CPM MARCH 2016

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VOL. 31 NO. 1 • MARCH 2016

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The 21st Annual Survey of the Canadian Real Estate Industry’s Major Players & Portfolios

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editor’snote DEFERRED MAINTENANCE might support a balanced budget, but it's a tangible liability. In a building, it undermines asset performance and value, and can compromise occupants' productivity. When occurring in water and wastewater systems, transportation networks, electricity grids and/or key institutions like schools and hospitals, deferred maintenance threatens public security and the underpinnings of the economy.

Spending pledges in the recently unveiled 2016 Canadian budget could be conceptualized as taking on a known and manageable deficit in the place of a more odious, lurking one. Because – as engineers, asset managers and insurers will attest – when it comes to municipal infrastructure, there really are monsters under the bed.

The federal government's new infrastructure plan might just as accurately be called the deferred maintenance budget. Much of the nearly $12-billion outlay has been allotted to municipalities with an emphasis on water and wastewater ($5 billion) and public transit ($3.4 billion) along with a range of other needs that local governments fulfil for their constituents such as flood protection, affordable housing, cultural and recreational facilities.

As Toronto's arguably most beloved former mayor – David Crombie, of course – has observed, the sudden disappearance of upper levels of government wouldn't immediately register with a lot of people. Federal and provincial responsibilities are surely critical to how Canadians live and prosper, but we don't need trade deals or consumer regulations to flush the toilet. Whereas, municipal infrastructure is the essence of civilization.

Similarly, the real estate industry's interests tend to be most aligned with local government. Providers of built space inherently want the surrounding environment to be robust. For example, federal infrastructure spending earmarked to support municipalities' climate change adaptation strategies complements work the Building Owners and Managers Association (BOMA) of Toronto has been leading to promote preparedness for increasingly frequent and volatile episodes of extreme weather.

Adherents of the notion that government should operate like a business sometimes conveniently overlook the fact that governments are obliged provide services that few profit-oriented companies would ever try to take to the market. Applying a business analogy, however, successful managers recognize the importance of reinvesting in company development and growth even if that diminishes profit margins in the short term. Deferred maintenance is ultimately no benefit for shareholders or taxpayers.

Fittingly with a discussion of well-managed companies, this issue features the 21st annual Who's Who in Canadian Real Estate survey. Thank you to Jovel Fernandes and Daniel Ross for collecting and coordinating this year's results.

Barbara Carss barbc@mediaedge.ca @BarbaraCarss

VOL. 31 NO. 1

MARCH 2016

Editor-in-Chief Barbara Carss barbc@mediaedge.ca Publisher Sean Foley seanf@mediaedge.ca Contributing Writers Danielle Desjardins, Jovel Fernandes, Daniel Germain, Louis Jacob, Erick Lord, Rebecca Melanyk, Matt Montage,Daniel Ross Senior Designer Annette Carlucci Wong annettec@mediaedge.ca Designer Jennifer Carter jenc@mediaedge.ca Web Designer Rick Evangelista rickr@mediaedge.ca Production Manager Rachel Selbie Ricca rachels@mediaedge.ca National Sales Sean Foley seanf@mediaedge.ca

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contents

Focus: Real Estate News & Trends 6 Real Estate Markets Diverge: 2015 results from REALpac/IPD Canada Property Index show a significant slump in investment returns in Calgary and Edmonton versus gains elsewhere.

11 Who's Who in Canadian Real Estate: The 21st annual survey of office, industrial, retail and multi-residential portfolios.

28 Sustainable Investment: Leading international real estate organizations develop guidance for integrating climate risk awareness into ESG frameworks and decision making strategies.

36 Career Prospects: Property and facilities employers in many Canadian centres report they're anticipating business growth in the coming year, and many expect to hire more staff.

40 Leasing Decision Drivers: Property managers reflect on tenants' expectations and wish lists.

Articles: 25 Memories of a Mentor: Lauchie MacLeod's four decades in commercial real estate.

32 Parking Management: Smart technology and urban planning trends make private off-street parking a potentially lucrative asset.

44 Greener Cleaning Options: Engineered water systems lose weight, gain wider adoption.

Departments 3 Editor’s note

4 March 2016 | Canadian Property Management

THIS MONTH’S ONLINE EXCLUSIVES ALL THE BUZZ

Push for gender equality in CRE industry The struggle for gender equality in the Canadian workplace is a matter of continuing priority as recent studies reveal a lack of women in corporate leadership roles. Prime Minister Trudeau touched upon this issue at a United Nations women’s conference last week.

Accommodating accessibility requests in condos New condominium corporations are almost always equipped with adequate accessibility. However, some older condominiums were built before accessibility was a legislative or societal imperative.

Pacific NorthWest LNG closer to final decision Pacific NorthWest LNG is one of 20 proposed LNG projects in B.C. which will see a $36 billion LNG export facility built on Lelu Island in the District of Port Edward.

How our culture on shaping tech company workplace design trends.

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investment

CROSS-CANADA MA Mild Symptoms of a Waning Cycle

Institutional Investors Appraise 2015 Returns on Real Estate

By Barbara Carss

6 March 2016 | Canadian Property Management

SUPPOSITION ABOUT 2016 figured prominently in an analysis of 2015 investment returns when real estate professionals gathered in Toronto earlier this winter for the release of annual results from the REALpac/ IPD Canada Quarterly Property Index.

While still digesting the news of an improvement over 2014 – for a total return of 8% on the 42 index participants' directly held standing assets – industry insiders participating in an associated panel discussion reiterated that many others are watching Canada's low dollar and resourcerelated vulnerabilities with growing interest.

"Rumours are accelerating that foreign money is going to come in and swoop up one of our top REITs," reported Derek Warren, Assistant Vice President with Lincluden Investment Management.

"Calgary is the place where people are starting to hover for the opportunities," added Mark Rose, Chairman and CEO of Avison Young.

"We're seeing a lot of U.S. investors coming here looking. I think we're going to start seeing a lot of trades," concurred Ted Willcocks, Global Head of Asset Management, Real Estate, with Manulife Financial.

Still respectable performance as Canada moves along the down slope of its real estate cycle could also factor into the allure, reinforcing an international reputation as a politically stable environment with growing urban centres and presumed inevitable resources booms to offset the occasional bust.

"It's probably safe to say these numbers will surprise on the upside," said Simon Fairchild, Executive Director with the index producer, MSCI Inc., as he unveiled the 2015 results at the event sponsored by the Real P roper ty Association of Canada (REALpac). "So far, at least, it seems like the market has avoided sharp corrections we've seen in

investment

ARKET DIVERGENCE the 1990s and following the financial crisis in 2008."

HUGE DIFFERENCES IN CAPITAL GROWTH PATTERNS

CALGARY SLIDES, TORONTO SURGES 2015 COMPONENTS OF TOTAL RETURN IN CANADA Nevertheless, last year's seeming stable BY PROPERTY SECTOR AND GEOGRAPHIC SEGMENT performance across the total index of 2,440 CAPITAL GROWTH (%) properties valued at nearly $136 billion nationwide hides fairly dramatic divergence 2.8 ALL PROPERTY among the 11 surveyed markets. Perhaps most All Retails 4.0 All Residential 3.4 notably, returns in Calgary plunged to 0.9% as All Offices 1.8 the fallout from sustained low oil and gas prices All Industrials 0.0 walloped the Alberta economy. In contrast, Toronto 7.4 Vancouver 7.4 properties in Toronto, Vancouver, Regina, Regina 5.5 Victoria, Ottawa/Gatineau and Montreal Victoria 4.0 Winnipeg 3.0 delivered improved returns, with Toronto Ottawa/Hull 1.4 Montreal 1.0 posting a chart-topping total return of 12.8%.

Rest of Canada -1.3 "We are seeing a pulling apart of the market," Edmonton -2.5 Calgary -4.1 Fairchild reflected. "Looking at individual Halifax -6.8 Source: MSCI portfolios, some will outperform and some will underperform based on location."

The gradient among property types is not so Source: MSCI steep, but there has also been a reordering of status. Industrial was the top performing sector

INCOME RETURN (%) 5.1 4.7 4.4 5.6 6.0 5.0 4.8 5.5 5.4 5.2 5.1 5.0 5.2 5.9 5.2 5.1

Canadian Property Management | March 2016 7

17

investment of 2014 with a total return of 8.7%, but that dropped to 6% in 2015 to trail retail, residential and office. Meanwhile, retail's leading 8.8% performance, which might seem counterintuitive in a year of chain closures and surging e-commerce competition, is attributed to the weighting of super-regional malls in the index.

"You have to think about the quality of the assets that are showing that return," observed Sharm Powell, a Director with the Ca nad a Pension Pla n I nvest ment

Board (CPPIB) and one of the four panellists sharing their on-the-spot reaction to the 2015 index results.

Others suggest that's something of a defining trend for the year. "Anything that was deemed 'quality' or 'core' did actually have pretty good returns," Warren said. "But there is still such a spread between Cs and As." CAPITAL GROWTH AND INCOME YIELDS Index-wide capital growth at 2.8% was

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stronger than 1.9% recorded in the previous year, while capital growth for retail properties measured what Fairchild typified as a "robust" 4%. Regionally, Toronto and Vancouver saw capital growth of 7.4%, while Halifax, Calgary, Edmonton and the eponymous Rest of Canada representing an amalgam of secondary markets all tumbled into negatives.

In drawing out the five key messages from the 2015 results, Fairchild acknowledged that he had simply copied one from last year's presentation: "income yields continue to fall into historically low territory, although premium over government bonds remains."

This is expressed in a fractional overall slippage in income return from 5.2% in 2014 to 5.1% in 2015. Across the entire index, office properties held steady with an income return of 5.6%, while retail, residential and industrial experienced a slight decline. Victoria, Ottawa/Gatineau and Edmonton were the only markets to see gains, with Edmonton emerging with the highest income return of 5.9%. Vancouver bottomed out the list at 4.8%.

Index participants' 2015 investment returns on directly held real estate outshone 9% losses on equities, 0.5% losses on REITs and a 3.1% return on bonds – a pattern of performance against bonds and equities that largely holds ups for the long term with 10-year returns of 10.3% versus 10-year returns of 5.8% on bonds and 4% on equities. Although Fairchild sees something of a new order in the drop of income return from 8% in 2005 — "It just shows very clearly we're in a different world than 10 years ago," he said — the property yield to bond yield spread remains consistently favourable to the index.

In contrast, listed real estate has been much more volatile with a three-year return of 17.4 per cent to put against last year's dip, smoothing out to a 10-year return of 8.3%.

"REIT investors are real estate investors on Ritalin," Warren quipped, while maintaining this illustrates the pluses of institutional investors' disciplined, long-term approach.

PORTFOLIO ADDITIONS Plotting Canada among global markets, its performance fell to the middle of the pack in 2015 well behind Ireland, the United Kingdom and the United States, while outperforming 12 European Union nations, China, Taiwan and Hong Kong.

