Colliers Radar | Research 11 July 2018

Ceboom! Developers Capture 's Tourism Gains

By Joey Roi Bondoc Manager | Research Ceboom! [email protected] Developers Prepare to Benefit from

Cebu's Tourism Gains

Cebu is one of the Philippines' The completion of the second terminal of -Cebu International Airport (MCIA) should further boost Cebu’s most popular tourist destinations. attractiveness as a tourist destination. The opening of The recent modernisation of its the new terminal also comes at an opportune time given the national government’s decision to close the popular international airport should enable Boracay island for six months to pave the way for its the island-province to attract more rehabilitation. leisure and business travellers, In 2017, Cebu attracted 4.9 million foreign and domestic tourists which sustained hotel occupancy of 78%, higher thereby further propelling demand than the 70% recorded in 2016. MCIA is the country’s for both budget and luxury hotels. second busiest airport and its expansion should help sustain Cebu's hotel occupancy between 70% and 75% With an improving road network over the next 12 to 36 months. complementing the expanded Benefiting from the robust tourist arrivals are the ’s hotels and residential condominiums being offered to the airport, Colliers projects a more short-lease market. Cebu houses a wide range of accommodation facilities that cater to both young, urban pronounced development of hotels professionals on a weekend getaway and investors on a and resort-oriented condominiums short business trip. over the next three to six years for Colliers believes that demand for more leisure the destination. investments such as hotels and serviced residences will also be fuelled by Cebu’s thriving outsourcing and industrial sectors. Medical tourism is another bright spot To complement this, Colliers for the island-province's growing hospitality segment. believes that local and national Colliers sees tourism becoming a major plank of Metro developers can create value add Cebu’s economy moving forward. As such, we would expect the sector’s growth to spill over to other sectors opportunities in the booming Cebu such as retail and food and beverage and the associated tourism sector by bringing in more supply chains. foreign hotel and serviced Annual Passengers at Mactan-Cebu apartment brands. International Airport (MCIA), (in Millions)

We encourage developers with 12 10 existing hotels to improve loyalty 8 programmes, expand meeting 6 facilities, and consider integrating 4 2 health and retirement facilities. 0 2010 2011 2012 2013 2014 2015 2016 2017

Source: Mactan-Cebu International Airport Authority

2 Ceboom! Developers Capture Cebu's Tourism Gains | 11 July 2018 | Colliers International

ContentsCeboom! ...... 2

Contents 3

Cashing in on the Tourism Boom ...... 4

Metro Cebu's Hotel Stock ...... 6

Cebu Tourism's Growth Drivers ...... 6

Locals Go Global ...... 7

National Developers Maximize Homegrowns ...... 8

Recommendations ...... 9

3 Ceboom! Developers Capture Cebu's Tourism Gains | 11 July 2018 | Colliers International

Cashing in on the Tourism Boom in terms of hotel and resort development. At present, Cebu has only one-fifth of Bali’s and Phuket’s room Cebu is one of the most visited tourist destinations in the stock. However, we see Cebu becoming a major leisure Philippines. It is popular for its beach resorts and cultural investment destination in the region given its improving tourist destinations. Local and foreign visitors flock to accessibility and the sustainability of traditional demand Cebu given the comforts of an urban landscape with drivers such as the outsourcing and industrial sectors. stunning natural attractions.

Thriving commercial activities and attractive beaches Cebu Regional Comparison make Cebu a popular business and leisure destination, Bali Phuket Cebu Boracay recently overstretching the capacity of its airport. From only 2.1 million passengers in 2000, as Cebu’s appeal as Land Area 5,780 576 4,468 10.3 a destination grew exponentially, MCIA accommodated (sq km) over 5 million passengers in 2010, rising to about 10 Population 4.23 0.39 4.63 0.03 million in 2017, more than double the airport’s capacity (million) of 4 million passengers. Visitors 6.5 8.4 4.9 2.0 (million) The opening of the second terminal at MCIA in June 2018 raises the airport’s annual capacity from 4 million to Hotel 50,000 47,475 10,600 9,930 rooms 12.5 million passengers. This is likely to facilitate a projected surge in tourist arrivals, which means that Visitor per 130 177 462 201 hotel room there will be a need for more accommodation facilities in Cebu, such as hotels and serviced residences. Sources: Department of Tourism, Colliers International Philippines Research

MCIA Terminal 2: By the Numbers Among the national developers that we see benefiting from the thriving leisure sector in Cebu are Udenna Group, , , Rockwell, Megaworld, Robinsons Land, and SM Prime.

