AYPressReleaseFall13CanadaUSInvestOct9_13final

7/27/2019 AYPressReleaseFall13CanadaUSInvestOct9_13final

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For Immediate Release (10 pages) Media Relations:Wednesday, October 9, 2013 Sherry Quan

(604) 647-5098 or (604) 726-0959email: [email protected]

Editors/Reporters: Click here to view Avison Youngs Fall 2013 Canada, U.S. Commercial Real Estate Investment

Review:http://www.avisonyoung.com/sites/default/files/content-files/Research/Links/Fall13CanadaUSInvestmentOct9_13Final.pdf

Investment capital flows into Canada and U.S.commercial real estate markets, defying initial interest-rate hike

Avi son Youn g releases Fall 2013 Canada, U.S.Com merc ial Real Estate Investm ent Review

Toronto, ON Canada has exceeded pre-credit-crisis investment dollar volumes and pricingfor most asset categories, while improving property market fundamentals continue to fuelinvestment activity in the U.S. There is no evidence that the recent rise in interest rates slowedactivity on either side of the border in the first half of 2013. However, it will be interesting towatch the appetite of the biggest buyer group interest-rate-sensitive real estate investmenttrusts (REITs), and whether they will be taking a break from their insatiable buying spree.

These are some of the key trends noted in Avison Youngs Fall 2013 Canada, U.S.Com merc ial Real Estate Investm ent Review , released today.

The report covers commercial real estate investment conditions in 24 regions: Calgary ,Edmonton, Montreal, Ottawa, Toronto, Vancouver, Atlanta, Boston, Chicago , Dallas,Denver, Houston , Las Vegas, Los Angeles, New Jersey, New York, Orange County,Pittsburgh, Raleigh-Durham, San Diego County, San Francisco, San Mateo, South Florida and Washington, DC .

Canada and the U.S. are on track to meet or exceed 2012s volume of sales as CanadianREITs and pension funds continue to target strategic U.S. markets, comments Mark E. Rose ,Chair and CEO of Avison Young. Robust demand and available capital for quality assets isevident on both sides of the border. Whereas Canada continues to be stable, if not at peakpricing, the U.S. seeks to improve if the politics of sequestration, government shutdowns anddebt-ceiling limits do not prolong the recovery. Interest rates will remain the wild card as U.S.tapering of bond purchases and the inevitability of inflation will impact both countries.
mailto:[email protected]:[email protected]:[email protected]://www.avisonyoung.com/sites/default/files/content-files/Research/Links/Fall13CanadaUSInvestmentOct9_13Final.pdfhttp://www.avisonyoung.com/sites/default/files/content-files/Research/Links/Fall13CanadaUSInvestmentOct9_13Final.pdfhttp://www.avisonyoung.com/sites/default/files/content-files/Research/Links/Fall13CanadaUSInvestmentOct9_13Final.pdfmailto:[email protected]


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Canadas stable economic environment and enviable commercial real estate market sawstrong investments in the first half of 2013 across all asset types in comparison with the firsthalf of 2012 when office sales dominated. Look for Canadian REITs to be more discriminating intheir acquisition choices in Canada in response to interest rates. Nevertheless, pension funds,life insurance companies and private equity players are poised to fill the void, should REITs takea step back, he says.

In the U.S., expect the economy to continue its modest growth through the balance of 2013, asconstraints on construction overall and an uptick in occupier demand have led to improvedmarket conditions in many metro areas. Rising interest rates have failed to halt investor appetites for stabilized core properties, and office and multi-residential sales comprised 80% of the volume thus far, adds Rose.

According to the report, healthy market fundamentals continue to drive investment activity inCanada. Slightly more than $14.4 billion (CAD) worth of commercial real estate assets (office,industrial, retail, multi-residential and land, greater than $1 million) changed hands in the firsthalf of 2013 up $1 billion, or 8%, compared with the first half of 2012. Four of the six major Canadian markets saw an increase in commercial sales volume in the range of 4% to 46%,while two markets witnessed a decrease of between 20% and 29%.

