Recovery in FIRE markets?

On a recent trip to New York, I had the opportunity to have a conversation with Deidre Bolton of Bloomberg Television about Colliers’ outlook on commercial real estate.

One of the major trends we touched on is the unevenness of the office market recovery. Colliers Research has observed for over a year that the strongest performers (in terms of job creation and office vacancy rates) have been what we call “ICEE” markets: those with an employment profile that strongly favors intellectual capital, energy and education, rather than markets traditionally associated with “FIRE” (financial, insurance and real estate) employment.

Recently, we've started to see the traditional FIRE markets catching up: FIRE absorption climbed to 73% of the ICEE total, up from 44% in 1H 2013; this counter-trend is supported in the October employment numbers.

But a closer look reveals an interesting fact: Most of the absorption in FIRE markets comes from submarkets with an ICEE profile. Submarkets such as West Los Angeles, New York – Midtown South, Chandler, AZ, and even Downtown Las Vegas are notable clusters of technology employment. Several Atlanta submarkets, allied with top universities and research institutions, are part of Atlanta’s transition from FIRE to ICEE.

The newly released North American Office Highlights report will takes a deeper dive into this topic, and includes a list of key submarkets to watch that are outperforming (or are poised to outperform) the metro areas in which they’re located.

What's driving cap rate compression?

After a recent client event in New York, I spent some time discussing the markets with KC Conway, chief economist in the U.S. for Colliers. It turns out we’re hearing the same question come up pretty frequently: What’s going on with cap rate compression? (KC has been having similar conversations regarding cap rates with bank regulators.)

Over the past 24 months, U.S. capitalization rates for all income-producing property types have declined to levels never seen before. Rate compression has been most pronounced in multifamily and credit-tenant, net-leased properties, where rates have dipped below 4.0%. Cap rate compression has been slower to occur in industrial real estate; however, that’s changing rapidly as investors rotate out of multifamily, and look to invest in the re-making of America’s supply-chain in response to growth in e-commerce and the Panama Canal expansion.

The Historical Perspective

As this graphic shows, we’re clearly in uncharted waters. The long-term average cap rate between 1965 and 2010 was 9.5%. After dropping to nearly 6.0% prior to the onset of the 2007-2009 financial crisis, cap rates rose sharply between 2008 and 2010 to 8.5%. This increase, around 200 basis points, eliminated approximately 25 percent of commercial real estate values. During the recession, increasing vacancy rates and declining rents caused another 20 percent decline in values, as indicated by the Moody’s Commercial Property Price Index (CPPI).

Source: American Council of Life Insurers.

All told, roughly 45 percent of the value of commercial real estate was wiped out from 2008 to 2010. But less than three years after the “Great Recession,” commercial real estate values have rebounded. Institutional capital and commercial real estate investors are pursuing income-producing real estate again, and have bid average cap rates to a new historic low: under 6%. Why; and what is behind this trend?

Many ascribe the trend to institutional investors’ ongoing search for yield, but of equal import is investor anxiety over Federal Reserve monetary policy aimed at devaluing the U.S. dollar and re-inflating asset prices out of the risk curve. With a 10-Year Treasury yield around 1.8% and inflation near 2%, commercial real estate certainly seems more attractive--even at a historically low 4% to 5% cap rate.

What about equities or stocks? Here commercial real estate is increasingly attractive because of its relative stability. With most major U.S. stock indices at near-record highs, and the volatility in electronic trading that can move equity prices by as much as 5% in a single day, commercial real estate is a consistent way to attain cash-on-cash yield above 4% (and as high as 7% or 7.5% in secondary markets) without the daily fluctuation in asset price.

But there could be more to this trend than just a search for yield. The approaching retirement of millions of baby-boomers may see investor goals shift toward cash flow and dividends, and away from long-term asset appreciation. Certainly low interest rates have also been a factor. Would multifamily cap rates be in the 4-5% range without cheap Freddie Mac and Fannie Mae debt? 

The question is whether cap rates must necessarily spike as interest rates rise. With so much capital on the sidelines waiting to be invested, could the conventional wisdom of overleveraging--because equity is expensive and debt is cheap--be turned upside down in the next five years? 

Investing from the Ashes

Yesterday I had the opportunity to appear on a very interesting panel at the Bloomberg Commercial Real Estate Conference: “Investing from the Ashes: The Distressed Market.”

The panel examined the investment outlook and areas of both risk and opportunity in distressed real estate. Representing the viewpoint of special servicers was Robert Lieber of C-III Capital, while Billy Macklowe offered the owner’s perspective, focused particularly in New York City.

