Colliers is like RE/MAX for commercial properties.

Colliers is like Accenture for commercial real estate services.

• Brokerage Services: Facilitates the buying, selling, and leasing of commercial properties for clients, including investment sales and financing.
• Property Management Services: Provides comprehensive management of commercial real estate assets, covering operations, maintenance, and tenant relations.
• Project Management Services: Oversees the planning, design, and construction phases of real estate projects from inception to completion.
• Valuation & Advisory Services: Offers appraisal, valuation, and strategic consulting to inform clients' real estate decisions and investments.

Colliers International (symbol: CIGI) primarily sells its services to other companies and institutions. Due to the nature of its business as a global commercial real estate services and investment management firm, Colliers serves a vast and diverse client base globally. Its revenue comes from a multitude of transactions and service contracts rather than from a few "major customers" that account for a significant portion of its revenue. Consequently, Colliers does not publicly disclose the names of specific companies as "major customers," and such information is not typically available for commercial real estate service providers.

Instead, Colliers' customer base largely consists of the following categories of companies and institutions. While these are not *specific named major customers* disclosed by Colliers, these are representative examples of public companies that fall within their typical client profiles and would engage services like those offered by Colliers:

• Institutional Investors: Entities such as pension funds, sovereign wealth funds, private equity firms specializing in real estate, and Real Estate Investment Trusts (REITs). These clients engage Colliers for services like investment sales, capital markets advisory, and portfolio management.
  • Prologis, Inc. (NYSE: PLD) - A leading global REIT focused on logistics real estate.
  • Simon Property Group, Inc. (NYSE: SPG) - A large retail REIT that might utilize brokerage or advisory services.
  • Blackstone Inc. (NYSE: BX) - A large alternative asset manager with significant real estate holdings.
• Corporate Occupiers: Businesses across diverse industries that require services related to leasing, acquiring, or disposing of office, industrial, retail, or other specialized commercial properties to support their operations.
  • Amazon.com, Inc. (NASDAQ: AMZN) - Could use Colliers for logistics real estate, office space, or data center site selection.
  • JPMorgan Chase & Co. (NYSE: JPM) - A financial institution that might engage Colliers for managing its extensive branch network or office portfolio.
  • Microsoft Corporation (NASDAQ: MSFT) - A tech company with vast real estate needs globally for offices, data centers, and research facilities.
• Real Estate Developers and Property Owners: Companies involved in the acquisition, development, and construction of commercial properties, as well as entities that own significant commercial real estate assets, requiring services such as brokerage, project management, property management, and advisory.
  • Brookfield Asset Management Ltd. (NYSE: BAM) - A major global alternative asset manager and developer with extensive real estate interests.
  • Lendlease Group (ASX: LLC) - An international property and infrastructure group (listed on the Australian stock exchange).

It is important to reiterate that the public companies listed above are examples of the types of organizations that would typically be clients of Colliers International, rather than specific, publicly disclosed "major customers" in terms of concentrated revenue.

• CoStar Group (CSGP)

The key risks to Colliers International's (CIGI) business are:

1. Unfavorable Credit Profile and High Financial Leverage: Colliers International faces a key downside risk due to its unfavorable credit profile, evidenced by a high debt-to-EBITDA ratio. As of December 31, 2024, the company reported total debt of $1.21 billion, with a debt-to-equity ratio of approximately 1.24. This significant financial leverage can lead to increased interest costs, which analysts predict could surge by 55% in fiscal year 2023, and may limit the company's flexibility to reinvest or manage challenging economic conditions.
2. Exposure to Cyclical Real Estate Markets and Transaction-Based Revenue: Despite efforts to diversify, a substantial portion of Colliers' revenue remains tied to transaction-based services, such as capital markets and leasing, which are inherently cyclical. These segments are highly susceptible to market downturns, higher interest rates, and reduced availability of debt, leading to potential declines in revenue and earnings. In 2023, market-driven revenue declines in transaction services, caused by higher interest rates and debt availability, partially offset growth in other segments.
3. Intense Competition: The commercial real estate services sector is highly competitive. Colliers operates in an environment with numerous large, global players and smaller, regional firms, leading to intense competition that can exert pressure on fees and margins, thereby impacting overall profitability.