Though transactions are being consummated across the country and the full brunt of the initialinterest rate hike earlier this year has not shown up in the first-half figures, the full effect mayvery well reveal itself in the year- end tally, notes Bill Argeropoulos , Vice-President andDirector of Research (Canada) for Avison Young. However, there are indications that one of the most active buyers since the downturn, the REITs, have tempered their appetite for commercial real estate over the past year . This is clearly evident in two of Canadas biggestinvestment markets Toronto and Calgary. Year-over-year REIT investment volumes are off by34% and 60% in Toronto and Calgary, respectively.

Argeropoulos continues: The second half of 2013 should prove to be interesting. A year ago,

we expected Vancouver, Calgary, Toronto and Ottawa to either match or exceed their previousannual investment totals. We were pleasantly surprised that every market, with the exception of Edmonton (by a narrow margin), surpassed their 2011 results. Given the first-half 2013performance, only Toronto and Edmonton are on pace to match or exceed their 2012 tally.Perhaps, we will be pleasantly surprised one year from now.

CanadaNationally, industrial properties were the most actively traded asset class in the first half of 2013, outpacing the office sector with 24% of total first-half investment dollar volume. In all, $3.5billion worth of industrial product sold the greatest year-over-year increase at 92%. Industrialsales increased in every market. While Ottawa saw the most notable improvement (+351%),

Toronto recorded the largest industrial dollar volume $1.9 billion (53% of the national total).Highlights in this sector included REIT portfolio acquisitions in Toronto, where GE Canada RealEstate Equity (GE) sold $341 million worth of industrial buildings to PIRET; and Montreal, whereTecton Industries sold a portfolio of buildings to Cominar REIT for $151 million.

Office , 2012s most actively traded asset class, saw sales of $3.2 billion (22% share) down37% from an impressive $5.1 billion in the first half of 2012 falling everywhere except Montreal(+77%) and most sharply in Vancouver (-70%). Toronto was the most active office market, assales reached $1.8 billion, but even this figure represented a decrease from the 2012 first-half


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performance of nearly $2.7 billion. Notable office transactions across the country included thesale of a $542-million Toronto portfolio by GE to Greystone Managed Investments and SlateProperties; Canada Pension Plan Investment Board (CPPIB)s purchase of 1 Queen Street Eastand 20 Richmond Street East in Torontos financial core for $220 million from Ontario PensionBoard; and Calgarys s ale of the Jacobs Engineering building from KanAm Group to Epic RealtyPartners for $171 million.

Land was in demand (especially in Western Canada) with first-half 2013 sales of $3.1 billion,comprising a 22% share up $925 million (42%) compared with the same period in 2012.Calgary was the hottest land market as sales jumped 249% to $902 million, 30% of theCanadian total. Of the top five transactions in terms of dollar value, two including the top-ranking deal were land sales amounting to 44% of the total land sales activity in Calgary.Runners-up were Edmonton, at $460 million, and Vancouver, at $456 million, while in theeastern markets (Toronto, Ottawa and Montreal) land sales accounted for $861 million, only10% of total investment dollar volume in those markets.

The flow of foreign retailers continuing to establish a presence on the Canadian landscape,along with a steady consumer appetite, pumped more investment dollars into the retail sector.Retail transactions across Canada increased a modest 3% above 2012 to $2.3 billion (16%share). The eastern markets (Toronto, Ottawa and Montreal) were busiest, combining for $1.6billion worth of retail trades two-thirds of the national total. Toronto garnered $1.3 billion (55%of national total) matching the sales volume for all of 2012. REITs and pension fundscontinued to swap assets and were involved in a number of sizable deals at both ends of thecountry. In the Greater Toronto Area, RioCan REIT purchased Oakville Place from PrimarisRetail REIT (Primaris) for $259 million; Oxford Properties Group sold a 50% interest in Upper Canada Mall to CPPIB for almost $252 million; while in the Edmonton area, H&R REIT sold a50% interest in Sherwood Park Mall to Primaris for $180 million the largest asset sale inEdmonton in the first half of 2013.

Multi-residential rounded out the five sectors. Low vacancy rates, steady incomes and

favourable mortgage rates lifted sales of multi-residential property 12% compared with 2012 to$2.2 billion (16% share). While Edmonton and Montreal witnessed annual sales growth of 184%and 124%, respectively, Toronto led all markets in total dollar volume with $986 million (44% of national total). Though it did not make the top five sales list, the sale of Maple Leaf Quay for nearly $151 million ($300,000 per door) at the heart of Torontos waterfront is evidence of investors strong interest in multi -residential assets.