As was mentioned on the panel, right now the outlook for distress is a mixed bag: We’re at a four-year low for new distress, but there are signs that 2013 volume will increase. CMBS loans remain the largest share of outstanding distress, and there’s another major wave of delinquency in the future as the 10-year loans from 2005-7 mature.

We see the next generation of opportunity is in secondary markets, where population growth and fundamentals (housing, job growth, etc.) are starting to rebound. In some cases like Tampa and Memphis, these markets are early beneficiaries of the shift in global trade patterns and changes in our logistics network in anticipation of the 2015 Panama Canal expansion. We also see industrial property as a stable asset class, with the least exposure from CMBS distress.

From our perspective, the greatest market risk is from interest rate sensitivity. A rise of 200 basis points in interest rates over the next two years—below the long-term trend—could, by our estimation, potentially add 20 to 25 percent new distress to the market. The hope, of course, is that interest rates would be rising in response to other positives in the economy as a whole, but it’s nonetheless a major risk for investors in the distressed space.

I very much enjoyed the opportunity to participate, and hear the perspectives of our peers in the market. Thanks to Beth Jinks and Bloomberg News for making it possible.

Here is a link to the video: http://bloom.bg/PShonm

Colliers International again ranks among IAOP’s Top 100 Global Outsourcing Companies—and we’re the only commercial real estate firm to make the list for seven years running

All of us at Colliers are extremely pleased to be included among the leading outsourcing service firms worldwide—and for the seventh year in a row! The International Association of Outsourcing Professionals (IAOP) ranked Colliers #21 in its annual list of Top 100 Global Outsourcing Companies. Thanks to our enterprising spirit and shared sense of initiative, Colliers is the only commercial real estate firm to be included on the list year over year since 2006.

What makes this designation especially gratifying is that IAOP specifically noted that customer references were one of our major strengths. Delivering service excellence is part of our mission and what distinguishes us as a global leader. Clients who are impressed with our service—and who are most likely to refer us to other clients—are critical to our success and are helping drive Colliers business growth in the U.S. and around the world.

In addition to customer references, IAOP used three other criteria to determine the rankings, including size and growth, organizational competencies and management capabilities. Colliers was also included on several sub lists, demonstrating our leadership in multiple areas including Number of Centers Worldwide, Companies with the Most Company Presence, Best Corporate Social Responsibility in Outsourcing, Leaders-Services Industry, Leaders-Corporate Services, Leaders-Real Estate & Capital Asset Management Services.

All of the companies on the list were featured in a special advertising section in the July 23 Global 500 issue of Fortune magazine, with more details on the companies, ranking and selection process. Congratulations to all of the Colliers professionals who are consistently working to exceed client expectations and keep our organization at the top.

Giving Back to the National Leadership Academy

Are leaders born or made? I believe it’s a little bit of both. While many people have some leadership qualities to build upon—whether it’s great communication skills, the ability to inspire others, or a steady hand under adversity and unexpected challenges—most develop these traits over many years and through many experiences. 

I also believe that leadership is best fostered with early training and exposure to mentors and role models. The founder and staff at the National Leadership Academy share my viewpoint. I was both pleased and honored when the group recently asked me to participate in a panel led by one of the leading innovators and entrepreneurs in education, Kristina Scala, and also featuring Jodi Rolland, who is one of the highest-ranking female executives on Wall Street with Bank of America Merrill Lynch. Kristina’s theme for the panel was “The world is run by those who show up and hustle,” and she asked the panelists to share their experiences and personal stories along this theme. 

The National Leadership Academy provides intensive, hands-on leadership and service training to high school students from around the country in an annual four-day camp in Denver, Colo. The academy, part of the Spaulding Leadership Institute, is a nonprofit youth leadership development organization founded in 2000 by Tommy Spaulding, a world-renowned speaker on leadership and author of a best-selling book, “It’s Not Just Who You Know.” (If you attended the Colliers National Meeting last year in Chicago, you will remember him as our engaging and passionate keynote speaker.)

Every year, high school students and recent graduates apply to the academy and those selected get the chance to meet with young leaders from around the country, hear from leadership experts, engage in their own mountain leadership experience and spend time serving the local community. 

