Guarded optimism for Canadian markets in 2014 while U.S. commercial
sector continues to demonstrate improvement
TORONTO, Jan. 16, 2014 /CNW/ - Canada's commercial real estate markets
experienced some changes in 2013 that could pose challenges in 2014.
However, ongoing development is an encouraging sign that the markets
remain strong, offering opportunities for occupiers, owners and
investors. In the U.S., although delayed by a year due to political
gridlock, the return to normal operating conditions and the reduction
of monetary easing due to tapering are the catalysts necessary to
unlock the capital that has been building up on the balance sheets of
investors and occupiers.
These are some of the key trends noted in Avison Young's 2014 Canada, U.S. Forecast, released today. The annual report covers the office, retail,
industrial and investment markets in 36 Canadian and U.S. metropolitan
regions: Calgary, Edmonton, Lethbridge, Mississauga, Montreal, Ottawa, Quebec
City, Regina, Toronto, Vancouver, Winnipeg, Atlanta, Boston,
Charleston, Chicago, Columbus, Dallas, Denver, Detroit, Houston, Las
Vegas, Long Island, Los Angeles, New Jersey, New York, Orange County,
Philadelphia, Pittsburgh, Raleigh-Durham, Reno, San Diego County, San
Francisco, San Mateo, South Florida, Tampa and Washington, DC.
"Over the past few years, Avison Young has been advising its clients to
invest in Canada for stability, seek higher return opportunities in the
U.S., and plan for higher interest rates as the North American
financial markets pick up steam and fiscal stimulus is removed. The
last point was the most important, as too many investors were fixated
on quantitative easing as a paradigm shift and a free-money right
versus an opportunity. The 15-year decline in interest rates and
related cap-rate compression that was the driver of returns had to come
to an end at some point," comments Mark E. Rose, Chair and CEO of Avison Young.
He continues: "While it is true that interest-rate policies have boosted
returns significantly, pricing is stable as the voracious appetites of
the REITs are being replaced by healthy demand from pension funds and
institutions, which have significant discretionary capital and use
lower levels of debt when making acquisitions."
The report shows that of the 36 office markets tracked across North
America, 24 markets saw vacancy rates decline during 2013, with a
greater number of U.S. markets seeing an improvement than Canadian
markets. A similar result unfolded on the industrial front. Despite
lower vacancy levels recorded in U.S. markets, a distinct, though
narrowing, gap persists between the two countries. The Canadian office
market collectively reported a vacancy rate of 8.3% in 2013, compared
with 13.9% in the U.S., while Canada's industrial vacancy rate settled
at 4.6%, roughly half that of the U.S. (9%).
"It was only a matter of time before we started to see improving vacancy
rates across the U.S. property markets, particularly in the office and
industrial sectors. While the recovery has been uneven, it's
demonstrating improvement, now that some of the political clouds are
starting to clear," says Bill Argeropoulos, Vice-President and Director of Research (Canada) for Avison Young.
"Though stable, it is not entirely surprising to see the commercial real
estate sector in Canada pull back a little. Keep in mind, while other
property markets around the world were wallowing in recession, Canada
bounced back fairly quickly. If anything, we are well-positioned to
exploit our proximity to the U.S., which is still the home of the
globe's largest economy," he says.
Rose adds: "For 2014, we believe the negatives of the past several years
now become positives. Tapering will occur during the first quarter of
2014, interest rates will rise further, and real estate debt will
become more expensive. It is important to note that this trend is now
expected and should not shock the system. For Canada, solid leadership
at the national level has positioned the country for a potential budget
surplus in 2015-16, which in and of itself could be inflationary. Yes,
pricing is challenging and feels a little 'toppy,' but quality assets
with great covenants are in demand, and there is ample capital willing
to acquire long-term holdings."
"The U.S. has not achieved the same stability and premium pricing, but
has continued to attract core and opportunistic capital, with Canada
being the No. 1 foreign investor in U.S. real estate in 2013. Despite
the continuation of political disruptions that undermine significant
progress, Washington, DC appears to be finding some common ground."