"So, a below par year. It's underperforming maybe globally, but certainly outperforming

14-02-19 3:41 PM

RELATIVE TO OTHER ASSET CLASSES… …NOT A BAD YEAR FOR PRIVATE REAL ESTATE EQUTIES BONDS RE - LISTED RE - ASSET LEVEL RE - FUND LEVEL

CANADA MULTI-ASSET CLASS PERFORMANCE ANNUALIZED RESULTS AS OF DECEMER 31, 2015

1 YEAR

3 YEARS

% pa

15 8.0

10 3.1

5 0

5.6

13.4 11.110.3

8.7 7.2

5.3 5.0

2.3

4.9

4.0

5.8

8.3

10.3 9.2

-0.5

-5

RE (fund)

RE (asset)

Bonds

RE (listed)

Equities

RE (fund)

RE (asset)

Bonds

RE (listed)

Equities

RE (fund)

RE (asset)

Bonds

RE (listed)

Equities

RE (fund)

RE (asset)

Bonds

RE (listed)

-9.0 Equities

-15

10 YEARS

17.4

20

-10

5 YEARS

COLUMN > RESTORATION SPONSORED BY

Note: Results shown here for direct real estate and fund-level real estate are based on separate quarterly samples Sources: JP Morgan (bonds); MSCI (equities, property equities, direct real estate, and fund-level real estate)

11

…BUT IN HISTORICAL CONTEXT, IT WAS A SLOW YEAR TOTAL RETURN HISTORY FOR CANADA ANNUALIZED STANDING INVESTMENTS CAPITAL GROWTH INCOME RETURN TOTAL RETURN ANNUALIZED TOTAL RETURN (15 YEARS)

% pa 25 20

18.5

16.8

15.4 11.2

10 3.8

5

14.2 11.0

10.1 7.2

10.3

10.7

8.0

-0.4

0

-5.5-6.4

-5

4 YEARS 10 YEARS 15 YEARS

1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Russell, MSCI

other asset classes," Fairchild mused. "This is still an asset class that institutional investors want to be in and want to add to their portfolios."

The U.K. and U.S. ascendance is also good news for Canadians in general since Powell noted the largest portion of CPPIB's $40-billion real estate holdings is in those countries. Within Canada's borders, though, the fund remains open to arising opportunities.

"We like retail. We like office in the major markets. We like Toronto. We like Vancouver," she affirmed.

Si m i l a r l y, W i l l c o c k s r e p o r t s Manulife is considering the domestic field, while also actively acquiring in the U.S. "We want to see what Q1 looks like in '16," he said.

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18.7

15 11.5

Lessons we have learned

12

For his part, Rose speculated "2016 could very well look exactly like this.

With zero to negative interest rates and the greatest flow of capital in the history of the world, this could continue. The question to ask is: do you have your plan for when something is going to change?"

While 2011's 21.6% total return may now just be nostalgia in Calgary, he maintains today's scenario is also quite different from the collapse in the 1980s.

"We're smarter, we're better capitalized and people are holding on longer," Rose said. "Strong hands in Calgary are going to be fine. Weak hands are going to drop out." zz

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WHO’S WHO 2016

BUILDING PROVIDED BY

45 BALLIOL STREET TORONTO, ON

PRESENTED BY:

TOP

TEN

MANAGED IN CANADIAN REAL ESTATE

MILLIONS OF SQ. FT.

RETAIL MANAGE ONLY

MILLIONS OF SQ. FT.

100.995

SNC-Lavalin Operations & Maintenance Inc.

30.000

SNC-Lavalin Operations & Maintenance Inc.

49.500

Bentall Kennedy (Canada) Limited Partnership

17.152

CBRE Limited

36.756

20 Vic Management Inc.

GWL Realty Advisors

29.185

Bentall Kennedy (Canada) Limited Partnership

26.879

Colliers International

15.460

Société de Gestion Cogir

6.178

Triovest Realty Advisors

14.540

Morguard

6.130

Oxford Properties Group

6.837

Morguard

5.970

Avison Young Real Estate Management

5.425

Canderel/Humford

5.736

Oxford Properties Group

5.187

Triovest Realty Advisors

3.963

OFFICE MANAGE ONLY Brookfield Global Integrated Solutions

APARTMENT MANAGE ONLY

MILLIONS OF SQ. FT.

MetCap Living Management Inc.

18.569

The DMS Group

15.406

Greenwin Inc.

11.884

17.086

10.663

Brookfield Global Integrated Solutions

Gateway Property Management Corporation

16.321

10.435

Colliers International

9.393

Briarlane Property Management Inc.

INDUSTRIAL MANAGE ONLY

MILLIONS OF SQ. FT.

OTHER MANAGE ONLY

MILLIONS OF SQ. FT.

Bentall Kennedy (Canada) Limited Partnership

39.416

Brookfield Global Integrated Solutions

25.634

CBRE Limited

22.729

CBRE Limited

23.647

SNC-Lavalin Operations & Maintenance Inc.

11.900

GWL Realty Advisors

9.487

CLV Group

8.842

Sterling Karamar Property Management

8.100

Société de Gestion Cogir

6.402

Shelter Canadian Properties Limited

5.364

CONDO MANAGE ONLY

MILLIONS OF SQ. FT.

First Service Residential Management Canada

107.670

Brookfield Condominium Services Ltd.

72.924

Del Property Management Inc.

67.522

Triovest Realty Advisors

17.155

GWL Realty Advisors

17.134

Colliers International

10.774

Regional Group of Companies Inc., The

7.500

Wilson Blanchard Management Inc.

SNC-Lavalin Operations & Maintenance Inc.

9.000

Société de Gestion Cogir

5.822

Rancho Management Services

28.542

Shelter Canadian Properties Limited

3.797

Pacific Quorum Properties Inc.

21.367

Colliers International

1.867

ICC Property Management Ltd.

18.911

The DMS Group

1.402

Canderel/Humford

1.094

Harvard Property Management Inc.

0.685

Blackwood Partners Corporation

8.524

Realspace Management Group Inc.

8.214

Avison Young Real Estate Management

4.325

EPIC Realty Partners

4.265

#

36

WOODWARD’S W43 128 WEST CORDOVA STREET VANCOUVER, BC V6B 0E6

12 March 2016 | Canadian Property Management

37.741

AWM-Alliance Real Estate Group Ltd.

18.073

Gateway Property Management Corporation

17.381

Percel Inc.

9.800

#

135

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TOP

TEN OFFICE OWN & MANAGE Dream Office REIT

MILLIONS OF SQ. FT.

23.000

Brookfield Office Properties

21.100

Cominar REIT

14.592

Cadillac Fairview Corporation Ltd.

14.003

Oxford Properties Group

12.567

Manulife Real Estate

12.140

H&R REIT

11.502

Allied Properties REIT

10.766

Morguard

7.686

Ivanhoe Cambridge

6.971

OWNED & MANAGED IN CANADIAN REAL ESTATE

RETAIL OWN & MANAGE

MILLIONS OF SQ. FT.

Choice Properties Real Estate Investment Trust

35.414

SmartREIT

29.030

First Capital Realty

23.600

Cadillac Fairview Corporation Ltd.

17.163

26.100

Homestead Land Holidays Ltd.

22.508 21.300

Cominar REIT

12.845

16.735

H&R REIT

11.383

Timbercreek Asset Management

Westcliff Management

9.385

Skyline Apartment REIT

13.896

Morguard

9.214

Killam Apartment REIT

12.303

Oxford Properties Group

7.996

CAPREIT

28.278

Manulife Real Estate

14.200

MILLIONS OF SQ. FT.

17.445

Dream Industrial REIT

17.000

Choice Properties Real Estate Investment Trust

Morguard

13.938

Realstar Management

5.500

Oxford Properties Group

11.659

CREIT Management LP

9.886

NorthWest Healthcare Properties

4.600

Beedie Development Group

9.081

H&R REIT

8.598

Prologis

7.960

Davpart Inc.

5.370

14 March 2016 | Canadian Property Management

Realstar Management

Starlight Investments Ltd.

Pure Industrial Real Estate Trust

145 COSBURN AVENUE TORONTO, ON M4J 2L2

29.000

14.544

Ivanhoe Cambridge

Cominar REIT

27

37.059

Boardwalk Rental Communities

21.782

OTHER OWN & MANAGE

#

CAPREIT

MILLIONS OF SQ. FT.

Northview Apartment REIT

MILLIONS INDUSTRIAL OWN & MANAGE OF SQ. FT.

17.884

APARTMENT OWN & MANAGE

Kevric Real Estate Corporation

5.514

Minto Properties Inc.

Q. A.

what are the market strengths of the apartment sector?

Over the past 20 years the Canadian apartment sector has consistently delivered returns which have outperformed other real estate investment classes and the publicly traded real estate sector.

1.948

Dorset Realty Group

0.950

Westcorp

0.945

Melchior Management

0.442

Northview Apartment REIT

0.343

12.115

David Chalmers, Vice President, Asset Management www.starlightinvest.com

#

107

1800 AVENUE MCGILL COLLEGE MONTRÉAL, QC H3A 3J6

TOP

TEN MILLIONS OF SQ. FT.

OFFICE OWN ONLY

OWNED IN CANADIAN REAL ESTATE

RETAIL OWN ONLY

MILLIONS OF SQ. FT.

APARTMENT OWN ONLY

MILLIONS OF SQ. FT.

Crombie REIT

16.677

Ivanhoe Cambridge

23.164

Healthcare of Ontario Pension Plan Inc. (HOOPP)

8.000

One REIT

6.356

Healthcare of Ontario Pension Plan Inc. (HOOPP)

9.350

Manulife Real Estate

6.200

I.G. Investment Management, Ltd.

4.627

Fiera Properties

1.682

I.G. Investment Management, Ltd.

4.360

Melcor REIT

1.613

Ivanhoe Cambridge

2.753

Ivanhoe Cambridge

1.538

Partners REIT

2.516

Crombie REIT

0.989

iA Groupe Financier

0.612

Cadillac Fairview Corporation Ltd.

0.395

Gitalis Group Inc.

0.240

INDUSTRIAL OWN ONLY

MILLIONS OF SQ. FT.

Healthcare of Ontario Pension Plan Inc. (HOOPP)

11.850

Manulife Real Estate

10.760

I.G. Investment Management, Ltd.

9.029

Manulife Real Estate CREIT Management LP

2.450 2.153

Fiera Properties

0.263

OTHER OWN ONLY

MILLIONS OF SQ. FT.

Manulife Real Estate

19.410

Oxford Properties Group

3.273

Ivanhoe Cambridge

3.202

Temple Hotels Inc.

3.165

4.271

Cadillac Fairview Corporation Ltd.

0.188

Melcor REIT

0.108

Lanesborough Real Estate Investment Trust

0.106

Shelter Canadian Properties Limited

0.035

0.231

#

11

LE MILLE NEUF MONTREAL QC

16 March 2016 | Canadian Property Management

0.561

1.054

4.650

Melcor REIT

I.G. Investment Management, Ltd.

Fiera Properties

Fiera Properties

0.766

0.752

0.472

IAM Real Estate

PRO REIT

0.822

Oxford Properties Group

0.306

0.581

1.237

Kroma Management Ltd.

Centurion Apartment REIT

0.225

1.069

1.298

Concert Properties Ltd.

PRO REIT

Ivanhoe Cambridge

1.305

Lanesborough Real Estate Investment Trust

2.025

Morguard

Concert Properties Ltd.

7.502

G3 Property Solutions Inc.

SmartREIT

5.318

Davpart Inc.

InterRent REIT

Q. A.

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Communication is the key driver in the tenant/landlord relationship, and it fosters and sustains lasting relationships. The landlord needs to be able to be available 24/7 — in the medium that the tenant chooses — and provide responses in an acceptable turnaround. Happy tenants inspire a healthy environment.