Local developers including Cebu Landmasters, Grand Land, Tanchan Corporate Group and AppleOne Properties have teamed up with international brands, and we project they will compete with similarly internationally branded hotels and serviced residences going forward.

Source: Mactan-Cebu International Airport Authority; various newsclips

The new passenger terminal spans about 65,500 sq m (705,000 sq ft). With an expanded airport, Cebu is being positioned not just as a transfer hub to other islands in and , but also as a gateway to other countries. At present, the airport serves more than 30 local destinations with seven airlines, including Cebu Pacific, Philippine Airlines, PAL Express, AirAsia, AirSwift and Air Juan offering daily scheduled flights. The airport also serves 22 international destinations with 17 foreign carriers. Source: Google Maps

Tourist arrivals from China should increase following the Aside from the modernised and expanded airport, opening of eight new routes to China in 2017. The Colliers sees Cebu’s tourism sector surging due to a airport's operator is also planning to expand direct flights number of infrastructure projects which should open new to Japan, India and South Korea. opportunities in the countryside. The completion of these projects should spur demand for more accommodation Colliers believes that Cebu has the potential to be at par with neighbouring destinations such as Bali and Phuket

4 Ceboom! Developers Capture Cebu's Tourism Gains | 11 July 2018 | Colliers International facilities outside Metro Cebu (which comprises , Lapu-Lapu, and ) corridor. Cebu Tourist Arrivals (Million) Among these road projects are the Cebu-Cordova bridge; Metro Cebu Expressway; Cebu-Negros Link 6 Bridge; Cebu- Link Bridge; and the Bus Rapid Transit (BRT) system. 4

Proposed Metro Cebu Infrastructure Projects 2

0 2016 2017

Source: Department of Tourism

The latest data from the Tourism Department reveals that Chinese tourists’ average daily expenditure (ADE) rose to USD233 in 2017 from USD63 in 2016. Over the same period, American tourists’ ADE increased by 28% to USD247 while Japan’s grew by 9% to USD121. In 2017, Chinese tourists stayed for an average of 6.3 Source: Department of Transportation and Public-Private Partnership nights, an increase from the 4.2 nights in 2016. (PPP) Center American visitors also stayed longer in 2017, with an average length of stay (ALS) of 12.4 nights, up from 11.2 Other key developments that should boost Cebu’s in 2016. tourism industry include the lowering of airfares for domestic travellers as local airlines compete for bigger market share. In addition, the approval of the ASEAN Arrivals by Country of Origin Multilateral Agreement in Air Services, that allows Philippine air carriers to fly an unlimited number of times to the capital of other Southeast Asian countries, should also enhance competition. Others, South Cebu's tourism should also benefit from the Philippine 21% Korea, and Chinese governments’ signing of an agreement on 36% tourism cooperation. This includes exploring a possible USA, 9% increase in capacity entitlements in air services, and encouraging airlines to open new routes between Japan, Philippine cities in the Visayas and Mindanao regions 16.60% and those in China. China, 17%, The latest available data from the Tourism Department reveal that for 2017, Cebu attracted 4.9 million domestic and foreign tourists. This is 20% higher than the 4.0 million visitors recorded in 2016. Chinese, Korean, and Source: Department of Tourism Japanese tourists continue to be the main source markets for foreign arrivals in Cebu – accounting for Average Daily Expenditure (USD) more than 70% of total visitors during the period. Market 2016 2017 Growth Rate

China 63 233 270% South Korea 193 247 28% Japan 111 121 9% USA 72 64 -11% Returning 54 31 -43% OFW* Source: Department of Tourism; *Overseas Filipino Workers

