FOR BUILDING OWNERS, ASSET AND PROPERTY MANAGERS CANADIAN miu VOL. 35 NO. 1 « APRIL 2020 MANAGEMENT £ Fs REMI SHOW '20 CANADA $15.00 4 Hee BUILDINGS SOCIALLYoost your Remotely manage your property leases and Elec RO ne eure AUC Ne a aN LSC BCU TC ule + Automate repetitive work and complex calculations eer et icy SNe ated nee Ea K ea armrest Book a demo ecu cht Book a demo today to see how CRESSblue can help your Cee SCC a oecananian, PROPERTY MANAGEMENT vouss¥o.1 em z020 igweoet —GotoaCee Eaten ca ae Seon seein ce fama Keng Broun Stpek Sie per Aunt Cars Wo ‘inettectmedaedge ta Wines ek Evga MitemeEetoe co Pntctmtimaye Rect Sebo "ichcrioedge ca Meese Sraincdedge Melzer Mada Bncar Stover Chester bed Stevencmedisedge ca treten codnion@medeede ca metas Don Grccio Ey MedieEdge it oo, om, erode ca Pat Sea a Seeding co Cor Neda PCPA CMA tedapOnetotae ce TEL GIO size186 FAX. a1@ stZ834e aoa Sei gcc ate ea ele eae ee = acta etiaree Ea {Shere tenamnte Satan = eee peat peeetee eee cues eae ee aera ene editor’snote COVID-19 IS BOTH a major shock and not entirely surprising. As recently as last fall, few people would have ranked a global pandemic as the most worrisome threat to societal well-being and economic stability, but few strategic planners would have omitted it from the list of probabilities. The Building Owners and Managers Association (BOMA) of Canada produced the first edition of its Guide to Pandemic Planning well over a decade ago and, presciently it now seems, updated it just last year. Other industry-led efforts to promote resiliency, business continuity and recovery in response to natural or human- iriggered disasters, and to safeguard people, property and data, have additionally bolstered overall readiness to respond to many of the issues that have arisen in the past weeks. Nevertheless, transitioning from a planning exercise to real-time unfolding events is unnerving for everyone. Industry associations have played a central role in connecting their members and helping them share their experiences and expertise throughout this pandemic crisis. Equally important, they've underscored the industry’s contribution to the Canadian economy and communicated its needs to alll levels of government. Cheryl Gray, Head, Special Projects, with QuadReal Property Group's operational excellence division, has surely happened upon an interesting year for her term as the first ever President of the Institute of Real Estate Management (IREM) from outside the United States. “The primary focus for IREM right now is to support our members and the property management industry by providing, them with relevant information, tools and resources as they deal with the challenges of managing through the impact of COVID-19.” she recently told the REMI Network. Beyond the well-known stalwarts, COVID-19 has prompted new organizations like the Canadian Hotel Advisor Collective, a group of real estate, legal, financial and marketing services providers who quickly came together to ‘Support one of commercial real estate’s hardest hit sectors. “We've all placed a priority on helping the industry and our clients, and I think we are all pleased to be working together on this,” founding member, Bill Stone, Executive Vice President of CBRE Hotels told the REMI Network. Technology's role is undisputed in keeping the industry— and the economy, in ‘general — functioning throughout the lengthy and widespread lockdown. This issue's features on smart buildings and proptech further explore technology's reach and potential. (Accordingly, our digital news site at www.REMInetwork.com has enabled our editorial team to deliver timely reporting on the events and repercussions of the past ‘tumultuous weeks. We invite you to tay with us as we see what happens next) We also look hack to the pre-COVID-19 view, with reports on the performance of the Canada Property Index in 2019, and insight on open-end real estate funds, drawn from REALPAC’s information-collecting initiative last year. Although it’s far from breaking news that real estate follows a cyclical course and institutional investors are in it for the long haul, it seems like a fitting time to repeat that message. Finally, we present the annual Who's Who in Canadian Real Estate survey. ‘Thank you to Kerrigan Brown, AJ Campbell and Taras Kozak for collecting and coordinating this year’s results. Barbara Carss barbc@mediaedge.ca @BarbaraCarss Cana Property Manapemest | Agi 2820 3“4 bg 220 | Canaan Property Management PROPERTY MANAGEMENT Focus: Real Estate News & Context 10 2 19 CCOVID-19 Response: Crisis management overlaps with business contingency and recovery plans. Smart Pandemic Contras: Building technology supports infection detection, services for quarantined occupants and remote systems operations 2018 Investment Returns: March turbulence jostles the perspective from 2020's early weeks. Open-end Funds: REALPAC queries 15 property fund managers collectively holding more than $143 billion in assets under management. Who's Who in Canadian Real Estate: Results of the 25th annual survey of office, retail, industrial and multi-residential portfolios. Proptech Potential: Canadian commercial real estate companies are navigating the learning curve of data-based technologies and services. Accessiblity Progress: Updates proposed for Canada's National Building Code. Editor's noteCANADA.(ee ipa eons Commercial Real Estate Sector Contemplates COVID-19 THE MODELLERS didn’t precisely foresee a global pandemic upending the ‘economy in the early months of 2020, but analysts and strategic planners have long assumed that an event like the COVID-19. outbreak could occur. Now in its grips, they're looking to a range of tools and resourvesto both respond totheimmediate crisis and help chart the way forward. “For a forecaster, it’s a black swan,” acknowledges Adam White, Chief Executive Officer of the energy ‘management analytics and advisory firm, Powerconsumer Inc.,evoking the term for sudden, unexpected upheaval with severe consequences. “I would never have guessed they would have ever evacuated ‘and shut down so much of the economy.” However, predictive modelling now provides insight into what might 1 2020 | Canaan Property Management By Barara Cass ahead. In White’s case, that’s calculating potential electricity cost repercussions for many larger commercial customers. and small manufacturers in Ontario — information that can guide those sectors’ decision-making and perhaps be leveraged to lobby the Ontario government for intervention and aid, ‘Commercial real estate operators are seeking similar kinds of advice across a wide spectrum of expertise as they deploy their crisis management, business continuity and recovery plans. Discussing the issue during a recent REMI Network-sponsored webinar, Rob Wesley, Lead, Real Estate and Construction Services, with the business consulting firm, MNP, noted that many questions are arising around lease obligations, rent deferrals, security and cleaning requirements that call for extra legal, insurance, financial, 1T and building services acumen “[wwould lean on, rely on and make sure you are communicating with your advisor ‘eam,’ he urged He tallied the many demands building owners/managers are now juggling as they: confront disruption to their own service delivery models and supply chains; deal with their tenants’ similar business concerns; accommodate essential personnel and contractors who still need to be on-site in buildings; and coordinate the efforts of scattered staff working from their homes Management teams are facing often unfamiliar financial, technical and social challenges, discovering the strengths and weaknesses of theirpreparedness planning and learning lessons along the way. “Tdon't think we are all the way out of our crisis management plan even though we have already transitioned to contingency,” revealed Justin Taylor, Chief Operating Officer with Greenrock Real Estate Advisors. “Crisis management tends to be [thought of as] the short term, but we are certainly not seeing that inthis situation,” concurred Cheryl Gray, Head, Special