Held on January 30^th at the Calgary Petroleum Club, this year’s themes were categorized into rethinking, rebalancing and reinventing. Keynote speakers included Andy Warren of PWC and Wendy Waters of GWL.  After presentations, a panel discussion moderated by Jason Hardy of Chatterson Drive Inc., included insights from Trent Edwards of Brookfield Residential, QuadReal’s Richard Morden, and Greg Kwong of CBRE.

Andy Warren, author of the ULI Emerging Trends report, provided insights on the three main opportunities for future development: 1) transforming transit, 2) the rise of place-making, and 3) creating an 18-hour city.  Some other trends that Andy noted include smaller markets gaining more interest and a higher percentage of young adults living at home directly impacting affordability.  In the upcoming year, Andy believes that there will be more of a focus on building communities, senior housing, and real estate for health care.

Wendy Waters placed a Calgary lens on the trends identified in the report.  Although Calgary and Edmonton have struggled more than other American energy cities, our cities have opportunities including youthful and educated community members and job growth.  Economic restructuring is good for new opportunities.  Calgary’s market continues to experience evolving tenant expectations and a global war for attracting talent.  Looking in to 2018, Wendy places a good bet on purpose-built rental in amenity-rich and walkable locations as well as family oriented housing and infrastructure.

The panel discussion highlighted that demographics and generational differences are not as important as we might think in the real estate industry.  It is more important to figure out what we want to be as a city and how we want to achieve it.  There is a need for a vision on what talent we want to attract to the City Centre, requiring a collaboration with a variety of different sectors.  With the rise of new technology, collaboration with the city to create shorter term plans will be a priority.

The 2018 markets to watch in Calgary include:

• Victoria Park
• Stephen Avenue
• East Village
• Southwest Calgary Ring Road Project
• Tsuut’ina Crossing
• Land located along the new Green Line LRT
• The potential new arena and surrounding areas

In conclusion this year’s Emerging Trends breakfast gave attendees a shift in perspective and a sense of optimism that slow recovery is expected.  The keynote speakers and the panelists discussed the importance of designing places for people with an emphasis on community and building amenities. Moving into 2018, real estate developers and investors will put more of a focus on the idea of place-making.

– Christina Martin (Hines Canada Management II ULC)

Presentations:
Andrew Warren, Director of Real Estate Research, PwC

Wendy Waters, Senior Director for Research Services & Strategy, GWL Realty Advisors