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Introduction of the Forum Chair:
Roque Hsieh, Partner, KPMG
Mark Renzoni, Chief Operating Officer, CBRE Limited
The Opening presentation will analyze and compare each of the major fundamentals between the Canadian and U.S. markets, including employment, GDP growth, bank rates, inflation, housing market and other economic drivers. Ms. Gulati will discuss how much turbulence can be expected over the next 12-18 months and whether the U.S. is fully coming out of the downturn. What impact has the EuroZone debt crisis and other global volatility had on assets and investors with respect to Canadian and U.S. real estate? The discussion will also include a review of the economic issues in Europe and their effect on B.C.
Sonya Gulati, Senior Economist, TD Economics
A panel of leading investor’s will discuss current and emerging international investment trends and provide a global perspective of the Vancouver market. Who are the active buyers and sellers and how do attitudes vary from institutional to private and domestic to offshore? What trends are influencing local investment potential and confidence? Reviewing recent global activity and some of the most significant transactions of the past year the panel will identify which property types are “top of mind” and why, as well as provide an outlook for investment activity in the second half of 2013 and beyond. What have been the major reasons for the continued strong interest and transaction activity in Vancouver?
Avtar Bains, President, Premise Properties
Michael Emory, President & CEO, Allied Properties REIT
Scott Hutcheson, Chairman & CEO, Aspen Properties Ltd.
Michael Kitt, Executive Vice President, Oxford Properties Group Ltd.
Who are some of the largest tenants in the office market today? What attracts them to continue to build their business in Vancouver, versus Toronto or Calgary? What industries do they represent? Are natural resource based companies the majority or the minority? Where are they located and how do we get them to stay in Vancouver? Hear why they chose Vancouver and why they continue to stay despite the expense of doing business in our city. With new buildings on the horizon, are these employers staying put or updating their address?
Lorne Burns, Partner, Audit, National Industry Leader, Real Estate, KPMG LLPPanel:
Mauk Breukels, Vice President, Investor Relations & Corporate Affairs, Finning International Inc.
David Bowden, CEO, Colliers International
Andrea Goertz, Senior Vice President, Strategic Initiatives and Communications, TELUS Corporation
In a 12 month span from late 2014 through 2015 four new office buildings will open delivering nearly 1.5M new square feet of office space in downtown Vancouver. This significant increase in space begs the following questions: Who is going to occupy these buildings? How much of the space has already been leased? Are the new tenants leaving behind space in the core? Are they downsizing, staying the same, or growing? What are the impacts on rental rates? What are the prospects for additional new inventory in 2016 and beyond? Does this explosive growth in the core influence suburban construction and demand? Are more tenants moving out of the city due to rates downtown?
Bill Tucker, CEO, OmicronPanel:
Sandy McNair, President, Altus InSite
Blair Quinn, Senior Vice President, CBRE Limited
Gavin Reynolds, Senior Vice President, Jones Lang LaSalle
Chuck We, Director of Leasing, Oxford Properties Group
A panel of senior executives managing new and established private equity real estate funds will examine the underlying trends that have contributed to an increase in the number of these investment vehicles over the past few years. The panel represents a broad range of investment objectives – from core and value debt and equity, to opportunistic development and syndicated funds. Targeted at a wide range of clients that include private institutional, high net worth individuals, and retail buyers. Some have linkages to the public markets while others are adjunct to major asset managers. What are the underlying strategies for the deployment of capital? Which product type does the panel favour , in which markets, and why? What will be the most significant challenges to buy or sell assets in this market? What impact has the credit markets had on activity? Will the money continue to flow into real estate funds if interest rates rise and the equity markets stabilize?
Pierre Bergevin, President & CEO, Canada, Cushman & Wakefield Ltd.
Trevor Blakely, CEO, Forgestone Capital
Kevan Gorrie, President, Pure Industrial Real Estate Trust
Shenoor Jadavji, President & CEO, Lotus Pacific Investments Inc.
Joe Mazzocco, Partner, Investments, KingSett Capital
A wide ranging discussion will examine the availability of public and private debt and equity for Canadian real estate from the perspective of the capital markets, borrowers, banks and mortgage originators. 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 in the latter part of 2013 and beyond; what risks are emerging at this time; and how they would favour deploying their capital. What can you expect next year with respect to the cost, availability and most accessible sources of capital? Are lenders likely to be more aggressive next year? What impact is the federal government having on capital and the real estate market generally? Is CMBS likely to make a stronger comeback? How difficult is asset valuation today? What information is required from a valuation by management, purchasers, vendors, shareholders, lenders, and the capital markets? Since IFRS has now been implemented, what type of best practices are emerging? How is the market responding to them? How are investors, owners, and lenders interpreting the data?
Murray J. Williamson
John O’Bryan, Chairman, CBRE Limited
Chris Dobrzanski, CEO, Citizens Bank
David Franklin, President, CMLS Financial Ltd.
Morley Greene, President, Trez Capital
Murray J. Williamson, Senior Vice President, Bank of America Merrill Lynch, British Columbia Region, Global Commercial Banking
Vancouver boasts one of North America’s largest and busiest ports. With the upgraded and soon to be completed South Perimeter road for truck traffic to and from the Delta Port and the newly completed Port Mann Bridge, where is the industrial market headed? Hear from the major drivers of the Metro Vancouver industrial market as they tell us what direction they see the market moving. Will it grow due to the upgraded infrastructure or will it stay as is? Is there more industrial land available in Vancouver for development? Will the upgrades attract new business? If so, where will they go?
Stu Morrison, Senior Vice President, Industrial, Colliers International
Tom Corsie, Vice President, Real Estate, Port Metro Vancouver
Ron Emerson, President, Emerson Real Estate Group Inc.