The increasing maturation and adoption of digital platforms and artificial intelligence (AI)-driven PropTech solutions pose a clear emerging threat. These platforms aim to streamline and automate various aspects of commercial real estate services, including property listing, transaction facilitation, valuation, and property management. By providing more direct access to data, automating tasks, and potentially reducing the need for traditional intermediaries, these technologies could lead to disintermediation of Colliers' core brokerage and advisory services and exert downward pressure on commission fees and service margins. Companies leveraging advanced analytics, machine learning for predictive insights, and online transaction capabilities are actively reshaping the competitive landscape, challenging traditional models of service delivery and client engagement.

Colliers International (CIGI) operates across three primary platforms: Real Estate Services, Engineering, and Investment Management. Below are the addressable market sizes for their main products and services where data is available:

• Real Estate Services
  • Property Management: The global property management market was valued at approximately USD 26.49 billion in 2024 and is projected to reach USD 42.78 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 8.3% from 2024 to 2030. Another estimate indicates the global property management market size was USD 26.49 billion in 2024 and is projected to reach USD 50.87 billion by 2032, with a CAGR of 8.50% during the forecast period of 2025 to 2032.
  • Real Estate Valuation and Advisory Services: The global real estate valuation service market size was valued at approximately USD 9.2 billion in 2024 and is expected to reach USD 13.1 billion by 2033, growing at a CAGR of about 4% from 2025 to 2033. Specifically for commercial real estate, the global Commercial Real Estate (CRE) Valuation Services market is estimated at USD 5 billion in 2025.
  • Commercial Real Estate Brokerage and Consulting Services: Null
• Investment Management
  • Real Estate Investment Management: The global real estate investment management industry represents several trillion dollars in assets under management (AUM). Managers listed in a May 2025 report were responsible for more than US$5.1 trillion of real estate AUM globally. Another survey in 2023 indicated that respondents held nearly USD 6 trillion in real estate AUM.
• Engineering Services: Null

Colliers International (CIGI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Expansion of the Engineering Segment: The Engineering segment is a significant driver of revenue growth, fueled by both strategic acquisitions and increasing demand for infrastructure and transportation projects. Colliers has seen strong growth in this segment and anticipates doubling this business within the next two to three years.
2. Growth in Investment Management and Assets Under Management (AUM): Colliers is focused on expanding its Investment Management segment. The company has observed an increase in assets under management, with plans for increased fundraising velocity and the pursuit of new strategies, particularly under its rebranded Harrison Street Asset Management division. Colliers also possesses a substantial amount of "dry powder" ready for deployment on behalf of investors.
3. Resilience and Recovery in Real Estate Services (Leasing and Capital Markets): The Real Estate Services segment, specifically leasing and capital markets, has demonstrated robust performance in key markets such as the U.S., U.K., Japan, and Canada, despite broader market challenges. The company anticipates improved macroeconomic conditions and transactional activity to further bolster this segment in the latter half of 2025 and beyond.
4. Strategic Acquisitions and Diversification: A core component of Colliers' growth strategy involves augmenting internal growth with targeted acquisitions that enhance scale, expand expertise, and diversify service offerings. Recent examples include the acquisition of Englobe, creating a new growth platform in Canada, and Ethos Urban in Australia.
5. Focus on Recurring Revenue Streams and Alternative Asset Classes: Colliers is strategically shifting towards more recurring and stable revenue streams by expanding its presence in alternative asset classes and outsourcing. This includes growing high-quality fee streams from investment management and professional advisory services, which analysts view as key to future margin and earnings resilience.

Share Repurchases

• Colliers International authorized a new share repurchase program, effective from May 9, 2025, to May 8, 2026, allowing for the buyback of up to 4,300,000 Subordinate Voting Shares, representing approximately 10% of the public float as of April 30, 2025.
• A previous share repurchase program expired in July 2024, under which no shares were purchased.

Share Issuance

• Colliers International completed a public offering on February 28, 2024, issuing 2,479,500 subordinate voting shares for gross proceeds of US$300.0 million. The net proceeds from this offering were intended to repay credit facility balances and create additional capacity for future acquisition opportunities and growth initiatives.

Outbound Investments

• In 2022, Colliers deployed a record $1.0 billion of capital on acquisitions to support internal growth, increase market share, expand services, and extend its geographic reach.
• For the first nine months of 2025, acquisition spending reached $307.2 million.
• During 2023, Colliers completed three significant additions to its Engineering and Project Management businesses in the U.S. and Asia Pacific.

Capital Expenditures

• Capital expenditures for the first nine months of 2025 totaled $47.9 million, a slight increase from $45.5 million spent in the same period of 2024.
• Annual capital expenditures were $65 million in 2024 and $85 million in 2023.