Projects, Operational Excellence, with QuadReal Property Group and the moderator of the discussion, ‘MORE THAN DOWNSIZING Cash flow ranks high among the most immediate and pressing concerns for landlords and their tenants. Panellists reiterated it's important to stay on top of, the steady announcements of federal and provincial/territorial programs. and ensure tenants know about available supports. Offloading discretionary expenses can be a prudent way to find funds to redeploy to business contingency and recovery. “The cash flow side is a big and ‘ongoing component of your continuity plan.” Wesley submitted. “It may not all be downsizing. There may be places where you're spending more.” For example, he reminded webinar attendees that largely vacant buildings and fragmented online management involving dozens, or hundreds, of connections from staff homes are vulnerable 10 both physical and cyber breaches. “A lot of us are not as focused ‘on this as we might need to be,” Wesley cautioned. Extra cleaning and IT expenditures are likely showing up in many operating budgets. Looking to recovery, Wesley suggests new funds may also be directed to marketing, Meanwhile, the impact on leasing has been another frustration for cash flow. “Any deals that we had closing, those people can't move in, they can’t get their permits,” Taylor recounted. “A lot of deals are not falling off the table, but they are certainly being delayed. EYE-OPENING DISCOVERIES ‘Sketching out what's been relatively easy, Taylor reported that Greenrock's ‘management staff was already equipped to work from home or other remote 1 i 2020,COVID-19 locations. The company has since rolled out a few extra supports, such as delivering office chairs to staff members’ homes and introducing some online social and personal reflection opportunities, including a weekly meditation session and a Friday afternoon virtual happy hour. Even so, the scale of the remote workforce — some also sharing quarters with online-leamers — is not something ‘most flex-hour plans have contemplated. “We were fortunate, I think, that we had a lot of things already in place, but the dynamic of having partners, kids or roommates all in one place has confounded it,” Taylor reflected. Ironically, one of his more positive discoveries from a staff manager’s perspective is not necessarily good news for areal estate provider. Reporting a new appreciation for online meetings and one- fon-one communication with staff, he speculates that many others have experienced the same “eye opener.” “T think have spent more time with people individually than when I'm in the office, and this is something I didn't RIC Engineers 1 rl 2020 | Cana Property Management imagine,” Taylor recounted. “I also sense companies [now] realize they can work remotely to a much larger degree than they have.” Wesley likewise agreed that COVID-19 has accelerated what was already robust adoption of remote work and flex space, perhaps by as much as five years. On the Mipside, however, it may have placed a brake fon open floorplans and the steady densification of office space that’s been occurring over the past decade “It may return to more private [office] space.” he hypothesized. As a second month of the work- from-home regimen unfolds, there’s also plenty of anecdotal evidence that many people are weary of social distancing. “Tthink we willall havea heightened appetite for the social aspects [of office environments].” Wesley said. “For all of this, there is a sense that the longer this goes on, the more different the new normal is going to be.” Creative Thinking Practical Results toration Con HOTEL INDUSTRY ‘TROUBLESHOOTERS Foal estate, logal and financial services providers to the Canadian hotel industry hhave come together to support the sector through the COVID-19 orsis. The nine founding members of the new Canadian Hotel Advisor Collective (CHAC) see a roe for themselves as advocates, troubleshooters and a well connected communication channol for industry stakeholders and potential procurers of hotel space, ‘The industry itself has been dovastated; there is no question,” says Bill Stone, Executive Vice President of (CBRE Hotels and a CHAC founder. "It ‘will come back, no question, but inthe interim there are challonges to face: “To begin, CHAG is preparing informational webinars to be broadcast fn a recurring basis, and launching a ‘website to offer a portal to resources, Updates on industry-specitic developments and a platform for ‘communication to and among hotel Providers and affliated services. The Collective is also working closely with ‘the Hotel Association of Canada, and drawing on its various networks to help, connect with the agencies now beginning to procure space for selt- ‘solation facies and alternative health care sites. “Municipalities, hospitals and ‘governments generally are trying to sort ‘ut accommodations needs,” Stone reports. “We are trying to disseminate information and are reaching out to ‘everyone from associations 10 ‘municipalities to the hotel providers” Currently, his conventional tasks in brokerage services are largely on hold, "Right now, we are in ano-bid market. We are not marketing assets,” Stone reiterates. ‘Along with CBRE Hotels, CHAC. ‘members include: Colliers Hotel; Cushman & Wakefield; JLL; the Consulting firm HVS; CFO Capital; Blake, Cassels & Graydon LLP: Cassels, Brock & Blackwell LLP; and industry event producer Big Picture Conferences. "The collective came together quite Quick.” Stone affirms. “We've all placed a priority on helping the industry and our clients, and think we are al pleased to be working together on this” For more information about the Canaalan Hotel Advisor Collective, soe the website at nw: canadlanhoteladvsorcollectve.comWe are ALL in this TOGETHER Benjamin L. Shinewald President & Chief Executive Officer Président et chef de la direction BOMA Canada From the Coronavirus Summit to multiple “full house” webinars, BOMA Canada continues to focus on supporting our industry through the challenge of coronavirus - and towards the opportunity that awaits around the corner. With hundreds of members volunteering from coast-to-coast, frequent consultation with our National Advisory Council and strong, national coordination with our eleven local chapters, BOMA Canada is pushing to advance its mission of Connecting, Elevating and Resourcing the Real Estate Community. Now, a new and welcome challenge presents itself: Back to Work. BOMA Canada is proud to provide our Pathway Back to Work - Commercial Real Estate, Coronavirus and Re-Entry, downloadable in English and French for free from www.bomacanada.ca/coronavirus. and check that site frequently for constantly added and updated information to help you succeed! MMMM Cc nadaInfection Detection, Remote Operations and Ongoing Resilience By Ji Skopele WITH THE GROWING threat of Infectious disease, smart buiklings will play important role to help detect, and control their spread, facilitate the remote operation of buildings in lockdown situations and interact with the grid to increase energy resiliency. Advanced applications, smart buildings and smart grids that offer transactive modes of generation and usage have the potential to Increase safety and resiliency and increase the sustainable production and consumption of electricity. ‘The World Economic Forum estimates that the projected value to society in terms of cost savings for consumers and reduced carbon emissions surpasses any other individual digital initiative. As recent experience in China has demonstrated, there are also benefits in a pandemic FEVER SURVEILLANCE Temperature sensing and imaging equipment that integrates intelligent video and artificial intelligence (AT) are becoming, 10 Ap2020 | Canaion Property Management part of epidemic prevention and control This has been deployed in China with the application of proactive surveillance to detect fever and rapidly diagnose infection High-performance infrared thermal cameras, installed at the entrances of major (rain stations and airports, could capture thermal images of the commuter flow in real