Although capitalization rates (cap rates) are lower on average than one year ago, further interest rate hikes may moderate or even signal the end of cap-rate compression for someproperty types. Cap rates are lowest for multi-residential investments, and once again,Vancouver yields the lowest cap rates in every asset category except retail (tied with Toronto).Financing acquisitions on a go-forward basis, however, will be tricky.

Canadian debt markets were very active in the first half of 2013, despite a couple of the larger institutional participants withdrawing as a result of meeting their allocations. The second half of the year will be tempered by the U.S. Federal Reserves actions on reducing mark et stimulus.Expect higher all -in interest rates driven by deteriorating bond prices in anticipation of the Fedsreduction of market stimulus. Lenders will be very conscious of funding deadlines in what wesee as a potentially rising interest- rate environment, explains Avison Youngs NormanArychuk , Mortgage Broker, Capital Markets Group, in Toronto.


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Toronto , Canadas largest city and commercial real estat e market, remains the investmentmarket of choice, recording $6.5 billion in sales (a 45% share of the national total) up 15%compared with the first half of 2012, and beating the 8% national year-over-year growth in sales.Office and industrial were top of mind capturing 56% of the total investment volume, while first-half sales of retail properties already equal the sales volume for all of 2012.

Though we havent had a blockbuster deal along the lines of Scotia Plaza this year, 2013 hasbeen a busy year thus far. Notwithstanding the uncertainty surrounding interest rates, someREITs will continue to look for assets; however, they will be more discerning as to the quality of the assets they will pursue. Even though we are seeing a shift from the REIT community, thishas been more than compensated for by others, including pension funds and their advisors, lifecompanies and private investors. As such, we envisage pricing to remain relatively stable,observes Robin White , Avison Young Principal and Executive Vice-President, Capital MarketsGroup, in Toronto.

Demand for commercial real estate in Vancouver attained near-record levels in the first half of 2013 with almost $2 billion invested. While dollar volume tapered off compared with the sameperiod in 2012 (a record-setting $2.4 billion), deal velocity was one of the strongest recorded inthe past decade.

Avison Young Principal Michael Gill in Vancouver notes: "Despite the fact that the largesse of the REITs is currently absent from the BC commercial property market, there remains plenty of capital in the hands of the pension funds and life insurance companies seeking investmentproperties with strong fundamentals. Those investors who decide to wait to buy on the premisethat capitalization rates may rise due to the absence of the REITs will be sadly mistaken, ascapitalization rates are expected to remain stable. What the market really needs are moresellers who recognize that it is still a very opportune time to sell due to the large pool of available capital and very low mortgage rates."

Calgarys commercial real estate investment market once again witnessed significant

investment activity in the first half of 2013. Total dollar volume increased by 4% compared withfirst-half 2012 levels, amounting to almost $2.2 billion (15% share). Though the growth in saleswas modest, the key driver was land sales, which totalled $902 million (+249%).

The conditio ns present in today's marketplace make for an ideal and opportune time for buyersto be active on the acquisition front. Cap rates continue to show resistance to threats of increase for best-in-class assets across all property types, and interest rates remain favourable.With some of the worlds largest companies located here, and rental rates expected to staystrong for the foreseeable future, Calgary is a great place to invest in, adds Avison YoungPrincipal Todd Throndson in Calgary.

Investment volume in Edmonton for the first half of 2013 was up almost $350 million compared

with the first half of 2012, reaching $1.6 billion (11% share). These numbers are indicative of thecyclical trend that has gripped the market during the last three years, with larger investmenttotals occurring in the first and fourth quarters and dropping off during the second and third.

"As the year continues, we feel that investment volume will remain moderate with product intight supply. Pricing will remain strong, particularly in class A assets, as pent-up demand andstrong balance sheets from pension funds and life insurance companies continue to drivecapitalization rates further down. With the temporary downward turn in the capital markets, weanticipate less REIT activity, resulting in likely price declines in class B and C product also


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compounded by todays more expensive debt climate," explains John Ross , Managing Director of the Edmonton office.

