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Due to unprecedented take-up of registrations for the Winnipeg Real Estate Forum, resulting in capacity challenges at the Canadian Museum of Human Rights, the Chairman’s Reception will now be located at the Manitoba Hydro Building.
David Asper, Executive Chairman, Creswin Properties Inc.
Within the Canadian context, Winnipeg has had one of the best economic performances of any large city (population over 500,000) in Canada since the global downturn in 2009. The city has been maintaining stable economic and job growth. This presentation will examine the outlook of this unique market and why it continues to enjoy a relatively low unemployment rate of 5.9%. Winnipeg’s GDP has performed above the national average over the past six years as manufacturing shows signs of additional strength. What are Winnipeg’s other major economic drivers? How do the prospects for this market compare with the outlook for other major Canadian cities? To what extent will a U.S. economic recovery affect this market?
Douglas Porter, Chief Economist & Managing Director, BMO Financial Group
An overview of leasing and investment activity in Winnipeg over 2013 and the first Quarter of 2014. Were there any benchmark leasing and investment deals during the past twelve months? What is the outlook for 2014 in the office, retail, industrial and multi-unit residential sectors in terms of absorption rates, cap rates and potential leasing and investment activity? How do the prospective trends for Winnipeg compare with other major Canadian markets?
Colin Johnston, President, Research, Valuation & Advisory, Altus Group
Sandy McNair, President, Altus InSite
To inquire about a copy of the presentation, please email Sandy McNair.
Two essential elements found in many of today’s successful cities are a diversified range of strong economic drivers coupled with a vibrant population and culture that inspires and attracts an intellectual market of residents. So how does Winnipeg fare in this regard? What competitive advantage does it offer? The city has a highly educated and productive workforce, low cost energy, a central location with excellent multi-model transportation system for distribution of goods to market, and a diversified manufacturing base that includes agri-business and aerospace among other industries. Strong retail sales continue to grow. Winnipeg’s is experiencing steady job growth and unemployment rates among the lowest in the country. At the same time, the city provides an outstanding balance between work and quality of life and offers one of the lowest overall business costs of any major Canadian centre. Why does Winnipeg have a stable economy? What role is its university playing in reshaping the city? What are some of the major drivers of employment and growth?
Greg Dandewich, Senior Vice President, Economic Development Winnipeg Inc.
The Evolution of the Aerospace Industry in Manitoba – Over $1.6 Billion in Annual Sales
Don Boitson, Vice President & General Manager, Magellan Aerospace, Winnipeg
Centre Port Winnipeg: Update on the Development of a 20,000 Acre Tri-Modal Inland Port
Diane Gray, President & CEO, CentrePort Canada Inc.
Renewing the Fabric of Downtown Winnipeg with a $200 Million Development Agenda
Sherman Kreiner, Managing Director, The University of Winnipeg Community Renewal Corporation
This session will examine what the future holds for the Winnipeg office market. Where are vacancy rates, cap rates and other underlying leasing and investment fundamentals heading at this time? Office space NERs tend to range from $6 to $20 per square foot – among the lowest in major Canadian and U.S cities. What will it take to increase these rates? Are owners afraid to push rental rates even though operating costs are considerably lower than other markets across Canada? How are Class B and C properties performing compared to Class A space? What does the future hold for the large proportion of older buildings that dominate parts of the city? Can these aging assets be strategically repositioned? What is the outlook for demand and investment activity for the remainder of 2014 and beyond? Are there any new business parks that pose a threat to future downtown office development? Is green labeling important in this market?
Brian Taillieu, Executive Vice President, National Investment Services, Colliers International
Tom Burns, Executive Vice President & COO, Allied Properties REIT
Brad Goerzen, Vice President, Leasing, Central Canada and U.S. Region, Artis REIT
Bruce Hamilton, President, Royal Canadian Properties Limited
Doug McDonald, President & CEO, NewWest Enterprise Property Group
Scott Stephanson, Vice President, Longboat Development Corporation
With over 80 million square feet of industrial space, Winnipeg is the largest distribution centre between Vancouver and Toronto. The city is at the core of both of Canada’s national intermodal rail systems with direct connections to the United States via CN and CP’s American subsidiaries. Winnipeg is also the headquarters for many of the top inter-provincial general freight carriers in Canada and offers access to ocean ports through Churchill and Thunder Bay. How is the industrial real estate market performing? Where do vacancy rates stand at this time? How is the manufacturing sector affecting demand for industrial space? What does the future hold for the older industrial properties that do not easily meet the needs of today’s logistics market? How much of this inventory is technically obsolete? A brief review of the availability and constraints on land, and development trends in various quadrants around the city. Is there any likelihood for speculative development? What is the outlook over the next two years?
