Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?

In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Thomas Mueller, is a Founding Director of the Canada Green Building Council (CaGBC) and became President & CEO of the Council in 2005, to unpack how Canada’s green building movement is shifting from ESG rhetoric to hard financial reality. As capital tightens and climate risks intensify, sustainability is no longer a branding exercise; it’s a determinant of asset value, insurability, and long-term returns. Thomas explains how government taxonomies, lender expectations, and rising insurance costs are accelerating demand for decarbonized, energy-efficient buildings, while much of the market still lags behind. 

The conversation highlights a growing performance gap between what tenants and investors require and what developers are delivering. From valuation blind spots to climate resilience planning, this episode reveals why integrating sustainability into the pro forma from day one isn’t optional; it’s essential for competitive advantage in Canada’s evolving commercial real estate landscape.

What you will learn:

• Why ESG isn’t disappearing; it’s recalibrating
• How Canada’s green taxonomy will unlock green capital
• The emerging 60% energy efficiency gap in Toronto office markets
• How to model sustainability into your development pro forma from day one
• Why the valuation blind spot is costing developers millions
• Why climate resilience matters beyond floods

Thomas Mueller is Founding Director and President & CEO of the Canada Green Building Council, where he has led Canada’s national green building strategy since 2005. He also serves as CEO of Green Business Certification Inc. Canada, advancing high-performance building standards. A global sustainability leader, Thomas has held roles with the World Green Building Council and other international bodies. Widely recognized for his climate advocacy, he is a Clean50 recipient and Honorary Fellow of the Royal Architectural Institute of Canada.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?

In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Lachlan MacQuarrie, Industry Fellow at Intelligent Building LLC, to unpack the growing cybersecurity risks hidden inside today’s smart buildings. Recorded live at the Toronto Real Estate Forum, the conversation explores why operational technology (OT) demands a different security mindset than traditional IT systems. Lachlan explains how overlooked devices, HVAC, elevators, and access controls can expose owners to serious financial and reputational damage. 

He outlines practical steps, from asset inventory to zero-trust architecture, and shares how institutional landlords are approaching governance through emerging industry frameworks. The key takeaway: cybersecurity is no longer optional overhead. With the right strategy, owners can reduce risk, improve tenant confidence, and even unlock operational savings without major capital outlay.

What you will learn:

• How to distinguish between IT and OT risks 
• Why most property owners don’t know what systems they actually own
• The Real Estate Cyber Consortium framework 
• How to cost-justify cybersecurity improvements as ROI, not overhead
• Zero-trust architecture and vulnerability scanning as practical first steps
• The emerging AI risk in building operations

Lachlan MacQuarrie is an Industry Fellow at Intelligent Buildings, specializing in the intersection of operational technology, cybersecurity, and institutional real estate management. With a background in engineering, urban planning, and real estate acquisitions, Lachlan brings over two decades of experience across asset management, development, and property operations, including his tenure as Global Head of Platform Services at Oxford Properties and SVP at EPIC Investments.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk are joined by Jose Pellicer, Co-Founder and Partner at Evonite, for a timely conversation on how geopolitical disruption is reshaping global property markets. As traditional economic anchors, from U.S. dollar dominance to democratic stability, face mounting pressure, Jose outlines what this uncertainty means for investors in 2025 and beyond.

He shares a resilience-focused investment thesis built around inflation protection, highlighting why necessity-based retail and food-anchored centres may outperform in a structurally inflationary environment. The discussion also tackles the growing regulatory risk in multifamily housing, where rent control and anti-“financialisation” narratives are influencing policy worldwide. Jose explains how capital is increasingly flowing toward infrastructure and real estate debt, forcing equity managers to sharpen their differentiation.

What you will learn:

• How to position real estate investments for an inflationary era 
• Why regulatory risk in multifamily housing is being severely underpriced 
• The “resilience and inflation protection” framework for navigating global instability
• The impact of trade restrictions, immigration controls, and capital movement 
• Why German real estate investors remain trapped in valuations
• How to compete for institutional capital in real estate against alternative assets

Jose Pellicer is the Co-Founder and Partner at Evonite, an established European real estate team, and brings deep expertise in global real estate investment strategy and macro-economic analysis. With a background spanning multiple continents and previously as Managing Partner at M and G, Jose has established himself as a thought leader in identifying mispriced real estate opportunities across European, Canadian, and Asian markets.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. 

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk are joined by Sarah Esler, CFA, and Managing Director of Mortgage Investments at AIMCo, for a look inside an $8B institutional mortgage portfolio spanning Canada, the US, and Western Europe. Sarah explains how pension capital is navigating one of the most competitive lending environments on record, with spreads at historic lows and borrower confidence slowly returning after years of short-term renewals. 

