Session B1 - The strength of the industrial leasing market: is the current rent growth rate sustainable?
The Vancouver industrial market has been hot for several years, and layering on the demand for space generated by the pandemic has seen lease rates reach new record highs levels. According to Cushman & Wakefield, as of mid-year 2022, Vancouver set the North American record for the lowest vacancy rate at 0.5%. As a result, the upward pressure on lease rates due to minimal vacancies and constrained supply dominate the market. Are these escalating lease rates sustainable long-term? How are tenants navigating the rising lease rates and additional premiums? What is fueling the continued growth and demand for strata industrial, and how will this impact the vitality of the market long-term? This panel will discuss these and other pertinent trends impacting the core markets and Fraser Valley and how they are ultimately driving the insatiable demand.
- Chris MacCauley - Executive Vice President, CBRE Limited
- Blake Asselstine - Vice President, Leasing and Asset Management, Beedie
- Irene Au - Director of Leasing, QuadReal Property Group
- Jean Batie - Director, Leasing, Wesgroup Properties
- Peter McFetridge - Vice President, Leasing, Onni Group of Companies
SESSION B3 - RETROFITTING EXISTING BUILDINGS & NEW DEVELOPMENT: FROM RISING INFLATION AND CONSTRUCTION COSTS TO SUSTAINABILITY POLICIES - WHAT ARE THE ISSUES AFFECTING THE REGION?
Long before COVID-19, construction costs in Vancouver and the Lower Mainland were among the highest in the country. Now compounded with the effects of the pandemic and supply chain issues, these rates have escalated to new levels never seen before. Layer on to that is the challenge of finding skilled labour and trades, projects will not be able to make their proformas and some may struggle to finish. This session will drill down on the issues to determine what the major reasons are for this and clarify what the true extent is of this trend. How are the high construction costs affecting deal approvals and lease rates? What can be expected over the near term? How are TI costs being affected? With sustainable policies and design standards increasing in demand and complexity, how are these impacting the construction costs? Conversation will include tenant improvements, new developments and retrofitting existing buildings.
- Bill Tucker - Chief Executive Officer, Omicron
- Steve Jedreicich - Senior Vice President of Development & Acquisitions, Keltic Development
- Mike McDonough - Chief Operating Officer, Axiom Builders
- Rob Wilson - Director, BTY Group
LUNCHEON KEYNOTE - THE FUTURE OF VANCOUVER AND THE LOWER MAINLAND: A DEMOGRAPHIC LOOK AT THE TRENDS IMPACTING THE REGION AND HOW B.C. CAN MAINTAIN ITS COMPETITIVE ADVANTAGE
There is no denying that British Columbia’s economy is robust with signs of growth across most market segments. What are the main factors contributing to these trends? Where is the GVRD heading in terms of population growth and demographics? How will this impact retail demand, rental demand, etc. going forward? What does the region need to do to maintain its competitive advantage as inflation continues to rise and the cost-of-living skyrockets? Why do we have to pay attention to the synergies between live, work and play?
- Andrew Ramlo - Vice President, Advisory, rennie
SESSION C1 - THE WORKSPACE CONUNDRUM: HOW IMPORTANT IS QUALITY OF OFFICE SPACE IN THIS COMPETITIVE ENVIRONMENT? HOW DOES IT IMPACT CORPORATE CULTURE FOR A HYBRID WORKFORCE?
Vancouver is one of the hottest office markets in North America with record low vacancy rates. A common theme throughout the pandemic has been the demand for well-built space. Premier Class AAA and A office buildings saw the most substantial absorption across the GVA. How are different industries from financial services to biotech to technology companies viewing their needs for space? How important is the need for flexible space going forward to accommodate a different corporate culture post-COVID? Where is the greatest demand for space originating from, who are the new Vancouver tenants and how do they compare with occupiers of the past?
- Mark Trepp - Executive Vice President, JLL
- Loren Bergmann - Senior Managing Director, National Workplace Leader Canada, CBRE Limited, Workplace Strategy
- David Haugen - Senior Director, Leasing, Hudson Pacific Properties
- Jeff Lim - Vice President, Leasing, BentallGreenOak
- Jason Santeford - Managing Director, Gensler