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#

93

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CANADIAN PROPERTY MANAGEMENT WHO’S WHO 2016 OFFICE TOTAL SQ. FT. MANAGE (MILLIONS)

Brookfield Global Integrated Solutions

OWN

INDUSTRIAL BOTH

MANAGE

OWN

RETAIL BOTH

142.950 100.995

MANAGE

OWN

APARTMENT BOTH

MANAGE

OWN

CONDO BOTH

MANAGE

16.321

OTHER MANAGE

107.670

SNC-Lavalin Operations & Maintenance Inc.

100.400 49.500

9.000

30.000

Bentall Kennedy (Canada) Limited Partnership

86.989 26.879

39.416

17.152

3.542

CBRE Limited

85.522

22.729

0.911

1.479

Brookfield Condominium Services Ltd.

72.924

Manulife Real Estate

68.060

Del Property Management Inc.

67.522

36.756

0.420

23.647

6.200

12.140

10.760

1.170

2.450

0.290

0.600

0.420 67.522

66.801 58.923

29.185

Oxford Properties Group

54.313

6.837

Ivanhoe Cambridge

53.984

0.414

Morguard

52.594

5.97

0.619

0.844 17.134

3.116

12.567 1.538

6.971 7.686

1.069 0.817

5.187

0.151

0.177

13.938

6.13

28.278

2.753

7.996

0.752

14.544

23.164

9.214

3.273 3.202

6.482

45.710 0.045

Colliers International

41.866

15.460

10.774

9.393

1.874

2.497

1.867

Wilson Blanchard Management Inc.

40.115

1.268

0.645

0.355

0.100

37.741

0.006

Triovest Realty Advisors

36.212

14.540

17.155

3.963

0.554

Rancho Management Services

35.176

1.213

2.059

3.295

Cadillac Fairview Corporation Ltd.

32.650

31.483

Healthcare of Ontario Pension Plan Inc. (HOOPP)

29.200

Boardwalk Rental Communities

29.000

Gateway Property Management Corporation

28.984

Starlight Investments Ltd.

23.631

First Capital Realty

23.600

Northview Apartment REIT

0.395

0.336

0.148

0.64

11.502

0.049

0.196

0.127

23.000

23.000

Homestead Land Holidays Ltd.

22.508

Pacific Quorum Properties Inc.

21.965

CREIT Management LP

21.951

Société de Gestion Cogir The DMS Group

29.030

10.663

21.782

0.014 0.019

2.932

2.153

0.584

21.367

0.879

18.073 0.441

6.961

0.418

0.279

6.178

6.402

19.155

0.417

1.256

0.674

15.406

18.743 18.569

Minto Properties Inc.

17.865

Crombie REIT

17.666

Pure Industrial Real Estate Trust

17.445

18 March 2016 | Canadian Property Management

3.276

9.886

19.573

Canderel/Humford

0.343

22.508

0.893

MetCap Living Management Inc.

17.381

23.600

0.377

18.911

5.500

21.300

0.497

18.785

0.179

0.035

17.086

ICC Property Management Ltd.

28.542 0.188

0.760

I.G. Investment Management, Ltd.

0.067

5.514

29.000 0.390

Dream Office REIT

20.719

2.025

0.079

8.000

0.259

AWM-Alliance Real Estate Group Ltd.

17.163

0.389 0.001

11.383

11.850

0.885

21.122

0.901

8.598

9.350

23.268

21.100

35.414

26.100

0.091

Brookfield Office Properties

2.861

14.003

2.205

20 Vic Management Inc.

12.845

0.581

45.008

0.609

17.884

1.78

6.043

Choice Properties Real Estate Investment Trust

H&R REIT

14.592

11.659

37.059 9.487

Cominar REIT

31.695

14.200

11.900

72.924

GWL Realty Advisors

31.600

19.410

107.670

CAPREIT

SmartREIT

BOTH

25.634

First Service Residential Management Canada

Realstar Management

OWN

21.100

5.822

0.033

1.402 18.911

5.736

4.627

0.209

0.084

3.793

9.029 3.867

4.360 0.306

3.459

0.561 0.322

1.094 18.569

0.913

1.298

0.481

0.989

16.677 17.445

3.058

12.115

0.082

CANADIAN PROPERTY MANAGEMENT WHO’S WHO 2016 OFFICE TOTAL SQ. FT. MANAGE (MILLIONS)

Dream Industrial REIT

17.000

Shelter Canadian Properties Limited

17.143

OWN

INDUSTRIAL BOTH

MANAGE

OWN

RETAIL BOTH

MANAGE

OWN

0.356

0.011

0.074

0.889

0.020

0.101

0.205

16.818

Greenwin Inc.

16.006

0.245

Avison Young Real Estate Management

15.075

4.725

Dorset Realty Group

15.047

0.665

0.127

1.515

14.337

0.440

14.064

1.573

ComField Management Services Inc.

12.330

0.080

Briarlane Property Management Inc.

12.323

0.371

Killam Apartment REIT

12.303

Sterling Karamar Property Management

12.242

Westcliff Management

11.618

5.318

1.751

0.802

0.715

10.435

0.447

1.361

2.106

1.550 0.206

0.295

10.760

1.372

8.524

0.864

Regional Group of Companies Inc., The

10.310

0.500

0.200

0.500

2.083

1.237

1.191

8.214

0.807

4.265

10.211

Drewlo Holdings Inc.

9.589

Beedie Development Group

9.261

0.005

9.081 1.448

9.034

0.050

9.022

0.180

Berkley Property Management Inc.

8.550

Prologis

7.960

NewWest Enterprise Property Group Inc.

7.676

6.258

7.101

0.950

6.000

0.228 0.153

0.052

0.472

2.601

1.250

0.360

7.500

0.109

0.021

0.044

0.048

7.489 8.842

0.750

0.400

3.543

2.039

0.250

5.100

0.250

1.800

7.960 1.995

0.099 7.502

1.682

4.271

0.051

1.054

0.080

0.263 0.050

0.515

0.050

6.457

7.109 1.901

0.06

0.796

0.110

1.316

2.205 6.356

0.016

0.077

GPM Property Management Inc.

6.179

iA Groupe Financier

6.142

0.881

Downing Street Property Management Inc.

6.071

0.748

Shindico Realty

6.029

0.793

LaSalle Investment Management

5.986

1.247

0.685

0.594 0.134

6.508

0.300

5.958

0.356

0.183

4.363

0.114

0.212

0.005 0.612

6.174 4.015

0.206 2.224

0.101

5.931

SDM Realty Advisors Ltd.

5.533

2.000

Kevric Real Estate Corporation

5.481

0.068

Colonnade BridgePort

5.427

2.700

0.478 2.388

5.352

2.911

0.738

0.475

3.132

Northam Realty Advisors

20 March 2016 | Canadian Property Management

3.300

9.589

Park Property Management Inc.

6.226

0.091

9.800

CLV Group

Globe General Agencies

0.035

1.32

9.800

M&R Holdings

3.797

9.385

4.597

Realspace Management Group Inc.

6.658

4.684

10.766

Percel Inc.

6.950

0.200

8.100

0.235

Blackwood Partners Corporation

Mainstreet Equity Corp.

BOTH

12.303

5.226

One REIT

OWN

1.778

5.250

10.811

7.074

11.884

1.000

EPIC Realty Partners

Harvard Property Management Inc.

MANAGE

0.600

5.370

0.600

7.109

MANAGE

13.896 0.052

11.249

7.203

0.348

3.415

10.826

Plaza Retail REIT

BOTH

5.425

Concert Properties Ltd.

Canlight Hall Management Inc.

5.364

0.933

Allied Properties REIT

7.270

OWN

OTHER

16.735 0.109

4.325

Skyline Apartment REIT

7.502

MANAGE

0.083

Davpart Inc.

InterRent REIT

BOTH

CONDO

17.000

Timbercreek Asset Management

Fiera Properties

APARTMENT

0.104 0.151

0.521

3.074

0.085

0.308

0.464

0.000 1.605 0.356

0.605 0.010

0.136

0.158

0.115

2.600

0.850

0.464

0.050

1.600

1.000

0.083 0.041

1.948 0.089

0.038

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CANADIAN PROPERTY MANAGEMENT WHO’S WHO 2016 OFFICE TOTAL SQ. FT. MANAGE (MILLIONS)

360 Community Management Ltd.

OWN

INDUSTRIAL BOTH

MANAGE

OWN

RETAIL BOTH

MANAGE

OWN

APARTMENT BOTH

MANAGE

OWN

CONDO BOTH

5.394

BTB Real Estate Investment Trust

5.138

Crown Property Management Inc.

5.100

Agellan Capital Partners

5.000

IAM Real Estate Group

4.987

Skyline Commercial REIT

4.895

Warrington PCI Management

4.886

Firm Capital Properties Inc

4.862

MANAGE

2.104 2.470

1.982

2.000

3.000 4.650

0.337 4.895

1.463

0.515

1.672

0.687

0.330

1.540

0.905

0.231

2.234

0.55

1.000

0.965

0.758

3.608

0.202

CitiGroup Properties Limited

4.675

0.312

0.029

0.319

0.825

2.617

Devon Properties Ltd.

4.638

0.143

0.129

3.901

0.466

Hollyburn Properties Ltd.

4.628

NorthWest Healthcare Properties

4.600

Centurion Apartment REIT

4.556 4.372

0.193 0.825

3.400

1.623

0.213

Dayhu Investments Ltd.

3.788 3.692

Westcorp

3.460

Canadian Urban Ltd.

3.440

Shape Property Management Corp.

3.380

Melcor Developments Ltd.

3.267

IMMOMARKETING INC.

3.264

Bosa Development Corporation

3.202

Temple Hotels Inc.

3.165

3.111

1.613

0.231

Melchior Management

2.535

0.185

0.104

0.175

0.067

1.052

0.003

0.090

0.760

0.739

0.195

0.504

0.945

0.108 3.100

0.072

0.534

0.064

0.021

0.193

0.977

1.931 3.000

0.231

0.255

1.052

0.317

0.392

0.259

0.108

0.017

0.111

1.305

0.228

0.432

0.923

0.138

0.142

0.350

0.161

0.105

0.983

0.431

0.009

0.543

1.292

0.442

2.516 2.167

0.294 2.450

0.011

0.067

0.502

1.279

0.409

Arnon Corp.

2.410

G3 Property Solutions Inc.

2.362

Greenrock Property Management Ltd.

2.161

0.300

State Building Group

2.100

0.100

O'Shanter Development Company Ltd.

2.025

22 March 2016 | Canadian Property Management

1.971

2.800

0.734

2.450

0.177

2.074

1.613

0.055

2.444

0.062

3.165

2.781

Brown Group of Companies Inc.

3.501

0.457

0.401

2.648

Skywater Property Management

3.455

3.38

Gulf Pacific Property Management Ltd.

2.516

0.047

0.041 2.197

Lawrence Construction/Grant Management

2.461

0.206

1.065

0.296

0.154

Partners REIT

0.136

3.523

0.787

0.070

McCor Management (East) Inc.

1.357

0.284

3.147

3.005

0.797

0.088 0.268

3.070

2.800

3.767

1.069

0.224

Kelson Group Melcor REIT

0.306

0.700

Old Oak Properties Inc.

KRP Properties

0.572

4.600

4.225

Prospero International Realty Inc.

