Colliers International
 | |
| Public | |
| Traded as |
NASDAQ: CIGI TSX: CIG |
| Industry | Real Estate |
| Founded | 1976 |
| Headquarters |
Seattle, Washington United States |
Area served | Worldwide |
Key people |
|
| Products | Corporate Solutions; Brokerage Services; Asset and Property Management |
Number of employees | 15,000+ |
| Website |
www |
Colliers International is a United States-based global commercial real estate services organization with approximately 16,000 employees in more than 502 offices in 67 countries.[1]
Colliers International provides a range of services to commercial real estate users, owners, investors and developers worldwide. Primary services include consulting, corporate facilities, investment services, landlord and tenant representation, project management, urban planning, property and asset management and valuation and advisory services. The organization serves the hotel, industrial, mixed-use, office, retail and residential property sectors.[2]
The firm has headquarters in Seattle, Washington. Annual revenues are nearly $2 billion [3] In June 2015, it was announced that Jay S. Hennick was appointed Chairman and Chief Executive Officer and Dylan Taylor was named President and Chief Operating Officer.[4]
History
Ronald Collier and Associates commenced trading in Australia in 1967 having received an appointment to carry out a strategic review of the National Australia Bank's Melbourne properties. In 1970, three separate firms commenced trading in the cities of Adelaide, Melbourne and Sydney. The eight principals involved, who had each known each other as former employees of Jones Lang Wootton, traded as the Collier Group following a meeting, which took place at The Australia Hotel in September 1976. A few years later, on the 18th May 1979, Colliers International Pty Ltd was first registered.
In 1985, American and Canadian firms joined Colliers international, and by 1986, its Asia-Pacific operations had reached 20 markets. In 1990, Colliers began to enter markets in central Europe and Latin America.In 1991 Jardine Matheson purchased 50% of the Asia Pacific business thereby being branded Colliers Jardine. In 1997 Colliers Macaulay Nicolls acquired 50% of the Asia pacific business by acquiring the shares of the original Australian shareholders.
In 2004, Colliers' parent company, FirstService Corporation, invested in Colliers Macaulay Nicolls, the predecessor of FirstService REA and the largest member of Colliers International. FirstService REA subsequently invested in several North American-based firms whose operations focused on various commercial real estate service specialties.[5] Among these investments were:
- PGP Valuation Inc.: A commercial and industrial real estate appraisal firm with 250 associates worldwide, PGP Valuation conducts market studies, consulting assignments, appraisal reviews and feasibility analyses.[6]
- PKF Hotel and Hospitality Consulting: PKR is an association of independent firms in hospitality consulting, with 15,000 specialized hotel experts, auditors and tax consultants worldwide.[7] This investment (PKF Consulting USA) was later sold to CBRE Group in July 2014.[8]
- MHPM Project Leaders: In 2007, Colliers Macaulay Nicolls, an affiliate in the Colliers International network (and predecessor to FirstService REA), acquired a majority interest in Canada's largest project management firm, MHPM Project Managers.[9]
Recent geographically-based investments include:
- London (October 2009): Colliers International made a major investment in Colliers CRE, a London-based real estate services enterprise with offices in the UK, Ireland and Spain.[10][11] Colliers CRE subsequently rebranded as Colliers UK.
- New York City: New York-based FirstService Williams, formerly known as GVA Williams, adopted the brand of Colliers International and today functions as the entity's "tri-state" hub (New York, New Jersey and Connecticut). The office consists of more than 300 brokers.[12]
- Chicago (April 2010): Colliers International completed a significant investment in one of Chicago's largest commercial real estate services firms, Colliers Bennett & Kahnweiler (Colliers B&K), which now serves as the enterprise's Midwestern regional hub and operates as Colliers International.[13]
Other expansions include:
- Cincinnati, Ohio (April 2010): The firm added one of Cincinnati's largest commercial real estate firms, West Shell Commercial.[14]
- Nashville, Tennessee (April 2010): The Nashville commercial real estate brokerage firm known as NAI Nashville joined the firm [15]
- Columbus, Ohio (May 2010): Commercial real estate firm Adena Commercial ended its ten-year relationship with Grubb & Ellis to affiliate with Colliers International, effective May 1, 2010.[16]
- Grand Rapids, Michigan (May 2010): Grubb & Ellis Paramount Commerce, one of West Michigan's largest commercial real estate brokerages, changed its affiliation to Colliers effective May 1.[17]
- Long Island, New York (June 2010): The firm added Sutton & Edwards, based in Lake Success and Ronkonkama. Founded in 1962, the firm provides office, industrial, retail, land, medical office and investment property brokerage services.[18]
In April 2010, Colliers and FirstService Real Estate Advisors combined their operations and global real estate services platforms, and began operation under the unified brand of Colliers International.[19]
In June 2015, Colliers Colliers International and FirstService Corporation announced the completion of their separation into two independent, publicly traded companies – Colliers International Group Inc. and FirstService Corporation.[20]
Business model
According to CoStar, the firm utilizes a "partnership model...- an entrepreneurial, locally-grounded company combined with the strength, reach, accountability and versatility of a global firm". FirstService REA, formed by property services firm FirstService Corp. in 2005 after buying Collier International's largest affiliate, now owns about 70% of Colliers International globally, and retains worldwide rights to the Colliers International name. The remainder of equity in Colliers is retained by local market partners." [21]
Amid a global, industry-wide consolidation among commercial real estate brokerages, industry watchers have noted the Colliers International expansion has run counter to this trend.[22][23]
Rankings and Honors
According to the April 2010 issue of National Real Estate Investor (NREI), Colliers International ranked second in the magazine's annual ranking of the top twenty-five brokerages in the global real estate industry. The ranking is based on the combined dollar value of leasing transactions and investment sales globally in 2009, which totaled $53.8 billion for Colliers International.[24]
The NREI survey also found that Colliers International had posted an increase of more than 28 percent over its 2008 ranking, when it conducted leasing transactions and investment sales volume totaling $42 billion and ranked fifth.