Spaulding started the academy to provide the life skills—leadership, volunteering, civic involvement—he felt students needed, but weren’t getting before they graduated high school. In addition to leadership and influence, some of the topics covered in the academy are communication, teamwork, time management, interpersonal relationships, assertiveness, self-confidence, empathy and humility. The academy’s vision “… is to create civic and service-minded high school students by developing their leadership skills, inspiring purpose, and empowering them to make a difference.”

Students who attend the academy often report that the training is life-changing and that they have more confidence, motivation, self-esteem and an increased ability to create connections with others.

 ‘Community’ is one of the four core values at Colliers and we encourage everyone to live out these values and ‘walk the ‘talk.’ Reaching out to help educate and inspire young people was an especially rewarding way for me to give back—especially when it encourages kids to become more community-minded themselves. I was happy to contribute my time and my own leadership experiences to this worthwhile organization that has trained so many future leaders who will go on to make a real difference in the world.

Crowdsourcing and commercial real estate

Crowdsourcing is a practice that is becoming more mainstream and used more frequently by all kinds of companies. It’s a fascinating concept that’s developed as we’ve become a more global, connected and seamless marketplace.  If you’re not familiar with the term, crowdsourcing is a way to reach out to the masses or specific communities online (the crowd) to outsource tasks typically performed by an employee or employees on staff or to tap resources not available to companies via traditional labor resource models.
Tapping into the collective wisdom of the crowd can be a more efficient and sometimes more economic way to get things done. One of the most common examples of crowdsourcing is Wikipedia, where users share their expertise and make continual updates to the vast online encyclopedic resource.

In addition to crowdsourcing labor, organizations are using it to generate new creative ideas in the way of logo or naming contests. For example, Pepsi used crowdsourcing in 2007 to ask consumers to design a new look for the Pepsi can in exchange for a $10,000 prize. Others use it to generate donations for a good cause or to support innovation. Researchers and game designers at the University of Washington developed Foldit, an online game that uses crowdsourcing to ‘solve puzzles for science.’ A group of video gamers helped them discover the structure of an enzyme used by retroviruses similar to HIV. It was a major research breakthrough and one that biochemists had not been able to solve for years.

Several new companies help their clients access a crowdsourcing platform. San Francisco-based CrowdFlower found its niche by providing companies with data clean up via crowdsourcing. The ‘crowd’ handles simple tasks such as matching business names with addresses. The company has had more than 2 million people around the world work for them. They’re able to provide an inexpensive labor pool that can ramp up quickly to manage a large volume of work. A few other firms that offer access to crowdsourcing are Amazon’s Mechanical Turk and Clickworker.com.

I recently read about a small startup in our industry using crowdsourcing to connect developers with the local community. Through its website, popularize.com, the company enables developers and property owners in Washington, D.C., to take the pulse of the local community and deliver the kinds of companies and services local residents want. They post large-scale signs on empty building exteriors asking, “What would you like to see here?” Users log onto the website, find buildings in their area and then provide input. Then, it’s up to developers and property owners to determine the economic viability of the suggestions. The company is scheduled to launch a new platform that will allow users to directly invest in buildings listed on the Popularise site.

Tapping into the opinions and expertise of the crowd has huge potential as a way to get fresh perspectives on complex challenges, get access to talent around the world or get new ideas to develop or market products. The question for Colliers and for our industry is: Can we leverage the wisdom of our global organizations, with the vast knowledge and expertise, in new and unique ways to take real estate services to higher levels of professional excellence? I welcome the challenge in exploring this idea and I welcome your feedback on how you see crowdsourcing impacting our industry.

A Look Back at Everyone Gives | 2012

Everyone Gives has just released final numbers from the first global social giving campaign of its kind last month, and they’re really something for all participants to be proud of.

Here’s the data from a little over two weeks:

•           More than 12,000 donors
•           …in 474 cities
•           …across 64 countries
•           …raised over $740,000
•           …for 1,479 charities around the world.

100% of all donations went directly to their intended beneficiaries, which ranged from well-known international non-profits to small local and community charities. Thanks to all who participated in this year’s event, whether by donating, promoting, organizing or mobilizing.

We’re already making plans for Everyone Gives in 2013; you can keep up with the latest developments through Facebook, Twitter and LinkedIn. But you don’t need to wait until then to donate. (You can review the full list of Everyone Gives charitable partners here.)

The public support that this Everyone Gives received from across the world makes clear is that the spirit of giving is alive and well. The capacity of social philanthropy campaigns to amplify that common desire to do good in the world is truly awe-inspiring, and I believe we’ve only seen the beginning. 