Montreal had an exceptional first half with sales volume of nearly $1.6 billion (11% share),representing an increase of nearly $497 million (+46%) compared with the same period in 2012

led by the multi-residential and industrial sectors, capturing 62% of the total investmentvolume.

This is the second -largest first-half dollar volume experienced during the last five years. Withpreviously announced and ongoing transactions in the second half of the year, it is more thanlikely that 2013 total sales volume will surpass the 2012 mark and may very well exceed therecord volume of $3.5 billion seen in 2008, notes Avison Young Principal Tom Godber inMontreal.

The nations capital, Ottawa , continues to be a safe haven for pension fund advisors, REITs,financial institutions and other institutional investors looking for stable long-term yields.Investors assets of choice continue to be office buildings although the industrial market isahead of 2012 levels as it remains popular with institutional and private local investors. Ottawawas the only market not to crack the $1-billion-dollar mark in the first half of 2013 as salesdeclined 29% to $618 million (4% share).

According to Avison Young Principal Michael Church in Ottawa: A slowing office market hasnot tempered enthusiasm for well-positioned assets with covenant leases in place, despite lower investment volumes compared with one year ago. Retail development continues to be strong.Interest rates continue to drive the Ottawa investment market, with multiple bids on the verylimited product that does come to market a trend expected to continue through to the end of 2013.

United States

In Avison Youngs U.S. markets, commercial real estate sales rose during the first half of 2013compared with the first half of 2012 primarily on the strength of multi-residential assetdispositions. Sales volumes for office, industrial, retail and multi-residential properties reached$77.5 billion (USD) by mid-year 2013, compared with $60.3 billion for the same period in 2012,a 28% increase.

International capital still favors the U.S., and year -to-date, Canadian buyers lead foreigninvestment by far. As with 2012, the market remains bifurcated with core, well-placed propertiesmaintaining their values relative to their markets, comments Earl Webb , Avison YoungsPresident, U.S. Operations This year, however, yields are so compressed in core propertiesthat core buyers once again expanded their acquisitions outside the top 10 target cities.Furthermore, the pricing of value-add properties is a qualitative discussion dependent on the

individual asset and its submarket fundamentals. As well, the effect on investors of the debtceiling/budget battle raging in Congress remains uncertain.

Three standout markets comprised 47% of all U.S. sales volume: New York ($14.6 billion /+59% / 19% share), Los Angeles ($11.3 billion / +54% / 15% share), and Washington, DC($10.8 billion / +107% / 14% share). Other markets that registered notable year-over-year changes in volume included Las Vegas (+73%), Orange County (+66%), Atlanta (+63%) andSan Mateo (+56%).


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Through the first half of 2013, investment sales volume in New York City has far surpassed thepace set during 2012. The increase in private equity, coupled with the appeal to foreigninvestors, should drive a continued upswing of activity for the remainder of 2013, resulting in thehighest level of sales volume since 2007. With the overall interest-rate environment continuingto be favorable for real estate, we anticipate that the Manhattan commercial market will remainstrong with continued momentum, even if there is a potential uptick in interest rates in thesecond half, observes Avison Young Principal Jon Epstein in New York.

We fully anticipate that market activity will see its typical incr ease in the third and fourthquarters of 2013; however, its too early to determine whether that uptick will be sustained into2014. For Metropolitan Washington, for example, much will depend on the outcome of anypending government shutdowns and the debtceiling resolution, adds Avison Young PrincipalChip Ryan in Washington, DC.

Multi-residential and office sales comprised 79% of all sales volume by mid-year 2013. Multi-residential sales showed the most marked improvement, jumping to $31.9 billion in the first sixmonths of 2013 (+88%) from $16.9 billion for the same period in 2012. All Avison Youngmarkets, with the exception of four (Boston, -22%; San Francisco, -21%; San Diego County,-3%; Raleigh-Durham, no change), recorded gains in multi-residential sales volume. Thegreatest gains were in San Mateo, which increased to $611 million from $56 million in volume(+990%), and Washington, DC, increasing to $7.6 billion from $1.7 billion (+355%). Sales of multi-residential properties led first-half 2013 transaction volume in nine Avison Young markets:Dallas, Denver, Las Vegas, Los Angeles, Orange County, Raleigh-Durham, San Diego County,San Mateo and Washington, DC.