0.120

0.132

0.483

Redbourne Properties

4.039

1.750

4.628

Canreal Management Corporation

Pinedale Properties Ltd.

0.375

0.171

4.760

4.155

BOTH

1.051

4.700

4.126

OWN

2.630

Martello Trusted Real Estate Advisors

Menkes Property Management Services Ltd.

MANAGE

5.394

Landmark Properties Inc.

Bayshore Property Management

OTHER

0.020

0.052

0.397 1.305

0.03

1.057 1.831

1.000

1.000 0.405

0.266

1.620

0.007

CANADIAN PROPERTY MANAGEMENT WHO’S WHO 2016 OFFICE TOTAL SQ. FT. MANAGE (MILLIONS)

OWN

INDUSTRIAL BOTH

MANAGE

OWN

0.464

RETAIL BOTH

MANAGE

Ronmor Holdings Inc.

1.923

WJ Properties

1.921

Tillyard Management Inc.

1.831

0.726

1.010

0.095

Atlantis Realty Services, Inc.

1.806

0.136

1.408

0.228

Canpro Investments

1.730

0.770

Madison Properties Inc.

1.705 1.667 1.623

0.019 0.300

1.550 1.534

Axwood Enterprises

1.529

Skyline Retail REIT

1.513

IMP Group International

1.462

Lanesborough Real Estate Investment Trust

1.404

Huntington Properties Ltd.

1.394

BUSAC Real Estate

1.359

Antrev Management & Consulting, Inc.

1.278

Sabjoy Inc.

1.200

1.000

Merkburn Holding Limited

0.919

0.066

Tower Building Management

0.909

0.354

Twin City Management Ltd.

0.903

Armadale Property Management

0.834

Kroma Management Ltd.

0.822

Condominium Living Management

0.819

0.637

0.113

0.45

0.700

0.285

0.669 0.054

0.424

1.124

0.283

0.790

0.080

0.311

0.213

0.106 0.419

0.137

0.196 0.021

0.007 1.200

Rathcliffe Properties

Gistex

0.443

BOTH

0.225 0.095

1.163 0.589

1.010

0.645

0.523

1.298

1.063

0.660

0.304

0.105

Concorde Group Corp.

Equity Hill Properties Group

0.013

OWN

1.513

Preston Group

Aldgate Group

1.819

MANAGE

0.215

0.651

0.056

1.161

0.675

MANAGE

0.034

0.147 0.100

0.019

1.105

0.663

BOTH

0.455

0.766 1.248

0.215

York Heritage Properties

Gillin Engineering & Construction Ltd

OWN

OTHER

1.152

0.450

0.154

Lionheart Property Management Inc.

Shepherd Village Inc.

MANAGE

CONDO

0.745 0.800

PRO REIT

Richmond Property Group Ltd.

0.307

BOTH

0.089

Metcalfe Realty Company Limited

Bluestone Properties Inc.

OWN

APARTMENT

0.337 0.250

0.100

0.824

0.756 1.063 0.100

0.540

0.370

0.300 0.238

0.097

0.100

0.498

0.200

0.600 0.019

0.355

0.050 0.077

0.183

0.159

0.853 0.327

0.024

0.064 0.822 0.819 0.210

0.647 0.195

0.430

0.079

0.332

0.035 0.051

0.080 0.210

0.134

0.017

0.013 0.170

Taft Management Inc.

0.608

Fana Group of Companies

0.600

0.018

Glenview Management Ltd.

0.583

0.226

0.208

0.051

0.042

0.014

Fyrst Avenue Property Management Inc.

0.575

0.300

0.065

0.110

0.030

0.035

0.501 0.387

0.134

0.246

0.600

Plaza Cote des Neiges

0.543

Northland Properties

0.496

0.113

Apollo Property Management Limited

0.451

Lloyd Zerker Realty Ltd.

0.440

0.013

Loncom Property Management

0.438

0.055

Allstate Insurance Company of Canada

0.400

0.400

Gitalis Group Inc.

0.376

0.018

0.024 0.035

0.430 0.496

0.16

0.253

0.038

0.225

0.202 0.250

0.240

0.036

0.040

0.018

0.075

0.100

Canadian Property Management | March 2016 23

CANADIAN PROPERTY MANAGEMENT WHO’S WHO 2016 OFFICE TOTAL SQ. FT. MANAGE (MILLIONS)

The Vancor Group Inc.

0.371

Gold Castle Holdings Ltd.

0.352

Summa Property Management

0.345

Edie & Associates

0.344

OWN

INDUSTRIAL BOTH

MANAGE

OWN

RETAIL BOTH

MANAGE

OWN

APARTMENT BOTH

MANAGE

OWN

0.039 0.300

CONDO BOTH

0.033 0.201

0.332

0.178

0.134

0.143

0.287

Bedford Properties & Estates Ltd.

0.284

Goodwood Property Investment Ltd.

0.284

0.004

Chester Developments Ltd.

0.279

0.040

0.239

CIVDEV INC.

0.277

0.035

0.200

0.287 0.284 0.010

0.270

0.042

Mutual Developemnt Corp

0.275

RW Commercial Property Management Inc.

0.250

Southwest Properties

0.239

0.038

Nelson Education Ltd.

0.233

0.233

17A Properties

0.191

0.191

Marklyn Management

0.113

0.058

Leimerk Developments Ltd.

0.109

Sluis Properties

0.090

Oak Bridge Properties Inc.

0.064

Provincial Property Management Limited

0.027

Parkhurst Asset Corp.

0.013

0.005

0.090

0.180

0.250 0.201

0.056

0.109 0.090 0.014

0.050 0.006

0.020 0.013

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industryleadership

A MAN OF REAL PRESENCE

Lauchie MacLeod's Peers Salute an Outstanding Career

By Barbara Carss IN A 40 + -YEAR CAREER i n com mercia l rea l estate, Lauch ie MacLeod mastered and applied a wide range of skills in property management, building operations, service deployment and talent grooming – all the while sharing his expertise and enthusiasm with clients, co-workers and industry contemporaries. His death in early January saddened many who have benefited from his guidance and friendship, while leaving them impressed with his fortitude in facing the serious health challenges that forced him to step away from the work he relished.

"Lauchie's love of the industry was second only to his love of his family," observes Peter Riggin, President of NorthWest Healthcare Properties REIT's Canadian division, Lauchie's final employer, where he served as Regional General Manager, Ontario, from 2006 onward. "He just loved the industry – the people in it, the professionalism, the mentoring and all the innovation and advancements that we're seeing in areas like technology and energy efficiency."

These days, a look at baby boomers' employment history invariably leads to

a conversation about the extraordinary wo r k p l a c e a n d l a b o u r m a r k e t transformations they have encountered.

Operationally, manual and paperbased processes have given way to automated IT-driven environments and ensuing expectations for response at any time from anywhere, while, on the business front, almost every industry sector exhibits a long trail of company launches, demises, mergers and/or brea k-ups. Lauch ie's ca reer path exemplifies this reality.

HANDS-ON KNOW-HOW Hearkening back to 1973, some of his former employers are now consigned to real estate history, but long-time peers and friends confirm he learned at each step, synthesized the knowledge and carried it forward. Ross McKerron, a colleague at Lauchie's first jobsite, the 827,000-square-foot Canada Square office complex in midtown Toronto, outlines the hands-on training that provided a grounding in basic building functions and services.

"He was exposed to most of the aspects of building operations, working for stints in

the power house with the stationary engineers, working with the construction group – plumbers, electricians and carpenters – and dealing with general building maintenance and housekeeping issues," McKerron recounts.

"He often referred to this time as the golden age of property managers," notes Greg Chapman, Business Development Manager with Impark, who worked closely with Lauchie in the early 2000s.

"This was management by walking around the shop floor. Lauchie knew this has now fallen out of favour, but he also understood how important it really is."

In addition to senior positions with commercial real estate companies, he also filled out a noteworthy resumé with executive roles in key support industries: parking and telecommunications. That multi-disciplinary know-how later bolstered NorthWest Healthcare Properties' expansion plans, as the REIT acquired older facilities with on-site parking and what Riggin characterizes as "often unique" existing building systems.

"We needed someone with Lauchie's depth of experience and knowledge," he says. "We also gained another asset, Canadian Property Management | March 2016 25

industryleadership

“Lauchie rarely answered operational questions directly, but, as a manager, made staff think through the problem, come up with solutions then implement them.” which was his strength in recruitment, particularly in hiring talented young people with potential."

A GIVING, YET DISCERNING MENTOR A striking figure at 6' 4" with eyecatching white hair and a laugh that reverberated throughout the office, he's remembered for sporting a kilt of MacLeod tartan on Robbie Burns Day and for a personable manner that could turn imposing when warranted. While typically managing with warmth and generosityIndigo_CPM_March_2016_FINAL.pdf of spirit, those who worked1 with and for him were always aware of standards that must be met.

26 March 2016 | Canadian Property Management

"He challenged the people around him to become better managers," reflects Peter Willmott, Director of Operations at the MaRS Discovery District, who served with Lauchie on the board of directors of the Building Owners and Managers Association (BOMA) of Toronto. "Lauchie rarely answered operational questions directly, but, as a manager, made staff think through the problem, come up with solutions then implement them."

A longstanding member and past president BOMA Toronto, he was 2016-03-21 of 2:39 PM actively involved in organizing BOMEX – the annual national gathering of BOMA

local chapters from across Canada – when it occurred in Toronto in 1991 and 2000.

Many BOMA members also enjoyed his camaraderie on the golf course.

"Lauchie was present to witness my only ever hole-in-one during a BOMA convention in Tennessee, and he was as genuinely excited as I was," recalls Kevin Brown, P resident of Media Edge Communications and a fellow BOMA and BOMEX organizing committee member.

"Over the years, we had many golf outings as well as more serious meetings. He was always engaged and engaging, fun, honest and giving. We will miss him greatly."

That's a sentiment especially noticeable in the corporate offices of NorthWest Healthcare Properties REIT. "One of the things that really struck me when he was battling the illness was that so many young people, whom he had hired and managed and mentored, were just so emotionally invested," Riggin says. zz Donations in Lauchie's honour can be made to the Gerry and Nancy Pender Brain Trust (http://thepmcf.ca) or the Dorothy Ley Hospice (www.dlhospice.org).

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28 March 2016 | Canadian Property Management

investment

A ROADMAP FROM PARIS Climate Action Via Real Estate Investment CLIMATE RISK AWARENESS is essential to future-proof the value of real estate, the developers of a new guidance document for integrating mitigation and adaptation considerations into investment decisions maintain. Sustainable Real Estate Investment, Implementing the Paris Climate Agreement: An Action Framework – a collaborative project of the United Nations Envi ron ment Program Finance Initiative (UNEP FI) and five industry advocacy bodies representing institutional investors, fund ma nagers, proper t y compa ny professionals and affiliated consultants and service providers worldwide – is an effort to translate big-picture goals and targets into tangible measures.

"It is a user-friendly map of tools and guidance that can support us with the a c t u a l i mple m e nt a t io n of E SG (environmental, social and governance) and climate risk strategies. They also make it easier to value sustainable buildings and, ultimately, enhance market transformation as well as de-risk investments," explains Martin Brühl, President of the Royal Institution of Chartered Surveyors (RICS).

