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Introduction of the Forum Chair:
Jeff Brown, Regional Vice-President, Pacific, FCT
Richard Weir, Executive Vice President, Real Estate & Development, Bosa Development Corporation
This year will mark the third time the country has reported a consecutive year of sub-2-percent growth since the end of the Second World War. With a national unemployment rate that is still 7%, what does all of this mean for the strength and direction of our domestic economy? While it appears that the U.S. economic recovery is still continuing, dark clouds remain across the EuroZone and many emerging and growing markets. All of this has implications for Canada. This presentation will offer insights and perspective on current trends and will analyze the major fundamentals in Canada and the global markets. Will the Feds finally change interest rates? Will the bubble burst on the Canadian housing markets? What are other major predictions for 2016?
Benjamin Tal, Chief Economist, CIBC World Markets
Chris Lawless, Chief Economist, British Columbia Investment Management Corporation
As Vancouver continues to evolve into a global city with a regional population over 2.5 million, the City is implementing a series of key initiatives and planning policies that have implications on growth and development. How are these policies impacting urbanization? Can the region afford to continue growing the way that it has been growing? What needs to change? How will transit in the region impact future plans? What kind of development opportunities are emerging? What will it be like 25 years from now when the greater Vancouver region reaches an anticipated population of over 3.4 million?
Jennifer Podmore Russell, Director, BC Real Estate Leader, Deloitte Canada
Mayor Greg Moore, Mayor of the City of Port Coquitlam & Chair of the Metro Vancouver Board of Directors
Miro Cernetig, Founder of the Catalytico, Ideas in Motion, and Co-Founder of City Age – The Business of City Building
Dr. Tsur Somerville, Director, UBC Centre for Urban Economics and Real Estate & Real Estate Foundation of BC Professorship in Real Estate Finance
Jon Stovell, CEO, Reliance Properties
Canadians are buying and trading more than ever. As projections indicate that Canada’s trade with Asia continues to grow, it is clear that Canada’s largest port will need to grow with it. According to a Site Economics Ltd. study, there are roughly 1,000 acres of vacant industrial land suitable for logistics and goods movement, and this inventory will be exhausted within the next 7 to 10 years, inevitably causing a deficit. Given the Lower Mainland is constricted by ocean and mountains, how should the region best plan to develop and enhance its industrial land base? This panel will dive into the industrial land issue, and debate the potential ramifications for the economy, and discuss what the region can and should do to address the inevitable shortage.
Paul Tilbury, Chief Operating Officer, Dayhu Group of Companies
Eric Aderneck, Senior Regional Planner, Metro Vancouver
Chris MacCauley, Vice President, CBRE Limited | Industrial & Logistics
Richard Wozny, Principal, Site Economics Ltd.
Given the strong investor sentiment in the Canadian market and Vancouver in particular, opportunities have emerged for entrepreneurialism in the real estate industry. 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? What niches do they strategically focus on to find the highest potential value opportunities that will provide quality returns? What have been the most significant challenges that they have had to endure? What opportunities do they see unfolding now and in the future?
Lorne Burns, Partner, Audit, National Industry Leader, Real Estate, KPMG LLP
Darryl Bosa, Founder, SpaceKraft
Justin Mitchell, Partner, Frontline Real Estate Services
Phillipp Postrehovsky, Co-Founder & COO, RentMoola
Renée Wasylyk, CEO, Troika Management Corp.
In most of the country’s major centres multi-family investment is still a key part of the real estate portfolio. In Vancouver, however developers are faced with a lack of land, ever-evolving by-laws, high construction costs and limited options for retrofits. As a result, the region has seen more apartment construction projects in the past couple of years than seen in a generation. Is multi-family rental the best residential bet in this market? Or is there still money to be made in condominiums? What are the major holdbacks for investors? Is the investment risk into rental properties worth the payback? Are citizens too attached to the idea of a single-family home? What does the next generation of homeowners want? Which solution best addresses the region’s changing demographics?