time to rapidly detect people with an abnormal temperature. This also reduces the cost and potential exposure to infection associated with manual temperature checks. AI established the identity of any passengers registering high temperatures within the ‘measurement area, making it possible 10 separate out people suspected to be infected and to identify who should be quarantined, However, such technologies would more likely viewed as an infringement on privacy in North America and Europe. That's already emerged in the United Kingdom with the Daily Telegraph's attempt to install desk MA II| SERRE ERe HH monitoring sensors and Barclays’ ‘monitoring of the time employees spent at their desks. Both initiatives were scrapped due to pushback. Many hospitals already use smart applications to monitor hygiene, They include white light disinfection LED technology and washroom sensors to track Whether staff are washing their hands for a sufficient length of time. Humidity levels can also be programmed by building management systems (BMS) to create indoor conditions that will minimize the survival rate of viruses, FACILITATING SOCIAL DISTANCING Smart technology can facilitate work, education and entertainment for people now self-isolating in their homes. As also seen in China, it should be possible to create a tele-medicine internet feed that enables residents to submit daily health status reports to a community worker, who is designated for a building or district. The assigned health worker couldthen respond with a message, a phone call, or even alhome visitas needed, ‘The city of Guangzhou launched such an application with an “I need” feature for quarantined residents to obtain daily necessities such as food and medications. As such technology becomes more commercially available, it could become a service that property managers could offer totenants, ‘The analytic and diagnostics capabilities of smart building AT and building automation can enable self-supporting and remote operations, which can be valuable in a pandemic. With cloud-based information about the HVAC and lighting control systems, the building operator can monitor and control the building remotely for ‘maximum impact on energy consumption and maintain balanced thermal equilibrium in all seasons, no matter whether the building is fully occupied or almost empty. Regardless of the current exceptional conditions, this can optimize occupant comfort, save money and reduce carbon emissions. A digital twin manifestation of the building can further extend the building operator's capability to access all operational data remotely. ALIGNING WITH RESILIENCY While climate change may have slipped ‘somewhat from people’s consciousness and priorities right now, is noteworthy that the pandemic and climate crises are both problems of exponential growth against a Timited capacity to cope. In the case of the virus, the danger is that the number of infected people could overwhelm the health, care system. With climate change, the concern is that emissions growth will overwhelm ability to manage consequences, such as droughts, floods, wildfires and other extreme events. ‘A brief interval of emissions reductions due t© COVID-19 related pullbacks or shutdowns of emitters will not stop other extreme weather events that are already in ‘mation. It will be critical to build resilience con all fronts — and the smart grid and building-centred transactive energy can be part of that effort. ‘A smart grid is an electricity supply network that uses digital communications smarttechnology technology to detect and react £0 local changes in production and demand. The capability to respond to the changing conditions and “talk to the grid” requires a smart platform that is capable of supporting a wide range of applications, including: HVAC systems; electric vehicles; and distributed-energy and ‘whole-building loads. Platforms such as VOLTRON are rapidly being developed and tested, providing the capacity to respond to occupants’ needs, produce and store energy and! communicate with the utility, the grid and other buildings. ‘The smart grid is seen asa means to more efficient transmission of electricity, quicker restoration after power disturbances; reduced operations and management costs for utilities; and ultimately, lower power costs for consumers. Combined with renewable power and storage, a smart grid also offers resilieney, which inereases the grid’s coping capacity s of pandemic or other catastrophic events. Hl Jiri Skopek is an architect, planner and specialist in smart, green buildings and ynmunites, REMOTE VIDEO INSPECTIONS Uae Tel Ty Smartphone-enabled video ta os) caer) the video recordin nes Lorre) Peers ee eee es See eo oa Ieee aoa gee n represent an effect nil ied Peer Oo SG eer en ca a CE eee ees ae eid eee e 1 onana NV ieee 2020 Challenges Tinge 2019 Investment Returns The Canadian commercial real estate industry's outlook and expectations offer a “hefore’ By Barbara Cars and “after” picture of COVID-19°s sudden descent into the market during the early months of 2020. The following juxtaposes the perspectives from late January and early April - Editor. THE INDUSTRIAL-RETAIL seesaw continued to epitomize investment performance last year for the 47 institutional real estate portfolios participating in the MSCI/REALPAC Canada Property Index. Results from the index producer peg the 2019 total return on 2,723 directly held standing assets scattered across eight major markets at 6.65%, but that overarching, number cloaks significant variances between property sectors, and from market to market. “’sa rate that, in general, was maybe «bit lower than people were expecting, James Harkness, Executive Director with MSCI, told a late January gathering in Toronto. ‘The slip from a 7.3% total return in the previous year is atributed to a decline in ‘capital growth —at 2% versus 2.6% in 2018 — and to the lowest yet recorded income return, which nudged down 10 more basis, points to rest al 46%. However, Harkness pointed to another unprecedented metric. 12 Apia 1 pry Ma “We've had 10 years of capital growth being positive and that’s a eycle we have he said, ‘The 2019 total return marginally surpasses the four-year average of 6.5%, while trailing a 10-year average of 9.2%. Drilling down to the component sectors, strial properties soared above the all- asset average, delivering an average total return of 16.4%. Retail properties slumped in the opposite direction, eking out an average total return of 1.8%, but losing 2.4% of capital value since 2018. “You can't sugar-coat this," Harkness acknowledged — referring to the potpourri of assets, from super-tegional ‘malls (0 neighbourhood food-anchored convenience centres, falling into the retail category. Regionally, retail was healthiest in Vancouver, Toronto and Ottawa, albeit consistently the weakest performer, trailing generally strong returns for office, residential and industrial in the three cities, Total retail returns dipped below 1% in Calgary and Montreal, while sliding into negative territory in Edmonton, Winnipeg and Halifax. “For anyone who is long on retail, is a tough number” observed Michael Brooks, (Chief Executive Officer of REALPAC, who steered the discussion as a panel of industry insiders was tasked with providing on-the- spot reaction tothe results. {INDUSTRIAL RUNWAY On the upside, Teresa Neto, Chief Financial Officer of Granite REIT, predicted continuing industrial gains as, e-commerce flourishes, new types of demand arise and new customers — also known as immigrants — steadily arrive. Inthe United States, e-commerce boasts a share of retail sales that’s about double its, current stake in the Canadian market, and analysts there expect it to expand further. Already, the strongest industrial returns ‘were found in Canada’s most populous regions: 22.8% in Toronto; 21.4% in Montreal; 15% in Vancouver; and 14.8%in Ottawa, Neto noted that rent typically accounts for 5% of logistics costs, translating into opportunities for industrial landlords positioned to provide distribution space in close proximity to urban