montreal real estate forum

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Montreal
Real Estate Forum
Thursday, April 4, 2013 • Fairmont The Queen Elizabeth
Principal Sponsor
Platinum Sponsor
Media Sponsor
National Sponsors
Gold Sponsors
Greater Montreal has captured the attention of domestic
and global business with its wealth of opportunities and
superior quality of life. The city offers some of the most
competitive operating costs of major North American cities.
No one tops Montrealers for creativity and innovation.
These strengths have made the city a technological hot
spot for life sciences, aerospace and information and
communications technology.
A forward-thinking city dedicated to sustainability,
Montreal also has one of the most significant infrastructure
investment plans in the country.
Discover why Montreal ranks third in Canada and eighth in
North America for condominium sales—and why demand for
its top-tier office space is fierce.
Learn about upcoming projects and how to take advantage
of current and emerging opportunities at the Montreal Real
Estate Forum.
à l’avant-garde
www.realestateforums.com
Montreal Real Estate
Leasing Conference
Thursday, May 23, 2013
Delta Centre-Ville Hotel
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Key Issues,
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Trends, Practices, r Fo
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and Strategies for
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Office, Industrial and
Retail Real Estate Leasing
13 Sessions • 65 Speakers
Interactive roundtable discussion during
lunch hour.
Detailed information will be available on
our website www.realestateforums.com
after March 20th.
Any questions? Call 1-888-806-7778
Principal Sponsor
Gold Sponsors
Altus InSite
MontrEal Real Estate Forum
Why Montreal is
Experiencing Strong
Development &
Investment Activity
Drawing upon the experience and the
success of similar events in Vancouver,
Calgary, Edmonton, and Toronto, the
15th annual Montreal Real Estate Forum
will be a powerful, information packed
event examining key issues, challenges
and opportunities in one of Canada’s
major markets.
Chaired by Vincent Chiara, President,
Groupe Mach, the Forum will feature a
strong program that has been developed
by a committee of industry executives.
Over 770 real estate executives attended
the 2012 conference which was sold out
in advance.
The program will offer a wide range
of speakers, presentations and panel
discussions on the economic drivers
responsible for the city’s growth; the
major trends in the office, industrial, retail,
multi-unit residential, and land markets;
examples of key development and renewal
activity; why investors are active in
Montreal; and what municipal initiatives
and strategies are facilitating growth.
UDI Québec, the leading real estate
association in the province, is the
principal sponsor of the Forum.
The annual UDI Real Estate Evening
will be held on the prior evening of the
Montreal Real Estate Forum. Considered
to be the Montreal real estate
community’s largest annual social event,
the Real Estate Evening is a very well
attended strong opening function for the
Montreal Real Estate Forum.
WEDNESDAY, APRIL 3
8:35 a.m.
6:00 p.m. - 9:00 p.m.
HOW IS THE MONTREAL REAL ESTATE
MARKET PERFORMING?
UDI QUEBEC’S REAL ESTATE EVENING
Fairmont The Queen Elizabeth - Grand Salon
Industry’s largest annual networking reception in
Montreal attended by 600 real estate executives.
Marie-France Benoit, Vice President, Altus InSite
Sylvain Leclair, Executive Vice President, Quebec,
Altus Group
THURSDAY, APRIL 4
9:00 a.m.
7:15 a.m.
UNDERSTANDING THE FUNDAMENTALS
AFFECTING THE GREATER MONTREAL
AREA TODAY: WHY IS THIS CITY
VIBRANT AND MOVING FORWARD?
REGISTRATION & LIGHT BREAKFAST
The resignation of the Mayors of Quebec’s two largest
cities along with ongoing media reports from the
Charbonneau Commission on corruption in construction
has left some wondering what does the future hold for
Montreal and Laval, and whether the result has meant a
drop in development activity and a situation where very
little is progressing in the municipalities.
8:00 a.m.
INTRODUCTION
Jacques Métivier, Chairman, UDI Quebec
WELCOME & OPENING REMARKS
Vincent Chiara, President, Groupe Mach
8:05 a.m.
THE OUTLOOK FOR THE MONTREAL
ECONOMY FOR 2013 AND BEYOND
The Montreal Real Estate Forum will help
you determine what strategies to follow
for the remainder of 2013 and beyond.
