancy rates and the fluctuation of commodity prices the discussion will assess indicators for charting industrial real estate growth.
Robert Stokes, Senior Vice President, Cushman & Wakefield Ltd.
John Conicella, Vice President, Managing Director of Development, WesGroup Properties LP
Tom Corsie, Vice President, Real Estate, Port Metro Vancouver
Maury Dubuque, Vice President Leasing, Bentall LP
Lawrence Green, President, Spire Developments
Still considered by many as the staple of a well-diversified real estate portfolio is the multi-family apartment market. Investor confidence in this sector continues to attract funds from a broad range of investors. What is the profile of typical buyers in today’s market? What financing vehicles they are choosing? Where do we see the future growth of new purpose-built rental apartment buildings in Greater Vancouver, especially with the advent of the Canada Line? Why are developers having such great difficulty in building the desperately needed rental units to solve our housing crisis when they are so proficient at building condominiums? With the average age of rental buildings in Vancouver and most suburban areas (approx. 50 years old), growing vacancies and facing increased competition from new condos, what steps should apartment owners take to keep their buildings competitive? Are cap rates and sale transactions likely to decline, increase or remain at current levels throughout 2010/2011? Why are apartment investors prepared to accept a 3.5% – 5.5% cap rate, when they can achieve higher yields with industrial or commercial investment real estate vehicles?
Mark Goodman, The Goodman Report, Macdonald Commercial
Michael Geller, B.Arch, MAIBC, FCIP, The Geller Group
Marg Gordon, Chief Executive Officer, BC Apartment Owners and Managers Association
Paul Richter, National Research Manager, RealNet Canada Inc.
Michael D. Oord, B.A., AACI, P. App., Senior Appraiser, Grover, Elliott & Co. Ltd.
Summarizing the broad range of issues raised during today’s conference and current economic challenges, a panel of well respected senior real estate executives will share their final 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 providing the last word on the Canadian, and specifically Vancouver, real estate market.
Andrew Bibby, President and Chief Executive Officer, Grosvenor Americas
Eric Carlson, President & CEO, Anthem Properties
Remco Daal, President and Chief Operating Officer Canada, Bentall LP
Scott Hutcheson, Chairman & CEO, Aspen Properties Ltd.
Michael Kitt, Executive Vice President, Oxford Properties Group