Altus Insights Podcast Series

Date: August 22, 2023Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: State of the Southwest Ontario CRE marketBrief summary of episode: Southwest Ontario region has benefited from affordable housing, increasing population migration from the GTA, and significant growth in its tech center. In this episode, Mitchell Blaine, Executive Vice President at JLL, sits down with Ray and Marlon to discuss how the present cycle has impacted the CRE market in Southwest Ontario and predictions for the region’s future.Panelists in this episode:Mitchell Blaine is the Executive Vice President at JLL Canada.  Mitchell has over 20 years of experience in commercial real estate in the Southwestern Ontario market. His resume includes more than 1 000 transactions totaling $2.7 B, as he has represented a wide array of global, national, and local companies. Mitchell has consistently been recognized as a top performer, and his successes can be credited to his profound market knowledge, unsurpassed problem-solving capabilities, communication, transparency and relentless drive to deliver superior results for his clients.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.Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Date: August 15, 2023Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Canada office capital marketsBrief summary of episode: In this episode, Jaysen Smalley, Vice Chairman at CBRE Investment Capital Markets in Toronto, joins Ray and Marlon to discuss the evolving dynamics of Canada’s office sector in a post-COVID world.Panelists in this episode:·         Jaysen Smalley is the Vice Chairman at CBRE Investment Capital Markets in Toronto.  Jaysen has over 20 years of experience working for CBRE and has worked on over $50 billion in real estate transactions in all asset classes across Canada. Jaysen currently leads the Office Sector for Toronto’s National Investment Team, prior to joining CBRE, he worked in the investment banking industry with both private and public companies executing corporate divestitures, and equity and debt financings.·         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.·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.Key topics:01:58 – Perspectives on office investment demand: Are we seeing significant market discounts on these assets?06:15 – Is the pace of core office sales in Canada going to keep up the pace?09:38 – How will conversion play out in the office market?11:57 – How are office conversions impacting sales?15:54 – Are there significant increases in credit defaults with office assets on the horizon?23:25 – Predictions for office demand over the next 4-5 yearsSign up to receive our Altus InDepth Newsletter

We live in contradictory times, demand for housing is at an all-time high. But developers across North America are struggling with a constantly changing environment that can inject risk from many different angles, entitlement approval, interest rates, supply chain, labor, construction costs, sustainability, climate change and the list goes on.  To help sort this all out we’ve got two experts on these development risks joining us for the show, Faris Rehman, Director of Development Advisory at Altus, and Jack McGowan, Senior Director of Cost and Project Management at Altus.Panelists in this episode:·         Faris Rehman is the Director of Altus Group’s US development advisory team.  With over 20 years of progressive experience in construction due diligence, quantity surveying and construction risk management for project ranging in value from $1 million on $700 million in various roles. His career includes developing residential, healthcare, institutional projects and renovations for post-secondary and research institutions in US and Canada.·         Jack McGowan is a Senior Director for Cost and Project Management at Altus Group, responsible for the overall management and growth of Altus’ project management services including operations, strategic development and business development. Jack has been involved with managing and delivering large-scale construction and infrastructure projects for over thirty years and had experience with managing over $5 billion dollars in construction.·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.Key topics:02:26 – Five key risks when assessing a development project03:30 – Advice for mitigating the five key development risks05:53 – How do the risks change when moving into a different/new area for development?07:50 - What’s the advice for mitigating today’s volatility risks?08:16 - Even as a veteran developer, how hard is it to manage risks on a development project that represents a completely new regulatory environment?13:10 – How important is change management if you’re looking at doing a development in a new market?15:37 – Do approaches to risk differ from region to region? North America to the Middle East?

Tune in to the Altus Insights podcast as we dive into the ever-evolving Canadian real estate market. Two months ago (March 2023), we witnessed the impact of higher-than-welcome inflation and rising interest rates on the economy. Now, we're eager to explore what has changed with our special guest, Peter Norman, Chief Economist at Altus Group. Discover how the demand for office assets has unfolded amidst the ongoing transition to hybrid work models. Gain valuable insights into the industrial sector's challenges, including constrained supply and robust demand. Moreover, we'll examine how interest rates have influenced housing development and sales. Don't miss this engaging conversation as we delve into the state of the Canadian commercial real estate market.Panelists in this episode:Peter Norman is a well-known professional land economist and forecaster and is Vice President and Chief Economist at Altus Group. Widely quoted in the Canadian media, Mr. Norman is a frequent expert witness on economic matters and leads a national team of economic consultants advising private and public sector organizations across Canada, providing economic intelligence and strategic information.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.Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.Key topics:01:16 - What are some of the big trends we've seen since the last Canada State of the Market webinar in Q1 2023?03:57 Where does office and industrial real estate stand today?11:24 - What are the largest concerns in the market right now?13:37 - Does a target of getting back down to a 1-3% inflation rate seem reasonable?18:06 - Is more population growth a net positive or negative when in comes to housing concerns in Canada?