"Increasingly, global investors are now aligning their investments to sustainable investments," concurs Michael Brooks, Chief Executive Officer of the Real Property Association of Canada (REALpac), who advised the

framework developers on the Canadian commercial real estate perspective.

"This framework will be a very valuable tool for those global investors to pick the best advisors, with the best governance framework and the best assets. It will enable these investors to choose the best de-risked, future-proofed assets."

Last December's COP 21, Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in Paris, saw participating national g ove r n m e n t s b r o a d ly r e a f f i r m commitments to curb the rising global temperature, but the emitters they govern will ultimately carry out the mandate.

Investment buildings currently account for about 30% of global greenhouse gas (GHG) emissions annually, positioning the commercial real estate industry as a significant player in the so-called non-state actor zone for climate change (NAZCA).

This growing list of private sector ventures, local and state/provincial governments and non-governmental organizations (NGOs) have made commitments of their own to support the official nationally determined contributions (NDCs) in the jurisdictions where they operate. Notably, the Global Alliance for Buildings and Construction, which was launched at COP 21, promotes energyefficient construction and retrofits and sustainable practices throughout the entire building life cycle, including the construction

supply chain, to achieve emissions reductions and climate change resiliency.

"Public private collaboration will be essential to finance a low-carbon economy, including the buildings sector. This new framework will allow real estate investors to play their role in making this transition happen," maintains Eric Usher, acting head of UNEP FI. Advocates for sustainable real estate investment argue the Paris Agreement creates a fiduciary duty to manage climaterelated risks through business practices and decision-making processes. However, they also highlight the business rationale that should make the duty less burdensome.

"In real estate, the value proposition has been proven through numerous research publications, expert practices and practical case studies. More efficient and green proper ties can reduce operating expenses, support efforts to achieve top-of-market rents, reduce vacancy and void periods, lower risk of mortgage default and meet the increasing need of occupiers who are using their offices to make their employees more engaged, healthier and productive," the guidance document states.

The action framework sets out five key steps for ensuring that occurs – strategy; execution; alignment; feedback; and market engagement – each with a checklist of must-do and further suggested measures.

Three separate frameworks tailored to Canadian Property Management | March 2016 29

Sustainable Real Estate Investment investment

STEPS

$ Strategy: Develop ESG & climate Strategy

MUST DO ACTIONS

Assess material risks and opportunities that impact value.

Develop ESG and climate strategy based on materiality and value assessment.

Set ESG and Climate targets at all levels of the investment process and across the supply chain.

Real Estate Investors

Owners & Advisers

Owners & Advisers

Equity Bonds Debt

Direct investors

Alignment: Advisers and consultants selection process

Feedback loop: Monitoring & Reporting

Passive mandates: Base selection on sustainability benchmarks and green property ratings.

Include ESG in investment calculations, due diligence with targets for green certification & benchmarking.

Equity/REITs: Select managers with proven active investment approaches; Be active in engagement & proxy voting.

ESG in selection requirements: Require proven knowledge of sustainability; set clear and prescriptive ESG expectations.

Active ownership: Prefer investment managers with proven active management approaches.

Active Management: Clear set of ESG, community and climate targets and minimum requirements for green developments.

Bonds: Require green property bonds to be certified by recognised standards and information on assets' sustainability performance.

Include ESG and climate expectations and targets in legal contracts for investment mandates & service agreements.

Report performance to clients and the public, on agreed frequency, using recognised industry standards.

Active engagement & proxy voting: Require equity and REIT investors to use shareholder power.

Supply Chain: Work with occupiers to address split incentives and include ESG in sub-contractors agreements.

Debt: Integrate ESG in due diligence at transaction, valuation assessment and include in loan documentation.

Incentivise and reward contractors based on delivering sustainability goals.

Contribute to sustainability benchmarking at portfolio and operational levels and assess performance results.

Equity, Bonds, Debt

All

‘The-21st-centuryinvestor-ceresblueprint-forsustainable-investing’ Ceres 2013

Monitor delivery of ESG and climate strategies and targets, focusing on impact to value using Sustainability Management Systems.

Market Engagement

G

‘Advancing Responsible Business in Land, Construction and Real Estate Use and Investment’, RICS / UN Global Compact, 2015

Strategy

Asset Owners & Their Advisors

ICGN model mandate initiative ICGN 2012

Strategy Develop a material ESG and climate strategy ‘Developing an asset owner climate change strategy’, PRI 2015

‘G4 Sustainability Reporting Guidelines: Construction and Real Estate Sector Disclosures’ GRI 2015, Global.

Exp ass

Engage on public policy with sector organisations to ensure regulation matches with market needs.

Support research initiatives to understand risks and integrate ESG.

Em of t benefi

Offe alignm ch for

Asset Owners & Their Advisors ‘PRI Policy Frameworks for Long-Term Responsible Investment: The Case for Investor Engagement in Public Policy’, PRI 2015, Global

Develop a material ESG and climate strategy differing real estate pursuits and financial regulations sur rounding ‘Aligning Managing and monitoring of asset expectations: ‘Trustee’s Guide: ‘PRI reporting ‘Advancing Responsible guidance for asset Protecting value in real framework – Asset ‘Climate Change investment approaches are in climate change risk disclosure, and managers’ sustainability performance Business included in Land, ‘Developing an asset owners on incorporating estate through Owners, Direct, Construction and Real Investment Solutions Key elements owner climate change ESG factors into manager better climate risk Equity and Debt Estate Use and Guide’, IIGCC 2015 strategy’,All PRI 2015 are intended the guide. to "help real rating methodologies by mainstream has become simpler and selection, appointment management’ investments’, PRI, more transparent Investment’, RICS / UN and monitoring’ , PRI 201 Key elements IIGCC 2014 Global Compact, 2015 Pro Preparing and drafting an ESG and climate risk and opportunity policy Stakeholders should Global also decide which targets are appropriate for estate investment stakeholders identify groups such as and Bloomberg, Moody’s with emergence and uptake of a large strategy which focuses on material risks and and opportunities will the their investment strategies, and which will be made public, and which fordem Preparing and drafting an ESG and climate risk and opportunity policy Stakeholders should also 'Global Real ‘Assessing climate ‘Trustee’s Guide: enable asset ‘The-21st-centuryowners to understand the evidence and decide what remain private. It is understandable that not all may be appropriate for ‘Sustainability metrics:er fr Estate change risks and as well as ESG groups such as key drivers and overcome the nu of on globa l and aopportunities nd reg l MSCI, Protecting value in real most and mb strategy which focuses material risks will iona their investment strategies, a investor-ceresis the most appropriate approach for them to manage these risks. It translation and impactthe public domain. The guide will help stakeholders set reasonable and ‘Climate Change Sustainability opportunities for estate through p enable asset achievable goals, which can be stretched over time. owners to understand the evidence and decide what remain private. It is understan blueprint-foron property investment Benchmark' enables asset owners, trustees and their advisers to better identify Investment Solutions investors - Property and better climate risk common barriers for action". benchmarks and reporting Sustainalytics, Oekom, sustainable- Trucost, and andsustainability management’ is the most appropriate approach for them to manage these risks. It the public domain. The guide GRESB 2015 Construction Sector’ management’ Guide’, IIGCC 2015 and manage those risks and opportunities in a way that is consistent investing’, Ceres 2013 UNEPenables FI et al 2014 IGCC 2013 IIGCC 2014 asset owners, trustees is (annually) and their advisers to better achievable goals, which can b with their fiduciary duty to exercise due care, skill and diligence in the When a strategy in place, such targets may identify be more uniquely Intensifying regulation, new requirements others. guidelines. and manage those risks and opportunities in a way that is consistent pursuit of the best interests of fund beneficiaries . tailored to the stakeholder. However, the action of setting targets can with their fiduciary duty to exercise due care, skill and diligence in the When a strategy is in place the stand on its own. important is should to define what the targets are, Greenprocess Property 'Sector ledMost operational attached‘The-21st-centuryto gaining access'Investing to through capital and Real estate investors integrate Keythe energy elementsStakeholders engaged in this process should factor in existing and likely of this include a ‘Greening ‘Unlocking pursuit of the best interests of fund beneficiaries . tailored to the stakeholder. H building Bonds Standards, changes in the regulatory environment over the investment horizon, who is responsible for measuring them, how they will be measured, benchmark and indexes for efficiency retrofit investor-ceresan adaptation lens' Stakeholders engaged in this process should factor in existing and likely stand on its own. Most impo supply chain’ investment opportunity’ Climate Bonds blueprint-forDirect Investors, Real Estate financial regulations surrounding climate change risk disclosure, and at what frequency they will be reported on, and what the incentives growingsustainable-investing’ market expectations ESG and climate risk management review and understanding of the ESG UNEP IGCC 2015 related to SBCI changes in the regulatory environment over the investment horizon, who is responsible for meas UNEP FI 2014 Initiative 2015 Companies and theirare Advisers rating methodologies by mainstream groups such as 2014, Bloomberg, or expected consequences if the targets are met, exceeded, or Ceres 2013 Global financial regulations surrounding climate change risk disclosure, and at what frequency they will Moody’s, and MSCI, as well as ESG groups such as Sustainalytics, missed.

ESG are among the drivers, as is real estate's and climate risks into their chains in consequences a and opportunities, the requirements rating methodologies by mainstream groups supply such as Bloomberg, or expected Oekom, Trucost, and others.

Moody’s, and MSCI, as well as ESG groups such as Sustainalytics, missed.

'Global Realareas Estate vulnerability to extreme weather and development all where investment managers and selection ‘Sustainability and 'Green bond of dedicated 'Investing through Oekom, Trucost, and others.

Sustainability commercial property Key elements of this process include a review and understanding of guidance for adaptation lens', Benchmark' valuation - Professional Dis estate sector' ensuinganIGCC demands from insurers. Meanwhile, have control and influence. To do this, and climate risk policies andthe development relevant ESG real and climate risks and opportunities, 2015 Asset Owners & Their Advisors ESG Guidance Note, Global’, GRESB 2015 Key elements of this process include a review and understanding of GRESB into and selection of dedicated ESG and climate risks policies and strategies RICS 2013 (annually), Global and climate risks and opportunities, the development relevant the scale of required retrofitsStrategy presents a strategies together they need to ensure that their proper with the determination and the determination of which measurements are appropriate for ESG helps and selection of dedicated ESG and climate risks policies and strategies target setting. ma and the determination of have which measurements are appropriate for significant investment opportunity with and setting of targets responsibility and that are actionable employees target setting.

Develop a material ESG and climate strategy documented paybacks. empowerment to drive compliance with and transparent.

Nevertheless, framework developers these procedures. suggest that a surfeit of unconnected Execution Key elements information may be immobilizing some Investors should integrate Alignment Preparing and drafting an ESG and climate risk and opportunity policy Stakeholders should also decide $ which targets are appropriate for and strategy which focuses on material risks opportunities will their investment strategies, and which will be made public, and which proponents. The action framework offers ESG andand climate factors in T he mater ial ESG a nd $ enable asset owners to understand the evidence and decide what remain private. It is understandable that not all may be appropriate for is the most appropriate approach for them to manage these risks. It the public domain. The guide will help stakeholders set reasonable and Alignment: risk components Execution: Strategy: direction. each element of thei r climate Feedback loop: Advisers and Integrate ESG & Market enables asset owners, trustees and their advisers to better identify Developachievable goals, which can be stretched over time.

