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.
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