An insightful presentation on the economic fundamentals
that are driving the Canadian economy in general and the
performance of Quebec and Montreal in particular. What
is the outlook for 2013 and beyond for employment and
population growth, inflation, interest rates, and commodity
prices? What sectors are driving job creation in Quebec?
What should we be watching for? How do the prospects
for Montreal compare with other major Canadian cities?
How does the forecast for Quebec compare with the rest of
Canada and with the United States? What risks remain in the
geo-economic trends in the United States, Europe and the
emerging markets? How will these challenges affect Canada?
Note that the registration fee is
significantly lower than other comparable
events and will fit virtually every
organization’s or individual’s budget.
Carlos Leitao, Chief Strategist & Chief Economist,
Laurentian Bank Securities, ranked second among the
world’s best economists in a Bloomberg News review
of economic forecasting.
The conference will be targeted at
the interests of real estate executives,
brokers, developers, investors, asset
managers, and other professionals active
in the acquisition, leasing, financing,
management, and marketing of office,
industrial, retail, and multi-unit
residential real estate.
We sincerely hope you will take
advantage of this informative event.
Vincent Chiara
President
Groupe Mach
An overview of the performance of the office, industrial,
retail, and multi-unit residential markets in Montreal over
the past year. How much development activity has there
been? Where are vacancy rates and cap rates at this time?
What are the major demographic, investment and economic
factors influencing the market? What is the outlook for 2013?
But what is really happening? Greater Montreal continues
to capture the attention of domestic and global business
with its wealth of opportunities and superior quality of life.
No one tops Montrealers for creativity and innovation.
These strengths have made the city a hot spot for life
sciences, aerospace, and information and communications
technology.
Montreal has a large-scale plan reflecting the city’s
commitment to active transportation and public transit with
over 175 infrastructure projects valued at $16.5 billion –
with most due to be completed in the next six years.
Two elements found in many of today’s successful cities
are a broad range of strong economic drivers coupled with a
vibrant population and culture that inspires and attracts an
intellectual market of residents. These two presentations
will examine why Montreal has these characteristics.
Moderator:
André Plourde, President, Groupe immobilier de Montréal inc.
Speakers:
Michel Leblanc, President & CEO,
Board of Trade of Metropolitan Montréal
Alain Dubuc is an economist and a Montreal-based
journalist. He is a regular columnist for Montreal’s La Presse,
Quebec City’s Le Soleil and five other dailies in Quebec.
Simultaneous Interpretation Sponsors
MontrEal Real Estate Forum
10:00 a.m.
Session A2
MORNING REFRESHMENTS
DEBT FINANCING: WHERE ARE SPREADS
HEADING? WHAT LIES AHEAD FOR THE
CREDIT MARKETS?
10:30 a.m.
CONCURRENT SESSIONS
(Select A1, A2 or A3)
Session A1
THE EVOLUTION OF THE MONTREAL
OFFICE MARKET: FROM INNOVATION
IN THE WORKPLACE TO THE
DEVELOPMENT OF NEW SPACE
This session will examine several major aspects of the
Montreal office market. To understand the demand side,
discussion will include some key corporate real estate
trends, e.g. how is office space utilization changing as
companies look to raise their productivity, what alternative
workplace strategies and innovative uses are emerging,
how important is the greening of the workplace. On the
developer and investor side, how much activity can be
expected finally in downtown Montreal? How strongly
is LEED certification being embraced by owners? Aside
from new development, over five million sq.ft. of former
industrial space has been converted to office space ideal for
high technology, gaming and communications/advertising
firms. What impact is this having on the market? Where are
vacancy rates, cap rates and other underlying leasing and
investment fundamentals heading at this time?
Moderator:
Jean Laurin, President, Newmark Knight Frank Devencore
Panel:
Sheila Botting, Senior Practice Partner,
Client Cabinet & National Leader, Deloitte Real Estate
Moderator:
A discussion on the debt market and what borrowers
can expect for the remainder of 2013 and beyond. Are
significant amounts of capital being attracted into the
real estate through mortgage funds and debt offerings
through the capital markets? What underwriting criteria
are lenders in Montreal using in 2013? How are they
assessing potential deals and pricing them? Are there
any property classes that they are avoiding or reducing
their exposure to? Are lenders starting to impose floor
rates? Discussion will also briefly examine construction
financing for condominiums and loans for smaller assets
and smaller projects. How concerned are lenders about
the housing market?
