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Introduction of the Forum Chair:
Bill Tucker, CEO, Omicron Canada
This presentation will review recent economic developments around the world, including the U.S. and Canada, honing in on employment, GDP growth, interest rates, inflation and real estate conditions. Ms. Gulati will discuss what can be expected over the next two years. In particular, is the euro zone sovereign debt crisis a thing of the past? Is political gridlock in the U.S. the new norm? Is the Canadian housing market in bubble territory? What about the concerns surrounding overbuilding of new homes? All of these questions will be explored in the context of Canada and B.C.
Sonya Gulati, Senior Economist, TD Economics
Kinder Morgan, Cenovus, Enbridge. There is still a great deal of discussion and continued controversy about these companies moving their pipelines into B.C. but how will these pipelines impact B.C.’s economy? How many jobs will they create and how many of these jobs will still be around once the pipelines are complete? What are the financial ramifications if the pipelines do not go ahead? What do the recent NEB recommendations mean for B.C.?
Jock Finlayson, Executive Vice President & Chief Policy Officer, Business Council of British Columbia
Why is Vancouver so attractive? Who are the buyers today and where is the money coming from? Where are investors putting their capital in the short term and the long term? Who are the active buyers and sellers and how do attitudes vary from institutional vs. private and domestic vs. offshore? What trends are affecting local investment potential and confidence? Are the current global challenges influencing the Vancouver market? 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 providing an outlook for investment activity over the next 12–18 months.
John O’Bryan, Chairman, CBRE Limited
Avtar Bains, President, Premise Properties
Paul Finkbeiner, President, GWL Realty Advisors Inc.
Joe Mazzocco, Partner, Investments, KingSett Capital
With new inventory coming on stream over the next 24-36 months will Vancouver be over built, based on current demand? Amazon, HootSuite, Microsoft and Facebook are just a few technology companies that are now located in Vancouver. Has the growth of new tech companies had an impact on the downtown office market? What were they looking for in their new spaces? What are other tenants demanding? How has their growth in Vancouver impacted the real estate market? Will the tech industry be a key driver for absorption in the new office supply or will Vancouver be overbuilt and experience a development hangover?
Chuck We, Director of Leasing, Oxford Properties Group
Bart Corbett, Senior Vice President, Cushman & Wakefield Ltd.
Robert Kavanagh, Vice President, Asset Management & Managing Broker, GWL Realty Advisors Inc.
Jeff Lim, Vice President, Leasing, Bentall Kennedy (Canada) LP
Sandy McNair, President, Altus InSite
With more than 2.5 million square feet of new suburban office development underway the panel will explore what is driving demand in the suburbs and what it means for our growing region. Will Surrey be the new downtown? Are employees moving closer to their employment base? Does transit impact decisions and what are the specific markets to watch closely? What does this area of growth mean for the Lower Mainland overall?
Jennifer Podmore Russell
Jennifer Podmore Russell, Real Estate Advisory Leader, Deloitte
Rob Chasmar, Senior Vice President | Office Leasing, Colliers International
Robert Eyers, Leasing Manager, Wesgroup Properties Ltd.
Jeff Rank, Vice President – Project Development, Marketing & Leasing, Bentall Kennedy (Canada) LP
James Stewart, Partner, Hamilton Duncan Armstrong + Stewart Law Corporation & President, Downtown Surrey Business Improvement Association
The number of mixed used developments has grown in recent years and it is now time to assess how these types of development projects are working. What lessons have been learned developing these type of projects? What is the consumer looking for in these types of projects — price, amenities, location or all of the above? There is continued debate as to the demand for suburban office product within a mixed use development. Are the cities asking too much or have consumer demands changed?
Ben Smith, Vice President, Sales & Marketing, Rennie Marketing Systems
Houtan Rafii, Vice President, Residential Development, Beedie Living
Daryl Simpson, Senior Vice President, BOSA Properties Inc.
Ben Taddei, Former Executive Vice President, Land Development, Wesgroup Properties
Bob Tattle, Vice President, Anthem Properties Ltd.
Bond rates increased significantly from May through September 2013 causing concern amongst investors and lenders. General expectations are for this issue to reemerge in the near future. Bank of Canada government bond yields directly affect the cost of debt for landlords and industrial property owners. What impact will rising bond rates have on industrial property values for developers, investors and owner-occupiers? Metro Vancouver is arguably the most supply constrained industrial market in North America. Development options are limited and historical vacancy rates have not exceeded 5%. Why have rental rates for many assets remained relatively flat?
