Investment management income keeps Colliers stable

An almost 50% increase in investment management revenues at Colliers International helped keep half year figures almost stable. The agent reported a fall of just 4% in total revenues for the six months ended 30 June, to $2bn (£1.6bn). EBITDA dropped by 11% to $251.7m. Where investment management boosted figures, capital markets dragged them down with revenues from that part of the business falling by 40% to $334.7m in H1 2023. The bulk of Colliers’ $2bn of income came through its outsourcing and advisory division, which saw revenues rise by 9% in H1 to $974.5m. Jay Hennick (pictured), chairman and chief executive of Colliers, said: “Having significant recurring revenues highlights our balanced and resilient business model, enables us to withstand market fluctuations and sets us apart from the others.” He added: “Lower transaction volumes were caused by rising interest rates, challenging debt availability and continued price discovery, which we expect will rebound once market conditions stabilize.” Revenues in the Americas region totalled $631.3m, down by 15% and led by capital markets. Revenues in the EMEA region totalled $173.8m and were up by 3% due to higher outsourcing and advisory revenues. Capital markets and leasing declined in line with market conditions in the region. In Asia Pacific, revenues grew by 8% to $153.9m, with growth in leasing and outsourcing and advisory more than offsetting what Colliers called “a modest decline” in capital markets. Colliers said it was maintaining its outlook that lower capital markets and leasing transaction volumes would persist for the remainder of the year but said that “robust growth” would come from investment management and outsourcing and advisory. It expects revenues for the full year to total between $4.4bn and $4.6bn. To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews