is part of the Informa Markets Division of Informa PLC
This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Canada’s commercial real estate market continues to defy prediction and grapple with fast-paced change. The Tech sector has dominated many markets including Vancouver and the transformation it has spurred has been extraordinary. Interest rates have
stabilized but the uncertainty surrounding U.S. - Canada trade relations is a growing concern for our industry. This presentation will examine both the challenges and opportunities presented by our changing market and global dynamics.
Vancouver is home to the #1 Nordstrom location in North America and other retailers are taking notice. As Vancouver continues to grow as a global gateway city and popular tourist destination, it has also become an attractive market for new retailers. While stores like Hermes and Tiffany & Co. have doubled down their footprints in the downtown core, a plethora of Asian-based low-cost retailers are also setting up shop. This panel will explore what’s happening in this retail environment and what the shopping patterns of consumers look like today. How are demographics influencing retailers’ decision to come to Vancouver? Given the tightening vacancy rate, at what point are NERs too high to justify leasing a location? The panel will also examine what other key trends are emerging, and how are they working to address them.
Whether binding or non-binding, today’s landlords and tenants expect and intend to rely on offers to lease as setting out the parameters for the resultant lease. Therefore it is critical that the offer to lease be drafted and negotiated in a comprehensive manner with a view to incorporating not only the basic components of the deal, but the specific rights and requirements a tenant will require in order to carry out its business over the term. This interactive session will featuring tenants, landlords, brokers and lawyers examining key points which should be included in an offer to lease in order to expedite lease negotiations while protecting the parties’ interests. We will compare the position of the landlord to the perspective of a tenant for retail, office and industrial space.
One of the major trends across Canada is the revitalization of older inner-city areas and downtown cores. Vancouver is no exception. Most attention is being fostered on the higher density mixed-use development that often characterizes these trends. A common theme that you read and hear is that millennials want to live, work, play and learn in the inner city. What does this mean for the strength and vitality of older and newer peripheral suburban communities? Has the interest in living, working and shopping in these areas peaked? This session will examine some of the major facts and fallacies pertaining to these trends in the communities that comprise the GVRD. This includes West & North Vancouver, Burnaby, Richmond, New Westminster, Surrey, White Rock, Delta, Coquitlam, Langley, Maple Ridge, and Port Moody among others. How are the retail, industrial and office markets performing in these communities? What is the outlook for 2020?
Could Vancouver run out of industrial real estate? Availability of space is at a historic low level across the entire GVRD market. Land costs are at record prices. As a result, the upward pressure on lease rates due to minimal vacancies and constrained supply dominate the market. In this exceptionally tight market, how can brokers get creative? Is industrial strata gaining popularity? How is the logistics market affecting the location and design requirements of warehouse space? Given the exceptionally high cost of urban land, are secondary markets a growing practical alternative? Where are lease rates heading in the short and long term?
What are the issues and sticking points when negotiating in today’s market conditions and what are the arguments used to reach middle ground? How do you determine NERs in this leasing environment? What are some of the major issues being raised in today’s negotiations? What can be done to resolve these differences? Are there any specific creative ways to complete a successful transaction? What are some styles of negotiations that can be particularly effective? What is the importance of determining desired outcomes before negotiations begin? How long should it take to finalize a deal? Under what circumstances would an owner offer an inducement or allowance in this market? How can leasing transactions and activities be influenced by, and differ among, various types of asset managers?
Construction costs in Vancouver and the Lower Mainland continue to be among the highest in the country. All indications are that they are still on a growth trajectory. This session will drill down on the issues to determine what the major reasons are behind these increases in labour and materials and clarify what the future true extent is of this trend. Are construction costs affecting leasing rates and deal transactions? What can be expected over the next year? Conversation will include tenant improvements, new developments and retrofitting existing buildings. What are strategies that owners are using to try to manage these costs more effectively?
A fast-paced session that will cover an assortment of “odds and sods” that people often experience in the leasing process and do not always fully understand. Each issue will be addressed by a legal expert in approximately 5 minutes, and a debate is sure to ensue with the other experts – and the audience. Questions examined will include:
Back in 2014, Vancouver was on the cusp of 1.8 million sq. ft. of office space coming into the market and fears rose regarding the potential vacancy rate increase as a result. Fast forward to today, Vancouver is now the hottest office market in North America with record low vacancy rates of 2.5%. While there are developments underway in the downtown, 46% of the 3.9M sq. ft. of space scheduled for completion by 2023 has either been leased or is under contract. How will upward pressure affect lease rates in the interim? How have co-working companies impacted the market? What is the nature of co-working environments and how is it causing people to rethink office space and the market? Where is the greatest demand for space originating from? Who is the new Vancouver tenant and how do they compare with occupiers of the past?
Rights and remedies are an established common element of commercial real estate leases that are at times contentious issues for landlords as well as to tenants. This panel will examine a range of issues such as: what are tenants asking for and why in today’s market? How are landlords responding? What are some common conflicts between a landlord and a tenant over special rights? How can they be avoided? Both landlords and tenants are trying to build flexibility, and control, into their leases. How can competing interests co-exist? How are litigators contending with these clauses where defaults occur? Where does the law of waiver fit in? Learn how these issues are addressed from the perspective of a landlord, a tenant, and a litigator in today’s market conditions.
Every new development in today’s market is being designed with LEED certification or some high-performance metric in mind. However, new construction still only represents a small percentage of the total building stock. What are the options facing existing properties with respect to enhancing the quality of their buildings beginning their energy and environmental performance? What steps can owners of existing buildings take to improve the operational efficiencies, amenities and image of their properties to ensure that their space remains competitive in the market? What can you do with your buildings to maintain or improve their Net Asset Value? This session will examine specific asset management, marketing, and capital strategies that you can lead to reposition a property in order to extend its attraction for tenants and its value for owners.
Senior real estate executives discuss and debate the most significant office, industrial and retail leasing market trends that they foresee in Vancouver and the Lower Mainland. Discussion will focus on a broad range of topics including: What challenges do they anticipate having to face over the next year? How important is operational excellence as a way to raise the quality of the landlord’s brand? What are some of the most effective ways of increasing the value of your existing assets? How important is tenant retention to building owners and managers? If so, then what practices are they following in dealing with tenants during the life of a lease? What key benchmarks and metrics are being used by landlords to evaluate their real estate portfolio performance? How can real estate owners adapt their buildings and leasing strategies as we enter an age of constant market transformation and disruption?