In March 2010, the annual Lipsey Survey of the top 25 brands in the commercial real estate industry worldwide ranked Colliers International in the #2 position. The firm had held the third-place position in the Lipsey Survey since 2004, after rising from sixth place in 2002 to fourth in 2003.[25]
In 2010, Colliers International was included in the Global Outsourcing 100 list by the International Association of Outsourcing Professionals (IAOP) for the fifth consecutive year.[26]
References
- ↑ "Colliers International to spin off as publicly traded company - Puget Sound Business Journal". Puget Sound Business Journal. Retrieved 2015-05-21.
- ↑ "Colliers Services." Colliers International website.
- ↑ "Reshaping a Global Giant." Commercial Property Executive. June 2010.
- ↑ "Jay S. Hennick Appointed Chairman & Chief Executive Officer of Colliers International Group Inc.". GlobeNewswire. GlobeNewswire.
- ↑ "FirstService Raises Forecast, Eyes Acquisitions." Toronto Star. January 30, 2007
- ↑ "Appraisers Join FirstService Family." Real Estate Weekly. November 18, 2009.
- ↑ "Property services firm FirstService buys 80% stake in PKF Consulting, 60% of MHPM." The Canadian Press. Archived September 2, 2010, at the Wayback Machine. January 22, 2007.
- ↑ "The acquisition of PKF Consulting USA, LLC, a leading advisory, consulting and research firm specializing in the lodging industry, significantly strengthens CBRE's objective of becoming the top global intermediary in hospitality services." Hospitality Net. July 17, 2014.
- ↑ "FirstService buys interest in PKF, MHPM." Canada Stockwatch. January 22, 2007.
- ↑ "FirstService Rides in to Support Colliers CRE." Property Week. October 9, 2009."
- ↑ "FirstService Real Estate Invests in Colliers CRE." Real Estate Weekly. October 21, 2009.
- ↑ "Expanding Colliers Launches Talent Search." Real Estate Weekly. May 5, 2010.
- ↑ "Colliers Bennett & Kahnweiler sells minority stake." Crain's Chicago Business. April 19, 2010.
- ↑ "West Shell Commercial joins Colliers." Business Courier of Cincinnati. April 27, 2010.
- ↑ "Colliers International Returns to Nashville." The Tennessean. April 23, 2010.
- ↑ "Real-estate Offices are Realigning." Columbus Dispatch. April 19, 2010.
- ↑ "Commercial Real Estate brokerage Changes Affiliation." Grand Rapids Press. April 27, 2010.
- ↑ "Colliers Rebrands Long Island Firm." The Real Deal. June 14, 2010.
- ↑ "Colliers International Integrates Services Under a Single Brand." Barron's. April 21, 2010.
- ↑ "Colliers International Becomes an Independent Public Company". GlobeNewswire News Room. Retrieved 2015-12-05.
- ↑ "Industry Takes Stock of Shifting Landscape in Wake of Colliers, Cassidy Rebrandings." CoStar. January 13, 2010.
- ↑ "Commercial Firms Fight Back in a Post-Boom World." New York Times. June 15, 2010.
- ↑ "Colliers Plays the Offense." Real Estate Forum. April, 2010.
- ↑ "Top 25 Brokerages." National Real Estate Investor. April 1, 2010.
- ↑ "2010 Top Commercial Real Estate Brands Survey." The Lipsey Company.
- ↑ "International Association of Outsourcing Professionals Names Colliers International to 2010 Global Outsourcing 100 List for the 5th Consecutive Year." Coy Davidson. February 18, 2010.