Richard Lyall, President of RESCON, joins Marlon and Ray to dig into the complicated question: Can 1.5 million homes be built in Ontario within the next 10 years? Tune in to hear Richard, Marlon and Ray discuss the challenges, the opportunities and the politics around the crucial housing initiative.Panelists in this episode: Richard Lyall is an accomplished and experienced executive who has represented the residential construction industry in Ontario since 1991. He is a frequent speaker and popular source quoted by media on construction industry issues. His insightful columns appear regularly in The Toronto Sun, Canadian Real Estate Wealth, Storeys, Builder Bites, Daily Commercial News and Canadian Construction Business. He has a successful track record in advancing RESCON’s vision, mission and values through his high-level board and strategy work. He was honoured with the 2019 Canadian Lifetime Volunteer Award from the International Foundation of Employee Benefit Plans for his contributions to enriching the organization's educational efforts and is also on a steering committee of the Chicago-based Council on Tall Buildings and Urban Habitat. He is also on the Ontario Housing Supply Action Plan Implementation Team.Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.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.

Ray and Marlon continue their discussion Mike Czestochowski, Vice Chairman of the Land Services Group at CBRE Limited, and John Galluzzo, Senior Director of the Land Valuation team at Altus Group with a comparison of urban vs. suburban land prices, intensification, and ongoing challenges around achieving housing construction goals. Panelists in this episode:·         Mike Czestochowski is the Vice Chairman of the Land Services Group at CBRE Limited. Mike specializes in the sale of development land throughout the Greater Toronto Area and Greater Golden Horseshoe Area. His experience and knowledge of the GTA and GGH markets complement his proven abilities for site acquisitions, and dispositions, as well as the marketing and sale of real estate. Since 1995, Mike has been ranked as one of the top ten salespeople for CBRE’s Toronto North Office and CBRE Canada and is uniquely qualified in locating development and investment properties and evaluating their feasibility for landowners, developers, users, and investors.·         John Galluzzo is a Senior Director at Altus Group and currently manages the Land Valuation Team based in the downtown Toronto office of the Altus Group Research, Valuation and Advisory (“RVA”) division providing real estate valuation services to developers, lawyers, financial institutions, accounting firms, pension funds, real estate divisions of national corporations, various levels of government, etc. John is an accredited appraiser and a land economist with over 25 years of experience and has presented at various industry events.·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.·         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.

Ray and Marlon are joined by Mike Czestochowski, Vice Chairman of the Land Services Group at CBRE Limited, and John Galluzzo, Senior Director of the Land Valuation team at Altus Group to discuss the various factors and the impact on residential land prices and availability of product in the greater Toronto area (GTA). Affordable housing continues to be a hot topic, not just in the GTA, but across Canada, especially with expected record immigration fueling the increase in demand for housing. At the same time, we have seen residential sales and listings drop over the past year due to housing affordability, rising interest rates, changes to government housing policies and concerns of a possible recession. Panelists in this episode:·         Mike Czestochowski is the Vice Chairman of the Land Services Group at CBRE Limited. Mike specializes in the sale of development land throughout the Greater Toronto Area and Greater Golden Horseshoe Area. His experience and knowledge of the GTA and GGH markets complement his proven abilities for site acquisitions, and dispositions, as well as the marketing and sale of real estate. Since 1995, Mike has been ranked as one of the top ten salespeople for CBRE’s Toronto North Office and CBRE Canada and is uniquely qualified in locating development and investment properties and evaluating their feasibility for landowners, developers, users, and investors.·         John Galluzzo is a Senior Director at Altus Group and currently manages the Land Valuation Team based in the downtown Toronto office of the Altus Group Research, Valuation and Advisory (“RVA”) division providing real estate valuation services to developers, lawyers, financial institutions, accounting firms, pension funds, real estate divisions of national corporations, various levels of government, etc. John is an accredited appraiser and a land economist with over 25 years of experience and has presented at various industry events.·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.·         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. Key topics:·         02:14 – The overall view of the GTA land market·         05:40 – How do you make current land sales prices make sense with existing cost pressures?·         08:28 – What do condo launches look like for this year?·         11:01 – Are we going to see a flood of projects one there are signals of lowering interesting rates?·         12:14 – Is there still an opportunity for land sales in the present market?·         15:29 – What is the impact of the changes to the green belt policy?·         17:42 – With current policies for home building, does a land purchase today mean the prices will be heading upward?·         19:38 – Prediction for greatest costs challenges over the next few years·         22:22 – Have government policies addressed issues with the land transaction process?

