5 minute read
Editor’s note
by MediaEdge
VOL. 36 NO.3 SEPTEMBER 2021
Editor-in-Chief Barbara Carss barbc@mediaedge.ca
Publisher Sean Foley seanf@mediaedge.ca
Contributors Rebecca Melnyk, Erin Ruddy
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editor’snote
COMMERCIAL REAL ESTATE investors, owners and managers have a long history of successes attributable to their efforts to identify and unlock value in places that others have overlooked. A philosophy that’s entrenched in how the industry views its physical assets hasn’t yet been so widely applied to its human capital, but the newly launched CREED Council is an insider-led proponent for that approach.
An acronym for commercial real estate equity and diversity, the CREED Council arrives with senior executive presence from the industry’s many synergistic elements — development, property management, brokerage, finance and supporting technical and professional services — and declares that a multidisciplinary economic player must draw on the input of varied experiences and perspectives to respond to and flourish in an evolving society. Founding members advise that will be achieved through concerted efforts to understand the barriers to industry entry and advancement that some face and others impose, and through measureable actions to recruit, nurture and promote diverse personnel and leadership candidates.
“This is for the real estate industry by the real estate industry. We need to change the system for our own ends,” says Sunita Mahant, Head of Global Initiatives, Diversity, Equity and Inclusion and Senior Director of Legal Affairs with Ivanhoé Cambridge, and a member of the CREED Council’s board of directors. “This is what’s going to give us, as an industry, the edge that we need.”
In this issue, we report on the CREED Council’s vision for collaborative advocacy and resources to support meaningful change. We also continue to chronicle the unfolding repercussions of COVID-19, including outlooks for the industrial, hotel, multifamily and office sectors entering a period of vaccination passports and a tentative return to long sidelined activities and interactions.
Some day, historians will no doubt find greater context in the past 18 months and link them to the genesis of noteworthy movements and events. For now, the pandemic is both an increasingly wearisome canvas for our daily lives and a learning exercise ahead of perhaps even bigger challenges.
What first called for troubleshooting and crisis response has long since given way to adaptive solutions, new strategies and critical reassessment of the former status quo. And that all circles back to the CREED Council’s prioritization of diverse perspectives and experiences.
Barbara Carss barbc@mediaedge.ca @BarbaraCarss
contents
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TRIVESTDEV.COM
6 CREED Council: An industry-led push for equity, diversity and inclusion in commercial real estate management, operations and investment decision-making. 8 Industrial Overdrive: Capital continues to flow into the industrial sector as availability rates tighten, rents climb and cap rates compress. 12 Booked for Comeback: Hotel sector makes tentative gains with expectations for better prospects heading into 2022. 16 Campus Complement: Purpose-built student accommodation poised to fill void in the
Canadian housing market. 18 Transferrable Ambience: Designers apply retail’s bricks & mortar successes to office space. 20 The New Normalization: Revised benchmarking methodologies take account of lower occupant densities in pandemic-era office space. 26 Municipal Repair Backlog: Asset condition assessment finds much of Ontario’s key municipal infrastructure requires attention. 29 Heatwaves Spark Cooling Pressures: Ontario updates regulations governing temperature control in long-term care homes. 30 Climate Change Prognosis: Intergovernmental
Panel on Climate Change delivers bleak forecast of fallout from increasingly frequent and extreme weather. Departments
3 Editor’s note
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