customers. “A 2% reduction in your transportation costs gives you [room for] a 20% increase in rent.” she advised. “So there's, alot of runway. There are a lot of areas on the industrial side, like cold storage, for example, where we're expecting growth,” concurred Jon Ramscar, Executive Vice President and Managing Director with CBRE Limited. That's in support of a predicted boom in food and pharmaceutical e-commen With that, comes another possible option for tapping into unused density that could help reposition struggling community shopping centres — an exercise Ramscar called particularly challenging in smaller markets. “You hhave to get creative,” he said, ‘More neighbourhoods [mall operators] are thinking about adding a residential tower on the comer of areal site, What's say that doesn't get converted into last-mile He ccientoitg “There are a lot of areas on the industrial side, like cold storage, for example, where we're expecting growth.” mused Christina Iacoucci Managing Disector with BentallGreenOak ‘Irs often difficult to find sites big enough for these delivery facilities” Panellists likewise identified land supply asa key and increasin for continued growth. “There is desire for a lot of development. Lack of land is a challenge in Toronto,” Neto reported. Oxford Properties is currently building Canada’s first multi-level industrial building in Burnaby, British Columbia, and it’s expected to be a spreading trend, ‘We're probably going to start seeing that in Toronto,” she said. For now, index participants’ tight industrial vacancy rates — 0.9% in Toronto; 1.7% in Montreal and 2.8% in Vancouver — are seen as one of the contributors {0 this year's low income return. While enthusing, “on the industrial side, rents have just exploded’ Tacoucei noted that turnover has been more of a trickle. “When you're in a market that is so low. how are you capturing those rents that are double-digit? Being able to produce th: info an income return takes some time’ she submitted. REGIONAL VARIANCE Between the widely divergent industrial and retail bookends, residential and office properties stayed more on course with 2018 performance. Both surpassed the all-asset 2 for 2019, as residential properties delivered an average total return of 114%, with the office average total return at 71% Candin Propet Management | Aye 2020 18investment Residential returns were particularly strong in the eastern half of Canada, Notably, total return of nearly 40% in Halifax was largely responsible for the city’s unprecedented ranking as Canada’s best performing market in 2019 — bumping. Toronto and Vancouver into second and third, That's attributed to 2 significant deal for a M4-building portfolio last year, reverberating in a market that recorded a 1% negative total return in 2018. “In a secondary market, one trade can swing the market so much,” Ramscar reiterated. Even with Halifax retail properties delivering a negative total return of nearly 16%, the chart-topping all-asset average {otalreturn shook outto 13.3%. Elsewhere, Toronto registered a 10.1% average total return, followed by Vancouver at 8.4%. Montreal also surpassed the national average, with a total return of 7%. Looking to the prairies, Calgary, Edmonton and Winnipeg continued 10 struggle. While Winnipeg was alone in recording a negative total return, all three cities experienced declining capital value. Calgary saw negative total returns for both office and residential properties, and also reported the highest office vacancy rate among Canadian market. Industrial properties were the strongest performers for index participants in Calgary and Edmonton, but — with total returns of 2.1% and 3% respectively — well off the averagenational pace. Office was Winnipeg's strongest secior, delivering an average total return of 1.6% ‘There is clearly not momentum in these markets,” Harkness FUND PERFORMANCE Meanwhile, the MSCI/REALPAC Property Fund Index shows roughly comparable results on a smaller base. Approximately 1,000 assets — collectively equating to $37-billion of capital value versus the $184-billion collective value of the directly held assets in the Canada Property Index — contributed to an all-property 8.3% total return for 2019. Industrial was the top performer for the nine participating funds, delivering an average total return of 16.6%. Retail properties in the funds fared slightly better than those that are directly held, recording an average total return of 2.3%. ‘Toronto was the top performing market with an average total return of 13% Calgary bottomed out the list with a negative total return of 0.6%. I 14 Ap2020 | Canaion Property Management e 9 retin ek SIGNIFICANT TURBULENCE HITS Qi ‘The first quarter ended very differently than it began across Canadian real estate markets, as a long-conjactured brake on momentum arrived in an unexpected form. Analysts foresee cap rates will hold steady in the coming months because few ‘trades are expected. Rather, CBRE's quarterly cap rates and investment report — the first forthe new {decade — is more an exercise in weighing and digesting the “significant turbulence” that ‘has engulfed the business landscape. “ithas become clear that the short-term economic impact of COVID-19 will be unprecedented and real estate asset values will not escape the camage,” surmises Paul Morassutt, CBRE's Vice Chair, Valuation and Advisory services. “However, at this point, ‘here is lite actual evidence of material cap rate expansion. NOI (net operating income) ‘erosion as a result of widespread rent concessions wil likely have greater impact” ‘The national average cap rate hovered just bolow 6% atthe end of March with a 493 basis point spread above the 10-year bond yield. Similar to several recent previous ‘quarters, rates were tightest the multifamily sector, at an average of 3.78% nationally for Class A high-rise product, and in select industrial markets, including Vancouver, ‘Toronto, Ottawa and Montreal CBRE analysts project the office, industrial and muttitamily sectors are bettor positioned to recover solidly once business activity resumes, while retail and hotels wil {ake longer to catch up. Although the circumstances ofthe 2008 financial downtum were vory different, Morassutl seas some likely parallels for commercial real estao. “That crisis saw deal low essentially halt and resume once the smoke had cleared," he recounts. "We fully expect that this will be the case in Canada as well-capitalzed owners have lite inclination to sell into a market ala discount i they believe conditions wil be ‘markedly different 12 months from now” “In a world which came to a jarring stop for everyday life and conventional commerce, ‘the principles of commercial real estate haven't changed but implications have” ‘observes Carmin Di Fiore, Executive Vice President, Debt and Structured Finance, with ‘CBRE. “Systemic pragmatism about the flow of rental payments through the real estate daisy chain is now the singular focus for tenants, landlords, lenders, regulators and “governments.” ‘Accordingly, I's expected office landlords willbe primarily focused on issues around rent deferrals and mechanisms for payment support well into Q2. Meanwhile, social ‘distancing imperatives have accentuated somewhat diametrical trajectories for industrial ‘and retail assets. The potential for strong e-commerce gains should bolster industrial ‘fundamentals, while bricks-and-mortar retail reels from radically curbed consumer ‘domand and retail tenants’ mounting business constraints. “The critical role of industrial assets in omni-channel and global supply chains is only {forecast to increase and will ensure the sector remains well supported by strong ‘fundamentals, especially ona relative basis,” CBRE analysts hypothesize. "Mandatory ‘closures [in the retal sector] have had severe impacts on business revenues across the ‘industry. Given current market conditions, i's expected that this slowdown will have ‘significant impacts on near-term operating proformas moving forward, That said, the magnitude of NOI deterioration is yet to be seen.” Multifamily