5 Ceboom! Developers Capture Cebu's Tourism Gains | 11 July 2018 | Colliers International

Average Length of Stay Metro Cebu Hotel Stock

Market 2016 2017 Growth Rate Location Number of Rooms

China 4.2 6.3 50% Cebu City 5,900 South Korea 5.1 5.9 16% Mactan 3,500 Japan 5.9 6.8 15% USA 11.2 12.4 11% Mandaue 1,200 Returning 15.7 19.2 22% Total 10,600 OFW Source: Colliers International Philippines Research; *covers three-to Source: Department of Tourism five-star hotels Colliers believes that the continued surge of tourists in Colliers sees the completion of an estimated 4,000 the Metro Cebu should provide impetus for developers to rooms over the next four years. This should raise Metro ramp up construction of hotels and resort-oriented Cebu's hotel room supply by 36% by the end of 2021. condominium projects. Colliers sees total domestic and We expect half of the new hotel rooms to be developed foreign arrivals in Cebu rising by 10-15% annually over within resort-oriented estates. the next two to three years. This should also sustain hotel occupancy of between 70% and 75% across Metro Cebu annually through 2020. Cebu Tourism's Growth Drivers 1) Business Process Outsourcing (BPO) Cebu Hotel Occupancy Rate Going forward, we see Metro Cebu's outsourcing and Market 2016 2017 industrial sectors boosting hotel occupancy across the island province. This should be complemented by Cebu's Cebu 70% 78% thriving medical tourism and “staycation” markets. Source: Colliers International Philippines Research Outsourcing firms continue to locate and expand in The projection for Cebu tourism remains robust to the Cebu. Knowledge Process Outsourcing (KPO) firms or point that GMR-Megawide, the consortium behind the those that provide higher-value services such as medical MCIA Terminal 2 project, is already planning to submit a coding, software engineering, and finance and USD4.0 billion proposal to construct Cebu Airport's accounting are continuously expanding while offshore second runway and third terminal. gaming is emerging as a major pillar of the Cebu office market. The executives of outsourcing firms, especially Metro Cebu's Hotel Stock those located within Cebu’s major business districts – and IT Park – should propel Metro Cebu (covering the cities of Cebu, Lapu-Lapu, and demand for high-end accommodation facilities in Cebu Mandaue) offers an estimated 10,600 hotel rooms. City and emerging areas such as Mactan and Mandaue.

Cebu City accounts for more than one-half of the stock We see Cebu’s outsourcing workforce rising by about with almost 6,000 rooms, about two-thirds of which are 5% to 10% annually over the next three years and this three-star hotels. Some 1,160 rooms are classified as should also make Cebu a viable market for two and four-star while only two hotels – Marco Polo and three-star hotels which mainly cater to budget-conscious Radisson Blu – are classified as five-star. young employees in the city, and their friends and family.

Resort projects in Mactan account for one-third of Metro 2) Returning Overseas Filipino Workers (OFW) Cebu's hotel room stock. Among the five-star resorts in Mactan are Movenpick Resort, Plantation Bay, and Cebu is part of the region, which is a Shangri-La Mactan. major source of migrant workers. Being the largest and most visited metropolis in the Visayas region, Cebu also Mandaue lags behind Cebu City and Mactan in terms of attracts returning OFWs from other parts of Visayas. hotel room supply. The city only has seven three-star Collectively, Western, Central, and Eastern Visayas hotels offering close to 1,200 rooms. account for nearly 18% of all Filipino workers deployed in 2017. The increasing deployment of OFWs from Cebu and nearby island-provinces should result in more

6 Ceboom! Developers Capture Cebu's Tourism Gains | 11 July 2018 | Colliers International migrant workers coming back to the country for a short hospitality brands. Leisure investors in Cebu have been vacation with their families and should sustain demand successful in employing these strategies and we see the for hotels and serviced apartments especially catering to continued implementation of these plans moving the staycation market. forward.