Mark Kenney, COO, CAPREIT
Ugo Bizzarri, Managing Director, Portfolio Management & Investments, Timbercreek Asset Management
Lance Coulson, Senior Vice President, CBRE Limited | National Apartment Group
Hani Lammam, Executive Vice President, Cressey Development Group
Dan Sander, President, Hollyburn Properties Ltd.
After a flurry of development activity in the downtown office over the past few years, a record 11% vacancy rate is the result — the highest in a dozen years. How is the market performing: by geography and neighbourhood; by building design, age and image; by appeal to different tenant sectors and industries? What are the key differences, dynamics and drivers to each of the downtown and suburban market segments? Are investors ignoring the current leasing market softness or looking well beyond it or is there another dynamic at play concerning the disconnect between the investment and leasing markets? What strategies can building owners, asset managers and their leasing experts undertake to minimize the pain of a flat or softening market?
Sandy McNair, President, Altus InSite
Andrew Kirkham, Vice President, Portfolio Management, Western Canada, KingSett Capital
Jocelyne Legal, Vice President, Leasing, Triovest Realty Advisors (B.C.) Inc.
Jeff Lim, Vice President, Leasing, Bentall Kennedy (Canada) LP
Norm Taylor, Executive Vice President & Managing Director, CBRE Limited | Brokerage Services
One of the tallest wood buildings in the world will soon be built on the UBC campus. The City of Vancouver is aiming to be the Greenest City in the world by 2020. Developers are employing LEED standards in more than just office towers. Millennials consider sustainability and social responsibility a deciding factor when buying. Canada has returned as a member of the Kyoto Protocol after being absent for 5 years. What impact could the federal government’s stance on emissions have on real estate? Is there a greater expectation from all consumers that housing, office space and urban planning be more sustainable? How do city builders balance the bottom line with costs linked to sustainability? Are there members of the industry who are making changes to their practice? Are there examples of cities or projects internationally that are setting the standard? If so, what are the takeaways for the Greater Vancouver core?
John Holland, President & CEO, Pinchin West Ltd.
James Gray-Donald, VP Sustainability, Bentall Kennedy (Canada) LP
Luke Smeaton, Executive Director, Light House Sustainable Building Centre
Gordon Wylie, President, Wylie Development Corp.
This discussion will examine the availability of public and private debt and equity as well as forecast what borrowers can expect for the remainder of 2016. How are the risks in the Canadian economy — especially Alberta — affecting other markets? What can be expected over the coming year with respect to the cost, availability and sources of capital? Will lenders be more or less aggressive in the remainder of 2016? What impact is the federal government policy having on capital and the real estate market generally? How challenging is asset valuation today in the Vancouver market? What information is required from a valuation by management, purchasers, vendors, shareholders, lenders, and the capital markets?
Henry Lu, CFO, Retirement Concepts
Paul Chin, Executive Vice President, Real Estate Lending, Otéra Capital
David Franklin, President, CMLS Financial Ltd.
Vickie McDonnell, President & CEO, Westminster Management Corporation
Dale Telfer, Vice President, Commercial Real Estate Lending, BC/Alberta Region, HSBC Bank Canada
Pre-Luncheon Reception Sponsored By
Luncheon Sponsored By
INVESTMENT IN THE FUTURE: OPPORTUNITIES AND CHALLENGES IN GREATER VANCOUVER
Miklós Dietz, Director, Managing Partner, McKinsey Canada
It goes without saying that the Vancouver retail market is one of the most unique in Canada. With close proximity to the U.S. border, a high consumer spending to salary ratio, and one of the country’s main gateways to Asia, this is not a straightforward market in which to do business. This panel will focus on three key trends impacting retail both in Canada but specifically this region: the convergence of traditional bricks and mortar with online retail, the consumers’ desire to be entertained, and the big box stores getting bigger. In what way are these national trends unique to Vancouver? How does the luxury market influence these trends and the way consumers shop? How are retailers dealing with a sluggish economy? What type of ‘entertainment experiences’ are consumers demanding? How are outlet malls addressing consumer needs? Are these trends game changers or is this just part of the ongoing evolution of the market? Which retailers are leading the way in each trend?
