LOS ANGELES—“In spite of the topsy-turvy stock market, conditions in the overall US real estate market remain solid.” That was according to Earl Webb, Avison Young's president of US operations.
GlobeSt.com was in attendance at Avison Young's annual meeting last week, where Webb pointed out that “job growth, supply constraints and ample debt availability all contribute to continued solid investment returns.”
He explains that “Year-over-year vacancy rates have declined in step with declining cap rates,” adding that “Year-over-year we've seen a 35% growth in capital invested in commercial property, both from foreign and domestic sources.”
Avison Young's U.S. headcount is now approximately 1,300 people (2,000 globally). According to Webb, there is still a lot of work to do in “filling out our delivery matrix in every market, and we still have several secondary markets where we lack a physical presence.”
As GlobeSt.com previously reported, the firm's expansion plans have always combined strategic and opportunistic recruiting and acquisitions, according to the firm's CEO, Mark Rose. “In five-year increments, we look to grow in the major and secondary markets in which our clients operate. We have always targeted these markets, and when we have the opportunity to partner with leaders such as Warren, Julia and the Cornerstone team, we move very quickly to make it happen,” he said.
In fact, today, the firm revealed that it opened a new office in Hartford, CT. Over the past six years, Avison Young has grown from 11 to, now, 70 offices in 63 markets.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