"If we give users and occupiers of real estate a clearer, stronger
economy in which to grow, and investors a stable underwriting
environment that limits surprises and allows for well-defined
investment strategies founded in fundamental real estate investing, we
could be celebrating a very happy new year in 2014," explains Rose.
The report goes on to say that the U.S. commercial real estate markets
had a mixed performance in 2013, though most moved further towards
recovery, and there were a handful of standout markets. Vacancy rates
for the office, industrial and retail sectors declined year-over-year.
"Many of the U.S. commercial markets saw improvement in 2013 despite the
many political uncertainties and economic headwinds. For 2014,
forecasted GDP growth bodes well for positive absorption and
expansion," points out Earl Webb, Avison Young's President, U.S. Operations.
The single-digit vacancy rates, robust demand and stable-to-rising
rental rates that many of Canada's office markets enjoyed during and
since the recession may soon come under pressure. Leasing velocity
tapered following a strong start to 2013 and, as the year progressed, a
burgeoning sublet market emerged, especially in Toronto and Calgary. By
the end of 2013, the national office vacancy rate increased to 8.3%.
This compares with 7.5% at year-end 2012 and a recessionary high of
9.2% at year-end 2009. Tepid demand, along with nearly 27 million
square feet (msf) of new office development under construction across
Canada and scheduled for completion by 2017, will prompt modestly
rising vacancy levels by the end of 2014. In all, the national office
vacancy rate is projected to rise 90 basis points (bps) and finish 2014
Looking back on 2013, of the 11 Canadian office markets surveyed,
market-wide vacancy rates increased to varying degrees in eight and
declined in three markets. Eight markets continued to post single-digit
vacancy rates, while seven markets registered rates below the national
Calgary, the nation's largest development market, saw its vacancy rate
spike 210 bps to a respectable 6.6% at the close of 2013. Edmonton (-70
bps to 7.6%), Alberta's capital, had a strong year and was the only
western market, and one of only three Canadian markets (Ottawa and
Quebec City), to see a year-over-year improvement. Regina, despite a
100-bps increase between 2012 and 2013, once again recorded the
nation's lowest office vacancy rate at 5.2%.
Looking ahead to 2014, office vacancy rates will escalate in four of the
six western markets, owing to new supply and continued tepid demand,
while vacancy rates are expected to retreat slightly in Edmonton (-40
bps, 7.2%) and Winnipeg (-20 bps, 6.9%).
Eastern Canadian office markets didn't fare better than their western
counterparts in 2013, with vacancy levels rising in three of the five
markets surveyed in the East. The Toronto West/Mississauga market saw
the biggest upward movement in vacancy (+170 bps, 14%). Unlike in
Montreal (+110 bps, 10.9%), Toronto's vacancy rate remained in
single-digit territory (+90 bps, 8.8%). Quebec City experienced the
greatest improvement, with vacancy dropping 90 bps to 6.5%. In the
nation's capital, Ottawa (-60 bps, 5.8%), vacancy was the lowest
amongst the eastern markets.
All five markets in Eastern Canada are projected to finish 2014 with
higher vacancy rates, the most notable increases coming in Toronto and
Montreal, as both markets will continue to endure sporadic demand while
welcoming the first wave of new development. Toronto (+170 bps, 10.5%)
will see vacancy enter double-digit territory for the first time in
nearly a decade, while the other markets will see increases of between
30 and 100 bps.
Argeropoulos adds: "Office development continues unabated across the
country and will offer occupiers a plethora of options over the next
four years, should they decide to take advantage of the efficiencies
provided by the latest and largely LEED-designated developments."
"The work-live-play phenomenon persists in many of the country's
downtown markets as employers are in hot pursuit of the highly educated
workforce growing in increasing numbers in Canada's major urban cores.
At the same time, there's a greater emphasis by the development
community to seek out and develop sites near existing or future
transportation arteries, in the hope of combating downtown's appeal by
urbanizing the suburbs. Meanwhile, LEED buildings have narrowed the
downtown/suburban cost gap, enticing suburban tenants to consider
downtown options," he says.