Stu Morrison, Executive Vice President, Colliers International
Kevan Gorrie, President, PURE Industrial Real Estate Trust
Aubrey Kelly, President, Surrey City Development Corp (SCDC)
Paul Tilbury, COO, Dayhu Group of Companies
As more and more Boomers retire the Gen Y’ers are becoming the majority of the workforce. This transition begs the question; how are organizations maintaining institutional history and how is Boomer wisdom being passed down to the new generation of employees? How do employers maintain the Boomer work ethic? What expectations do the younger generations have? How do you retain a generation who frequently change careers? Are equity positions being offered to employees?
Bruce J. MacKenzie
Mark Renzoni, President & CEO, CBRE Limited
Neil Chrystal, President & CEO, Polygon Homes Ltd.
Bruce J. MacKenzie, President, Chapman & Associates
Lisa Vogt, Partner, Practice Group Leader, Real Property and Planning, McCarthy Tetrault LLP
New purpose built rental projects are finally starting to pop up all over the GVRD. Have values of old product reached a point to warrant such development? For the past 10-15 years, the investor condo market has been adding shadow rental throughout the GVRD, filling the need for new rental stock. As the condo market slows down, are more developers looking to build rental? How much demand is really out there and who will be the builders to satisfy this demand? What are the key incentives that municipalities are offering that actually make new rental construction work? What lessons can we learn from Seattle and other markets adding significant rental product?
James Paleologos, Senior Associate, Realtech Capital Group Inc.
Michael Deighton, VP of Acquisitions, Bosa Properties
Michael Oord, Real Estate Appraiser, Grover, Elliott & Co. Ltd.
David Goodman, Founder, The Goodman Report
Daniel Sander, Director & Vice President, Hollyburn Properties Ltd.
Vaughn Palmer, Provincial Political Columnist
No one expected such a positive residential market in 2013, and now everyone wants to know if we can expect this trend to continue into 2014. Hear from a panel of residential experts talk about the current residential market and where the market may be heading over the next 12-24 months. To what extent is offshore money propping up the market? Are there other contributing factors? What happened in the last year?
Richard Weir, Vice President, Bosa Development Corp.
Cameron McNeill, President, MAC Marketing Solutions
Cameron Muir, Chief Economist, BC Real Estate Association
Brock Smeaton, Prudential Sussex Realty – Brock Smeaton
George Wong, President, Magnum Projects
Many would agree that Target missed the bull’s eye when they launched in Canada earlier this year. And some experts would agree that they aren’t alone. What will U.S. retailers do to change their strategies? What have other U.S. retailers learned from Target’s Canadian expansion? Have they learned from their competitions mistakes? Who is expected to land next and when can we see them? What price points can we expect and how will the Canadian retail market react when the likes of Nordstrom’s show up?
Christopher A. Wood
Ian Thomas, CEO, Thomas Consultants
Dan Clark, Principal, Sitings Realty Ltd.
Ron Clarke, Vice President, Leasing, Western Region, Ivanhoe Cambridge
Kevin Layden, President & CEO, Wesbild Holdings Ltd.
Christopher A. Wood, Principal | Broker, Northwest Atlantic (BC) Broker Inc.
A panel of senior executives representing REIT’s, Pension Funds, Private Equity and syndications will debate the underlying trends that have contributed to an increase in the number of the different 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. 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?
Lorne Burns, Partner, Audit, National Industry Leader, Real Estate, KPMG LLP
Justin Bosa, Managing Director | Investment Banking, Canaccord Genuity
Mark Achtemichuk, Vice President & Managing Director, CMLS Financial Ltd.
Rob O’Neill, CEO, American Hotel Income Properties REIT LP
Garth Stoll, Vice President, Regional Head, Commercial Real Estate Group, HSBC Bank Canada
Summarizing the broad range of issues raised during today’s conference and current global economic challenges, a panel of past Vancouver Forum Chairs and 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 also take you on a ride of the real estate sector in Vancouver over the last 20 years and provide some commentary on what may be coming for the next 20 years.
Bill Tucker, CEO, Omicron Canada and Forum Chair
Tony Astles, Executive Vice President, Bentall Kennedy (Canada) LP (Chair 2007)
Tom Knoepfel, Senior Vice President and Portfolio Manager, Western Canada, Cadillac Fairview (Chair 2009)
Ward McAllister, President & CEO, Ledingham McAllister Properties (Chair 2006)
Gino Nonni, President, Serracan Properties Ltd. (Chair 2011)
David Podmore, CEO, Concert Properties Ltd. (Chair 1996)