landlords are deemed to have more ofa cushion. “Due to the record strength in fundamentals pre-shutdown, its overall inherent resilience and its counter-cyclica relationship to economic downturns, the mulifamity ‘sector is well-positioned relative to other sectors and investment products,” maintains David Montressor, Executive Vice President with CBRE’s national aparlment group. Novertheless, Morassutti suggests al eal estate players willbe navigating much rougher terran than the signs incicated three months ago. “Buckle up,” he advises. (C8RE's quarterly Canada Cap Rate and Investment Insights can be found at wwwchre cain! rasearch-and-portsFE Disseirei \vetCap MetCap Living knows the importance of your property invest ment. With over 30 years in professional property management and experience in owning and managing all aspects of ‘multi-unit housing, we have the expertise to boost your NOI. From Marketing, Leasing, Utilities and Site Management, Collections and Accounts Receivable, we tallor our services to your needs. We manage over $2 Billion in assets owned by private families and. institutional investors. Our focus is on revenue growth and vacancy reduction, while maintainting strict control over expenses. We also have three engineers on staff for those difficult capital projects! To ensure the health of your bottom line, contact: Kazi Shahnewaz, Director, Business Development Office: 416.340.1600 x504 Cell: 647.887.5676 km.shahnewaz@metcap.com www.metcap.com Partner in Your Complete Recovery * Dedicated Commercial & Complex Loss Experts - Seamless Escalation and Scalability * Complete National Coverage + Priority Response Partnership Program (PREP) Visit us at firstonsite.ca or call Follow us: [Fil [7 EE) “Companies that aren't able RC a el le eR aL) Tee enced : : [ likely to survive.” - FEMA* firstonsite ))) BROPERIN Commerce Orion sour andin Propet Management | Aye 2020 15.OPEN-END R ESTATE FUNDS OPEN UP Survey Results Fill Out Picture of Non-Listed Market OPEN-END REAL estate funds wield considerable cloutin the Canadianinvestment landscape. Recently released results of REALPAC's inaugural open-end fund survey show that 15 finds, under the auspices of 13 organizations, collectively held more than CAD $143.1 billion in assets under management at the end of 2018. That compares to a market cap of CAD $1127 billion for TS%clisted real estate companies fon the same date and CAD $40 billion in assets under management reported by 22 participants representing 50 funds in REALPAC's 2018 non-listed closed-end fund survey. “REALPAC's continued commitment 10 ‘transparency and professionalism in the real estate investment market has informed its decision to undertake the 2019 open-end fund survey to build on the market information obtained from its closed-end fund surveys over the last tree year accompanying commentary from the ‘organization representing many of Canada’s 18 Ap2020 | Canaion Property Management largest real estate companies, funds and institutional investors. The defining features of open-end funds — private investment vehicles that typically hold fong-maturity income- generating assets and allow for contributions and withdrawals on an ongoing basis — are well matched 10 investors with long-term needs for stable, predictable returns. In contrast closed-end funds have a specific investment period, set timelines for distributing all cash ows, and typically a higher proportion of value~ added assets — all making for a more volatile mix that can yield impressive or "more disappointing payouts depending on ‘market conditions on the termination date. Seven of the surveyed open-end funds report net asst value (NAV) in excess of $1 billion, with highest NAV surpassing. $6 billion! A NAV of $16-milln bottoms out the scale, but it fills wel below four funds reporting NAV inthe $251-to $500-millon ‘ange a the next rung up. CORE STRATERY FAVOURED Data collected between August and late November last year reveals open-end fund contributors heavily weighted to institutional investors, while fund managers generally favour multiple asset classes and are more wedded to core strategy — based on stabilized, fully-leased income-producing assets — than their peers overseeing closed- end funds, While one fund reported a predominantly non-core focus in excess of 90% of investment, the greater majority — 13 of 15 — have core investment in the 76 to 100% range. “It’s not surprising that a core strategy is employed by a majority of the open-end funds because of the stability of the assets, ‘which provide reliable cash flow and better liquidity for investors,” the survey ‘commentary notes, Other distinguishing differences emerging from REALPAC'stwo track surveys include: ‘open-end funds’ greater propensity to invest outside North America, with 55% of£ f F E ; As the Commercial Real Estate Industry has pivoted to Return to Work Plans, BOMA Toronto is laser focused on providing our members, stakeholders and the Commercial Real Estate Industry with trusted, valuable, relevant resources and guidance. Leading our industry with collaboration, compassion and partnership is the essence of who we are and what we have done for over 100 years. Our CRE front line hero's are the backbone and foundation of our Industry. On behalf of ‘our Board of Directors and the BOMA Toronto team, you all have our deepest gratitude. Sincerely, susan Allen BOMA BOMA Toronto — President & Chief Executive Officer Inspired leadership since 1917investment investment allocation in Europe compared to ‘aEuropean stake in the 24% range for closed- end funds; and a lesser reiance on leverage, with most funds setting a maximum threshold in the 31 to 40% range versus the majority of closed-end funds with maximum tduesholds between 51 and 75%. ‘Open-end fund managers can also ‘ypically draw on a long record of deal- making. Five funds report they have made between 51 and 75 investments; two have made between 76 and 100 investments; and three have made more than 100 investments. fh the characterisic of open-end funds Jong-term vehicles and the fact that some ofthe partcipaing funds ae a few decades old, itisnot surprising tharthenumberofiwestments ‘made fall on the higher end of the scale” the commentary notes INVESTOR MIX Fund managers typically steer the interests of a greater number of investors than in 2 closed-end fund scenario. Bight of 15 surveyed funds tallied more than 100 investors, with the largest pool topping out at 1,662. Six other funds reported between IL and 75 investors, while just one fund counted fewer than 10. ‘Corporate pension funds were the most predominant investor type — represented in eight of the 15 funds, with a contribution sake ranging from 4% to 63% across those funds. In most cases, though, corporate pension contributions equated to less than 50% of investment Public pension funds were the sole investor {ype in thee ofthe funds, while contributing to otal of seven of the funds at kxels ranging from 100% to 4%. Endowments and foundations were also active investors, repre- sented in seven funds, but with a contribution stake below 50% in six of those cases Tnsurance companies, funds of funds, direct contribution pensions, investment banks ancl fund managers themselves add to the institutional investor mix, along with the assorted “other” category, defined as “high-net- ‘worth investors, corporations, forejen charity, ‘rust, group retirement solution plaforms and ‘general institutional investors ‘Meanwhile, retail investors figured in ix of the funds, at Evels ranging from 95% to 0.3% Although only three ofthe 15 funds report any ‘oreign capital investment, one of those is 100% subscribed by foreign imestrs. ASSET MK [Nine of the surveyed funds are targeting new development, which is generally in sync with sector-wide trends. MSCT's historical overview shows development as a growing component of capital value across the Canada Property Fund tndex over the past decade, hitting a high of 95% in 2019, up from a low of 39% in 2012. Five funds appear to be sticking in that range with targets of five to 10%, while the