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:

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.

The post Beyond Locks and Cameras: Cyber Risk in CRE with Lachlan MacQuarrie, Industry Fellow at Intelligent Buildings LLC. appeared first on Commercial Real Estate Podcast.

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:

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.

The post How to Build Inflation-Proof Real Estate Strategies with Jose Pellicer, Co-Founder and Partner at Evonite appeared first on Commercial Real Estate Podcast.

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:

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.

The post Surviving the Refinance Wall: Lessons from an $8B Portfolio with Sarah Esler, Managing Director of Mortgage Investments at AIMCo appeared first on Commercial Real Estate Podcast.

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:

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.

The post How Dutch Pension Capital Could Unlock Canada’s Housing Supply Shortage with Mark Siezen, CEO of Bouwinvest appeared first on Commercial Real Estate Podcast.

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:

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.

The post Why the Easy Money Era in Real Estate Is Over, with Fred Cassano, National Real Estate Leader at PwC appeared first on Commercial Real Estate Podcast.

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:

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.

The post The Housing Affordability Myth Politicians Won’t Touch with Aled ab Iorwerth, Deputy Chief Economist at CMHC appeared first on Commercial Real Estate Podcast.

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

What if the biggest barrier to solving Canada’s housing crisis isn’t capital or construction capacity, but zoning itself? In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk sit down with Dermot Sweeny, Founding Principal at Sweeny&Co Architects, for a provocative conversation challenging the fundamental assumptions behind how Canadian cities regulate development. With nearly four decades of architectural practice spanning office, residential, hospitality, and institutional projects, Dermot argues that zoning has become the single greatest impediment to building livable, affordable, and sustainable cities.

The conversation explores why front yards represent wasted land, how Victorian-era fire codes still dictate modern building design, and why corner stores require council debates in 2026. Dermot shares lessons from Tokyo, Rome, and Paris on density done right, explains how industrial design principles from boats and trains could transform micro-unit living, and makes the case for why eight-story mid-rise buildings on underutilized employment lands could solve Toronto’s housing shortage without touching farmland. For architects, developers, policymakers, and anyone frustrated by Canada’s glacial pace of housing reform, this episode offers a masterclass in questioning everything we think we know about city building.

What you will learn:

Dermot Sweeny is the Founding Principal of Sweeny&Co Architects, an architecture firm he started in his twenties that now employs over 55 people across a diverse portfolio of work. With 38 years of practice, Dermot has led design on over 7 million square feet of high-performance office buildings, innovative residential projects, and landmark institutional developments. His firm was responsible for Toronto’s first two-story open loft new build in 1987 and has pioneered green technology, raised floor systems, and tenant-driven workplace innovation across major projects including TELUS House, Loblaw’s headquarters, and BMW’s Canadian headquarters. Known for challenging conventional thinking around zoning, density, and sustainability, Dermot brings both sides of his brain—technical rigor and creative vision—to every conversation about the future of Canadian cities.

The post Rethinking City Building: A Radical Case Against Zoning with Dermot Sweeny, Founding Principal at Sweeny&Co Architects appeared first on Commercial Real Estate Podcast.

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:

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.

The post Repositioning Through Cycles: Portfolio Strategy at Scale with Salvatore Iacono, President and CEO at Cadillac Fairview appeared first on Commercial Real Estate Podcast.

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:

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.

The post The Data-Driven Future of CRE with Mike Maxfield, SVP of Business Technology at Brookfield Properties appeared first on Commercial Real Estate Podcast.

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

What if the biggest opportunity in Canadian real estate is hiding in plain sight? In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome back Adrian Rocca, CEO at Fitzrovia,  for his fourth appearance on the show to unpack a contrarian view of today’s Canadian real estate market. Despite ongoing headwinds, Adrian explains why market softness may be the ideal moment to pursue core Class A rental development in downtown Toronto. The conversation explores how disciplined operators are positioning themselves ahead of a looming supply cliff that could drive the next rental growth cycle. 

Adrian also shares insights on portfolio diversification through student housing and seniors living across multiple provinces, and why these asset classes are attracting long-term conviction capital. The episode goes further, tackling the policy reforms needed to unlock foreign investment and meaningfully address Canada’s housing shortage. For developers, investors, and industry leaders navigating uncertainty, this discussion offers a grounded, data-driven case for why bold, contrarian moves today could define outperformance tomorrow.

What you will learn:

Adrian Rocca is the CEO at Fitzrovia and a visionary real estate developer and investor known for his expertise in purposeful rental housing, student accommodation, and senior living developments across Canada. With a track record of strategic expansion into new markets and asset classes, including his recent entry into retirement housing through a programmatic JV partnership and aggressive growth in student housing across Ontario and British Columbia, Adrian has established himself as a thought leader in the multifamily sector.

The post Building Against the Cycle: A Contrarian CRE Case with Adrian Rocca, CEO at Fitzrovia appeared first on Commercial Real Estate Podcast.