3) Industrial sector We note that local developers have been partnering with foreign brands to develop hotels and serviced Outside of , Cebu remains a major hub for apartments. Foreign branding is important particularly in industrial operations. Manufacturing accounts for a the high-end (four and five star) markets. Local operators quarter of Central Visayas’ economy. Colliers sees hoping to maximize the popularity and experience of Cebu’s export sector being driven by the continuing these global brands, are evidenced by the following strong economy of the Philippines’ top trading partner, projects. the United States; implementation of trade deals with neighboring ASEAN economies and the Eurozone; as Citadines Cebu. We expect this 180-room property to well as sustained manufacturing investments from Japan open in 2019, as part of Cebu Landmasters, Inc's (CLI) and China. Cebu’s four- and five-star hotels meet the Base Line Center, a 1.6-hectare mixed use office and discerning preferences of visiting foreign executives. residential complex. Citadines is planned to be managed Meanwhile, Cebu’s port is up for a major upgrade by Ascott, a global operator of serviced residences. following the Korean government's plan to finance its Citadines should complement the hotel and serviced expansion. This should further buoy industrial activities residence requirement of executives working in and in Cebu and propel hotel demand from workers, visiting outside of Base Line Center. foreign investors and expatriates. The Sheraton Mactan. Cebu-based AppleOne Properties 4) Cebu's potential as a medical tourism hub has partnered with Starwood Hotels and Resorts Southeast Asian economies such as Thailand, Malaysia, Worldwide to develop the 250-room Sheraton Cebu Singapore, and India have long been established as Mactan Resort in Punta Engano, Lapu Lapu City. among the world’s largest medical tourism hubs. But Scheduled to be completed in 2020, the project also Cebu is planning to capture a larger share of the global offers 154 residential units. The size of the rooms range medical tourism pie by providing quality health services between 60 sq m (645 sq ft) and 310 sq m (3,300 sq ft) at a fraction of the cost compared to its Southeast Asian and is reported to be 60% sold as of 1Q 2018. This is peers. Sheraton’s first branded resort residential development in Southeast Asia and is planned to open by 3Q 2019. Cebu has the potential to become a major player given the number of medical graduates that the island-province The Sheraton Mactan produces per year (about 12% of Metro Cebu’s more than 25,000 graduates annually hold relevant medical degrees) and the relatively cheaper cost of medical services (about 50% to 80% cheaper compared to cost of comparable health services in Europe and North America).

In 2017, the Cebu Doctors’ Group (CDG) of Hospitals allotted P500 million (USD9.4 million) for the expansion of six hospitals over the next three to four years. These are Cebu Doctors’ University Hospital, Mactan Doctors’ Hospital, SouthGen Doctors’ Hospital, NorthGen Doctors’ Hospital, Ormoc Doctors’ Hospital and the San Carlos Doctors’ Hospital. The modernization of these Source: Starwood Hotels hospitals should contribute to Cebu’s goal of becoming a prime medical tourism destination in Asia. The Suites at Somerset Gorordo. The 28-storey tower is planned to offer 160 residential units and 150 serviced Locals Go Global apartments. The project is located at the corner of the busy Gorordo and Archbishop Reyes Avenues in Cebu These demand drivers should compel national and local City. The residential segment is about 54% sold as of 1Q hotel developers to value enhance their properties. This 2018. The project is being developed by Worldwide can be achieved quite quickly by either bringing in Central Properties, Inc. and The Ascott Limited. foreign hotel operators or maximizing homegrown

7 Ceboom! Developers Capture Cebu's Tourism Gains | 11 July 2018 | Colliers International

Dusit Princess Hotel. Grand Land is bringing the Dusit Rockwell Land is developing its own Aruga brand as it hospitality brand to Cebu through Dusit Princess Hotel. cashes in on its image of providing exclusivity and ample The hotel is scheduled to open in 2020 with 295 rooms. open space to travellers. The 300-room hotel in Punta Grand Land has also partnered with Dusit International Engano in Mactan, Cebu is scheduled to be delivered in for the development of Dusit D2 Cebu. The facility will 2021. have 163 serviced apartments and is slated for completion in 2022. Ayala’s Seda hotel is scheduled to open in the third quarter of the year. Located within ALI’s Cebu Business park (CBP), the 301-room hotel formerly operated by Dusit D2 by Dusit International and Grand Land Marriott International should support the accommodation requirements of foreign and local executives doing business in and outside of CBP. This is Seda’s largest in the Visayas region.

Megaworld is also building a 560-room condotel under its Savoy brand. It is due to be completed this year.

Aruga by Rockwell in Mactan

Source: Grand Land

Courtyard by Marriott Cebu. Cebu’s Tanchan Corporate Group is scheduled to open a 241-room Courtyard by Marriott Cebu in 2021. Aside from its 24/7 gym and restaurant, The hotel is planned to also feature a 400 sq m (4,300 sq ft) ballroom and two multi-purpose meeting rooms.