ESG & consultants Alignment: climate in Execution: engagement & climate Strategy: and manage those risks and opportunities in a way that is consistent investment, asset management identified in theMonitoring first reporting Feedback selectionESG Advisers and investment Integrate ESG & two strategy Develop with their fiduciary duty to exercise due care, skill and diligence in the When a strategy is in place, such targets may be more uniquely Monitor process consultants strategy climate in & climate reporti pursuit of the best interests of fund beneficiaries . tailored to the stakeholder. However, the action of setting targets can selection investment KEY ELEMENTS and operational processes. stepsstrategy need to be integrated in process strategy Stakeholders engaged in this process should factor in existing and likely stand on its own. Most important is to define what the targets are, T he followi ng excer pt changes in the regulatory environment over the investment horizon, f rom the These processes who is responsible for measuring them, how they will be measured, cover the selection of contracted financial regulations surrounding climate change risk disclosure, and at what frequency they will be reported on, and what the incentives governance, strategyor expected and consequences targets, risk parties.

Key Sustainable Real Estate Investment rating methodologies by mainstream groups such as Bloomberg, are if the targets are met, exceeded, or elements of this Develop ESG and Set ESG and Climate Assess material risks and Moody’s, and MSCI, as well as ESG groups such as Sustainalytics, missed. climate strategy based targets at all levels of the opportunitiesmanagement that and process comprise theESG selection process, guidance document outlines the five key assessment, active Oekom, Trucost, and others.

Develop and Set ESG and Climate on materiality and value Assess material risks and investment process and impact value. climate strategy based targets at all levels of the assessment. opportunities that chain. ESG and climate portfolio across the supply having clear steps as they apply to direct Key elements of this process include a review and understanding of real estate refurbishment, monitoring, comparability on materiality and value investment process and impact value. assessment. and opportunities, the development across the supply chain. reporting across the portfolio, extending expectations, setting clear targets based i nve st m e nt m a n a ge r s, relevant p r oESG p eand r tclimate y risks and and selection of dedicated ESG and climate risks policies and strategies and the determination of which measurements are appropriate for throughout the industry to stakeholder and o n a b s o l u t e p e r fo r m a n c e and compa n ies a nd thei r rea l estate target setting. sector engagement. performance against benchmarks to be consultants: Beyond the investment manager’s own included in the service agreement with Strategy portfolio, it supports improvements in reference to economic incentives, Stakeholders engaged in transparency and comparability across rewards and penalties as appropriate. this process should factor in markets, enabling asset owners to better While rewarding property managers $ existing and likely changes engage with investment managers on the for hitting sustainability targets is Alignment: Execution: Strategy: Integrate in the regulatory im pl eESGm& e n t a t ioAdvisers n andof r e s pFeedback o n sloop: ib l e currently the exception rather than the Market Develop ESG Monitoring & consultants climate in engagement & climate reporting selection investment strategy envi ron ment over t he investments and for investment managers norm, it is one that could be among the process strategy i nvest ment hor i zon, to gain market visibility for their efforts. most impactful. At a mi nimum,

RECOMMENDED RESOURCES 6

Direct Investor

Execution: Integrate ESG & climate in Investment Strategy

Source: Sustainable Real Estate Investment Action Framework ‘Investing in a time of climate change’ Mercer 2015

W

Audiences

Implementing the Paris Climate Agreement: An Action Framework

Assess material risks and 30 March 2016 | Canadian Property Management opportunities that impact value.

Develop ESG and climate strategy based on materiality and value 16 assessment.

Set ESG and Climate targets at all levels of the investment process and across the supply chain.

16

ments

and drafting an ESG and climate risk and opportunity policy Stakeholders should also decide which targets are appropriate for egy which focuses on material risks and opportunities will their investment strategies, and which will be made public, and which set owners to understand the evidence and decide what remain private. It is understandable that not all may be appropriate for st appropriate approach for them to manage these risks. It the public domain. The guide will help stakeholders set reasonable and sset owners, trustees and their advisers to better identify achievable goals, which can be stretched over time. age those risks and opportunities in a way that is consistent fiduciary duty to exercise due care, skill and diligence in the When a strategy is in place, such targets may be more uniquely the best interests of fund beneficiaries . tailored to the stakeholder. However, the action of setting targets can ers engaged in this process should factor in existing and likely stand on its own. Most important is to define what the targets are, n the regulatory environment over the investment horizon, who is responsible for measuring them, how they will be measured, regulations surrounding climate change risk disclosure, and at what frequency they will be reported on, and what the incentives ethodologies by mainstream groups such as Bloomberg, or expected consequences are if the targets are met, exceeded, or and MSCI, as well as ESG groups such as Sustainalytics, missed. rucost, and others.

Asset Owners & Their Advisors

investment managers could notify their factors and offer decision makers with Strategy property managers that a minimum level relevant information. Monitoring should of expertise, service and sustainability also involve feedback about the progress Develop a material ESG and climate strategy performance is required in order to keep of the various strands of activity outlined or win their business. and agreed in the Strategy Review for Key elements direct investors, property companies and Preparing and drafting an ESG and climate risk and opportunity policy Stakeholders should also decide which important targets are appropriate to for Feedback Loop their consultants It is and strategy which focuses on material risks and opportunities will their investment strategies, and which will be made public, and which enable asset owners to understand the evidence and decide what remain private. It is understandable that not all may be appropriate for A l l st a kehold e r s h ave demonstrate how the property portfolio’s is the most appropriate approach for them to manage these risks. It the public domain. The guide will help stakeholders set reasonable and $ asset owners, trustees and their advisers to better identify achievable goals, which can be stretched over time. responsibility inenables monitoring sustainability performance has changed and manage those risks and opportunities in a way that is consistent progress against goals and over previous months and years, and to with their fiduciary duty to exercise due care, skill and diligence in the When a strategy is in place, such targets may be more uniquely Alignment: Execution: Feedback loop: pursuit of the best interests of fund beneficiaries .

Advisers and Integrate ESG & Market tailored to the stakeholder. However, the action of setting targets can Monitoring & consultants targets are set – as per be able to present such changes on a likeclimate which in engagement Stakeholders engaged in this process should factor in existing and likely stand on its own.

Most important is to define what the targets are, reporting selection investment process Stepstrategy 1 & 2 – tochanges in the regulatory environment over the investment horizon, demonstrate for-likewho is responsible for measuring them, how they will be measured, basis, normalized for weather financial regulations surrounding climate change risk disclosure, and at what frequency they will be reported on, and what the incentives rating methodologies by mainstream groups such as Bloomberg, or expected consequences are if the targets are met, exceeded, or that ESG and climate change and occupancy (or instead of occupancy Moody’s, and MSCI, as well as ESG groups such as Sustainalytics, missed.

Oekom, Trucost, and others. risks and opportunities are being some other measure of intensity).

Develop ESG and Set ESG and Climate Key elements of this process include a review and understanding of managed and acted upon torisks the best ofthe development Additionally, controlling for boundaries climate strategy based targetsESG at alland levels of the relevant climate and opportunities, on materiality and value investment process and and selection of dedicated ESG and climate risks policies and strategies theassessment. ability of alland those involved. andfor being consistent in measuring across the supply chain.of which measurements are appropriate the determination The regular target setting. observation, evaluation, withi n these bounda r ies is ver y benchmarking and recording of ESG important. and climate risk management activities should take place routinely within a pre- Market Engagement agreed monitoring and repor ting Over 1,400 finance sector $ institutions managing over schedule with the appointed manager US$59 and advisers. Reports should be practical Alignment: trillion of assets Execution: Strategy: Feedback loop: Advisers and Integrate ESG & Market Develop ESG Monitoring & consultants climate in subscribe to the United a nd or iented towa i ng engagement & climaterds deliver reporting selection investment strategy strategyrisk N a process tions supported performance on ESG and climate

ents of this process include a review and understanding of ESG and climate risks and opportunities, the development tion of dedicated ESG and climate risks policies and strategies determination of which measurements are appropriate for tting.

ategy: lop ESG limate ategy

material risks and unities that value.

investment

Assess material risks and opportunities that impact value.

Develop ESG and climate strategy based on materiality and value assessment.

Principles for Responsible Investment and it is likely that the level of engagement b et we en busi ness a nd publ ic policymakers will increase, especially as more and more real estate investors integrate ESG and climate risks into their business practices, and regulations on these matters become more developed.

Real estate investors should consider taking an active role in public policy and sector engagement to promote acceptance and implementation of ESG and climate risk measures across the real estate industry. This ensures sector-wide tools a re developed enabli ng i ndust r y comparison and better monitoring of the sector’s and portfolio’s performance. zz The complete text of Sustainable Real Estate Investment, Implementing the Paris Climate Agreement: An Action Framework can be found at www.unepfi. org/fileadmin/documents/ SustainableRealEstateInvestment.pdf

Set ESG and Climate targets at all levels of the investment process and across the supply chain.

16

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Canadian Property Management | March12:16 2016PM 31 2016-03-21

operations

LOTS OF POTENTIAL Cities Increasingly Putting Limits on Free On-Street Parking

By Louis Jacob, Daniel Germain, Erick Lord and Danielle Desjardins FREE ON-STREET PARKING is a recognized factor in traffic congestion, with estimates that space-hunting drivers can account for as much as 50% of traffic volume in the downtown cores of large cities. In turn, ancillary parking lots are assets with potential as local authorities reconsider how to allocate the valuable public space that on-street parking occupies and address the environmental fallout of congestion.

Policies to limit free on-street parking depend on private sector alternatives, while parking lot owners can improve profitability through sound management and technology that supports optimal operations. Control equipment and data management are key elements.

CONTROL EQUIPMENT Gateless parking with a pay-on-foot machine works on the honour system: users pay for a set time, in advance, based on how long they expect to stay. This type of operation is generally suitable for small parking lots or long-term parking. Among the advantages, it requires very low upfront investment, entails modest maintenance costs and needs few or no staff to ensure problem-free entry and exits and collect payment.

32 March 2016 | Canadian Property Management

However, non-payment is a persistent problem. Parkers staying beyond their purchased time period currently account for losses equivalent to about 30% of total revenues. Adva ncements in automatic license plate reader (ALPR) technology should help to address this issue and ensure more turnover of spaces, but the technology can still be compromised by bad weather and, for now, needs further refinement.

Gated parking with a cashier offers the advantage of the human factor. It enables personalized customer service – cashiers can quickly intervene to solve problems and their steady presence increases security and customers' confidence of security.

The disadvantages of this approach can also be attributed to the human factor. Staff costs more than machines, can be harder to manage (discipline, grievances, workplace accidents, etc.) a nd necessit ate administration and costs (payroll, vacations, absences, etc.). Plus, of course, the human factor increases the potential for fraud.

Parking with gates and an automated payment system can control revenue losses attributable to non-payment without the necessity of hiring staff. Resulting operating cost savings can ultimately offset significantly higher equipment costs, but it's

important to match the technology to the needs of operators and users.

Parking lot owner/operators are also advised not to lose sight of customer service. Some human interaction, even remotely through an audio-video or intercom system, is recommended to explain pricing, hear complaints and/or give instructions. In other cases, introducing the human factor can even be a way to maximize space and augment income – for example, by using valet parking to allow for double parking.

DATA MANAGEMENT Whatever the control equipment used, to varying degrees they all store data about parking lot users, their habits and needs, which if properly analyzed a nd used, ca n improve customer ser vice and optimize parking lot operations. A good data management system can provide a detailed picture of the parking situation and ensure the accuracy, consistency and speed of accessing historic data.