According to the report, nearly 27 msf (48% preleased) has been
announced or is under construction across Canada, equating to 5% of the
existing inventory. Calgary and Toronto are the dominant development
markets in the country, combining for nearly 17 msf or 62% of the
overall construction projects. Calgary surpassed Toronto as the biggest
development market in Canada with almost 8.9 msf (only 38% preleased) -
an exceedingly high proportion of the city's existing inventory at 13%
and more than twice the national average. Close behind is Toronto with
7.8 msf (48% preleased), equating to 5% of the city's existing
inventory. Vancouver is next with 3.5 msf underway.
Canada's retail landscape remains extremely competitive as domestic and
foreign players (mostly from the U.S.) vie for strategic hard assets
and major retail brands, despite exceedingly high household debt levels
and the prospect of softening consumer spending. Joining the
established chains Walmart and Costco, Target, the latest U.S. retail giant to enter the Canadian marketplace,
finally rolled out its 124 stores across the country with mixed
reviews. Merger and acquisition activity among domestic grocery
retailers became prominent as Loblaw bought Shoppers Drug Mart and Sobeys acquired the Canadian assets of U.S. grocer Safeway. All of this activity is part of the retail industry's effort to lower
overall operating costs, increase purchasing power with manufacturers
and leverage more efficient distribution channels.
Bricks-and-mortar retailers are becoming more innovative in an era of
intense competition, focusing on staying relevant and competitive
against online options, differentiating themselves with unique concepts
and products, customer service and product expertise. Customers
increasingly examine products in a traditional bricks-and-mortar
setting but buy them online, and retailers are adapting with new
"omni-channel" strategies. Meanwhile, big-box retailers are
experimenting with small-format urban concepts.
The face of urban and suburban retail continues to change. Growing
demand for complete communities - where people can live, work, shop and
play - is encouraging developers to consider high-density, mixed-use
projects that include street-level retail with underground parking and
office and residential units above.
Competition has forced major retailers, including Staples, Best Buy and Sears, to slash jobs and reduce footprints. Sears' move provided domestic and
foreign retailers (including Nordstrom and Simons) opportunities to secure coveted retail space in some of Canada's
premier malls, such as Toronto's Eaton Centre. At the same time, landlords continue to invest in regional malls to
accommodate incoming tenants and attract new entrants to the Canadian
"The new omni-channel strategy, increasingly being deployed by
retailers, is blending retail, warehouse/distribution and logistics.
While e-commerce may result in the closure or downsizing of more retail
stores as bricks-and-mortar and online retail converge, additional
industrial space will be needed for order fulfillment and merchandise
returns," notes Argeropoulos.
Canada's industrial market remained active in 2013 as vacancy rose
modestly in some markets and declined in others. Collectively, the 10
industrial markets surveyed recorded a vacancy rate of 4.6% as 2013
wound down, slightly higher than the 4.4% registered at year-end 2012.
Despite the increase, vacancy remains some 200 bps below 2009's
recession peak. Low vacancy rates and stable-to-improving demand levels
are spurring new development and are expected to push vacancy to just
below 5% at year-end 2014.
All 10 industrial markets surveyed continued to post market-wide vacancy
rates in the single digits at year-end 2013. Six markets saw a lift in
vacancy year-over-year, and three (Edmonton, Toronto and Ottawa) saw
vacancy slip lower compared with year-end 2012. On average, vacancy
rates in the West are 100 bps lower than those in the East.
The energy sector continues to drive the Western Canadian markets,
particularly in Alberta. Edmonton's industrial vacancy rate dipped 50
bps to 3.3%, while Calgary (+60 bps, 5.5%) and Lethbridge (+40 bps,
2.6%) witnessed nominal increases in 2013. Winnipeg (+30 bps, 2.6%)
matched Lethbridge for the lowest vacancy among western markets, while
Regina (+100 bps, 3.6%) recorded the greatest increase. Western
Canada's largest industrial market, Vancouver, saw its vacancy rise 30
bps to 3.9%, despite millions of square feet of new product added to
inventory in 2013. Vacancy in large-floorplate, modern distribution
buildings remained exceptionally tight in all markets, with the supply
of industrial land a concern for the future.