Radisson Red. Cebu Landmasters is building a 146- Source: Rockwell Land room Radisson RED hotel in Mandaue. The first Another Seda hotel is planned to be constructed at the Radisson RED hotel in the country is scheduled to open Cebu IT Park. The hotel is due to be completed in 2019. by 2021. The Filinvest Group is building a 308-room Grafik Resort Holiday Inn. Ayala Land and Cebu Holdings have in Mactan which primarily targets the millennial market. partnered with local developer Taft Properties for the This is in addition to existing Filinvest Group hotels in development of a 14-hectare Seagrove project in Lapu Metro Cebu such as Crimson Resorts and Spa and Lapu City. The resort-oriented development is planned to Quest Hotel. feature a number of hotels, anchored by a Holiday Inn Resort. Details of Holiday Inn’s first resort project in the Other developers seeking to benefit from the projected Philippines have yet to be disclosed. surge in tourist arrivals in Cebu are Double Dragon, which has announced plans to build Jinjiang hotels in the National Developers Maximize city; Duros Land with its 23 Minore Park hotel; and Homegrowns Megaworld with its developments under the Belmont brand. While local developers are bringing in foreign hotel operators, national developers ie those investing across the Philippines, are maximizing the popularity of homegrown brands. Some of these local brands were first introduced in Metro , and in less than six years these brands were able to carve out a niche in the Visayas market.

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Seda Hotel at Central Bloc benefit from the projected boom of Cebu’s hospitality sector, Ayala has partnered with homegrown Taft Properties for the development of the 14-hectare Seagrove, an integrated resort project in Punta Engaño, Mactan. The project, scheduled to be completed in 2020, is planned to feature a number of hotels, support restaurants and shops, an events ground, and a mangrove forest. Seagrove should benefit from its proximity to Cebu Airport and accessibility to Cebu City via the Osmeña and Marcelo Fernan bridges.

Regional developer Hong Kong Land has also partnered with Taft Properties for the development of a 20-hectare mixed-use site along the . is planned to feature office, residential, and retail towers. The initial phase of the project, scheduled to be Source: Cebu Holdings completed by 2020, involves the construction of some 1,200 residential units. The Udenna Group, which is emerging as a major developer in the country, has obtained a provisional Filinvest is also developing a 50-hectare coastal license from Philippine Amusement and Gaming Corp. to township located along . The develop a USD300 million (PHP16 billion) integrated development is planned to feature office towers, gaming resort in Cebu. The project, called Lapu-Lapu condominium buildings, and retail and dining strip. Leisure Mactan, is planned to include hotels and luxury condominium units, among other leisure and Mandani Bay entertainment facilities.

Meanwhile, InterContinental Hotels Group and the Erawan Group Public Company Limited are partnering for the development of the first Holiday Inn in Cebu City. The 180-room hotel is scheduled to open in 2020. Holiday Inn Cebu City is planned to be in the Cebu Business Park and thus benefit from outsourcing and multinational corporations operating within the business hub. It should also benefit from its proximity to the Cebu.

Recommendations More resort-oriented estates Source: Hong Kong Land Developing more integrated leisure attractions is a Improvement of loyalty programs and practical route for local and national developers to packages benefit from Cebu’s booming tourism sector. Colliers Colliers believes that local and national hotel operators sees Mactan and Mandaue benefiting from this in Cebu can retain and attract customers by offering developer strategy. loyalty programs, as international operators very much Colliers encourages developers with massive landbanks do. Among the perks that operators can provide to loyal in Mactan and Mandaue areas to pursue resort-oriented customers are free Wi-Fi access, discounts in projects. National developers with vast experience in restaurants and room upgrades. Operators should developing integrated communities but lack substantial ensure their loyalty programs are easily accessible land to develop should firm up partnerships with local online and through smartphones and tablets. Colliers developers to strategically expand their landbank. believes that operators should be aggressive in partnering with app developers to access new tourism National developer Ayala Land focuses on integrated, markets and tailor offerings based on customers’ mixed-use projects in Metro Manila and Cebu. Among its preferences. projects are Cebu Business Park and Cebu IT Park. To