Date: March 29, 2023Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Episode 19 – State of the US commercial real estate market Part II: Industrial and office marketsEpisode summary: Ray and Marlon continue their conversation on the state of the US commercial real estate market with Omar Eltorai, US Director of Research at Altus Group. In the second part of this 2-part series, the team focuses on the industrial and office markets.Panelists in this episode:·         Omar Eltorai is the Director of Research at Altus Group. With more than a decade of experience in the industry in investment management and financing roles, Omar's focus at Altus is on macro, capital and market trends affecting the US CRE market.·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.·         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.Key topics:·         01:26 - What does demand look like for industrial in the US?·         07:17 - Is there a risk of industrial becoming too expensive for the market?·         09:05 - Which industrial markets are expected to see sustained demand?·         12:18 - Where do you see cap rates moving for industrial in the US?·         12:47 - What does the US market look like and how is the "return to the office" going?·         15:56 - With respect to supply and demand, do we still need offices?Sign up to receive our Altus InDepth Newsletter

Date: March 22, 2023Recorded: March 7, 2023 Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Episode 18 – State of the US commercial real estate marketEpisode summary: Ray and Marlon sit down with Omar Eltorai, US Director of Research at Altus Group, to discuss the state of the US commercial real estate market and the differences and similarities with respect to the Canadian market.  In the first of this 2-part series, we’ll focus on the Capital markets and multi-family housing.Mentioned in this episode:·         Webinar: US state of the market – Managing risk in 2023 ·         Article: US commercial real estate market update – February 2023·         Article: California rent control – the unintended consequences Panelists in this episode: ·         Omar Eltorai is the Director of Research at Altus Group. With more than a decade of experience in the industry in investment management and financing roles, Omar's focus at Altus is on macro, capital and market trends affecting the US CRE market.·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.·         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 internal and external clients to ensure the information meets their needs and is accurate and timely.  He also regularly presents key market trends to clients and at industry events. Key topics:·         01:13 – Brief overview of how capital markets performed in 2022 and observations so far in 2023·         04:34 – Are investors still motivated to buy?·         06:39 – Are there many opportunists in the market?·         08:42 – Any significant differences in risk across regions?·         10:25 – Overall assessment of the US multi-residential market·         13:23 – Addressing housing affordability·         17:46 – Are there more private lenders entering the US market?·         21:25 – What direction will pricing and cap rates go this year? Sign up to receive our Altus InDepth Newsletter

Date: February 17, 2023Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Episode 17 –Market conditions and escalation - OntarioEpisode summary: Raymond Wong and Marlon Bray reunite for the first time in 2023 to discuss the state of the Ontario CRE market and debate what market conditions and construction will look like in the near-term, mid-term and long term.  Panelists in this episode:  ·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.  ·         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. Key topics:·         01:22 – Recap of 2022 – A carryover of themes in 2022·         04:08 – 2023 opportunities in CRE? That depends.·         05:33 – Does the midterm look better for construction in Ontario?·         08:46 – Digging into investment activity and interest rates·         13:17 – Factoring in Net Zero·         14:47 – Betting on ramping up home building and immigration·         16:16 – Finding the turning point in the market·         18:53 – Going back to office - Considering the commute and more·         22:00 – Great scrutiny on assets moving forward?·         25:40 – The solution to the housing problem (Kidding!... not kidding) Sign up to receive our Altus InDepth Newsletter