It can almost instantly perform many tasks that were once very costly in terms of time and resources, including: • Analyzing minute-by-minute occupancy; • Analyzing the rate structure;

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operations

• Modeling the new rate structures and measuring impacts; • Maximizing profitability; and • Managing performance.

useful information about revenue. For example: the number of free spaces available to company executives and their value; or the best rate to offer based on parking volume.

Data on turnover, space occupancy, parking times and payment methods used by clients enable continuous business and facility improvements. This can be used to schedule cashiers' hours, identify optimal automation periods based on traffic, check for fraud and highlight causes of revenue losses.

Data also gets translated into management reports that identify irregularity and inefficiency factors or provide

URBAN DEMANDS The era of the smart city is here – leveraging information and communications technology (ICT) to improve the quality of urban services or to reduce costs – and smart parking is one of those urban services. Smart technologies can generate new efficiencies, better control revenues and expenses, and improve customer service, and are in line with municipal moves to restrict free on-street parking. Cities are interested in solutions that would enable motorists, through a network of communicating sensors installed in the road, to see available parking spaces and rates in real time.

Information could be posted on variable message signs (VMS), mobile phones and GPS to inform and guide drivers and provide additional services (e.g. to locate a parked car). Technological advances will be used to encourage the fluidity of movement (perhaps with an emphasis on providing advantages for electric cars), and payments (via Smartphones).

Environmental considerations will also be important. Green parking infrastructure is already expanding with, for example, some operators installing solar panels. The Green Garage Certification, which assesses and promotes sustainable practices in the design and operations of parking facilities, is also now available through the Green Business Certification Inc. (GBCI).

It's projected that global revenues from parking management – equipment, systems and services – will significantly grow from about US $5 billion in 2014 to more than US $9 billion by 2019. The emergence of smart parking solutions promotes fluidity and convenience, but will require increasingly targeted expertise.

In the 21st century, the parking lot has become a strategic challenge for public authorities and institutions that receive many visitors. Sound management is not only desirable, but essential. zz Louis Jacob, Daniel Germain, Erick Lord and Danielle Desjardins are with Indigo, an operator of parking facilities and provider of parking management services for the commercial, healthcare and retail/ hospitality sectors. The preceding article is drawn from their white paper, Optimum Parking Management, Making Operations Profitable by Optimizing Management. For more information, see the website at https://parkindigo.ca.

34 March 2016 | Canadian Property Management Untitled-3 1

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Canadian Property Management | March 2016 35

humanresources

EMPLOYERS MOSTLY

FOR 2016

Some Pockets of Pessimism in Property and Facilities Job Market EMPLOYERS REPORT mor e difficulty filling openings for senior residentia l proper ty ma nagers, c om me r c ia l p r op e r t y m a n age r s, b u i l d i n g o p e r a t o r s a n d p owe r engineers than other positions in the property and facilities sector. The fo u r j o b f u n c t io n s e m e r ge d a s in-demand in a recent national survey from the human resources consulting firm, Hays Canada. Survey results also indicate that work opportunities in the real estate industry are generally on par with or better than nine other examined industry sectors.

T he brea kdow n of h i r i ng a nd compensation trends shows nearly 37% of s u r veye d p r o p e r t y / fa c i l it i e s management companies increased permanent staffing levels in 2015, placing the sector as the fourth most 36 March 2016 | Canadian Property Management

active hirer after IT/telecommunications, pharmaceuticals and construction.

Approxi mately 21% of su r veyed property/facilities employers cut staff in the same period — compared to 28% of respondents in the construction sector, 55% in resources and mining and nearly 63% of surveyed oil and gas companies.

Prospects for property and facilities job growth also look upbeat, as nearly 35% of surveyed property/facilities employers expect to add more staff this year and nearly 57% are anticipating a pick-up in business activity. Employers in the professional services sector had largely similar expectations with 35% of respondents expecting to hire more staff and 53% projecting business growth, while 41% of banking/finance e m ploye r s i n d ic a t e d t h ey 'd b e

augmenting their workforces and twothirds are expecting business activity to increase.

Both the latter scenarios should have positive spinoffs for the property/facilities sector that accommodates those pursuits.

Even so, the survey sponsors highlight current well-documented economic incongruities.

"T he sentiment a mong Alber ta respondents is markedly different than the rest of Canada. Fifty two per cent sa id thei r busi ness activity decreased in 2015," observes Rowan O'Grady, President of Hays Canada, in the introduction to the survey results. "The impact of this decline on business cuts to staff are clearly reflected in employers' 2016 outlook, with just 14% believing that it will strengthen in 2016."

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By Steven Chester Perhaps you’ve finally decided that “now’s the time” to get started on social, or maybe you’re cringing at the thought of logging in to your Twitter account that hasn’t been touched in months.

OPTIMISTIC SALARY INCREASES STAY MODEST Roughly half of reported salary increases in the property and facilities sector were below three per cent last year, although approximately 21% of employees who received raises saw increases greater than 6%. For the coming year, 60% of employers report they'll proffer increases of no more than 3%.

Thus far, jobseekers with in-demand skills and experience don't appear to be reapi ng not able remu nerative premiums. For example, although senior residential property managers are currently well placed to find employment, reported typical salaries are about 27% lower than reported typical salaries for senior commercial property managers and are even lower than the typical salaries commercial property managers earn.

The survey's comparison of salary ranges for various roles and regions reveals that commercial property management positions are more lucrative than equivalent roles in the residential sector at every level of responsibility, and that salaries are often higher in Vancouver, Calgary and Edmonton than major cities to the east. Reported typical salaries for commercial proper ty managers – ranging from a high of $89,000 in Calgary and Edmonton to a low of $65,000 in Winnipeg, Ottawa and Montreal – are higher than senior residential managers' earnings, ranging from a high of $79,000 in Vancouver, Calgary and Edmonton to a low of $60,000 in Winnipeg, Ottawa and Montreal.

Building operator is among the lowest paid of all surveyed positions (although

If this is the place you’re in, it’s time to reassess what your social media goals are and get yourself to your social media starting point. Your goals could be just one or all of the below. In the case of the latter, take the time to rank the order of importance of each.

• Building your brand: Are you looking to develop new relationships? Then it’s time to listen to what others are saying, craft messages designed to inform, entertain and captivate your audience.

• Increasing website traffic: Have great content to share? Craft some meaningful messages to drive traffic to your content pages.

• Customer support and outreach: Your customer demographic is changing, and so are their communication needs. You’ll need a space to answer questions and gather feedback for your company.

• Sales leads: Yes, you can sell on social. In fact, if you’re not doing it, your competitor more than likely has the jump on you. LinkedIn, for example, is an incredible way to gather contacts and expand your reach through secondary connections.

Next up, we’ll talk about outreach. Hint: You’re nowhere near ready to craft that first post.

Steven Chester is the Digital Media Director of MediaEdge Communications. With 15 years’ experience in cross-platform communications, Steven helps companies expand their reach through social media and other digital initiatives. To contact him directly, email gosocial@mediaedge.ca or call 416.512.8686 x224.

Canadian Property Management | March 2016 37

humanresources CANADA AT A GLANCE Ontario TEMPORARY/CONTRACT HIRING TRENDS IN CANADA “Contract work has grown at a rate that is nearly three times faster than permanent jobs.

With hundreds of thousands of contractors, Uber has a ratio of contractors to employees which is nearly 10:1. The economy of sharing is here to stay, and the sharing of jobs is a huge part of this emerging market. Contract and temporary workers have allowed Canadian companies to manage slow and busy periods without going through mass layoffs, or sacrificing the high expectations of their customers. These opportunities allow workers to earn a competitive wage, while padding their resumes and gaining invaluable work experience.”

Travis O’Rourke, Director, Contract Division

“The region is experiencing increased activity in export demand and manufacturing due to the lower Canadian dollar, and we’re also seeing increased investment in life sciences within the Greater Toronto Area. Due to the falling oil price and changing demand for labour in Alberta we have seen a small surge in candidates moving from that area. These candidates are taking lower salaries than they were receiving in Alberta, but this is still pushing compensation up in some industries and we expect 2016 to get more competitive with salaries.”

Louisa Benedicto, Director, GTA

British Columbia

“With a diverse business base, boosted by the recovering US economy, BC is well-positioned for good economic performance. Demand in areas such as trades, construction and IT outweighs the current candidates in the market and recruitment and retention will remain a challenge for most employers. Overall, the outlook is increasingly that of a skills gap versus a skills shortage as employers face a mismatch with the availability of workers with the right qualifications compared with the number of people available for work.”

Jackie Burns, Vice President, Western Canada

Eastern Canada

“Overall 2015 has been a steady year for Eastern Canada, with IT and construction seeing especially high demand for candidates. The federal election in October meant some slowing of hiring in the public sector, which is likely to pick up again in 2016.

We are seeing more confidence in the market but many employers are making hiring decisions reactively instead of strategically and we would recommend assessing current and future needs in order to be able to implement a hiring plan that supports business goals.”

Soley Soucie, Director, Eastern Canada

Central Canada

“2015 has been a challenging year in the Prairies, where the global oil price drop was especially strongly felt. Overall employers have now adjusted to the new economic conditions and are hoping for a more stable 2016.”

Jim Fearon, Vice President, Central Canada

PERMANENT HIRING TRENDS IN CANADA “An increasing number of our clients are looking at how they can stay ahead of their competition by attracting passive job seekers. In order to attract the best talent they are promoting their brand and employee value proposition online and through social media. The challenges that they recognize are that developing a meaningful content strategy is complex and resource intensive and it takes time to build up a large enough network to promote their message. Only by having a consistent and committed focus will they be able to compete for top skills in the coming year.”

Andy Robling, Vice President, Client Development

5 | 2016 Hays Compensation, Benefits, Recruitment and Retention Guide

2016 Hays Compensation, Benefits, Recruitment and Retention Guide | 6

Image courtesty of Hays Canada

out-earning maintenance workers, leasing assistants and residential site managers) with reported typical salaries ranging from a high of $65,000 in Calgary and Edmonton to a low of $45,000 in Winnipeg, Montreal and the Greater Toronto Area. Chief power engineers garner higher wages: from upwards of $80,000 in the Greater Toronto Area to a low-end range of $55,000 to $60,000 in Montreal.

Among the survey's 14 other professional services categories, two real estate related functions are also identified as in-demand.

Accounting and finance firms are looking for commercial and retail property accountants and law firms are seeking real estate lawyers. zz For more information about the 2016 Hays Compensation, Benefits, Recruitment and Retention Guide, see the website at http://hays.ca/ salaryguide/2016. The preceding article is reprinted from the REMI network. See www.REMInetwork.com

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38 March 2016 | Canadian Property Management

leasing&management

MANAGING OCCUPANT EXPECTATIONS Location Still Outweighs Green Considerations

By Rebecca Melnyk

WHILE IT’S BEEN MORE than two years since BOMA released its 2013 study What Office Tenants Want: 2013 BOMA Global Office Tenant Survey Results, key findings, such as the importance of green space, are becoming increasingly more pertinent in conversations regarding tenant retention.

While 56% of international tenants stated that green programs are important or very important, in Canada, 82% affirmed this and Toronto led the way with 100% in agreement.