The conversation explores why longer-term mortgages are back in favour, how Canada’s fixed-rate market contrasts with floating-rate structures in the US and Europe, and which underwriting metrics matter most when deploying capital at scale. They also unpack the $2B maturity wall AIMCo faces next year, renewed lender appetite for downtown Toronto office deals, and how asset owners can assess refinance risk at today’s rates. The episode closes with a candid view on bid-ask dynamics, condo market spillovers, and why institutions are positioning for a gradual recovery beginning in 2026.

What you will learn:

• How to navigate the 120 basis point spread compression 
• The institutional lending advantage: AIMCo’s fixed-rate, 25-30 year amortization model 
• Why the Bank of Canada’s rate pause signals the market bottom
• How to deploy capital efficiently across geographies
• The $2 billion maturity wall arriving in 2025, and what every institutional lender is doing 
• Why unsecured borrowing is outcompeting secured mortgages on pricing

Sarah (Broad) Esler is the Managing Director and Head of Mortgage Investments at AIMCo (Alberta Investment Management Corporation), and oversees an $8 billion real estate credit portfolio deployed across Canada, the United States, and Western Europe. With over two decades of experience in commercial real estate finance, including pivotal roles at Canada ICI, TD Securities, and Brookfield Financial, she brings deep expertise in mortgage lending, CMBS structuring, and institutional capital deployment across market cycles.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if international pension fund investment could unlock Canada’s housing crisis?

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk are joined by Mark Siezen, CEO of Bouwinvest, to unpack why Dutch institutional investors are increasingly focused on Canada, and what’s holding back higher investment inflows. The conversation explores the structural tax and regulatory barriers that prevent deeper cross-border real estate investment, despite strong alignment between Canadian and Dutch pension fund objectives. 

Mark explains why the U.S. captures the vast majority of Dutch pension capital in North America, how administrative tax interpretations, not new legislation, are the real bottleneck, and what pragmatic changes could unlock billions in long-term housing investment. The episode also explores the opportunity for reciprocal capital flows, with Canadian pension funds looking to the Netherlands’ resilient residential market, as well as the role of ESG, long-term asset durability, and modular timber construction in future-proofing housing supply. 

What you will learn:

• Why the U.S. captures 95% of the Dutch pension fund’s North American investment
• How to reframe pension fund tax policy as an interpretation, not a legislative issue
• The case for Canadian pension funds diversifying into Dutch residential assets
• Why ESG and future-proofing matter more than current rental premiums
• How modular timber-based housing can position Canada as a global leader
• The three outcomes that would signal successful cross-border investment momentum

Mark Siezen is an international real estate investment executive and CEO of Bouwinvest, one of Europe’s leading institutional real-asset platforms. He leads diversified portfolios across residential, retail, office, healthcare, and global real estate markets on behalf of pension funds and institutional investors. Mark focuses on aligning strategy, governance, and culture to deliver sustainable long-term performance while connecting capital with societal outcomes. 

Deeply engaged in housing, healthcare, and ESG, Mark actively bridges investors, policymakers, and developers to address affordability, sustainability, and structural housing shortages.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

What if the “easy money” era in real estate is actually behind us? In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk are joined by Fred Cassano, National Real Estate Leader at PwC, to unpack the 2026 Emerging Trends in Real Estate report and what it reveals about a fundamentally changing market. Fred explains why the era of “easy money” and passive cap-rate compression is over, and how investors are shifting toward yield-driven strategies rooted in operational excellence. 

The conversation explores the rise of alternative asset classes such as senior housing, student housing, data centres, and medical offices, alongside the challenges and opportunities created by distressed assets and shifting valuations. The group also examines capital flows across major Canadian markets, the growing influence of interest rates, geopolitics, and public policy, and why leverage is no longer a substitute for strong fundamentals. For operators and investors navigating uncertainty, this episode offers clear, practical insight into what it takes to compete in the next real estate cycle.

What you will learn:

• How to shift from cap-rate chasing to NOI-driven value creation
• Why data centers have evolved from niche to institutional infrastructure
• The bifurcated capital deployment strategy
• How the condo market collapse creates tactical opportunities
• Why labor shortages and modern construction methods will reshape supply
• The power-location-policy trinity replacing location-location-location
• How to navigate the “fog” with conviction
• Why senior housing and purpose-built rental are emerging transaction engines

Fred Cassano is the National Real Estate Leader at PwC, where he leads a 250-person, industry-focused real estate practice spanning assurance, tax, advisory, valuation, restructuring, and real estate technology. A trusted advisor to real estate owners across the GTA, Fred brings over 15 years of experience specializing in strategic tax planning, transaction structuring, and wealth preservation. He is a key driver of PwC’s annual Emerging Trends in Real Estate report and is a Chartered Accountant and Schulich School of Business graduate.