In the South Atlantic Region, development of new multi -residential product will slowly pushvacancy rates upward after achieving a forecasted sub-5% vacancy at the end of 2013 a 12-year low, notes Avison Young Principal Matt Tritschler in Atlanta. New completions haveescalated to pre-recession levels in 2012 and 2013 with a growing pipeline for new-productdelivery into the next two years that could begin to increase vacancy levels.

Overall office sales volume rose during the past year, reflecting strengthening marketfundamentals in many U.S. cities, climbing to $29 billion in the first six months of 2013 (+37%)from $21.2 billion in the first half of 2012. Not surprisingly, New York ($9 billion / +76%), Los

Angeles ($3.4 billion / +96%) and Washington, DC ($2.2 billion / -7%) led asset sales in thiscategory as well. Atlanta, with overall office sales of $1.8 billion (+515%), and Orange County,with office sales volume of $1.6 billion (+208%), represented the greatest year-over-year increases.

Investment activity is significantly up in Downtown Los Angeles and on the Westside specifically Playa Vista and Santa Monica, the self- proclaimed Silicon Beach, says AvisonYoung Principal Dan Vittone in Irvine. Canadian investors have be en at the forefront of recent

acquisitions, including Brookfield in Los Angeles and Manulife in Long Beach. Office salesactivity in Orange County, however, has been tempered as most of the opportunistic deals weredone in the last couple of years. With slow leasing velocity in Orange County, however, manyinvestors have not seen enough rental and value appreciation to warrant an exit.

Office was the leading property type for 2013 sales volume in Atlanta, Boston, Chicago,Houston, New York and San Francisco.


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According to Avison Young Principal Darrell Betts in Houston: Texas continues to be one of the most sought-after markets for national and international investors. The combined areas of Houston, Dallas, Austin and San Antonio have a population of 18.5 million, and that figure isprojected to nearly double by 2040 to more than 30 million, securing the states appeal for manyyears to come. We are reaching record-level sale prices for class AA/core product, but there arestill opportunities in the class A-/B and C asset classes with significant growth in projected rentalrates . Look for Texas to continue to attract investors for all asset classes and properties types.

In Chicago, foreign investment has increased significantly as investors look to chase yield thatcannot be found in the coastal markets.

The city has experienced a tremendous amount of sales activity in 2013, mostly in core andcore- plus office space, states Avison Young Principal Suzanne Martinez in Chicago. Thisyear should end strongly with almost 4 million square feet (msf) of downtown office space under contract and another 6.2 msf currently being marketed. The onslaught of historically suburbantenants moving to downtown Chicago for space continues to fuel the leasing activity. I anticipatethat more value-add or class B assets, ripe for redevelopment and repositioning, will come tomarket.

First-half 2013 sales of retail properties declined by 35% to $9.4 billion from $14.4 billion in thefirst half of 2012 with only five Avison Young markets in the U.S. reporting any uptick in volume(Raleigh-Durham, +191%; Las Vegas, +100%; Atlanta, +92%; Pittsburgh, +75%; New York,+3%). In the first half of 2013, Pittsburgh and South Florida recorded more sales in retailproperties than in any other property type.

Lastly, industrial sales volume in the first half of 2013 declined slightly compared with the sameperiod in 2012, slipping 7% to $7.2 billion from $7.7 billion. While Los Angeles recorded thegreatest volume with $1.2 billion in sales, New Jersey reported the greatest positive change with$909 million of sales (+138%) and was the only Avison Young market where industrial salesoutpaced the volume for all other property types in the first six months of 2013.

Cap rates in the U.S. moved lower in 2013 for all asset classes (except multi-residential) andaveraged 6.8% compared with 7% one year ago. Multi-residential cap rates are the lowest(although they are experiencing upward pressure) on average for all of Av ison Youngs U.S.markets. Of note, cap rates for office product fell significantly in Dallas (-160 bps), New Jersey(-140 bps), Orange County (-140 bps) and San Diego County (-110 bps).