Martin McGarry, President – Winnipeg, DTZ
Noah Hughes, Director, Leasing, Bentall Kennedy (Canada) LP
Calvin Polet, President, Neptune Properties Inc.
Robert Scaletta, Manager, Industrial Properties, Shindico Group of Companies
Chris Vodrey, Director, Leasing, Morguard
A panel discussion will examine the market fundamentals, challenges and dynamics related to residential and condominium development in the Winnipeg market. What are current land values and where are they potentially heading for 2014 and beyond? What is the outlook for 2014 and beyond for condominium and single family housing land and development? Are mixed-use projects a means for introducing more residential product into the market like Glasshouse Lofts? Can these developments help revitalize inner city areas? Despite a higher than expected number of multi-unit starts in 2013 and a rising rental vacancy rate, there appears to be a strong demand for new apartments and more condos in Winnipeg. For example, it took three months to sell most of the 300 new units in a multi-phase Annex development near the University of Manitoba. Are there any infrastructure and transportation improvements that should be priorities going forward to meet the need of all of this growth?
Brad German, Vice President, Mortgage Investments, Montrose Winnipeg
David Palubeski, President, Lombard North Group Ltd.
Vince Spezzano, Vice President, Multi-Family & Commercial Development, A&S Homes
Eric Vogan, Vice President, Qualico Communities Winnipeg
David Wex, Partner, Urban Capital Property Group
The Winnipeg retail market is experiencing some leasing strength. But what does the future hold? How is the supply and demand balance at this time with respect to the various types of retail formats being offered, tenant interest in this market, and levels of consumer spending? What are some of the new developments that are responding to this market? Is differentiation also a key ingredient between existing centres and new projects? What plans do various retail owners in Winnipeg have with respect to new projects or upgrading their existing properties? How many new foreign retailers are expected to be come into this market? What potential impact will they have? What formats and innovations are growing in popularity? What lies ahead for retail market activity in Winnipeg for the remainder of 2014 and beyond?
Derrick Chartier, President, CBRE Winnipeg
Chris Chan, Principal, Northwest Atlantic (Canada) Inc.
Blair Forster, Vice President, Development, Harvard Developments Inc.
Ron Holowatuk, Chief Operating Officer, Hopewell Development
Darryl Schmidt, Vice President, National Leasing, Western Canada, The Cadillac Fairview Corporation Limited
This session will examine the principal trends in demand, supply and investment activity in the Winnipeg apartment market. What is the short and medium term outlook for the performance of the multi-unit residential sector? How diversified is this market? What caused the vacancy rate to jump from 1.7% to 2.5% at the end of 2013? Where are rent levels heading over the next twelve months? Is the condominium market having an impact on the apartment sector? Is there a possibility that there has been too much construction of new buildings? Where are cap rates heading as investors continue to show strong interest in this property class? Has CMHC mortgage insurance had any impact on apartment values? How have provincial regulations affected rent increases and condominium conversions in this market?
Jeff Rabb, President, Winpark Dorchester Properties
Dianne Himbeault, Senior Market Analyst, Prairie & Territories Region, Winnipeg, Canada Mortgage & Housing Corporation
Ron Penner, Vice President, Operations, Globe General Agencies
Meril Rivard, President, Rivard GroupCurtis Shewchuk, Project Manager, Sussex Realty Ltd.
An insightful discussion about investment activity in the Winnipeg market. The session will open with a brief overview of some of the bellwether transactions over the past twelve months. The panel will address a range of questions including: What have been the major challenges facing investors trying to buy assets in Winnipeg? Are some investors avoiding this market any longer because asset values are below their minimum desired thresholds? With the continued access to low priced capital and a strong number of potential buyers, how much of a disconnect is there between supply and demand of product? Where will cap rates be by 2015 relative to today’s prices? Which property classes and what quality of assets are most strongly favoured by investors? How does the investment market in Winnipeg compare with other Canadian cities?
