2022 CRE Market in Review – Perspectives on capital markets and office

Altus Insights Podcast Series

Date: January 13, 2023

Name of podcast: Altus Insights Podcast Series

Episode title and number: Episode 14 – 2022 CRE Market in Review – Perspectives on capital markets and office

Episode summary: Raymond Wong is joined by special guests, Wendy Waters, VP or Research Services at GWL Realty Advisors and Phil Stone, Principal and Head of Canadian Research at BentallGreenOak, to review the 2022 Canadian CRE market and take a look ahead to what is potentially in store for the market in 2023.

Mentioned in this episode:

· End of the office? Not so fast.

Panelists in this episode:

· Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

· Wendy Waters is Vice President, Research Services & Strategy at GWL Realty Advisors (GWLRA), an institutional real estate manager and developer with over $17 Billion in assets under management across office, industrial, retail and rental apartments. Based in Vancouver, she leads the company's research function, which provides strategic analysis to support the performance of existing portfolios as well as grow the real estate investments managed.
She has over 20 years of experience in real estate research, 16 of them with GWLRA. Wendy and her research team focus on the economic, demographic and social drivers of real estate performance as well as capital flow, financial inputs and market trends that shape returns. Their work also includes analyzing how urban and metropolitan spaces evolve long term, as well as monitoring shifting demand patterns.

· Phil Stone is a Principal and Head of Canadian Research at BentallGreenOak. In this role, he synthesizes macroeconomic, demographic, capital market and space market trends to deliver actionable insights. In collaboration with the investment management team, he helps set client strategies and implement tactics to target and invest.
Phil has over 15 years of experience within the commercial real estate industry in various roles within investment management. He has experience in research, valuation, asset management, and portfolio management, having spent his career with several prominent commercial real estate firms in the private, public and institutional space.
Phil holds an Honours B.Comm from McMaster University and a UBC/AIC Post-Graduate Certificate in Real Property Valuation (PGCV) from the University of British Columbia. He is a Counselor of Real Estate (CRE), a member of the National Association of Industrial and Office Properties (NAIOP), a member of the Urban Land Institute (ULI), and sits on the REALPAC Research Advisory Committee and the REALPAC Canada Property Index Committee.

Key topics:

· 04:26 - Perspectives on the capital markets

· 09:37 - Have thoughts changed on the trajectory of the market?

· 12:12 - Perspectives on the office market

· 17:58 - Price adjustments for office?

· 20:38 - Will ESG contribute to costly changes for older properties?

· 22:21 - What types of amenities are desired in today’s office properties

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