Avison Young Completes Recapitalization, Turning Toward Growth
TORONTO — Global commercial real estate advisory firm Avison Young announced the successful closing of its recapitalization on Nov. 6, 2026, marking what the firm described as the start of its next phase of growth. The firm said it is actively identifying opportunities for both organic expansion and strategic acquisitions in markets, sectors and AI-based technology where it can deliver greater value for its clients.
With the transaction complete, Avison Young said it is moving forward with a solid balance sheet, low debt, recruiting momentum and a clear growth plan centered on investing in its people, expanding capabilities for clients and pursuing opportunities that strengthen and grow the business.
Recapitalization Details
The recapitalization reduces Avison Young's debt and preferred-equity position by nearly 70%, and the firm's debt-to-EBITDA ratio is now below 3x. Annual cash-interest expense is expected to decline by more than 70%, freeing capital for hiring, technology and expansion.
The transaction also includes a new credit facility and tens of millions of dollars in additional available cash. The equity group includes existing financial partners, employees and principals. The deal builds on an earlier transaction completed in 2024, after which the firm focused on stabilization; the latest recapitalization marks the transition from that phase to expansion.
Avison Young has identified recruiting, tuck-in acquisitions, larger acquisitions, AI-based technology and market-intelligence platforms as potential uses of capital. The firm's operating performance improved materially in the first half of 2026, led by U.S. capital-markets revenue, while non-brokerage businesses supported growth in Canada.
"Avison Young 2031" Growth Plan
The firm said it is actioning its "Avison Young 2031" growth plan, which builds on existing strengths while expanding in areas where it sees strong client demand and opportunities to grow. Investments will focus on attracting and developing talent, enhancing client capabilities, investing in its technology and expanding the firm's presence and expertise across key markets and sectors across the globe.
"The completion of this recapitalization marks an acceleration point for Avison Young and the beginning of an exciting next chapter," said Mark E. Rose, Chair and Chief Executive Officer. "We have tremendous confidence in where we are going, and our financial partners have demonstrated that they share that confidence by voting with their pocketbooks. Now it is about execution. We are going to be very active, investing in our people, our leading AI technologies and our business, strengthening our services to clients and pursuing opportunities that accelerate our growth."
Market Backdrop for Commercial Real Estate Advisory
Commercial real estate advisory firms are highly exposed to transaction volumes, leasing activity and client capital flows. The timing of the recapitalization coincides with improving investment conditions, particularly in Canada. CBRE forecasts Canadian commercial real estate investment volume to rise by more than 8% in 2026, potentially reaching roughly $56 billion when major pending mergers, acquisitions and portfolio transactions are included. Institutional investors are expected to contribute significantly to the recovery, bringing the buyer pool closer to historical norms.
Office investment volumes are expected to rebound, although financing is more readily available for high-quality Class A assets. National average cap rates are expected to remain broadly stable or compress modestly in 2026, supported by modest economic growth, relatively flat 10-year bond yields and historically normal spreads. Stronger yield compression is expected for assets such as trophy office, food-anchored retail and small-bay industrial, with asset quality and location remaining decisive. Canadian industrial net absorption is forecast to exceed 20 million square feet in 2026, returning toward pre-pandemic norms.
CBRE's Q3 2026 cap-rate analysis found modest compression in national office and retail yields, while industrial, seniors housing and hotel cap rates remained broadly stable. Colliers reported that cap rates were largely stable despite higher borrowing costs and tighter lending, supported by leasing activity across office, retail and industrial properties.
Competitive Positioning and Acquisition Focus
The recapitalization gives Avison Young more flexibility to compete with larger global brokerage and advisory platforms as clients seek broader services across capital markets, leasing, valuation, debt, data and technology. Lower interest costs should allow the firm to redirect cash toward producer recruitment and acquisitions rather than debt service.
Likely acquisition targets include firms or teams that add capital-markets production in recovering investment markets; specialized expertise in sectors such as healthcare, life sciences, multifamily or industrial; regional coverage in underserved markets; AI, data and market-intelligence capabilities; and recurring or non-brokerage revenue streams.
The growth plan carries execution risk. It depends on translating new liquidity into productive hires, acquisitions and technology revenue while avoiding renewed leverage, and the firm remains exposed to uneven recovery by asset class and geography.
About Avison Young
Avison Young has been operating since 1978 and has more than 100 offices and more than 4,000 real estate professionals worldwide. Its expertise spans office, industrial, retail, capital markets, multi-residential, hospitality, healthcare, life sciences, land and development, institutional and a range of specialty practices. The firm has achieved Canada's Best Managed Companies Platinum Club designation for 15 consecutive years.