Moderator:
Jean-Charles Angers, Managing Director,
RBC Capital Markets Real Estate Group
Panel:
Lorenzo Cocco, Senior Vice President,
CMLS Financial Ltd.
Natalie Voland, President,
Gestion immobilière Quo Vadis inc.
Panel:
Andrew Bissett, Executive Vice President,
Jones Lang LaSalle Real Estate Services
Laurent Benarrous, Managing Director & Principal,
Avison Young
Robert Cressaty, Vice President,
Corporate Real Estate Services, Landmark Properties Inc.
Paul-Eric Poitras, Managing Partner, Montreal,
NAI Commercial
Alexandre Sieber, Senior Vice President & Senior
Managing Director, CBRE Limited
11:30 a.m.
CONCURRENT SESSIONS
(Select B1, B2 or B3)
Session B1
HOW ATTRACTIVE IS THE RETAIL
MARKET IN MONTREAL TO INVESTORS,
DEVELOPERS AND TENANTS?
WHAT ARE THEY DOING?
René Demers, Associate Vice President,
Real Estate Financing, National Bank
Martin Laroche, Director, Real Estate Lending,
Otéra Capital
Vincent Faustini, Regional Manager, Quebec,
The Equitable Trust Company
Session A3
BROKERS ROUNDTABLE:
A PERSPECTIVE ON HOW THE
GREATER MONTREAL MARKET
IS MOVING FORWARD
Vincent Chiara, President, Groupe Mach
Peter Picciola, Vice President, Leasing & Development,
Montreal, Canderel Management
Michael Stones, Vice President, Eastern Region,
Oxford Properties Group Inc.
A panel discussion with commercial real estate firms who
offer a wide range of brokerage, management and advisory
services. They will provide their insights and perspectives on
various aspects with the Montreal office, retail and industrial
markets. What have been the major trends that they are
experiencing in the market at this time? What are the key
reasons for the continued strong growth in transaction
activity and investor interest? What will be required in order
for these trends to continue? What major changes do they
foresee occurring in corporate real estate, office leasing,
retail activity and industrial markets in the coming year?
National Green Sponsor
Lanyards Sponsor
Some would argue that Montreal is understored from a
retail perspective. This panel discussion will examine the
Greater Montreal retail market and the extent of investor
and developer interest. 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 consumer spending? What has been the impact of retail
projects in Laval and the South Shore like Quartier DIX30?
Are the mixed-use projects in downtown Montreal creating
a demand for new urban retail formats? What does the
future hold for St. Catherines Street? Will it likely face
some redevelopment? What plans do various retail owners
in Montreal have with respect to new projects or upgrading
their existing properties? Who are the new retailers coming
into this market? Are there any particular formats and
development innovations growing in popularity? How much
investment activity is likely to be seen in this market?
Moderator:
Michal Kuzmicki, Managing Partner,
Brookfield Financial Real Estate Group Limited
Panel:
Gaby Bitton, President & CEO, Real Estate Groupe Lotus
Steve Marino, Vice President, Investments,
GWL Realty Advisors Inc.
Julie Martineau, Vice President, Leasing, Eastern Region,
Ivanhoé Cambridge
Greg Menzies, Vice President, Eastern Canada,
First Capital Realty
Michael Zakuta, President & CEO,
Plazacorp Retail Properties Ltd.
MontrEal Real Estate Forum
Session B2
WHY IS MIXED-USE DEVELOPMENT
AND INTENSIFICATION SO ACTIVE?
The trend to inner city development activity is sweeping
across Canadian urban centres. Montreal is certainly no
exception with a wide range of mixed-use developments
occurring across the island. What is responsible for this
trend? The evidence is very strong that communities need
a vibrant mixed-use core where people gather: where
commerce, culture, recreation, entertainment, education
and inspiration meet. This session will examine how
economic, demographic and social forces are reshaping
Montreal, and what the implications of these key trends
are for real estate development activity. What type of
innovative projects and city building is emerging to take
advantage of population migration into inner city areas?