Going forward, the West will continue to perform well. However, new
development will put upward pressure on vacancy rates by the end of
2014 in every market, except Winnipeg (-20 bps, 2.4%).
In Eastern Canada, the manufacturing sector continues to re-tool,
anticipating demand from recovering U.S. consumers. Montreal (+120 bps,
6.6%) has the highest vacancy rate in the entire country. Vacancy in
the nation's largest industrial market (and North America's
second-largest), Toronto, retreated 10 bps to settle at 4.4%. Ottawa
boasts the country's lowest industrial vacancy, just shy of 2%.
By the end of 2014, vacancy is projected to trend higher in all four
eastern markets. Montreal will climb further (+40 bps, 7%) and will be
one of three markets (with Calgary and Toronto West/Mississauga) to
carry a vacancy above the projected national average of 4.9%.
Supply shortages have encouraged build-to-suit and speculative
development, with more than 8 msf under construction across Canada.
Construction activity is skewed towards the West (58% of national
total), where development is spread across several markets, while
Toronto accounts for virtually all of the space under construction in
the East. Toronto leads all Canadian markets with almost 3.5 msf under
construction, followed by Calgary and Edmonton in the West with 2.2 msf
and 1.7 msf, respectively.
"Improving strong demand for high-clear height, large-bay industrial
facilities, coupled with steady new supply desired by users, will push
rents higher in 2014. On the other hand, this situation will create
challenges for less-desirable existing product, resulting in ongoing
repurposing of obsolete buildings," says Argeropoulos.
The stable footing exhibited by the leasing markets, along with the
never-ending supply of cheap capital, has propelled investment volumes
and pricing to record levels over the past four years. However, in
spring 2013, interest rates began to rise, and although the impact was
not immediately evident, as the year progressed, investment activity
waned and the pricing trajectory changed. The interest-rate-sensitive
REITs, which had been the most active buyers across the country, are
now faced with flat, or falling, unit prices. With the 2013 tally still
to come, slightly more than $20 billion (CAD) worth of assets (office,
industrial, retail, multi-residential and land) changed hands through
the first three quarters of 2013 - possibly leaving the record $28
billion that sold in 2012 intact.
Despite the prospect of higher interest rates, capital flows into
commercial real estate will remain stable in 2014.
"Acquisition fundamentals have changed as all investors (particularly
REITs) confront a more challenging capital environment and buyers
becomes more selective. With capital more costly, investors will become
more active asset managers to enhance returns. Moreover, as some REITs
scale back acquisitions, others may cull assets, spurring additional
sales activity," says Argeropoulos.
Irrespective of some REITs staying on the sidelines, competition among
pension funds/advisors, life companies and especially emerging private
equity players will intensify, while high pricing leads more buyers
towards development. Top-tier, well-leased assets are expected to
maintain their values and remain highly contested, while secondary
and/or challenged assets will see upward cap-rate adjustment.
Noteworthy transactions in 2013 ranged from single assets to portfolios,
including the Jacobs Engineering building in Quarry Park in Calgary, which set a new historic low in terms of suburban office
capitalization rates in Alberta; the iconic Place Ville-Marie in Montreal; and a large portfolio of office and industrial buildings
by GE Canada Real Estate Equity in Toronto.
"As reported in the media late in 2013, Orlando Corporation has sold Bayview Village in Toronto's north end to a group representing British Columbia Investment Management Corporation," notes Argeropoulos. "In addition, six regional enclosed shopping
centres in Ontario and British Columbia were recently sold by the Canada Pension Plan Investment Board to two separate buyers, Morguard Investments Limited on behalf of Healthcare of Ontario Pension Plan and Morguard REIT, and Bentall Kennedy on behalf of its Prime Canadian Property Fund."
"These deals clearly demonstrate investors' desire to place capital in
order to generate a return instead of keeping their cash on the
sidelines. These transactions also indicate that assets still command
elevated prices, even if they are not necessarily in prime locales -
and pension funds and their advisors are willing to fill the void
created by the departure of some REITs from the marketplace," he says.
Avison Young office markets tightened in 2013 and concluded the year
with an average vacancy rate of 13.9%, down 40 bps from year-end 2012,
with many markets reporting a return to pre-recession conditions.
