Avison Young Debuts in Germany with New Office in Frankfurt
- Dec 02, 2014
Just eight months after expanding beyond North American borders for the first time with the opening of offices in London and Thames Valley in the U.K., Toronto-headquartered commercial real estate services firm Avison Young has moved into Continental Europe and established a presence in Germany with a new office in Frankfurt.
It’s never about growth for growth’s sake for Avison Young, and the firm’s plan in Europe is no exception. “Germany and the United Kingdom are the two key real estate markets in Europe that are supported by strong financial and banking systems,” Mark Rose, CEO of Avison Young, told Commercial Property Executive. “As was the case with our acquisition of Haywards L.L.P. in London, Frankfurt is the major market we identified in Germany to open an office.”
According to PwC and the Urban Land Institute’s 2014 Emerging Trends in Real Estate report, Frankfurt ranks among Europe’s top 10 real estate investment markets.
Avison Young has tapped Udo Stoeckl, a member of the firm for three years, to lead the Frankfurt office as managing director and principal. Stoeckl is charged with spearheading the emergence of Avison Young’s full-service commercial real estate platform in the city, as well as the firm’s growth across throughout Germany. Of course, that growth will include acquisitions of established firms.
Additionally, the Frankfurt base will provide what Rose describes as a launch pad for Avison Young’s expansion throughout Europe. But first things first. “There will be further announcements in both [Germany and the U.K.] before we expand to the other major European cities,” Rose added.
It appears there’s little danger of Avison Young losing its title as the fastest-growing commercial real estate services firm in the world. The company’s lengthy list of expansion endeavors in the last few months alone includes the acquisition of Miami-based brokerage and property management firm Abood Wood-Fay Real Estate Group L.L.C., which closed today; entrance into Orlando through the acquisition of Morrison Commercial Real Estate; and the establishment of a footprint in Ohio with the opening of a Cleveland office.