What are the key factors responsible for the trend towards
more mixed-use development? What are challenges
associated with a mixed-use project and its ownership
structure that developers need to understand?
Moderator:
Bernie Marcotte, Senior Managing Director,
Cushman & Wakefield Ltd.
Panel:
Aurèle Cardinal, President,
Groupe Cardinal Hardy Architectes
Sal Iacono, Senior Vice President,
Development, and Eastern Portfolio Manager,
The Cadillac Fairview Corporation Limited
Pierre-Jacques Lefaivre, Vice President,
Development, Groupe Mach
Moderator:
Nathalie Bédard, Partner, Donati Maisonneuve LLP
Speakers will include:
Élaine Ayotte, Member of the Executive Committee,
Ville de Montréal and City Councillor responsible for the
Métropolitain Plan (PMAD)
Nancy Shoiry, Directrice principale, Service de la mise en
valeur du territoire, Ville de Montréal
12:30 p.m.
LUNCHEON REFRESHMENTS
LUNCHEON SPONSORS
Brian Ker, Vice President, National Investment Team,
CBRE Limited
Panel:
Mathieu Collette, Director, Research,
Valuation & Advisory, Altus Group
Gilles Lecours, Project Manager,
Fonds immobilier de solidarité FTQ
Jacques Vincent, President, Prével Urbain
Session C2
1:25 p.m.
PRESENTATION OF THE IDU QUEBEC
AWARDS OF EXCELLENCE
1:40 p.m.
WHY IS THE INDUSTRIAL REAL ESTATE
MARKET EXPERIENCING STRONG
INVESTOR INTEREST AND THE BEST
YEAR IN MORE THAN TWO DECADES?
LUNCHEON KEYNOTE SPEAKER:
A KEY COMPETITIVE EDGE FOR
MONTREAL – A CITY OF GREAT
INNOVATION
The Honorable Lucien Bouchard
Partner, Davies Ward Phillips
& Vineberg LLP
Session B3
2:20 p.m.
CONCURRENT SESSIONS
(Select C1, C2 or C3)
In December 2011, the Communauté Métropolitaine de
Montréal, which is the planning coordinating and funding
body serving 82 municipalities of the greater Montreal
metropolitan area, adopted its first Metropolitan Land use
and Development Plan (PMAD). With a view to building
a competitive, attractive, interdependent and responsible
community, the PMAD aims to create sustainable living
environments. At the same time, Montreal is moving forward
with a plan to shape a contemporary city, with a focus on
sustainable development – one which facilitates and embraces
innovation, creativity, entrepreneurship, research, and
education. One of the intentions of the Montreal Development
Plan is to encourage distinctive, innovative architecture
and development projects in the private sector as well as in
the public realm. This session will provide some insightful
information on Montreal’s draft Development Plan, especially
on the outcomes and ramifications concerning growth,
development and the community as a whole. The importance
of a shared vision by all stakeholders and a partnership
approach in shaping the City will also be discussed.
Moderator:
David Owen, President, Mondev Construction Inc.
Claude Marcotte, Senior Associate, IBI Group
METROPOLITAN LAND USE AND
DEVELOPMENT PLAN (PMAD) AND
MONTREAL DEVELOPMENT PLAN: A
SHARED VISION AND A PARTNERSHIP
A discussion will follow concerning what have been
the major reasons for the growth in transaction activity
and development. What will be required in order for
this trend to continue throughout 2013? Who will be the
most active buyers? There is a new plan that changes the
way Montreal is being developed and intensified. What
impact is this policy potentially having going to have on
condominium activity?
Why is this year one of the best for the Montreal industrial
market? The session will open with a brief overview on
current and projected investment trends, and vacancy and
absorption rates in industrial real estate in the Greater
Montreal Area. A discussion will follow on off-island
markets vs. the challenges in more mature markets closer
to the city. How much demand is emerging for industrial
space and in which locations? Why are industrial assets
attracting a wide spectrum of very strong investor interest?
Has any of this resulted in new development activity? What
does the future hold for the older industrial properties
that do not easily meet the needs of today’s users? What
is the outlook on how the Montreal industrial market will
perform over the next 12 months?