Colliers Again Named an Outsourcing Leader

Colliers International has again been named to the International Association of Outsourcing Professionals® 2012 Global Outsourcing 100® service providers list. 

Every year, IAOP recognizes the best outsourcing firms across multiple industries, as selected by an independent judging panel. This is the seventh consecutive year that Colliers has been honored with this distinction. The Global Outsourcing 100 is more than just a ranking--it is a critically important resource for any company seeking best-in-class service providers and vendors.

The complete list will be unveiled by IAOP on July 23. You can view the 2011 results here. 

Thanks to all of our professionals and staff for once again establishing Colliers as a leading global real estate services provider.

Everyone Gives Launches Next Week

Eight days to go before the launch of Everyone Gives, and our list of charitable partners worldwide is over 400 and still growing. In the U.S. we’ll be collecting donations for March of Dimes, United Way, the American Red Cross, Habitat for Humanity, Make-A-Wish and many more national organizations. Locally, our professionals, partners and colleagues will be supporting foundations in their own communities. Whatever you’re most passionate about—fighting poverty, protecting and nurturing children, curing disease—however you want to do good in the world, you’ll find a cause to donate to among our charities.

As February 22, 2012 grows nearer, it’s exciting to see the buzz that Everyone Gives is generating through our social media channels. The campaign has more than 1,700 fans on Facebook, and more than 500 followers on Twitter. We’ve seen steady increases in activity as word spreads and more and more people across the globe get involved.

Participating in Everyone Gives is easy. Click the video below to learn how:

Follow Everyone Gives on Twitter, Facebook, or LinkedIn for the latest updates and news. Spread the word about the campaign to your own personal networks.

The pieces are in place. The vision of Everyone Gives—to amplify the power of individual giving—is poised to become a reality. Have you added your voice?

Everyone Gives

February 22, 2012 marks the launch of a unique social giving campaign: Everyone Gives. This giving event—dubbed the most inclusive initiative of its kind—will enable charities, companies and public figures to collaboratively mobilize their networks, raising awareness of a global charitable event that will demonstrate the collective power we all share to dramatically impact the world for good. 

The premise is elegantly simple: use social media and technology to leverage your personal networks and connections, and contribute to whatever individual cause or charity you care most about. What’s more, those you bring to your giving tree can immediately do the same with their networks as well. 

Everyone Gives is the vision of Doug Frye (Global CEO of Colliers International), who throughout his career has been an amazing leader for social good and aspirational community impact. He believes in the power each and every one of us has to change the world in which we live. He believes that if everyone gives, nothing is impossible. 

To be clear, Everyone Gives is not itself a charity. It’s a community-based platform that connects causes with givers; every cent donated goes directly to the participating charities. Colliers International was the first corporate sponsor of the initiative, donating resources and time to launch the project. The goal is to harness individual inspiration to create a global torrent of giving that can truly change the world. 

It’s a simple process. Make a small donation—say, $5—to a participating charity of your choice. Through the Everyone Gives website, your donation initiates a “tree” of giving; your gift is selectively shared with your personal network, who are asked to contribute and encourage people in their network to join in. You can see your “seed” gift grow exponentially.  Personally, the most exciting thing for me about Everyone Gives is the way it will bring people together.

Learn more by visiting everyonegives.org. Stay in touch with Everyone Gives on Twitter, Facebook or LinkedIn. Please help spread the word, and we’ll see you on February 22. 

Dollar Days

The newly released white paper “Dollar Days: How Dollar Stores Are Growing a Weak Economy” documents a strong national trend in consumer behavior and its impact on retail leasing. The report, by Ann Natunewicz (head of research for Colliers Retail Services Group), traces the recent aggressive expansion and repositioning campaigns of the four major dollar store chains.

What’s driving the growth of dollar stores?
Obviously, economic conditions have severely impacted consumer behavior, both in terms of disposable income and perception of “value.” Dollar store chains have expanded food offerings, rethought their merchandising strategies, and targeted a higher-end mainstream consumer.

How significant is this trend?
The four largest chains—Dollar General, Dollar Tree, Family Dollar and 99¢ Only—now operate roughly 21,500 U.S. locations. By contrast, the three largest drug store chains combined have only 19,700 locations.

What’s more, dollar stores continue to capitalize on the availability of better space, in terms of demographics, location and footprint. At first, this trend was fueled by recessionary vacancy rates and depressed leasing markets; however, this growth has persisted even in markets that have seen significant recovery in rents and absorption. Growing interest on the part of landlords and property investors indicates that dollar stores have become a more desirable destination, and are favorably impacting traffic and vacancy rates in the shopping centers they occupy.