remainder are poised more aggressively, including three with targets in the 16 10 20% range. That aligns with challenges fund managers report facing, including “the REDEMPTION GATES BOLSTER STABILITY REALPAC's recent survey of 15 Canadian oper-end real competitive landscape for product, which results ina challenge to find institutional ‘grade real estate in Canada.” Currently within Canada, Ontario, British Columbia, Alberta and Quebec capture the ‘vast share of open-end fund investing, which is langely directed to the industrial, office, retail and mult-residential asset classes. All 15 funds report holdings in Alberta, but more investment occurs in Ontario and British Columbia despite the slightly lower participation of 14 funds. Notably, 11 funds hold upwards of 40% of their portfolio in Ontario, while no fund has a similarly sized share in Alberta, Outside the big four, Atlantic and prairie provinces host a modes level of fund activity. Nova Scotia tallies the highest number — five — while New Brunswick receives the highest level of investment from any one fund, at 12%. Open-end funds are entirely absent from Prince Edward Island, Yukon, Northwest Territories and Nunavut Funds show varying commitments to the four predominant asset classes, but office and industrial capture both the highest number of funds and the largest share of theirinvestment. Fourteen of 15 funds channel 86% to 3.8% of {otal investment into industrial propertcs Thirteen of 15 funds invest in office, with allocations ranging from 71% t 153% of their total investment. Land, hotels and seniors residential projects make up a tiny fraction of a minority (of open-end funds" holdings. There is no investment in student housing. Hl fe funds offers insight into when and why fund administrators would suspend the ability for investors to redeem their holdings. I's a step thal some property funds based in the United Kingdom have taken as the COVID-19 outbreak triggers economic uncertainty and market volailiy. Twelve ofthe 15 Canadian funds have the same abiity to deploy redemption gates. "The abiltyo gate or suspend redemption i an important mechanism that general partners have to address a possible max exodus at a time that may hare long-term repercussions forthe fund,” accompanying commentary rom REALPAC states. “Redemptions can be ‘suspended, and have been riumerous times globally for a variety ofreasons including market closures, cyclones, cybersecurity incidents or ficulties in valuation of certain assets at atime of significant redemptions” “Most recently, U.K. based property funds also suspended redemptions inthe days following the June 2016 Brest referendum results. The 2008 financial collapse and the September 2001 terovstaltacks inthe United States have simlarty spawned suspensions. “The use of tis mechanism is often to curb a possible contagion inthe affected sector and diminish the impact t may have on financial stably” the REALPAC commentary caries. Theinvestor profile reveal in REALPAC's survey results s one heavily weighted to institut investors. That's unsurprising since open- lend funds — private investment vehicis that typically hold long-maturyincome-generaing assets and alow for contributions and ‘withdrawals on an ongoing basis — are considered welt matched to investors with long-term needs or stable, predictable returns. ‘The 15 open-end funds responding lo REALPAC's survey report a varying schedule for, and limits on redemptions. However, conventionally, it's not a routine practice for investors. Just six funds reported redempions in the three years of 2016 to 2018. Five funds provide a quarterly window fr redemptions, wile four funds allow monthly redemptions and three permit daly redemptions. ‘Ateratively, wo funds restictt toa onetime annual opportunity, while the remaining fund applied the speciis outined in the Eited partnership agreement. ‘More than haf ofthe Canaan funds set no threshold forthe value of withdrawals. The other seven reported seven diferent formulas for lowable redemptions, including sipuiated percentages of net asset value (NAV), assets under management (AUM) orthe requesting limited Partner's own holdings. 18 Ap2020 | Canaion Property ManagementSPONSORED CONTENT REBUILDING CRE SUCCESS by Peter Altobelli, vice president and general manager, Yardi Canada Ltd. Like Yardi, you are closely monitoring COVID-19 recommendations from national and international organizations including the Public Health Agency of Canada and the World Health Organization. It seems no industry is immune from the impact of the COVID-19 virus, and that includes commerci ‘owners are now turning to technology to help ensure business con sal estate. CRE ity, safety and productivity during this short-term reality of increased remote work and social distancing. Tech adoption in the real estate industry historically has been conservative and this lxring curve will e challenging for some. Here are three tips on how to leverage tech during a criss, ‘Tenant & Staff Communication (Commurication is the fst step toward recovery. Leverage easy to use tools such as online portals to send out mass emails to tenants or staff tohelp ensure you are keeping the lines of communication open, Make sure to share links to important property documents such as business continuity plans, emergency evacuation plans and a tenant handbook, Remind tenants these documents and ther leases can be accessed or downloaded through the portal and app Gf available) Encourage online maintenance requests through the portal to keep consistent visibility of which properties your staff is scheduled to vst Their safety is equally important as your tenants. Social distancing wil dive many tasks to be automated for the foreseeable future, anc businesses need the ablity to digit ac much information a¢ posse Asecure centralized locationsuch as an online portal isthe best solution regardless ofa criss Flexible Payment Options Its important to remove physical touchpoints during this pandemic. That means reducing cheque payments and visits to the office. Make EFT and credit card payments the norm to assist with faciitating physical distancing when paying rents our outstanding charges. When rotiying your tenants of anne payment options, emphasize the process is intuitive and theirpayment information willbe securely stored inthe cloud. The means all future transactions are easier to submit and payments would be processedin realtime. 20 wi 2020 | Conan Popry Management ‘Vendor Management “Technology azo plays a key rale in vendor relations. Use online portale +0 reduce friction and increase communication with your vendors while managing a remote werkorce, Schedule announcements to appear when they log into the portal Notify them and their staffof any sudden oF urgent property changes. Promote the option to receive and view work orders, purchase orders, invoices and contracts online. These {quick changes ae additional safeguards you can putin place to remove the need for physical documents and unnecessary visits tothe office, While the thought of implementing @ new vandor management software may seem counterproductive to time savings and social distancing, there are solutions avalable that can be remotely integrated into your existing systems, ‘Overall its incumbent on everyone to do their part to reduce the spread of the novel coronavirus and help get our nation back on track 1to.economic growth. For now, hawever, technology providers are here ‘to help and provide soktions ta make working remotely 2 seamless 2¢ possible, Yard is confident that we wil all unite to subdue COVID-I, and we will erezge from ths challenge stronger than ever. “Everyone shouldcondiuct theirownplanningbesedontheirspedtic location and circumstances. While we are dedicated to providing ‘general information to our clients, it isnot intended to be healthcare or legal advice: Please consult appropriate government agencies and authorities, a well as healthcare and legal professionals, For more information about Yardi please contact (888) 569.2734 cr visit yardi:comOFFICE OWN & MANAGE Oxford