David Schoonjans, Senior Director of Altus Group’s Business Intelligence group, joins Marlon Bray to discuss the recent release of the 2023 Canadian Cost Guide, an annual guide providing a view of construction costs in local markets across Canada broken down by building type. Marlon and David cover the purpose of the Canadian Cost Guide, how it differs from previous editions and tips on how to best use it. Mentioned in this episode:Guide: 2023 Canadian Cost GuideReport: Cost escalation reportService: Construction cost analyticsPanelists in this episode:David Schoonjans is a Senior Director at Altus Group and currently leads the Cost & Project Management business unit’s Business Intelligence group. David and his team are responsible for leveraging systems and technology to aggregate and anonymize structured construction data utilized by the business unit to provide cost estimating, loan monitoring, and project management services for approximately 1,300 engagements across Canada annually. Databases managed by David’s team currently include thousands of projects, representing several hundred billion dollars of construction value.Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.Key topics:·         01:07 – What is the Canadian Cost Guide?·         07:13 – What are some of the key changes in this year’s guide?·         10:17 – Perspectives on Stats Canada cost data·         14:58 – Are there plans to expand the Canadian Cost Guide·         19:05 – Tips on how to use the 2023 Canadian Cost Guide Sign up to receive our Altus InDepth Newsletter

Date: January 25, 2023Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Episode 15 – 2022 CRE Market in Review – Perspectives on industrial and multifamily residentialEpisode summary: Raymond Wong, Wendy waters and Phil Stone continue a discussion about the 2022 Canadian CRE market with a review of industrial and multi-residential properties and a look ahead to what opportunities and challenges are in store for the market in 2023. 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 analysing 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:·         00:50 – What headwinds do you anticipate for industrial?·         05:53 – What tailwinds do you anticipate for industrial?·         06:40 – The impact of switching from just-in-time to just-in-case·         10:40 – Are we seeing a continuing trend toward addressing big box retail in industrial?·         13:44 – Are we going to see continued rental rate push and supply issues?·         20:37 – One opportunity and one concern for 2023Sign up to receive our Altus InDepth Newsletter

Date: January 13, 2023Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Episode 14 – 2022 CRE Market in Review – Perspectives on capital markets and officeEpisode 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 propertiesSign up to receive our Altus InDepth Newsletter

Date: November 17, 2022Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Episode 13 – Top 10 government policies / actions impacting CRE in CanadaEpisode summary: Marlon Bray and Raymond Wong share their top 10 list of municipal, provincial and national government actions that are making or will be making the most impact to Canada’s CRE market. Mentioned in this episode:More Homes Built Faster Act“Alberta is calling” campaignPanelists 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.Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with. Key topics:01:20 – Marlon presents the top 10 government policies/actions03:34 – Ray addresses impacts to residential and commercial based on government actions08:10 – Is there a shift to positivity in the CRE market?09:10 – Digging into the More Homes Built Faster Act10:15 – Spectrum of concerns for the market persist12:35 – Predictions for 2023-202514:24 – Light at the end of the tunnel?Watch a video recording of this podcast episodeSign up to receive our Altus InDepth Newsletter 

Date: October 18, 2022Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Episode 12 – The impact of rising interest rates for CRE in CanadaEpisode summary: Colin Johnston, President of Altus Group’s Research, Valuation and Advisory division, joins Marlon Bray and Raymond Wong to discuss discuss some of the key takeaways from a recent national survey of CRE leaders and professionals regarding the Bank of Canada’s interest rate hikes, what options are available to address this latest addition to the market’s challenges, and what predictions can be made about CRE in Canada for 2023. Mentioned in this episode:·         Article: The impact of rising interest rates on CRE in Canada·         Survey findings: The impact of rising interest rates on CRE in CanadaPanelists in this episode:·         Colin Johnston is the President of Altus Group’s Research, Valuation and Advisory division in Canada, a group comprised of over 350 appraisers, economists, planners, advisors and data scientists. During his 25 plus years in the industry, Colin has become one of the country’s pre-eminent valuation and advisory professionals, with a particular emphasis on investment grade assets. Colin has spoken on numerous panels, written several papers on valuation, PropTech and served as an expert witness in arbitration cases. He is an active member of several industry associations, a designated member of the Appraisal Institute of Canada and a Fellow of the Royal Institute of Chartered Surveyors. ·         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. ·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with. Key topics:·         01:01 – Highlights of survey on the impact of rising interest rates for CRE in Canada·         02:40 – The key takeaways and feedback from the national survey·         07:32 – Do we have a bid/ask gap in the market?·         10:59 – Which will be impacted more by interest rate hikes? New or existing developments?·         12:21 – How much further can rent go up to justify development projects?·         15:08 – Do the rising interest rates complete the perfect storm of challenges in the CRE market?·         17:21 – Investing in core / core-plus vs. other assets, what makes more sense in this market?·         19:50 – Predictions for 2023Sign up to receive our Altus InDepth Newsletter