What does this mean for retail leasing?
Aggressive expansion and larger footprints will continue to drive absorption, even in markets where pricing has normalized, or traditional grocery and drug stores are still prominent.

Dollar store chains will still be able to dictate aggressive terms. Landlords recognize that the dollar store value proposition is part of the “new normal” for consumers, and are attracting a higher-ticket demographic. And, as dollar stores increase their food offering, they drive a higher trip frequency. For smaller regional centers with a local tenant mix, a dollar store can also provide a national-level tenant opportunity.

Where can I find out more?

Download a PDF copy of “Dollar Days: How Dollar Stores Are Growing a Weak Economy” here.

Colliers International Launches Government Services Practice Group

I'm excited to report that the senior team of Kurt Stout, Charles Dilks, and Keith Lavey have joined the Colliers International to lead our newly established Government Services Practice Group.

Based in Washington, D.C., the six-member team will provide a full array of consulting and contracting services to government agencies on a national basis. These Colliers professionals represent private sector landlords who lease space to government tenants. They also participate in the sale of government-leased properties.

“Colliers International is a perfect cultural fit for our team. This is a unique opportunity to establish a national business unit that is exclusively devoted to providing real estate services to government agencies as well as investors who serve government tenants,” said Stout, a 20-year real estate veteran in the government services sector.

Last week, Colliers International also announced a major expansion of its Washington, D.C.-area operations with the launch of a new office in Northern Virginia and the introduction of a regional property management practice.

Pacific Realty Gives Colliers International a Stronghold in Omaha and Lincoln, Nebraska

Omaha and Lincoln Offices to Raise Colliers Banner

OMAHA and SEATTLE, May 5, 2011 – Colliers International has reached another milestone in executing its U.S. platform growth strategy with the addition of one of Nebraska’s premier commercial real estate firms, Pacific Realty Group. The firm’s two offices in Omaha and Lincoln have joined Colliers’ rapidly expanding geographic footprint in the U.S. and around the globe.

As Colliers International, Pacific Realty transitions from a key player in the Midwest to an important part of one of the world’s leading real estate organizations, with 15,000 employees operating out of more than 480 offices in 61 countries and with revenues of nearly $2 billion.

“With the addition of Pacific Realty, we have increased our national leadership in client service,” said Dylan Taylor, chief executive officer of Colliers International in the U.S. “Pacific Realty is a results-driven organization, and the depth and experience the firm offers clients are unmatched in Nebraska. Pacific Realty’s client-centric approach is a seamless fit, both professionally and culturally, with Colliers International.”

“With the significant industry interest in Colliers International and its rapidly growing platform, we are proud to carry its flag in the Omaha and Lincoln markets,” said Kyle Peterson, senior vice president and managing director of brokerage. “Our firm has long been known as the number one regional commercial real estate services provider. This partnership allows us to better serve our clients locally, nationally and around the globe. We feel it is an ideal match.”

Founded in 1987, Pacific Realty provides the full spectrum of commercial real estate services, including brokerage; lease administration; tenant representation; office, industrial and retail leasing and sales; asset management; property management; comprehensive development services; advisory and consulting services; real estate tax consulting, tenant finish; construction supervision; and market research. The firm also provides construction and permanent financing services and other mortgage banking/consulting needs.

Pacific Realty has 62 professionals in its two Nebraska offices. In 2010, the firm managed a portfolio of nearly 4.8 million square feet and was involved in 320 leasing and sale transactions comprising 2.4 million square feet of space and more than a half million square feet of land.

No changes in management or personnel are anticipated as a result of today’s announcement.

About Colliers International

Colliers International is the third-largest commercial real estate services company in the world with 15,000 professionals operating out of more than 480 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.

http://bit.ly/iGPTrl

World Economic Forum Announces Young Global Leaders 2011

It is my honor to share with you that I have learned that I have been named a Young Global Leader for 2011 by the World Economic Forum (WEF). For those of you not familiar with the WEF, they host an annual meeting in Davos, Switzerland—a gathering of international leaders from industry, government, academia, civil society and the media, to rethink strategies and solutions to global challenges. I had the privilege to be an attendee at the annual meeting earlier this year.