Properties Group Cadillac Fairview Corporation rites Manulife Real Estato Allied Properties REIT QuadReal Property Group Morguard Cancerel/ HumFord Brookfield Property Partners Cominar REIT HAR REIT INDUSTRIAL OWN & MANAGE Pure Industrial Real Estate Trust Dream Industrial REIT Cominar REIT QuadReal Property Group Oxford Properties Group Manulife Real Estate Prolosis aR REIT Morguard Skyline Commercial REIT wath 6.886 15900 uno 13.271 13148 12696 1,328 1288 11056 9926 a 15900 18.361 sis 13.268 10.429 10.000 ae oz 647 OWNED & MANAGED IN CANADIAN REAL ESTATE RETAIL OWN & MANAGE RloCAN REIT ‘Smart REIT Cadillac Fairview Corporation Lmited Ivanhoe Cambridge ‘Oxfora Properties Group Morguers ‘Cominar REIT Plaza Retail REIT ‘Skyline Retail REIT ‘QuadReal Property Group OTHER OWN & MANAGE ‘CAPREIT andere HumFord PRO REIT Concert Properties Lt Lawrence Construction/Grant Management BUSAC Real Estate Manulife Real Estate Shelter Canadian Properties Llnmited Lionheart Property Management Ine IMP Group International ou 33.460 31868 19100 14.689 13.665 13.560 9.480 asea 4502 3986 a wn 0222 0196 102 0.081 0088 0.087 APARTMENT OWN & MANAGE SIME CuMProperty Management ic, 108000 Boardwalk Rental Communities 28.674 Start investments 28.78 Realstar Management 25.488 Homestead Land Holdings Lirsitedt Northview Apartment REIT 24.051 Timoerereok Assat 2a724 Management 19.422 Skyline Apartment REIT 16.502 Kilarn Apartment REIT 14.698 Mainstreot Equity Corp. 11006 Apartment WHO'S WHO 2020 q mee - REM \L : ¥ YARDIOFFICE OWN ONLY Healthcare of Ontario Pension Plan Ine 1 snvestment Management Li. Manulife Real Estate Flora Propertios Northam Realty Advisors QuadReal Property Group Ivanhoe Camoridge Concert Properties Ltd Cadillac Fairview Corporation Limited Tower Building Management INDUSTRIAL OWN ONLY Healthcare of Ontario Pension Plan Ine Ivanhoe Cambridge Fiera Properties 1G tnvestment Management Lt. Davpart inc. Concert Properties Ltd Northam Realty Advisors Manulife Real Estate Timbererook Assot Management Armadale Property Management inc. myo, mint 12104 3.080) 2610 2320 1672 1472 1.425 1020 0.400 0.280 wig. 7877 7188 7.020 5308 2283 0762 643, 0.320 0307 OWNED IN CANADIAN REAL ESTATE RETAIL OWN ONLY Choice Properties Real Estate Investment Trust Healthcare of Ontario Pension Plan in. LG. Investment Management, Ltd Manulife Real Estate Fiera Properties Smart REIT Ivanhoe Cambridge Cadillac Fairview Corporation Uimited Shindico Realty M&R Holdings OTHER OWN ONLY Lanesborough Real Estate Investment Trust Oxford Properties Group Cadillac Fairview Corporation Cimites Shelter Canadian Properties Cimites a 37092 288 4008 3039) 2270 2.216 2.023 1.000 0521 0.356 28329 oso 0.500 0035 APARTMENT OWN ONLY SE Healthcare of Ontario Pension Plan ine aa Lanesborough Real Estate Investment Trust 108s Lionheart Property 105s Management Ine IG.Investment Management Ltd. 0.951 Sabjoy ine. 0.950 Oxford Properties Group 0.834 QuadReal Property Group 0.761 Manulife Real Estate 0697 Fiera Properties 654 Canadian Uroan Limited sat CONDOBUSINESS CEE ee h n°) Aranking of the Canadia perce players and ey SNES Pp SPONSORED ¥ YARDIOFFICE MANAGE ONLY Dol Property Management Inc. (CBRE Limited Colliers international BentaliGreenOak GWL Realty Advisors Triovest Realty Advisors Epic Investment Services Brookfield Property Partners ‘Avison Young Real Estate Management Services MeCor Management INDUSTRIAL MANAGE ONLY (CBRE Limited BentaliGreenak Triovest Realty Advisors Collars international GWL Realty Advisors Cromele REIT Realspace Management Group Ine. Morguard Eple Investment Services Downing Street Property Management Inc ee, 129.450 40,300 30.835 23107 19.447 15:72 10.108, 2513 7300 6.108 oath 26700 25.982 21009 18152 v087 16.593 7281 6220 5.055 3556 MANAGED IN CANADIAN REAL ESTATE RETAIL MANAGE ONLY CBRE Limited! Del Property Management Inc. Collars international BentallGreanOak Morguard ‘vison Young Real Estate Management Services GWL Realty Advisors Shape Property Management Corp. MeCor Management Sterling Karamar Property Management OTHER MANAGE ONLY ‘vison Young Real Estate Management Services AWM-Allance Real Estate Group Real Estate 360 Property Advisory Collars international Sheltor Canadian Properties Limited Apolo Proverty Management Ltd Taft Management ne MeCor Management acis a 59561 38931 14.003 nai 7251 5637 4.059 3632 3.472 2431 tod 2161 oe7s os72 oae2 42s ona 0286 0233 0.005 APARTMENT MANAGE ONLY lf The DMS Group 20.673 MetCap Living Management Inc. 20.000 Greenwin ne. 13.495 Briarlane Rental Property Management Inc. el Sterling Karamar Property Management 1asTs: Medallion Corporation 1.016 Gatoway Property Management Corporation 2.080 Sterling Karamar Property Management a GWL Realty Advisors. maz SheterCanadan ProvertesLimited 5.306 CONDO MANAGE ONLY — SE Crossbriage Condominium Services Ltd. aes Rancho Management Services 39.354 ICC Property Management Lid. 30507 IrterRere RET 30507 Pacific Quorum Properties inc. 27.386 AWM-Allance Real Estate Group Gateway Property Management Corporation weve Icon Property Management 14.000 Perea! Ine 13.800 Apolo Property Management Ltd. 15.320 24.874 SPONSORED BY: ¥ YARDICANADIAN PROPERTY MANAGEMENT WHO’S WHO 2020 Fc | HUST cm Ca ee Daewoo iis [me si cate sai | i a if CiMPropesty Management Lid 08.255, 0095 1 aoe 100 i g000| Ceossoridge Condominium Services Li, ues i i i oa Metisse” [aia | ai | O58 sig) a Coierswlernational ‘6150 | 30885, itm: ce ‘eae a i a wa vest siao|se) ee aw aa a0 it Orford Properties Group 50138 16.806 i BS ons aa 0510 ita os ‘ine | ia i tbe teerat cs ae ie oo ee esa rs fee tir ney ae ae Cahir Farvew Corporation Lnted 3600, Foon’ B30 8100 0500 ‘Coming EIT Ta E is | E 538 i Tae | sets 30 ba ae ‘Slaright vestments 54s T56, i IB st sig oa ia ie aa ae reste sg fas ae | ao tas | ites ie sus [on ura | an we os as a iabexea misses [sa [00 la! a (Cra tere ‘ase | 00 ‘ai a uae Pies so [ia te ie ee iii eloeeg [as faa a aaa ia ‘ia ‘a iis i 08 Bana imi aan ia Pai nn ri se aia [a8 oe i ‘Pare ncstnal ral sate Trust 7000 i 700 i Gateway Property Management Corporation 765% | 0651 008 : Pom | oa ‘080? oa | ian ahr a Sua ‘ete vine a TT] og Homestead Land Hoiings Limited MM i i t Tam ietseo | @ a ia pic nvestment Services 72088 | 1008 505 t as T Fist Cantal Realty a a ast = Tmoecrt se ne amo | oa oa a ‘Brookfield Property Parnes, 275 | 958 8 1 1 i T 1 ‘Cancer HamFord mnt 1B t Foe BJ i T un ‘ee tine i a si ‘son Young Rel Estate Maragerient Serves | T83¥6 | 7300 378 i 5657 i UB ‘Greenwin x. ms | 0160 oo | O18 ‘oi 3a | Ba 308 enoetet te | ome ioe ‘sop ei vis) [ae oa oa iss ome ‘Skyline Apartmest REN W502 i 7 1652 7 Real estate runs on Yardi = ¥YARDI LEARN HOW Yardi com | (288) 569-2734re ca a CT Deanna Rat ‘ata 0 Bae tera Mopar Magneto | Baad | 06 ‘0 ‘ia ae Steg tat Popa Manager us | 00a tg oe fag a Donat sus | 00s igs |e Sao ae csi Mare, ‘ese seo 9 ‘to 18) She Cad Pats ie ses | oe is oa i's oon oie Swe a Ys PGs Fs ‘angrier is ao Hee es apie in [ost | aaae anf [ Sot eet Conk ‘aoe | 0500 ine ae Sn) 180 ‘i lon one Haaprert ‘ooo r itor Puan. ‘ata a0 ou caer inc Ba 08, Stetng tar Poe anager ‘ns | 098 ibar z i ‘i Coxeter ‘ooe ‘ao iit ba Sea toe re a eid opty Mere si | 080 oa, ia echoes iat a0 is iia Bi in Beradiagenec ties |i ii oa ‘i Sar ca ager a0 | So iS fa as ae ici. ‘iss fa i ise tua ‘ie ‘ise ‘ie ‘wane ‘aa Pa iis ire ain hose ‘ts ‘sie ein apt oi, its Palas rc} en : evade Noreen ‘ar | ie ag Pa oes os |on i] : tm Puhr Manet ic si ‘ia ia Hi ite ‘ino ‘it aa Cea As eet oss : ras Down et Peery Hacoaestinc | $a | "ite 3 a ae euPopety agen 05 ts Tso ey Prop Pogo be San | 0% io oe | 2 ‘aipaceVaagevereGnuping | aa [0a a a eee ee Waren esanerent aa | 38 ie 2a ii ‘i ‘owniceup i ig |e a is cao i ‘a nc) Coat btn ts | 3.60 2 at is (ae rrapenetnc a 200 00 so | 086 os | asso i rs Paget Haget in sion San GounPaneny rage in as [a Se cu So ety tar | a8 ia i ‘os x Ppety Hansperen 0 iattanieatyiowas =i Ba | OS tame Soar | OM cast [ Ono | Ons woet andin Propet Management | Aye 2020 25,CANADIAN PROPERTY MANAGEMENT WHO'S WHO 2020 26 Ay 2020 | Canaion Property Management oi Co oo APARTHENT CONDO) OTHER