Overall construction and deliveries of office product remained lower
than the historical average; however, the volume of construction
increased by nearly 50% compared with 2012.
All markets, except Houston, New York, San Mateo and Washington, DC,
recorded a drop in vacancy, and three (Columbus, Pittsburgh and San
Francisco) reported vacancy in the single digits. Houston, New York and
Washington, DC have more than 5 msf of office space under construction
apiece. Houston tops the list with 11.8 msf of office space under
construction in an effort to address pent-up demand for class A space
from the oil and gas industry.
Among Avison Young markets, New Jersey recorded the highest 2013 vacancy
(-40 bps, 20.8%) and is projected to climb further in 2014. Las Vegas
(-50 bps, 19.2%) and Detroit (-90 bps, 19%) also recorded high
vacancies. But with no construction underway in either market and a
notable six straight quarters of positive absorption in Detroit,
further declines in vacancy can be expected for both of these markets
Atlanta, Long Island, NY and Orange County all experienced significant
decreases in vacancy during 2013. Atlanta showed notable signs of
improvement with rising rents and a 150-bps drop in vacancy (18.6%) as
businesses hired more people. The growing success of the financial,
healthcare and energy sectors on Long Island has resulted in positive
absorption in all submarkets, allowing for a 180-bps decline in vacancy
to 16.2%. And in Orange County, increased demand resulted in a 220-bps
drop in vacancy (15.1%) and the most desirable locations are seeing
San Diego and Raleigh-Durham are forecasted to see the largest drops in
vacancy of all markets in 2014 (-230 bps to 14.9% and -270 bps to
12.6%, respectively). San Diego has experienced several consecutive
quarters of positive absorption - a trend that will continue, as 92% of
office space under construction is committed. A lack of new office
construction in Raleigh-Durham in recent years has driven class A
vacancy down rapidly, forcing many tenants to turn to preleasing
Milestones were reached in many of the largest U.S. cities in 2013. In
Chicago, construction returned after a hiatus of several years with 1.7
msf of office space under development in the central business district.
In New York, the delivery of the 4 World Trade Center (2.8 msf) in
Downtown and 51 Astor Place (400,000 sf) in Midtown South in 2013
marked the beginning of the strongest construction cycle since the
1980s. In the South Florida/Miami area, office sales pricing jumped to
$181 per square foot (psf) from $141 psf year-over-year, an increase of
more than 27%.
The U.S. retail market saw demand outpace new deliveries and recorded
strong occupancy levels with significant progress being made in several
markets. The combination of lower vacancy and strong absorption is
forecasted to result in upward pressure on rental rates in 2014.
In 2013, Atlanta witnessed its lowest retail vacancy rate (9.6%) since
2008. Rental and sales pricing have skyrocketed in some cities, with
average retail rental rates in New York increasing 4% year-over-year
and rental rates in Los Angeles expected to reach north of $27 psf by
the end of 2014, a 2% year-over-year increase. In South Florida, retail
transactions have dominated leasing activity and sale prices saw a
A couple of stalled projects were resurrected in 2013 as markets
improved. In Las Vegas, The Shops at Summerlin project, a 1.6-msf, mixed-use mall that sat dormant for about five
years after its development ceased in 2008, is underway again with
delivery expected in late 2014. In New Jersey, construction has
progressed on the American Dream Meadowlands project, a 2.8-msf shopping and entertainment center that has been in
the works for more than 10 years. It is expected to create thousands of
jobs and garner worldwide attention due to its proximity to MetLife stadium, the site of Super Bowl XLVIII in February 2014.
The industrial sector also saw a year of positive growth among Avison
Young U.S. markets in 2013, with the overall vacancy rate declining 90
bps to 9% from 9.9%. Many markets reached pre-recession benchmarks,
while projects under construction at year-end 2013 totaled 43.2 msf and
increased by a staggering 97% compared with year-end 2012.
Avison Young industrial markets that demonstrated the most improvement
during 2013 included Charleston, Denver, Detroit and Reno; however, the
lowest vacancy rates at year-end were found in San Francisco, Long
Island, Houston and San Mateo.