Moderator:
Jean-Marc Dubé, Vice President, Colliers International
Panel will include:
Session C1
Michel Cohen, President, Vista Properties
WILL THE LAND AND CONDOMINIUM
MARKET COOL DOWN IN 2013 OR WILL
IT CONTINUE TO BE STRONG?
Steve Gilbert, Vice President, Investments, Cominar REIT
The interest in acquiring land and sites for new projects
and redevelopment remains very strong. A large part of
this is due to the vibrant condominium market which
is adding pressure for the renewal of older areas of the
city. The session will open with a brief overview of
transaction volumes, values and trends in land sales and
in condominium activity across Montreal which is the
sixth largest market in North America. With some 12,000
condominium units in the pipeline, is there a danger that
this part of the housing market will be overbuilt? Or are
the condominiums an effective response to affordability?
Michael Mikelberg, Managing Partner, The Luger Group
Pen Sponsor
Register online at www.realestateforums.com
Registration Fees
Session C3
3:30 p.m.
INVESTMENT ACTIVITY IN MONTREAL:
WILL LAST YEAR’S RECORD VALUES
CONTINUE IN 2013?
EXECUTIVE ROUNDTABLE DISCUSSION:
THE RISKS, STRATEGIES AND
OPPORTUNITIES FOR 2013 AND BEYOND
An insightful discussion about investment activity in
the Montreal 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
to buy assets in this market? What are the differences
between the issues faced by an institutional investor vs.
a private equity fund vs. a REIT in acquiring properties
at this time? Are we at a point where there is simply too
much cash available in the market? Where do you project
that cap rates will be by the end of 2013 relative to today’s
prices? How does one determine valuation in this market
environment? Which product types do you most strongly
favour and will likely offer the best returns? How do the
investment trends in Montreal compare with other major
Canadian markets?
Moderator:
Armand Des Rosiers, Managing Director,
RBC Capital Markets Real Estate Group
Michel Bouchard, Co-Chief Operating Officer,
The Redbourne Group
• What are the most significant challenges for investors,
owners and developers in the Montreal market?
• Where are we now in the cycle? Is there too much cash
chasing yield and real estate?
• What asset classes and transactions will likely offer the
best possible returns in 2013?
• Given the extent of development activity in Montreal,
have we potentially overbuilt?
• Will the credit and capital markets continue to be rather
favourable for real estate?
WEdNESDAY, APRIL 3
6:00 p.m. - 9:00 p.m.
UDI REAL
ESTATE EVENING
Fairmont The Queen Elizabeth
• How do you achieve growth in office, retail or industrial
rental rates in this market?
Moderator:
Michael Emory, President & CEO, Allied Properties REIT
Marie-Josée Turmel, Senior Director,
Real Estate Investment, PSP Investments
Deadline to register:
Thursday, March 28
Registration fees:
Up to March 11: $385 + taxes
After March 11: $410 + taxes
• What are you seeing in capital, financial and real estate
markets outside of Canada? Will any of these trends be
prevalent in Canada as well?
Panel:
Rob Kumer, Partner, KingSett Capital
A discussion with senior real estate and institutional executives
as they 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:
Montreal
Real Estate Forum
Vincent Chiara, President, Groupe Mach
Panel :
Normand Bélanger, President & CEO,
Fonds immobilier de solidarité FTQ
Sylvain Charpentier, Head Manager,
Real Estate Investments, Hydro-Québec Pension Plan
Sylvain Cossette, Executive Vice President & COO,
Cominar REIT
Serge Goulet, President, Devimco
Special industry reception
attended by 600
real estate executives
Tickets:
$125 + taxes IDU members
$160 + taxes Non IDU members
Information:
(514) 866-3625 ext. 26 or
Email: dflex@iduquebec.com
Joel Ospovat, President, Sandalwood Management
4:30 p.m.
NETWORKING RECEPTION
Post Note Sponsors
Journal Sponsors
April 11, 2013
Metro Toronto Convention Centre,
South Building
Corporate Sponsors
April 18, 2013
Metro Toronto Convention Centre,
South Building
Biographies Sponsor
Mints Sponsor
Afternoon Refreshments Sponsor
TORONTO
Real Estate
Forum
December 4 - 5, 2013
Metro Toronto Convention Centre,
South Building