te Pape regen =. Go 680 Dre eR ea ies Sire Coro eat ‘i Gain Arner car as “sa Gin rier fo os Sa esis Pop Magenta | 60 | 378 ois | ae ia ‘it Riots. cm ‘an ie ise ae as Peet negro ios as Hiss Coguctn Eo) Ss se Since Se | ais cw | oa ae [soos Some | on ae ib fea lesen So : ae la Crate oats ss tiie oie i ‘iad Blaiwond Panes Son | ie a ms ii Tins opty Hagenert Soca ‘a ier ‘aa | 08 tai Gavel Mawar os | oo is im Reais opty vary a | ous ons om, oe eit os Siren a ~~" ia roe a ass Poa us arte Poperies eres G6 : ‘ono ost 6 Frosseraersinel eine ‘aos Gime iia 180 faumaow iss ons oe ts tee FcvnuodCananty agencies | 40 a0, 1 0 iota Pr i cc ‘oa ‘owe oi si Gran iten ees ssa | os ‘of us us| ar Duvtulovesins as ‘0 a0. oom oo ise 50 iio ieee si tio | 8 ‘a | iar an a Hexen oun ses aia 1s ‘Sap Prety aerel ap se Fy Hes iaticre Popes | 81 Hidmand oat iB, cami seo if ‘eo Popes 0 uo ‘om His Goi Heeger su ioe Hye Decpnent Catton Soa eat | 85 | Bia lawrseeCocicionictiiagenent | 28 | ons ‘ns | oom a ‘am |e ‘ie ia Wiss anne Meigrest | 2m oo | E te i Romans “int ue ‘a ‘ia sae iin ie Hoel as | 06 oat iii ir echo zwerent 235 | aus oa oi fo ‘ai ftom Gout oncasic. he ai [oat ‘0a ‘| aio” cs 0 ie Gata Popety Mazon i 206 [oo oss ie a5 WesrpPaper Magnes me foe Pom [se | ae feelCANADIAN PROPERTY MANAGEMENT WHO'S WHO 2020 or Io my ARTHENT [CONDO Cae Le cH oa ‘Aenon Carp. 290 UB 062 03 | 0256 ~ eli co a a | “ieee “Tae [ais aga = Szeto foeiions | 2p0 ia i aioli ont | 80 | Guarcsan Property Maragerent Series. 2016 ous T ic) Properties 1346, i i awe: i Vs Suse sive : popes isi ae oo oe Ve ay i ea ea id ia i io ie : ‘Nadtn Properties Inc 105 0300 | 0.80 Togs, ‘Around The Lakes Property Management med |” 1690 i 180 ime amines a) dig as eae Equitable Real Estate bwestnent Corporation Rd. | 1664 | 0303 t wa Sait epeti ies : intra ere =P i” wc as Axwood Enteroises isis | 050 32 0s3e | 70 oar : Bice i is | ii ca ibs Cte Sie Pa Cae ‘Tower Bulding Management 1305 | OBS ; 0.20 ; 046 ‘0120 | 0355 T t f vey sto sag | 9s oa os Gin Engineering & Construction Ltd 0 Tom Yoon i 056 ‘Lanesboroush Real Estate bwestment Inst ud T 53 asf Pe cout 's oa “3 ae ‘York Heritage Properties is | 0250" G00: O56 : F : brea i a oe Ty] Pence oats | ee iio YARD! breeze , A A refreshingly simple way to manage your properties Candin Property Management | be 220. 27CANADIAN PROPERTY MANAGEMENT WHO’S WHO 2020 om Io rom Coo OT ee ee ‘wor 2 ry 8 tay, ee | ia a ie rr) ‘Atase oun i ‘on 0a | ‘as eval Pte tin | i | ia Sirtrteeet ts | is ‘ta is ects om i ais entice aia coi ‘a ais ‘Ee Associates 034s Pom | os i CY Group CS) 018) | oo ii nei ica | a ‘iin tio ai ai Lelmer« Develooments td. OMS 0% | oor hy ‘Sluis Properties os | 0.000 ow TAPoperties 6 | oo ‘at bia rete. "Voie | acco ‘iow i iishoin tie to | fa ine ii i ‘ai “Tw City Management td. 0095 0035, | Oneioue het iosaaiic | ame ‘a ii bas ‘oun | 00s ang | ton 000s ‘Bay Shore Property Management 006 | 001 0006, _Uenhear Rope Mananemest Pc, | Ya OM ra: Nina kana ae ol Increase revenue, decrease expenses and reduce risk with B2ir Mater s a suite of customizable dashboard solutions for commercial real estate asset management. LEARN MORE o8e) 509-2736 YordiElevate.com ee. y YARDI 28 Aw 2020 | Canation Property Maogemestttm Minimize your danger by using ECAO registered fire alarm contractors ihe Ontario Fire Marshals (OFM) office has determined that a five-alarm fire, in November 2019 that displaced hundreds of residents from a North York high-rise and killed one person began in an eighth floor unit's bedroom. ‘The OFM completed their on-scene investigation at the apartment complex on Gosford Boulevard near Jane Street and Steeles Avenue West Tuesday afternoon. They said the fire began in one of the two bedrooms in the unit closest to the living room and not the kitchen. Preliminary reports said the fre did not look suspicious and investigators are stil looking for possible ignition sources. They hope to have an answer in the near future. ‘There are a lot of fire regulations and practices for which building owners and property managers are responsible. ECAO will be offering exclusive seminars in the future to, educate you about your responsibilities under Fire code regulations to keep your building safe. Everyone knows that fires are costly for building owners and property managers. The Electrical Contractors Association of Ontario (ECAO) hopes it can help support property owners and managers by ensuring buildings have properly installed and maintained fire alarm systems. This is done by hiring an ECAO Registered Fire Alarm Contractor (RFA). By using an RFAC, accredited Certi-Fire electricians can cover fre alarm installation, maintenance, testing and verfication; and they can also perform all your electrical needs for your building. One stop electrical services! Electrical Contractors with the ECAO are your fone stop service professionals for all your skilled electrical work and fire alarm needs. Our members hhave years of recognized experience & extensive training in all aspects of electrical construction work including: * Commercial * Industrial * Residential ‘= Communications * Fire Alarm specializing in Installation, Testing, Verification & Repairs Certi-Fire electricians are trained to meet the requirements for proper fire alarm installation, testing, verification, and maintenance. Get a Certi-Fire electrician on site by talking to your licensed Electrical Contractor, and address all your property management fire alarm concerns. Contact us at contactus@certifire.org 416-572-8509 | 416-675-3226 Certi-Fire ECADIBEWmarttechnolo: PROPELLING Focus Evolves from Cost Savings to Revenue Generation CANADIAN REAL ESTATE companies lag somewhat behind their lobal peers in the uptake of the IT and data-based technologies and services collectively labelled as proptech. Analysis of recent survey data from 188 companies worldwide shows Canadian respondents generally in syne with prevailing views of proptech potential, but still at a relatively early stage of recognizing and pursuing the full ra of opportunities it could deliver. “Canadian real estate companies are awakening (0 the digital era, albeit a bit slowly:” concludes Sagib Jawed, Partner and. Proptech Lead with KPMG in Canada, “Historically, it's been a conservative industry, but companies can no longer afford x wait-and-see approach,” asserts Lorne Burns, National Lead with KPMG. Canada’s building, construction and real estate group. psi220 | Those observations are a prelude to a snapshot of Canadian attitudes and proptech. initiatives — drawn from and compared against the complete findings of last fa’ global proptech survey from KPMG — Which suggests proptech is more piecemeal than strategically deployed in many cases, hindering the capacity to integrate data collection and interpretation. KPMG analysis also urge companies to better harness proptech for tenant services and t0 ‘more aggressively address eyber-security vulnerability. As an optimistic starting point, Canadian companies boast universal buy-in with 100% of participating, companies reporting that they have a staff position dedicated to leading digital ‘wansformation and innovation, For more than two-thirds of companies, a senior executive, defined as “C-suite level or equivalent”, fulfills the role Yet, progressing to the seemingly logical next step, just 36% of Canadian real estate ‘companieshave developed andimplemented a formal digital strategy and just 8% have done so enterprise-wide. That's significantly divergent from the global survey results, ‘which reveal 58% havea digital strategy and 29% of companies have rolled them out across their entre enterprise Analystssee reverberationsin companies selfascessment of their degree of systems integration, fulsomeness of there data strategies and their cyber preparedness — noting that companies witha digital strategy ‘are more advanced in all cases. FRAGMENTED SYSTENS The global average score for systems integration was a rather unimpressive 54 cout of 10, but Canadian companies scored themselves even more critically. An average of 47 out of 10 was lower than other