Avison Young releases 2014 commercial real estate forecast for Canada, U.S.

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Avison Young Commercial Real Estate (BC)

Jan 16, 2014, 09:00 ET

Guarded optimism for Canadian markets in 2014 while U.S. commercial sector continues to demonstrate improvement

TORONTO, Jan. 16, 2014 /PRNewswire/ - 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.

CANADA

Office
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 at 9.2%.

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 average (8.3%).

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.

Retail
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 landscape.

"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.

Industrial
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.

Investment
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.

U.S.

Office
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 in 2014.

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 rental-rate increases.

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 options.

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%.

Retail
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 corresponding increase.

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.

Industrial
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."

Investment
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 this year."

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 protected]
Norman Arychuk, Mortgage Broker, Debt Capital Markets Group: 416.673.4006 [email protected]

pp. 8, 10 Canada & U.S.:
Bill Argeropoulos, VP & Director of Research (Canada), 416.673.4029 or cell: 416.906.3072 [email protected]
Margaret Donkerbrook, VP, U.S. Research, 202.644.8677 [email protected]

p. 12 Calgary:
Todd Throndson, Principal, 403.232.4343 [email protected]

p. 13 Edmonton:
John Ross, Managing Director, 780.429.7564 [email protected]

p. 14 Lethbridge:
Doug Mereska, Managing Director, 403.330.3338 [email protected]

p. 15 Montreal:
Laurent Benarrous, Principal, 514.905.5441 [email protected]

p. 16 Ottawa:
Michael Church, Principal, 613.567.6634 [email protected]

p. 17 Quebec City:
Laurent Benarrous, Principal, 514.905.5441 [email protected]

p. 18 Regina:
Richard Jankowski, Managing Director, 306.359.9799 [email protected]

p. 19 Toronto:
Mark Fieder, Principal, 416.673.4051 [email protected]

p. 20 Toronto West/Mississauga:
Martin Dockrill, Principal, 905.283.2333 [email protected]

p. 21 Vancouver:
Michael Keenan, Principal, 604.647.5081 [email protected]

p. 22 Winnipeg:
Wes Schollenberg, Managing Director, 204.947.2886 [email protected]

p. 23 Atlanta:
Steve Dils, Principal, 404.865.3663 [email protected]

p. 24 Boston:
Rick Kimball, Principal, 617.758.8271 [email protected]

p. 25 Charleston, SC:
Jeremy Willits, Managing Director, 843.725.7200 [email protected]

p. 26 Chicago:
Michael McKiernan, Principal, 847.849.1903 [email protected]

p. 27 Columbus, OH:
Scott Pickett, Principal, 614.264.4400 [email protected]

p. 28 Dallas:
Greg Langston, Principal, 214.269.3115 [email protected]

p. 29 Denver:
Alec Wynne, Principal, 720.508.8112 [email protected]

p. 30 Detroit:
Jim Becker, Principal, 313.510.2825 [email protected]

p. 31 Houston:
Rand Stephens, Principal, 713.993.7810 [email protected]

p. 32 Las Vegas:
Joseph Kupiec, Principal, 702.472.7978 [email protected]

p. 33 Long Island:
Ted Stratigos, Principal, 516.962.5399 [email protected]

p. 34 Los Angeles:
Christopher Cooper, Principal, 213.935.7435 [email protected]

p. 35 New Jersey:
Jeff Heller, Principal, 973.753.1100 [email protected]

p. 36 New York:
Arthur J. Mirante, II, Principal, 212.729.1896 [email protected]

p. 37 Orange County:
Christopher Cooper, Principal, 213.935.7435 [email protected]

p. 38 Philadelphia:
David Fahey, Principal, 610.276.1081 [email protected]

p. 39 Pittsburgh:
George (Duke) Kingsley, Principal, 412.944.2131 [email protected]

p. 40 Raleigh-Durham:
John Linderman, Principal, 919.420.1559 [email protected]

p. 41 Reno:
John Pinjuv, Managing Director, (775) 332-7300 [email protected]

p. 42 San Diego County:
Christopher Cooper, Principal, 213.935.7435 [email protected]

p. 43 San Francisco:
Nick Slonek, Principal, 415.322.5051 [email protected]

P.44 San Mateo
Randy Keller, Principal, 650.425.6425 [email protected]

p. 45 South Florida:
Pike Rowley, Principal, 954.938.1807 [email protected]

p. 46 Tampa:
Ken Lane, Principal, 813.444.0623 [email protected]

p. 47 Washington, DC:
Keith Lipton, Principal, 202.644.8683 [email protected]

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 multi-family properties.

For further information/comment/photos:

Sherry Quan, National Director of Communications & Media Relations, Avison Young: 604.647.5098; cell: 604.726.0959 [email protected]
Bill Argeropoulos, Vice-President and Director of Research (Canada), Avison Young: 416.673.4029; cell 416.906.3072 [email protected]
Margaret Donkerbrook, Vice-President, U.S. Research, Avison Young: 202.644.8677 [email protected]
Mark Rose, Chair and CEO, Avison Young: 416.673.4028
Earl Webb, President, U.S. Operations, Avison Young: 312.957.7610

www.avisonyoung.com

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