Neil McAllister, Senior Vice President, Retail, Lee & Associates Commercial Real Estate (BC) Ltd.
Franco Custodinho, Senior Vice President, Shopping Centres, Central & Western Canada, Ivanhoé Cambridge
Chris Doulos, Vice President Real Estate, Cineplex Entertainment
Carolyn Egan, Senior Director, Leasing, Western Region, Choice Properties REIT
Geoff Stollery, Vice President, Real Estate, Best Buy Canada
Vancouver is undoubtedly one of the most expensive cities in the world in which to live and many urban planners have argued that Greater Vancouver needs to increase its density in order to accommodate a growing population, and fuel a more affordable housing environment. Is urbanization a good news story for the real estate industry? Are there challenges that planners need to understand before pushing ahead? Who reaps the rewards when a city increases density, and who are the big losers? What are the socio-economic benefits and drawbacks? This session will offer an in-depth look at what urbanization in the Lower Mainland could look like in 20 years, and explore the many sides to this contentious issue.
Lisa Vogt, Partner, McCarthy Tétrault
Saeid Fard, Author, The Decline in Vancouver
Carla Guerrera, Vice President, Planning & Development, Darwin Properties Ltd.
Dr. Penny Gurstein, Director, School of Community & Regional Planning, University of British Columbia
Beau Jarvis, Senior Vice President, Development, Wesgroup
As the home of the provincial government, two universities and close proximity to the Lower Mainland, there are suggestions that foreign investment will begin to move into the Victoria region at a quicker pace in the coming years. With land values and availability decreasing in Vancouver, is Victoria the next city to experience a boom? Are employers on the Lower Mainland losing staff to this more affordable city? What’s the state of the union in Victoria? What are developers, brokers and tenants saying about this region? At the same time, many are hesitant to invest in Alberta until there’s a better sense of what will happen with the price of oil as well as the provincial government’s plans, but is that short sighted? Is this the time to invest in Alberta? Is there low hanging fruit in this market? If so, which asset classes and municipalities are the best bet?
Dave Ganong, Managing Director, Colliers International
David Chard, President & CEO, Chard Development Ltd.
Randy Holt, Vice President, Newmark Knight Frank Devencore Victoria
William Secnik, Fund Manager, Real Estate, Manulife Asset Management Private Markets
Raj Wirk, Director, Commercial Banking, Coast Capital Savings
A LOOK AT CANADA’S HOTTEST REAL ESTATE MARKET
Vancouver has consistently been one of the strongest, most robust, and consistent performers in the Canadian real estate market in recent history. This panel of senior real estate and institutional executives will offer their insights and their strategic thinking for the year ahead. Why does this region continue to perform so well? What opportunities do investors continue to see? Why does it differ so much from other Canadian cities? What impact will interest rates have on investment decisions in this market for 2016? Is this a year to be bold or conservative? Are there still development opportunities? If so, in which asset classes? What are the key challenges, trends, and risks facing investors, owners and developers of office, retail, industrial and multi-family properties in the Vancouver market? What asset classes and transactions will likely offer the best possible returns in 2016? Is the Vancouver market overbuilt? What issues, if any, might there be with debt and capital markets over the next twelve months? How do you achieve growth in office, retail or industrial rental rates in this market?
Richard Weir, Executive Vice President, Real Estate & Development, Bosa Development Corporation
Andrew Bibby, Chief Executive, Grosvenor Americas
Rob Kumer, Partner, Investments, KingSett Capital
Jim L. Szabo, Vice Chairman, CBRE Limited | Capital Markets
Stephen Wong, Managing Director, Atelier Capital Partners Inc.
Paul Zemla, Chief Investment Officer, Bentall Kennedy (Canada) LP