Young Global Leaders are a community created by the WEF and are drawn from a pool of more than 5,000 candidates. The selection committee is chaired by Her Majesty Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan. For 2011, there were 190 individuals selected from 65 countries, with 37 being selected from North America. The YGLs convene at an Annual Summit, held this year in Dalian, People’s Republic of China, September 12-16. Young Global Leaders are actively engaged in the community, integrating into events organized by the World Economic Forum and organizing events of their own, as well as launching and leading a number of innovative initiatives and task forces. For a list of YGL initiatives, see http://www.redesignourworld.com/.

I am deeply humbled by my selection and am committed to helping to positively shape the future in a way that is consistent with the expectations and obligations of this esteemed group of young leaders. None of this would have been possible without the outstanding colleagues I am privileged to work with at Colliers International and the support of my family, in particular my wife Gabrielle. They have my sincerest appreciation and admiration.

For a full list of the Young Global Leaders for 2011. Click Here

Visit the YGL blog: www.forumblog.org/ygl
Twitter: www.twitter.com/YGLvoices
YouTube: www.youtube.com/yglvoices

Knowledge Leader Reports on CMBS, Tony Blair, Nonprofit Innovation

The Spring 2011 issue of Knowledge Leader, the Colliers International property magazine, is available now.

This issue centers on the theme of corporate social responsibility, from our exclusive interview with former U.K. Prime Minister Tony Blair on his global charitable work, to articles on socially responsible investment funds and adding volunteer activities to your next corporate event. Advertising space in this issue has been donated to leading nonprofit organizations such as Habitat for Humanity, Global Partnerships and The American Heart Association/American Stroke Association.

We’re proud that this issue of Knowledge Leader is more than just an excellent source of current intelligence on the commercial real estate industry—we feel it makes an important statement on the partnership between business leaders and charitable organizations, and reminds us of the value of giving back to our communities.

An exceptional feature is an industry roundtable of a dozen Colliers International experts from major markets across the country, discussing the outlook for the coming year in the multi-family, office, retail, industrial and hospitality sectors.

This issue also introduces you to some of our leading clients and partners, including Eventbrite, a fast-growing company in San Francisco who is revolutionizing online events ticketing; Concert Properties, a visionary developer in Vancouver, BC; and the Northwest Evaluation Association of Portland, OR.

You can read the issue online here, or request an issue from your local Colliers International office.

Warren Dahlstrom, 25-Year Veteran, Joins Colliers International

Colliers International announced today that it has taken a major step in the continued growth of its U.S. platform with the hiring of Warren Dahlstrom as president of its Investment Services Group.

In addition to overseeing Colliers International’s investment services group in the U.S., Dahlstrom will be charged with growing the organization through an aggressive business development strategy and key hires of top-tier brokers and other professionals. He is based in Washington, D.C.

“Warren is a unique professional,” said Dylan Taylor, chief executive officer for Colliers International in the U.S. “He has the ideal combination of experience with large and smaller firms, has spent time as an entrepreneur and embodies the kind of collaborative and client centric approach that makes him a perfect fit for Colliers International. The entire organization is looking forward to his immediate contribution to our strategic growth plan.”

“I’ve experienced a number of different approaches and cultures at the firms where I have worked,” Dahlstrom said. “But none come close to Colliers International. Its business model encompasses everything today’s real estate services clients are looking for. I am excited to be part of the organization’s continued march to the top of the industry.”

Dahlstrom has represented owners and investors of institutional commercial real estate since 1986 and has sold, financed or built property valued in excess of $6 billion across the office, retail, industrial, land, hotel and apartment sectors. He has broad relationships with institutional clients, both foreign and domestic and also specializes in capital markets, strategic portfolio management, land, development and competitive assessments advisory services. Last year he arranged a $60 million development joint venture between London-based Grosvenor and JBG Companies of Washington, D.C.

Most recently, Dahlstrom was the principal of his own firm, Dahlstrom Real Estate Advisors. Previously, he spent nearly 13 years as a top producer for Cushman & Wakefield, where he led the investment sales team in Washington, D.C. Earlier in his career, he led sales teams at Carey Winston Company (now Transwestern) and Grubb & Ellis. Dahlstrom is the recipient of numerous awards and honors for his professional achievements, including NAIOP’s Deal of the Year in 2008.

He is a lecturer at Georgetown and Johns Hopkins Universities, and has presented at numerous real estate trade organizations including the Urban Land Institute, the Building Owners and Managers Association and the International Council of Shopping Centers. Dahlstrom is a Full Member of the Urban Land Institute and sits on the board of the Arlington Partnership for Affordable Housing.

A graduate of the University of Virginia, Dahlstrom earned an M.B.A. from the Leeds School of Business at the University of Colorado at Boulder.