As 2013 heads into the last quarter of the year, the Southeast con tinues to see improvedcommercial real estate sectors, increasing manufacturing activity and a recovering job market,says Tritschler in Atlanta. The Southeast Purchasing Managers Index (PMI) topped 50 for theeighth month in a row in August, showing an expanding manufacturing sector. Totalemployment in the six states that make up the Sixth Federal Reserve District Alabama,

Florida, Georgia, Louisiana, Mississippi and Tennessee has risen significantly (5.1%) duringthe recovery after dropping by 8.5% during the Great Recession.

Look for further improvement between mid-year and year-end 2013, with overall sales volumelikely to exceed 2012 levels. Office sales should be led by gateway and energy-driven marketswith improving fundamentals, and multi-residential sales may begin to cool due to the increaseddevelopment occurring in some markets.


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Editors/Reporters:Please turn to the following pages of the report for fall 2013 market highlights of the local investment markets. For further info/comment, please contact theAvison Young Principals/Managing Directors listed below. Thank you.

pp. 1-3 Canada & U.S.:Bill Argeropoulos , VP & Director of Research (Canada), 416.673.4029 or cell: [email protected] Margaret Donkerbrook , VP, U.S. Research, 202.644.8677 [email protected]

Canada p. 10 Calgary:Todd Throndson , Principal, 403.232.4343 [email protected]

p. 11 Edmonton:John Ross, Managing Director, 780.429.7564 [email protected]

p. 12 Montreal:Tom Godber, Principal, 514.905.5440 [email protected]

p. 13 Ottawa:Michael Church , Principal, 613.567.6634 [email protected]

p. 14 Toronto:Robin White , Principal, 416.673.4009 [email protected] Norm Arychuk , Mortgage Broker, 416.673.4006 [email protected]

p. 15 Vancouver:Michael Gill, Principal, 604.647.5067 [email protected]

United States p. 16 Atlanta:Matt Tritschler, Principal, 404.865.3670 [email protected]

p. 17 Boston:Rich Kimball , Principal, 617.758.8271 [email protected]

p. 18 Chicago:Suzanne Martinez , Principal, 312.957.7617 [email protected]

p. 19 DallasGreg Langston , Principal, 214.269.3115 [email protected]

p. 20 Denver:Alec Wynne , Principal, 720.508.8112 [email protected]

p. 21 Houston:Darrell Betts , Principal, 713.993.7704 [email protected]

p. 22 Las VegasJoseph Kupiec , Principal, 702.472.7979 [email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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p. 23 Los AngelesDan Vittone, Principal , 949.757.1570 [email protected]

p. 24 New JerseyJeff Heller, Principal , 973.753.1100 [email protected]

p. 25 New YorkJon Epstein Principal , 212.729.1381 [email protected]

p. 26 Orange CountyDan Vittone, Principal , 949.757.1570 [email protected]

p. 27 PittsburghGeorge (Duke) Kingsley , Principal, 412.944.2131 [email protected]

p. 28 Raleigh-DurhamJohn Linderman, Principal, 919.420.1559 [email protected]

P.29 San Diego CountyDan Vittone , Principal , 949.757.1570 [email protected]

P.30 San FranciscoNick Slonek , Principal, 415.322.5051 [email protected]

P.31 San MateoRandy Keller , Principal, 650.425.6425 [email protected]

p. 32 South Florida:Pike Rowley, Principal, 954.938.1807 [email protected]

p. 33 Washington, DC:Chip Ryan, Principal, 202.644.8694 [email protected]

Avison Young is the worlds 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 53 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.

-end-

For fur ther inform at ion/com ment/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: [email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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Mark Rose, Chair and CEO, Avison Young: 416.673.4028

Earl Webb , President, U.S. Operations, Avison Young: 312.957.7610

www.av i sonyoung .com

Avison Young was a winner of Canadas Best Managed Companies program in 2011 and requalified in 2012 to maintain its status as a Best Managed company.

Follow Avison Youn g on Twit ter: For industry news, press releases and market reports: www.twitter.com/avisonyoung For Avison Young listings and deals: www.twitter.com/AYListingsDeals

Fol low Avison Young B loggers : http://blog.avisonyoung.com

Fol low Avison Young on L inkedIn : http://www.linkedin.com/company/avison-young-commercial-real-estate
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AYPressReleaseFall13CanadaUSInvestOct9_13final

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