While the industrial vacancy rate in Boston is among the highest of the
U.S. markets at 13.9%, improvement was evident after 3.8 msf of space
was absorbed between September 2012 and September 2013, allowing the
vacancy rate to dip below 14% for the first time since 2008. In Dallas,
demand for industrial space has caused the vacancy rate to fall to its
lowest point since 2002 (6.6%). Even with more than 9.5 msf of
industrial space under construction, the most in the nation, vacancy is
expected to remain historically low throughout 2014 in Dallas.
Orange County's industrial market has high levels of preleasing and
strong rent growth. In 2014, the county is forecasted to see the
greatest improvement in its vacancy rate, dropping to 5% from 8.3%
during the year. Industrial properties are leading the way in Reno's
recovery, with vacancy falling 250 bps to 10.6% from 13.1%
year-over-year. Vacancy is forecasted to fall into the single digits by
year-end 2014. Philadelphia has more than 5 msf (60% preleased) under
construction, the second most in the nation. Tampa is seeing a revival
in the construction industry after a lull, with 420,000 sf worth of
industrial projects set to break ground in the first quarter and plans
for a pair of 1-msf Amazon warehouses in the works.
"E-commerce has been a major business driver for industrial/warehouse
product, as demonstrated by Amazon's phenomenal growth," adds Webb. "In
the greater Chicago area, they have confirmed plans for a 1-msf
build-to-suit in the Southern Wisconsin submarket and will be bringing
1,000 new jobs to the market."
Webb continues: "Even with the vacillations in market conditions in
2013, the real estate markets continued to provide investors with a
reasonable risk/return investment alternative and saw significant
capital seeking acquisitions across all property types. We continue to
see opportunities in high-quality assets in second-tier markets as the
returns remain 100 to 200 bps above those for similar properties in the
top six or seven markets."
Overall, investment activity among Avison Young's U.S. markets is
trending upward, and nationally, sales volume of more than $300 billion
will top 2012's total sales. Washington, DC, a perennial top investment
target, has lost some favor with investors but the region's position as
the U.S. capital and strong market trends will support its ongoing
desirability to investors. Other top markets, such as New York, San
Francisco and Texas, continue to garner investor interest that will be
sustained through 2014.
Canada led all other countries by a significant margin in capital
investment in the U.S., and Manhattan, Los Angeles, Dallas and Chicago
were top destination markets among foreign investors.
Webb concludes: "The markets are still dependent, to some degree, on the
historically low cost of borrowing - both investors and occupiers are
benefitting from this debt market. Those favorable conditions will
persist at least into the first half of 2014. Look for sustained
improvement in real estate fundamentals and further market acceleration
Please turn to the following pages of the report for Forecast highlights in the local markets. For further info/comment, please
contact the Avison Young associates listed below. Thank you.
p.7 Property Management, Mortgage Services:
Peter Leroux, Principal and Executive VP, Real Estate Management Services: 416.673.4027 email@example.com
Norman Arychuk, Mortgage Broker, Debt Capital Markets Group: 416.673.4006 firstname.lastname@example.org
pp. 8, 10 Canada & U.S.:
Bill Argeropoulos, VP & Director of Research (Canada), 416.673.4029 or cell:
Margaret Donkerbrook, VP, U.S. Research, 202.644.8677 email@example.com
p. 12 Calgary:
Todd Throndson, Principal, 403.232.4343 firstname.lastname@example.org
p. 13 Edmonton:
John Ross, Managing Director, 780.429.7564 email@example.com
p. 14 Lethbridge:
Doug Mereska, Managing Director, 403.330.3338 firstname.lastname@example.org
p. 15 Montreal:
Laurent Benarrous, Principal, 514.905.5441 email@example.com