Colliers International Acquires Leading California Retail Brokerage

--Johnson Hoke, Upscale Retail Experts, To Boost Colliers’ Retail Services Division and West Coast Presence--

In a move that will immediately bolster the existing retail expertise of its domestic operations, Colliers International today announced that it has acquired Johnson Hoke, San Francisco’s leading urban specialty and lifestyle center retail brokerage firm.

By joining Colliers International, Johnson Hoke will become a critical component of one of the world’s largest and most sophisticated real estate companies. Johnson Hoke executives including Vikki Johnson, Karen Hoke and Pamela Mendelsohn also will become part of Colliers International’s expanding Retail Services Group, serving many of the world’s largest and best-known retailers and retail landlords.

In conjunction with Colliers retail experts located throughout the country, The Johnson Hoke team will focus on expanding and strengthening the organization’s retail services footprint throughout California and in major markets across the nation.

“Johnson Hoke represents an excellent addition to our fast-growing U.S. retail platform,” said Dylan Taylor, chief executive officer of Colliers International in the U.S. “Like Colliers International, Johnson Hoke knows how to enhance the value of their clients’ assets through sophisticated lease negotiations and other client services. With their long-standing reputation for creativity and integrity, I am excited to have them now working shoulder-to-shoulder with us as part of Colliers International beginning today.”

“Johnson Hoke is the perfect complement to our existing San Francisco retail team of Ross Portugeis and Glen Jones,” said Alan Collenette, Managing Director for Colliers International’s operations in San Francisco and Marin County. “Their clients have always sought them out for their flair and for their matchless knowledge, not just of real estate, but of retailing and merchandising. They understand how to make intelligent retail real estate decisions. I am so proud they are now part of our company.”

“We are thrilled to add a team with the depth of experience that Vikki (Johnson) and her colleagues possess,” said Patrick Duffy, head of the Retail Services Group and president of Colliers International’s Houston office. “The Colliers Retail Services Group has expanded over the past few years to include more than 350 of the best retail professionals in North America and over 450 worldwide. The Johnson Hoke team stands among the best in the world, and their arrival will measurably elevate our game.”

Founded in 1997 in San Francisco as a boutique retail services firm, Johnson Hoke has since become one of the savviest and most successful firms in their niche market of urban specialty retail. With a focus on the upper end of the retail market, the firm actively advises and consults with developers, landlords and tenants throughout the region.

“I look forward to taking the depth of our experience and utilizing the Colliers platform to provide an international reach for the benefit of our clients. My passion is the bricks and mortar of the business, which is where I want to spend my time,” said Vikki Johnson, Managing Director – Colliers International Retail Services Group, San Francisco

“I wake up every day and love what I do; advising our landlord and retail clients. I want to be a part of the finest real estate firm in the world, and I think with Colliers, we will be,” said Karen Hoke, Senior Vice President, Colliers International San Francisco

The former Johnson Hoke operation will be rebranded as Colliers International. There will be no staffing changes at either Johnson Hoke or Colliers International based on today’s news.

About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 15,000 professionals operating out of more than 480 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. The latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate firm in the world.

Colliers International Broadens U.S. Platform with Addition of EVS Realty Advisors in St. Louis

Once again accelerating the pace at which it continues to grow its U.S. operations, Colliers International today has acquired a controlling interest in one of St. Louis’ most prestigious real estate firms, EVS Realty Advisors.

The addition will significantly bolster Colliers International in the Midwest by strengthening the local firm’s ability to service regional, national and international clients seeking to do business in the St. Louis region. With today’s addition of EVS Realty Advisors, 11 of the nation’s leading firms have integrated their operations into the world’s third largest real estate services firm and rebranded as Colliers within the past twelve months.

“EVS Realty Advisors is a true market leader in St. Louis and the region in providing integrated investor services to institutional clients,” said Dylan Taylor, chief executive officer of Colliers International in the U.S. “These professionals share our deep commitment to exceptional client service and a collaborative culture. Today’s news reinforces our commitment to market leadership and delivering the best service to our clients.”

By merging with Colliers International, EVS Realty Advisors will integrate its operations with one of the world’s largest and most influential real estate companies, with 15,000 employees working from more than 480 offices in 61 countries and with revenues of nearly $2 billion. No immediate leadership or personnel changes are expected.