Alistair Pickering, Director, National Industrial, Oxford Properties Group
Paul Tilbury, COO, Dayhu Group of Companies
T.O.D seems to be a ‘one stop shop’ offering office, retail and residential, but is it all it’s cracked up to be? Do employees of the businesses taking residence in these spaces actually use the transit system that developers boast about? Do parking costs at transit stations override the use of driving to the workplace? How important are these amenities to the owners of residential units and office space leaseholders? Are these Transit Oriented Developments going to take over the business park of yesteryear?
Useable case studies include Marine Gateway, Metrotower, Aberdeen Centre, and Brewery District.
Anne McMullin, President and Chief Executive Officer, Urban Development Institute
Gary Andrishak, Director, IBI Group
John Horton, President, Shape Properties Corp
Dan Turner, Executive Vice President, PCI Developments Corp.
Richard Weir, Vice President, Bosa Development Corp.
With new investment on the North Shore including Seaspan’s shipbuilding contract and the potential expansion of the Kinder Morgan Line, developers are turning their attention to Vancouver’s ‘playground’. Land shortages and opportunities for new development are far and few between in the Lower Mainland, but the North Shore still holds opportunity for growth. Is the overhaul of Park Royal Mall, the renewed Evelyn site and other developments just the beginning? Who are the major players? What are the major new projects under way? This panel will explore the changing landscape of the North Shore and discuss what to expect in the next 5 to 10 years.
Mark Hannah, Principal, Avison Young Canada
Rick Amantea, Vice President Community Partnerships and Development, Larco Investments
John Conicella, President, British Pacific Properties
Beau Jarvis, Vice President, Development, Onni Group
Rob Kavanagh, Vice President, Asset Management & Managing Broker, GWL Realty Advisors Inc.
Michael Campbell is British Columbia’s most respected business analyst. He is best known as the host of Canada’s top rated business show – Money Talks – heard across the country on the Corus Radio Network. Each week Michael and his guests track financial trends in order to help listeners find ways to survive and thrive in today’s tumultuous environment.
Michael is also Senior Business Analyst for BCTV News on Global and a frequent contributor to the national Canada Tonight broadcast. He has also written extensively for a number of publications and is in high demand for interviews due to his outstanding track record, including calling the low on the Canadian dollar in December, 2002 and the high in November, 2007. Perhaps he is best known for his prescient warning in October, 2007 of the coming market decline. He is author of the National bestseller titled “Cooking the Books with Mike: Michael Campbell’s Favourite 50 Recipes for Instant Financial Success.”
Trained in New York, he worked in the investment business for 10 years and has been a successful business owner. He says that making far too many amateurish investing mistakes and enduring the ups and downs of operating a business gives him an important perspective on the real world of business and economics.
Michael is also very active as a volunteer in the community having been directly involved in a number of worthwhile causes. Currently he spends countless hours as Immediate Past Chairperson of the B.C. Special Olympics.
The water cooler discussion continues to focus on the current state of the housing market. The residential market has been a sellers market for the past 5+ years. Now that it appears to becoming a buyers market what is happening to rates? Who is buying and what are they choosing to invest their money in? Where is the money coming from? Is it still mainly off-shore investment or do locals finally have the opportunity to invest in their own backyard again?
Cameron McNeil, President, MAC Marketing Solutions
Ralph Archibald, Senior Vice President, Polygon Homes Ltd.
Cameron Muir, Chief Economist, BC Real Estate Association
Daryl Simpson, Senior Vice President, Bosa Properties Inc.
Over the last few years, the number of Canadians going online to do their shopping has grown exponentially with some claiming growth as much as 25% in the last year. In addition, there is an increase in the number of U.S. retailers opening shop in downtown Vancouver and the Lower Mainland. What impact does this have on local retailers? Does this change land use development such as mixed-use? Is it still worth the investment to have a physical space? What can we expect to see in next 3 to 5 years? The panel will discuss those factors that are affecting the shopping landscape, and review how local retailers are using e-commerce to complement their brick and mortar spaces.
Christina Flanigan, President, Praxis Projects
Michael Penalosa, Managing Principal, Thomas Consultants Inc.
Wynn Spencer, Vice President, Store Development, Lululemon Athletica
Geoff Stollery, Vice President, Real Estate, Best Buy Canada Ltd.
Chris Wood, Principal, Northwest Atlantic (Canada) Inc. Brokerage
One market certainty exists in a Canadian residential and commercial real estate market filled with uncertain signals. Whether the market continues on its upward value trend or begins to dip, this fundamental can strategically be used by public and private investment funds to increase up-side returns and decrease downside value risks. This fundamental is financed by government and consumer demand for it is on a steeply increasing curve. It is transportation improvement. Our analysis of peer reviewed journals from across North America and around the world has provided us insight into how, when compared to equivalent properties, incomes (rents) can increase by 12%+ and values can increase upwards of 15% if properties are purchased or developed within select zones in a region. Outside these zones, markets will increasingly underperform — inside these zones demand curves are increasing exponentially. In this presentation not only will we share the research, we will identify and name which neighbourhoods in Canada will benefit the most.
Don Campbell, Senior Analyst and Founding Partner, Cutting Edge Research Inc.
Summarizing the broad range of issues raised during today’s conference and current global 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. This panel will provide the last word on the Canadian, and specifically Vancouver, real estate market for 2013/14.
Mark Renzoni, Chief Operating Officer, CBRE Limited
Andrew Bibby, President & CEO, Grosvenor Americas
Remco Daal, President & COO, Canada, Bentall Kennedy
Ward McAllister, President & CEO, Ledingham McAllister Ltd.
Brian McCauley, President, Concert Properties Ltd.