Don White, Executive Vice President, Colliers International
Colin Baryliuk, Vice President, Investments, KingSett Capital
Ugo Bizzarri, Founding Managing Director, Portfolio Management and Investments, Timbercreek Asset Management
John Braus, Vice President, Asset Management, Strathallen Capital
Jay Charbonneau, Director, Investments, NorthWest Healthcare Properties REIT
Charles Adler, Broadcaster & Host of the Charles Adler Show, 680 CJOB
Numerous iconic projects are playing a significant role in redefining Winnipeg. This session will examine several key public and private developments, how they will impact the local economy and what spin-off projects are contemplated or underway within their vicinity. Some brief discussion will also provide an update on CentrePlan, the City of Winnipeg’s visionary downtown strategy and the strategic role that has been played by the rather unique Centre Venture Development Corporation in being a leading facilitator by working with investors and developers to identify opportunities, securing financing, and cut through red tape to create development.
Tom Janzen, Development Manager, CentreVenture Development Corporation
Jawad Rathore, President & CEO, Fortress Real Developments, co-developer of the tallest building between Calgary and Toronto – a landmark mixed-use development responding to the growing urban trend of live/work/play/learn in the Winnipeg market.
Klaus Lahr, President & CEO, RBC Convention Centre Winnipeg, spearheading a $180 million expansion of the facility that will be completed in 2016 and will be a catalyst for other development activity within the proximity of the Centre.
Stuart Murray, President & CEO, Canadian Museum for Human Rights, the first national museum to be created since 1967 and the first ever to be located outside the National Capital Region. How will this iconic project contribute to the revitalization of the inner city area?
As the strength in the economy and the real estate market has returned in the past five years, construction activity is significantly underway across Western Canada. Demand is emanating from across the entire real estate market (office, industrial, retail, multi-unit residential, hotels). On top of this is the impact on materials and labour from the billions of dollars of infrastructure and resource construction in the mining and oil patch across Saskatchewan and Alberta, and in the public sector. This session will examine some of the challenges facing developers in this market environment, and the most updated information on current and future direction of construction materials and labour in the Winnipeg market. As a developer, what can you do to manage the impact of these increases? How do you resolve the gap between revenue and costs?
Moderator and Speaker:
Sean Barnes, Vice President & District Manager, PCL Constructors Canada Inc.
Paul Bergman, District Manager, Winnipeg, Bird Construction
Isaac Gwendo, Director, Hanscomb Ltd.Harry Loewen, President, Loewen Drywall Ltd.
A panel discussion that will focus specifically on the debt market and try to determine what borrowers can expect for the remainder of 2014 and beyond. What are some of the active lenders in Winnipeg looking for? How are they assessing a transaction and pricing it in this market? Are there any property classes that they are avoiding, reducing exposure to, or increasing pricing for? To what extent do the strategies of pension funds, insurance companies and other institutions vary from those of private sources of debt capital? Could there be a shortage of credit and capital or is that highly unlikely? How available are mezzanine financing and other secondary sources of debt? How are they being priced? Case studies of actual transactions will be examined during the discussion.
Ron Margolis, President, Margolis Capital – Commercial Mortgage Professionals
Steven Andjelic, Manager, Manitoba & Saskatchewan, National Real Estate Group, TD Commercial Banking
Rick Bachalo, Vice President, Mortgage Investments, Western Canada, The Great-West Life Assurance Company
John Lund, Corporate Lending Manager, Winnipeg Market, Steinbach Credit Union
Julie Neault, Director, Debt Origination, Timbercreek Asset Management
A roundtable discussion with senior real estate executives as they provide their perspective on real estate market fundamentals for 2014 and beyond for the Winnipeg market and Canada as a whole. They will offer their insights on what they see occurring over the next twelve months, and their strategic thinking going forward. Among the other questions to be examined:
David Asper, Executive Chairman, Creswin Properties Inc.
Remco Daal, President & COO, Canada, Bentall Kennedy LP
Kevan Gorrie, President & Co-CEO, Pure Industrial REITArmin Martens, President & CEO, Artis REIT
Richard Morantz, President & CEO, Globe General Agencies
Graham Zakaluk, Vice President, Portfolio Manager, Investors Real Property Fund, I.G.Investment Management, Ltd.