When asked if green occupancy creates a favourable impression on clients, 53% in Canada believed this to be true, with 10% in Toronto and 55% internationally.

40 March 2016 | Canadian Property Management

Findings such as these made their way into a conversation at last December's Buildings Show in Toronto during a seminar on managing occupant expectations. According to Patricia Murray, Director of Office Facilities at Home Trust Company, accessibility to transit is a key retention and selling factor.

Neil Lacheur, Vice President of Property Management at Bentall Kennedy, noted that there is a difference in what tenants want in different markets. He notices that financial core tenants, such as law firms and banks, are more interested in connections to the below-grade PATH system, LEED quality buildings and

accessibility to Union Station, compared to those with offices on the periphery.

“What we’re seeing in the periphery is more of an HR-driven decision. We’re trying to attract the vast 25-year-old talent coming out of the University of Waterloo and the University of Toronto [asking] what does that person want?”

This is a group who wants to live and work in the same area, says Lacheur, rather than go west of Simcoe (in Toronto) where it’s “not cool.”

CHARACTER & PRESENCE Gordon Oughton, Director of Leasing for Central and Western Canada at Allied

leasing&management

Properties REIT, focuses mainly on exposed brick-and-beam historical buildings where office tenants are looking for a “character” feel, along with access to amenities and cost.

“But as you get to the 40,000-square-foot mark, many tenants need presence,” he adds. “They want to know their name is going to be a brand in the building.”

Yet, along with these occupant needs, Oughton stresses how integral green programs are to tenant retention. “We have to start to adopt green programs. While the vast majority of assets that Allied owns are historical buildings, it doesn’t exclude us from still employing these different recycling programs and [making] less of a carbon footprint. It’s coming, and if you don’t do it now, you better start doing it; tenants want it.”

From a somewhat different perspective, Lacheur says, on the leasing side, prospective tenants have never asked if the building was LEED certified.

“From what I’ve seen, it’s something that becomes a part of their life after they are in the building,” he notes.

While large banks like RBC and TD have such needs on their checklist before they relocate to buildings, Lacheur finds that small and medium-sized companies are not putting green programs at the forefront in their decision-making process.

Discussion moderator, Michael Scace, a Partner at Ashlar Urban Realty, pointed out what tenants in the BOMA survey believed to be the most important factors in a renewal decision, with location at 61% and green building at 17%, showing that green issues remain an important topic, but are not the main reason for renewal.

ENHANCING SERVICES As the conversation turned to what property managers can do to enhance services, Oughton suggested that the wellness aspect plays a larger role with issues such as a building’s air quality, employees taking less sick days and wanting to stay longer in a building due to feeling refreshed.

Great communication is also key, adds Oughton, who says his tenants value responsiveness and presence, where they want to physically see a building operator in the building on a daily basis so issues can be dealt with in a timely manner.

“It is my job to make sure everyone in the company can do their job and the building operators help me do that,” said Murray. “I look to the building operators as part of my team.”

On the leasing side, notes Lacheur, communication between building operators and tenants is a critical relationship he sees upon a renewals process.

“You can tell the difference between a good and bad building operator because you’ll hear complaints on ill service or [tenants] have no complaints and it’s a pure negotiation on lease terms.”

From a strategic standpoint on the leasing side, Oughton makes sure to engage with a property manager before the renewals happen to make absolute certain they deal with any background problems that could be taken care of. zz Rebecca Melnyk is Canadian Property M a n a g e m e n t ' s O n l i n e E d i t o r. T h e preceding article is reprinted from the REMI network at www.REMInetwork.com.

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+1 613 267 4493 www.skylinegroupintl.com Canadian Property Management | March 2016 41

leasing&management

WORKSPACE & THE ORGANIZATIONAL IDENTITY Easy access to public transit tops the list of preferred attributes for office space among 50 non-profit organizations recently surveyed about workplace needs and priorities. Findings summarized in a newly released report from Colliers International highlight the sector's need to accountably advance its core purpose and costeffectively deploy funds.

Convenient transit connections are seen as essential for attracting staff, board members and volunteers, serving stakeholders and broadening outreach. In contrast to corporate branding strategies, survey respondents gave little weight to projecting their organizational image in built form – an objective analysts suggest might be worth rethinking.

"Office space plays a critical role in telling the story of a non-profit organization and its cause," submits Matt Johnson, Vice President and co-chair of Colliers' Not-forProfit Advisory Group. "Common words used to describe their desired office space

42 March 2016 | Canadian Property Management

were 'efficient', 'modest', 'professional', 'warm', 'inviting' and 'welcoming'. These adjectives illustrate the need for non-profits to diligently review if their space is providing their desired first and lasting impression."

Along with transit access, survey respondents ranked increased efficiency, more collaborative space and flexibility for expansion or downsizing as favoured factors in choosing office space. The report also endorses so-called economies of sharing when organizations with common interests and goals locate in close proximity to support joint efforts and stretch resources and capacity.

Cost-cutting through reduced space-toworker ratios is driving the move to the open office format among for-profit commercial tenants, while decision-makers in the non-profit sector are looking for more collaborative meeting space.

Approximately 80% of the surveyed organizations lease their space and 60%

have been in their current quarters for at least six years. Only 18% are housed in completely open concept offices, although slightly more than half have a mixture of open space and private offices.

While two thirds of survey respondents would like more collaborative space, such as informal meeting rooms, within their workplaces, only 26% endorsed moving to an open office format. Approximately the same number – 27% – stated a preference for more private offices.

"Office space for non-profits is more than just a workplace; it can be a catalyst for impact and to promote an organization's identity and purpose," says Peter Davies, Vice President and co-chair of Colliers' Not-for-Profit Advisory Group. "This can result in a greater ability to foster productivity, promote knowledge transfer, attract and retain employees and, most importantly for not-for-profits, enhance access to potential funding in order to enhance their mission."

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maintenance&housekeeping

CHARGED FOR CLEANING

Engineered Water Gains Enhanced Powers

By Matt Montage

ENGINEERED WATER is a term used to describe water that has been altered or infused with additional properties to enhance its power and offset the need for cleaning solutions. Facilities managers and their contractors are now turning to electrolyzed water, deionized water and aqueous ozone, while steam or vapour cleaning are longstanding examples of this approach to cleaning.

Scientists have known since the 1930s that electricity could be used to convert water into a cleaning agent, but it was rarely economically or physically practical until fairly recently. When handheld systems were first introduced to the professional cleaning industry almost a decade ago, they were very expensive, at more than US $300 per unit, and heavy, with some handheld systems weighing as much as eight pounds when filled with water. Purchasers typically did not like the price, while users did not like the weight.

Today's prices have become more affordable. The systems also contribute to a more lasting state of cleanliness, which means lower operating costs, since they leave behind no chemical residue to invite re-soiling.

44 March 2016 | Canadian Property Management

Recent research conducted at the University of Nebraska found a "statistically significant decrease in E. coli and Listeria" on treated surfaces, including lower levels of contamination in the drains carrying away excess water from the process.

"There are huge environmental benefits: eliminating the extraction of raw materials that go into making cleaning chemicals; the plastic bottles used for packaging chemicals; and the cardboard shipping cartons and paper products; as well as the eventual disposing of these packaging items," adds Stephen Ashkin, an industryrecognized leader in green cleaning.

Engineered-water cleaning systems include: • Steam or vapour cleaning, which heats water to about 250° F (121° C) to clean surfaces and kill many types of germs and bacteria.

• Electrolyzed water is created with the addition of a small amount of sodium chloride before electricity is conducted through it. The process creates a gentle but effective cleaning solution that can

be used for all types of cleaning, from cleaning floors to polishing metal.

• Deionized water is considered best suited for cleaning windows and mirrored areas because it leaves no streaks, although it is also used for some general cleaning tasks.

• Aqueous ozone is a process in which ozone is mechanically infused into tap water. The system can be connected directly to a water outlet, with the aqueous ozone then poured into sprayers. Perhaps because its effectiveness has been evaluated more thoroughly than other engineered-water cleaning systems, it is being used in many more facilities.

There is still a demand for disinfectants and, when called for, other products should not be used as substitutes. However, engineeredwater systems provide building managers with more green cleaning options to support the operation of facilities in a sustainable manner. zz Matt Montage is a Distribution Sales Manager with CleanCore, a manufacturer of engineered-water cleaning systems. For more information, see the website at www.cleancoretech.com.

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HORSEPOWER ASSISTING MANPOWER GOLF CARS IN AN URBAN FACILITY

By Peter Butler

Gone are the days when a golf cart was purely for delivery nattily clad duffers, or getting Aunt Blanche to shuffleboard in Boca Raton. Today, a golf car in an urban setting is commonplace.

Golf car dealers are delighted with this recent trend. Sure, you’ll still find golf cars at country clubs, retirement communities, cottages, and farms – however, the increase in urban golf cars (and their big brother, utility vehicles, UTVs) is testament to their versatility and popularity.

PRACTICAL APPLICATIONS Many facility managers put golf cars to work daily. The list of applications continues to grow. Many city departments, police services and EMS organizations use golf cars. Most convention centres, airports, marinas, sport venues, theme parks, hospitals, universities, condos, warehouses, auto plants, commercial towers, urban malls and the larger parking facilities make use of a golf car. Generally speaking, the auto-centric urban development model is morphing. Golf cars and UTVs have a role – a change led by architects, urban planners and facility managers. Seasonal

considerations aside, many future Canadian developments seem onboard with this idea.

OPTIONS ARE APPLICATION DRIVEN Outfitted correctly, a golf cart or utility vehicle can be a valuable asset in almost any facility application. Does electric or gas power best suit your application? Secondly, what options are needed? Typical outfitting would be the addition of a rear seat, or a utility box or a flat deck. Safety managers tend to request speed suppression, lights, a safety beacon and a horn.

Some industrial users require foam filled “flatfree” tires or full weather enclosures. Others add roof racks for ladders, heaters or trailer hitches.

NEW OR USED: IT’S ALL ABOUT BUDGET Cost for a refurbished used electric golf car, outfitted appropriately, will start at around $5,500, with new units starting around $7,500 for light-duty specifications. For heavier payloads (beyond 800lbs) your dealer will

suggest a utility vehicle (UTV). Used units in this category will start at $6,500 and go up to $18,000 for a new unit. Gas powered vehicles tend to be slightly higher in price. The good news is, most dealers will offer monthly rentals or service programs to meet budgets.

BRANDS AND MAINTENANCE COSTS The principal golf car manufacturers are: E-Z-GO & Cushman (Textron), Club Car & Carryall (Ingersoll Rand), Yamaha and newcomer AGT Electric. All have solid engineering, similar features and a variety of add-on bells and whistles. Annual maintenance costs will vary by usage, but battery care is critical with full replacement over $1,200. Normal tire and brake wear will lead to servicing the car every 2-3 years. Local dealers will pick up your unit requiring service and often supply a loaner. Vehicle operators will require a valid driver’s license and training.

--- Aunt Blanche was ahead of her time.

Peter Butler is President of Albion Golf Cars in Toronto; Ontario’s largest independent dealer since 1973. Read more on this subject at www.albiongolfcars.com/blog or call (416) 236-1001 for more information.

The golf car has come a long way from the country club!

Strong, versatile, and sophisticated, Albion’s range of golf cars are making smooth connections from YYZ to the evolving world of urban property management.

Contact us at info@albiongolfcars.com or 416.236.1001 and we’ll take you for a spin!

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