9 Ceboom! Developers Capture Cebu's Tourism Gains | 11 July 2018 | Colliers International

We also encourage hotel operators to pursue a yield More MICE facilities maximisation strategy that considers average daily Colliers encourages developers to complement their expenditure (ADE) and average length of stay (ALS) of hotels with MICE facilities as Cebu is becoming a foreign tourists. Factoring in ALS and ADE should popular choice for major international events and enable marketing budgets to be more targeted. This especially as airlift improves. should also guide developers in deciding the appropriate mix of hotel rooms and apartment suites to be Over the past three years, Cebu successfully hosted a constructed in the future. number of major international events such as APEC ministerial meetings, International Eucharistic Congress, Emphasis on heritage and preliminary events of the Miss Universe 2017 Colliers encourages local and national hotel operators in pageant. Cebu is also among the cities that hosted a Metro Cebu to modernize facilities and renovate while number of ASEAN 2017 meetings. highlighting their hotels’ historical and cultural characteristics. Enhanced experiential value plays a In 2019, Cebu is scheduled to host the Asia Routes major role in ensuring historic hotels’ success. Hence, conference and is only the second Philippine city to host developers should leverage not only Cebu’s rich history, the largest gathering of air transport stakeholders across but also the hotel’s where available. This strategy the region. Manila hosted the event in 2016. With an should attract the more affluent travellers that are willing estimated 1,200 foreign and local delegates, we see the to spend more for a unique guest experience. regional event further boosting Cebu’s overall hotel occupancy in 2019 and raising Cebu’s stature as a MICE Colliers also believes that developers should explore destination in the region. other historical structures in Cebu City, Mactan, and Mandaue that could be converted into hotels and other Hotels near MCIA are preferred venues for major events accommodation facilities. To encourage more investors and should maximize this advantage over hotels located to redevelop historical buildings, both local and national in say Cebu Business Park and IT Park by expanding governments should tout an attractive set of incentives to and building innovative MICE facilities especially within potential developers. hotels.

Introduce more foreign brands Integrate health and retirement facilities Given the surge in foreign visitors, Colliers believes that Local and national developers should consider building Cebu is becoming a feasible market for internationally health clinics and retirement facilities alongside hotels to recognized accommodation. Colliers believes that the capture the growing number of foreigners retiring in projected surge in arrivals and expanding ALS and ADE Cebu. of visitors from China, South Korea, Japan and the United States should make Cebu a viable hub for more Maayo Hotel, a 229-room hotel in Mandaue City, is foreign-branded hotels and serviced residences. complemented by its medical tourism facility, Maayo Medical. The latter offers a wide range of medical Colliers encourages local and national developers with services and is accredited by major health maintenance limited experience in operating hotels to team up with organizations (HMO) in the Philippines. About 60% of foreign brands. This is particularly important for Maayo Medical’s walk-in guests are foreigners from operators that are targeting the high-end (four and five Japan, United States of America, Europe, and South star) international markets. Korea.

Hotels near new road projects Colliers believes that the concept of medical facilities being built alongside hotels should become more Developers should look for hotel development popular in Cebu moving forward as the island-province's opportunities along the nodes of major infrastructure traditional visitor markets – China, South Korea, and projects that are planned to be implemented over the Japan – have ageing demographics. next two to four years such as the Cebu-Cordova Bridge; Metro Cebu Expressway; Cebu-Negros Link Bridge; Cebu-Bohol Link Bridge; and Bus Rapid Transit (BRT) system. Colliers encourages developers to strategically acquire parcels of land near these public infrastructure projects given the high level of transit traffic that is potentially available. Market positioning to consider should include mid-market and below in particular.

10 Ceboom! Developers Capture Cebu's Tourism Gains | 11 July 2018 | Colliers International

Primary Author: Joey Roi Bondoc 413 offices in Research Manager | Philippines +632 858 9057 69 countries on [email protected] 6 continents Colliers International | Philippines United States: 145 11/F Frabelle Business Center Canada: 28 111 Rada St., Legaspi Village Makati City 1229 | Philippines Latin America: 23 +632 888 9988

Asia Pacific: 86 EMEA: 131

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