p. 16 Ottawa:
Michael Church, Principal, 613.567.6634 firstname.lastname@example.org
p. 17 Quebec City:
Laurent Benarrous, Principal, 514.905.5441 email@example.com
p. 18 Regina:
Richard Jankowski, Managing Director, 306.359.9799 firstname.lastname@example.org
p. 19 Toronto:
Mark Fieder, Principal, 416.673.4051 email@example.com
p. 20 Toronto West/Mississauga:
Martin Dockrill, Principal, 905.283.2333 firstname.lastname@example.org
p. 21 Vancouver:
Michael Keenan, Principal, 604.647.5081 email@example.com
p. 22 Winnipeg:
Wes Schollenberg, Managing Director, 204.947.2886 firstname.lastname@example.org
p. 23 Atlanta:
Steve Dils, Principal, 404.865.3663 email@example.com
p. 24 Boston:
Rick Kimball, Principal, 617.758.8271 firstname.lastname@example.org
p. 25 Charleston, SC:
Jeremy Willits, Managing Director, 843.725.7200 email@example.com
p. 26 Chicago:
Michael McKiernan, Principal, 847.849.1903 firstname.lastname@example.org
p. 27 Columbus, OH:
Scott Pickett, Principal, 614.264.4400 email@example.com
p. 28 Dallas:
Greg Langston, Principal, 214.269.3115 firstname.lastname@example.org
p. 29 Denver:
Alec Wynne, Principal, 720.508.8112 email@example.com
p. 30 Detroit:
Jim Becker, Principal, 313.510.2825 firstname.lastname@example.org
p. 31 Houston:
Rand Stephens, Principal, 713.993.7810 email@example.com
p. 32 Las Vegas:
Joseph Kupiec, Principal, 702.472.7978 firstname.lastname@example.org
p. 33 Long Island:
Ted Stratigos, Principal, 516.962.5399 email@example.com
p. 34 Los Angeles:
Christopher Cooper, Principal, 213.935.7435 firstname.lastname@example.org
p. 35 New Jersey:
Jeff Heller, Principal, 973.753.1100 email@example.com
p. 36 New York:
Arthur J. Mirante, II, Principal, 212.729.1896 firstname.lastname@example.org
p. 37 Orange County:
Christopher Cooper, Principal, 213.935.7435 email@example.com
p. 38 Philadelphia:
David Fahey, Principal, 610.276.1081 firstname.lastname@example.org
p. 39 Pittsburgh:
George (Duke) Kingsley, Principal, 412.944.2131 email@example.com
p. 40 Raleigh-Durham:
John Linderman, Principal, 919.420.1559 firstname.lastname@example.org
p. 41 Reno:
John Pinjuv, Managing Director, (775) 332-7300 email@example.com
p. 42 San Diego County:
Christopher Cooper, Principal, 213.935.7435 firstname.lastname@example.org
p. 43 San Francisco:
Nick Slonek, Principal, 415.322.5051 email@example.com
P.44 San Mateo
Randy Keller, Principal, 650.425.6425 firstname.lastname@example.org
p. 45 South Florida:
Pike Rowley, Principal, 954.938.1807 email@example.com
p. 46 Tampa:
Ken Lane, Principal, 813.444.0623 firstname.lastname@example.org
p. 47 Washington, DC:
Keith Lipton, Principal, 202.644.8683 email@example.com
Avison Young is the world's fastest-growing commercial real estate
services firm. Headquartered in Toronto, Canada, Avison Young is a
collaborative, global firm owned and operated by its principals.
Founded in 1978, the company comprises 1,300 real estate professionals
in 54 offices, providing value-added, client-centric investment sales,
leasing, advisory, management, financing and mortgage placement
services to owners and occupiers of office, retail, industrial and
For further information/comment/photos:
Sherry Quan, National Director of Communications & Media Relations, Avison Young: 604.647.5098; cell: 604.726.0959 firstname.lastname@example.org
Bill Argeropoulos, Vice-President and Director of Research (Canada), Avison Young: 416.673.4029; cell 416.906.3072 email@example.com
Margaret Donkerbrook, Vice-President, U.S. Research, Avison Young: 202.644.8677 firstname.lastname@example.org
Mark Rose, Chair and CEO, Avison Young: 416.673.4028
Earl Webb, President, U.S. Operations, Avison Young: 312.957.7610
Avison Young was a winner of Canada's Best Managed Companies program in 2011 and requalified in 2012 to maintain its status as a
Best Managed company.
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SOURCE: Avison Young Commercial Real Estate (BC)
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