 

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

What if solving Canada’s housing affordability crisis was actually simpler than politicians make it? In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk are joined by Aled ab Iorwerth, Deputy Chief Economist at CMHC, for a data-driven conversation on Canada’s housing affordability crisis. Together, they unpack why the core issue is supply, not demand, and why Canada must dramatically increase annual housing production to restore long-term affordability. 

Aled explains how market “filtering” works, why affordability mandates and rent control often backfire, and how Alberta’s flexible, no-rent-control model has delivered more livable outcomes. The discussion also explores the existence of three distinct housing crises requiring tailored solutions, the looming reversal of today’s rental supply surge, and the role of construction innovation in scaling output. Finally, Aled examines how tax and regulatory barriers are discouraging international capital from funding new apartment construction, even as Canada urgently needs sustained, long-term investment to close the housing gap.

What you will learn:

• Why the supply vs. demand debate is settled
• How to recognize when affordability mandates destroy projects
• The three distinct housing crises require different solutions
• Why Alberta’s Edmonton model works
• The condo presale collapse threatens long-term supply
• How productivity innovation, not just labor, unlocks scale
• Why international capital is being taxed out of Canadian housing

Aled ab Iorwerth is the Deputy Chief Economist at Canada Mortgage and Housing Corporation (CMHC), bringing deep expertise in housing economics and policy research. With a PhD in Economics from Western University and extensive experience at the Department of Finance analyzing economic productivity, climate change, and human capital, Abiowirth has become a leading voice in Canada’s housing affordability debate. He is best known for pioneering CMHC’s influential research on housing supply deficits, shifting national policy discussions away from demand-side narratives toward evidence-based supply solutions.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

What if navigating a $27 billion portfolio could teach you how to thrive through market cycles? In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Salvatore Iacono, President and CEO at Cadillac Fairview, for an in-depth conversation on managing and evolving a $27 billion real estate portfolio through volatile market cycles. Salvatore shares why retail and office are showing renewed strength, how experiential design and tenant collaboration are driving the return to office, and why the long-predicted death of retail never materialised. 

The discussion explores Cadillac Fairview’s approach to repositioning legacy department store space, developing multifamily assets on underutilised land, and maintaining balance across retail, office, residential, and industrial sectors. Drawing on lessons from the pandemic, Salvatore emphasises long-term thinking, partnership-led decision-making, and patience in portfolio rebalancing. This episode offers practical insight into large-scale asset management, Canadian market dynamics, and building resilience for sustained returns.

What you will learn:

• How to navigate the office sector’s comeback
• Why retail’s “death” narrative was premature
• The partnership-over-litigation approach to crisis management
• How to reposition department store boxes into mixed-use value
• The “virtuous circle” development mode
• Why portfolio rebalancing takes years, not quarters

Salvatore Iacono is President and CEO of Cadillac Fairview, where he leads the operations and strategy of one of North America’s largest owners, operators, investors, and developers of office, retail, multifamily, industrial, and mixed-use real estate. With more than $30 billion in assets under management, Cadillac Fairview oversees 68 landmark properties across Canada. Salvatore’s deep real estate expertise supports long-term portfolio growth for Cadillac Fairview and its owner, the Ontario Teachers’ Pension Plan, while advancing the company’s purpose of transforming communities for a vibrant, sustainable future.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

What if the data hidden in your buildings could unlock your next investment opportunity?  In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Mike Maxfield, SVP of Business Technology at Brookfield Properties, to unpack how data is becoming one of the most powerful sources of competitive advantage in commercial real estate. The conversation explores how fragmented property and tenant data can be transformed into unified intelligence that drives smarter portfolio decisions and long-term NOI growth. 

Mike shares why standardizing systems across asset classes, from office to logistics, creates visibility that most operators lack, and how proprietary data models outperform off-the-shelf analytics tools. The episode also looks ahead to the next five years, examining how AI will reshape predictive market analysis, investment underwriting, and organisational productivity. For owners, operators, and investors navigating legacy systems and data silos, this discussion offers a clear roadmap for separating meaningful signals from market noise in an increasingly transparent real estate landscape.

What you will learn:

• How to transform siloed data into actionable intelligence
• Why tenant relationship management data is as critical as financial data
• The “Proprietary Secret Sauce” framework
• How to navigate organizational friction when implementing standardization.
• Why AI productivity gains are split into two categories
• The real competitive edge in a data-saturated world

Mike Maxfield is Senior Vice President of Business Technologies at Brookfield, leading strategic initiatives at the intersection of real estate, technology, and operations. With over 13 years at Brookfield, Mike has spearheaded digital transformations across the company’s diverse real estate portfolio, from office and retail to logistics, multifamily, and hospitality, and now drives standardization and simplification efforts across all North American sectors. His expertise spans data strategy, tenant relationship management, climate resiliency reporting, and AI-driven predictive analytics for investment decision-making.

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