Robert A. Guimbarda, one of the principals and founders of EVS Realty Advisors, adds: “From the start, our firm’s mission was to become the top full-service, real estate investment advisory firm catering to Midwestern and other regional markets. With today’s news, we will be able to over-deliver on that promise to our clients while drawing the region’s most talented professionals into our ranks. The growth opportunities for everyone involved are monumental. We are thrilled to become a part of Colliers International.”

EVS Realty Advisors, which was founded in 2003, manages more than 2.5 million square feet of signature office properties throughout the St. Louis region. The firm also provides sales and leasing expertise in addition to real estate advisory and asset management services.

Colliers International Further Expands Platform in Greater Baltimore

SEATTLE and BALTIMORE, December 6, 2010 – Colliers International has further bolstered the rapid growth of its U.S. platform with the addition of Hearn Burkley, one of the Mid-Atlantic region’s most highly regarded commercial real estate firms. Colliers International also announced that Baltimore’s top office brokerage team will join the organization.

Rebranded and operating as Colliers International, Hearn Burkley will transition from a growing regional powerhouse into a key hub for one of the world’s leading real estate organizations, with 15,000 employees operating out of more than 480 offices in 61 countries and with revenues of nearly $2 billion.

“With the addition of Hearn Burkley as part of the Colliers International platform, we continue our strategy to build our market share in the U.S.,” said Dylan Taylor, chief executive officer of Colliers International in the U.S. “The firm meets every criterion we look for when expanding into additional markets--it is the most client-centric and culturally-aligned firm in the Baltimore market, and is poised to continue its impressive record of growth as it fully embraces the Colliers International business model.”

With 55 professionals in Columbia, Maryland, the firm is focused on providing a full line of services to the Mid-Atlantic region, including brokerage and property management, development and consulting, and construction and engineering. Hearn Burkley currently manages 7 million square feet across more than 100 properties throughout the Baltimore region. “Aligning with Colliers International is the next logical step in our firm’s growth,” said Timothy R. Hearn, Hearn Burkley’s chief executive officer. “Last year’s acquisition of Corridor Reznick and our continuing investment in the business ideally positions us to become an important contributor to Colliers International on a local, regional and national level.”

The firm also announced that Gary Applestein and Clare Berrang, formerly of the Baltimore office of MacKenzie Commercial Real Estate Services, will join Colliers International’s Baltimore operation. Recognized as one of the top office leasing teams in the Baltimore region, Applestein and Berrang will work from the company’s Columbia, MD location. The team has arranged several significant transactions including the sale of an 110,000-square-foot building for ADP, Inc. in Owings Mills, MD as well as leasing 160,000 square feet of medical office space adjacent to the Howard County General Hospital in Columbia, MD.

Colliers International Continues U.S. Growth with Addition of The Winbury Group in Kansas City

Building upon the explosive growth of its domestic operations, Colliers International today announced that it has acquired a controlling interest in Kansas City’s leading commercial real estate services firm, The Winbury Group. With today’s development, nine market leaders have integrated their operations into the third largest global player and rebranded as Colliers International over the past year.

By merging with Colliers International, The Winbury Group will immediately evolve from a locally owned top-performing operation to a key component of one of the world’s largest and most sophisticated real estate companies, with 15,000 employees operating out of more than 480 offices in 61 countries and with revenues of nearly $2 billion.

“With today’s news, we are continuing our systematic strategy to seize additional market share in the U.S.,” said Dylan Taylor, chief executive officer of Colliers International in the U.S. “Our U.S. continued expansion further solidifies our ability to provide the best service to our clients and the best career opportunities for our professionals. The Winbury Group is the clear market leader in greater Kansas City and we see very high alignment between the two firm’s cultures.”

Ted Murray, who serves as the CEO of The Winbury Group, adds: “After serving our clients for more than two decades throughout the Kansas City region and the country, we are thrilled to join Colliers International, a global industry leader. Our ongoing commitment to deliver the highest-quality commercial real estate services in the region will be significantly enhanced by this merger. Our clients will continue to rely on our local market knowledge and connections, but going forward they also will benefit from the national and international growth opportunities and resources of Colliers.”

The Winbury Group is a full-service commercial real estate firm based in Kansas City, Missouri. The firm also has an office in nearby Lawrence, Kansas. Founded in 1989, the firm currently boasts more than 100 employees and real estate advisors. During its 21 years in business, The Winbury Group has consistently delivered transaction, consulting, property and asset management services in addition to strategic planning expertise on behalf of both corporate and investment-grade clients, both on a local and national level.

About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 15,000 professionals operating out of more than 480 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. The latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate firm in the world.