Welcome to the CRE podcast, 100% Canadian, 100% commercial real estate. AI is reshaping commercial real estate, but the biggest barrier to adoption may not be technology; it may be fear.
In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk welcome Mike Bonneveld, President at Skyline Group of Companies, back to the show and examine how tariff uncertainty and economic volatility reshaped tenant behavior and stalled growth. Mike breaks down the Canadian markets gaining momentum, including Calgary and Edmonton, and explains why tight cap-rate spreads are forcing REITs to become more disciplined about acquisitions.
The conversation also explores shifting rent dynamics, the return of speculative development in Alberta, and why data center tenants are proving exceptionally valuable and sticky. With tariff uncertainty beginning to ease, Mike shares why pent-up demand could drive a stronger industrial rebound through late 2026 and into 2027.
What You Will Learn
- How to assess post-tariff tenant behavior
- The vacancy story that matters most
- Why cap-rate-to-cost-of-debt spreads are dangerously tight
- The geographic rent divergence that creates investment friction
- How supply-constrained markets signal spec development
- Why data center tenants are disproportionately valuable
- The 2026–2027 recovery trajectory depends on tariff certainty, not elimination
Mike Bonneveld is President of Skyline Industrial REIT, where he leads strategic growth, portfolio performance, and investment initiatives across Canada’s industrial real estate markets. He joined Skyline in 2009 and brings more than 30 years of Canadian real estate experience spanning acquisitions, asset management, corporate finance, M&A, brokerage, and valuations. Previously, Mike led Skyline’s Acquisitions team, overseeing transactions across multiple REITs and SkyDev. He holds an Honours BA in Urban Development from the University of Western Ontario and serves on the Board of Trustees of Inovalis REIT.
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