Date: October 11, 2022Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Episode 11 - Benchmarking the GTA’s municipal development application processEpisode summary: Daryl Keleher, Senior Director in Altus Group’s Economic Consulting practice, joins Marlon Bray and Raymond Wong to discuss a very recent GTA municipal benchmark study Altus Group undertook on behalf of BILD.  In this episode Daryl, Marlon and Ray walk through some of the more eye-opening findings from the study which draw connections between housing affordability and municipal processes and policies. Mentioned in this episode:BILD Municipal Benchmarking Study – GTA – 2nd edition Panelists in this episode:·         Daryl Keleher is Senior Director at Altus Group Economic Consulting, having been there now for 15 years. He is a registered professional planner (RPP), land economist and is a frequent expert witness at the Ontario Land Tribunal. Daryl specializes in matters related to municipal finance, provincial and municipal planning policy, housing and commercial real estate markets. His clients are a mix of municipalities, home builders, developers, and public agencies.·         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. ·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with. Key topics:·         02:02 - Affordability concerns and regional demographics across the GTA municipalities·         06:15 - Long municipal processes and resource intensive requirements·         08:22 - Which municipality has the longest approval timeline?·         08:48 - How many studies are municipalities requiring for planning applications?·         10:48 - What’s slowing down applications in smaller municipalities?·         11:35 - The correlation between development application timelines and unit count·         13:26 - Barriers to development approvals – Province vs. municipality·         15:32 - The ironic connection between municipal staffing levels and affordability·         17:03 - What is the difference in municipal charges between high-rise and low-rise developments?·         19:44 - Increases in development charges across municipalities·         20:44 - Have there been any improvements in development application processes?·         20:54 - Perspectives on municipal data transparency and accessibilitySign up to receive our Altus InDepth NewsletterWatch a video recording of this podcast episode 

Date: August 22, 2022Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Construction cost escalation in the GTA: Past, present, futureEpisode summary: Raymond Wong sits down with David Schoonjans, Senior Director in Altus Group’s Cost & Project Management business unit, to discuss cost escalation in the GTA. In this episode Ray and David break down the drivers of cost escalation, how developers and lenders need to adapt to mitigate risk in the current cost escalation environment, and what the future potentially looks like for construction costs in the near and mid-term. Mentioned in this episode:Altus Group Cost Escalation reportPanelists in this episode:David Schoonjans is a Senior Director at Altus Group and currently leads the Cost & Project Management business unit’s Business Intelligence group. David and his team are responsible for leveraging systems and technology to aggregate and anonymize structured construction data utilized by the business unit to provide cost estimating, loan monitoring, and project management services for approximately 1,300 engagements across Canada annually. Databases managed by David’s team currently include thousands of projects, representing several hundred billion dollars of construction value.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.Key topics:00:46 – Introducing David Schoonjans02:56 - Where are construction costs moving to?05:59 - How do developers reconcile their sales prices from 2-3 years ago with today's construction costs?07:57 – How is Altus' cost escalation index helping developers mitigate project risk?10:17 – Approach to addressing the "known unknowns" in cost forecasting11:55 – How has the approach to building pro formas needed to change compared to 3-5 years ago?14:27 – How have lenders been impacted with cost and interest rate changes?16:00 – What factors should developers/owners look at to mitigate cost escalation risk?20:31 - Is there a short-term relief for developers on construction costs?22:40 - Forecast for construction costs over the next 2-3 yearsSign up to receive our Altus InDepth NewsletterWatch a video recording of this podcast episode

Date: August 9, 2022Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Deciphering inclusionary zoning in TorontoEpisode summary: Ray and Marlon take on Toronto’s inclusionary zoning policy with John Galluzzo, Senior Director Altus Group’s land valuation practice. In this episode Ray, Marlon and John discuss inclusionary zoning’s impact in the short and mid-term, lessons that could be learned from other municipalities, and potential ways forward with inclusionary zoning that could help more than hinder future housing development. Mentioned in this episode:City of Toronto's inclusionary zoning policyCMHC Report - Housing Shortages in Canada: Solving the Affordability CrisisOur podcast on Canada's housing affordability crisis Panelists in this episode:·         John Galluzzo is a Senior Director at Altus Group and currently manages the Land Valuation Team based in the downtown Toronto office of the Altus Group Research, Valuation and Advisory (“RVA”) division providing real estate valuation services to developers, lawyers, financial institutions, accounting firms, pension funds, real estate divisions of national corporations, various levels of government, etc. John is an accredited appraiser and a land economist with over 25 years of experience and has presented at various industry events. ·         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. ·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.Key topics:·         00:44 – What is inclusionary zoning per Toronto municipality·         02:44 – Introduction to episode guest speaker: John Galluzzo·         03:51 – Inclusionary zoning’s anticipated impact in Toronto and overall development market·         06:06 – What’s causing a bigger impact than inclusionary zoning?·         09:10 – Who gets the bill on affordable housing in Toronto?·         12:42 – Is inclusionary zoning better implemented in other Canadian cities?·         15:03 – Does inclusionary zoning make sense with purpose built rental?·         16:52 – Is there a disconnect on inclusionary zoning between the Federal, Provincial and Municipal government?·         18:55 – The effect of ramping up housing development have on land values?·         21:48 – Potential approaches to better housing affordability Sign up to receive our Altus InDepth NewsletterWatch a video recording of this podcast episode

Date: July 21st, 2022Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Rising construction delays in Canada – Part 2: The solutionsEpisode summary: Ray and Marlon continue their discussion on commercial and residential real estate development delays with Duan van der Merwe, Associate Director in the Contract Solutions Group at Altus Group. In this episode Ray, Marlon and Duan lay out strategies, solutions, and innovations for addressing the increasing number of delays in construction. Panelists in this episode:·         Duan van der Merwe is an Associate Director in Altus’ Contract Solutions Group. Duan is a Planning and Project Controls professional experienced in both Project Management and Forensic Delay Analysis roles on major projects across the Middle East and North America. His experience includes high rise towers, road/rail infrastructure, major ports and airports. He is a qualified Chartered Construction Manager with the Chartered Institute of Building and is currently working towards his Chartered Engineer qualification under the Institution of Civil Engineers in the United Kingdom and his P.Eng. License under Professional Engineers Ontario. ·         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. ·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.Key topics:·         00:31 – Proactive vs. Reactive - Mitigating risk in your construction schedule·         08:04 – How detailed should a construction schedule be?·         08:57 – Striking the balance on a construction schedule·         11:20 – Updates from Ray on special renovations: Raising the roof on industrial and office to residential conversion·         14:09 – Tackling renovation scheduling·         22:53 - Innovations in documenting construction progress and claims defense·         29:35 - What happens when schedules go wrong?·         32:10 - Why you should treat scheduling with the same level of concern as construction costs Sign up to receive our Altus InDepth NewsletterWatch a video recording of this podcast episode

Date: July 15th, 2022Name of podcast:  Altus Insights Podcast SeriesEpisode title and number: Rising construction delays in Canada – Part 1: The issuesEpisode summary: Ray and Marlon discuss commercial and residential real estate development delays with Duan van der Merwe, Associate Director in the Contract Solutions Group at Altus Group. In this episode Ray, Marlon and Duan tackle the growing impact of construction delays in Canada, the major contributors to creating those delays, and what scheduling challenges may be on the horizon for Canada’s real estate industry. Panelists in this episode:·         Duan van der Merwe is an Associate Director in Altus’ Contract Solutions Group. Duan is a Planning and Project Controls professional experienced in both Project Management and Forensic Delay Analysis roles on major projects across the Middle East and North America. His experience includes high rise towers, road/rail infrastructure, major ports and airports. He is a qualified Chartered Construction Manager with the Chartered Institute of Building and is currently working towards his Chartered Engineer qualification under the Institution of Civil Engineers in the United Kingdom and his P.Eng. License under Professional Engineers Ontario. ·         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. ·         Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.Key topics:·         02:10 – What impacts are we seeing from delays·         05:54 – Are government regulations contributing to delays?·         10:21 – Productivity – Is construction just running slower?·         13:33 – Indicators for a construction lull·         17:17 – Ray’s outlook on construction in Q3 and Q4 2022·         20:40 – How long before we see more trade challenges? Sign up to receive our Altus InDepth NewsletterWatch a video recording of this podcast episode