New Growth Centre in South Chennai

Transcription

1 Colliers Radar Chennai Office New Growth Centre in South Chennai Pallavaram Thoraipakkam Road All Set for Real Estate Race in Chennai

2 Surabhi Arora Senior Associate Director Research India Karthiga Ravindran Analyst Research Chennai according to Colliers Research, the effective rentals in the Pre-Toll market have more than doubled over the last ten years; and we expect the rents here to rise from INR per sq ft per month in 2017 to INR per sq ft per month over the next three years. At last, therefore, strong demand and rising rents in the OMR Pre-Toll district have started compelling companies to evaluate micromarkets beyond the Perungudi toll. Rental Forecast for Southern Business District Pallavaram - Thoraipakkam Road (PTR), the 11 km stretch located in the Old Mahabalipuram Road (OMR) Post-Toll market is gearing up to entice numerous multinational companies and small and medium enterprises to Chennai. Being strategically placed and well connected to the key office markets of the OMR and Grand Southern Trunk (GST) Road, this link road is likely to disrupt the linear growth pattern of the OMR. The PTR is now emerging as a strong new growth centre in the OMR district. Over the next three years, we expect 11.5 million sq ft (1.06 million sq m) of office space supply to see completion in Chennai. Of this total, 58% is concentrated along the PTR. We expect that by 2020 the improved infrastructure and new offices with modern amenities should greatly enhance the area s appeal to prospective tenants. In our opinion, occupiers looking for expansion within Special Economic Zones (SEZs) should take advantage of huge upcoming supply in this corridor. For relocation and consolidation, occupiers can either pre-commit or opt for built-to-suit options in PTR to hedge against future rent rises. Executive Summary For some years, suburban micromarkets in the south have been the fastest growing markets in Chennai. The southern precinct of the city is continually attracting technology firms, which need a well-connected location but have problems in finding sites with large floor plates and preferred fit-out options in the CBD and Off CBD. The OMR Pre-Toll district has always been a more active market in terms of office leasing in south Chennai due to its proximity to the city centre and availability of Grade A stock. There has always been resistance among occupiers to moving further down to the post-toll market considering the under developed infrastructure and absence of last mile connectivity. However, Strategically located just after the toll, the Pallavaram- Thoraipakkam Road (PTR), the link road between the parallel corridors of the GST Road and the OMR, is now emerging as a strong new growth centre in south Chennai. We expect the PTR to cause a major shift in development focus within the OMR market from the Pre- Toll side to the Post-Toll side, thereby disrupting the OMR's linear growth pattern. Our detailed research on OMR micromarkets suggests that the PTR, the link road between the parallel growth corridors of the GST Road and the OMR, will be Chennai's key new growth centre. Based on our analysis of sector concentration in various micromarkets, we advise large, established IT companies to choose the OMR Pre-Toll Road for future expansion, since proximity to the city centre is advantageous for talent acquisition and retention. Occupiers such as automotive and manufacturing companies requiring proximity to the airport and other transport links should choose the GST Road, although space here is limited. The PTR should appeal to occupiers looking for large-scale relocation to attractive new SEZ developments in a district offering ample supply of space and good infrastructure at modest rents. According to the recent city report by Oxford Economics 'Asian Cities & Regions Outlook, June 2017' Chennai (Tamil Nadu State) stood third in growth ranking and should achieve 7.5% average annual GDP growth over the period 2017 to This increase is likely to be led by the banking sector, followed by the trade, hospitality and manufacturing sectors. The anticipated economic drive in the city by these sectors should also help drive demand for space along the PTR in coming years.

3 Contents Southern Chennai: the growth area... 4 PTR - the bright spot in southern Chennai. 5 Demand drivers for PTR... 6 Planned infrastructure likely to support vast real estate development... 7 Residential catchment around PTR... 8 Office rent forecast: slightly higher rent than Post-Toll likely in the PTR... 9 Occupier strategy: select office location based on business needs... 9 Developer strategy - technology, flexibility and sustainability to entice occupiers New Growth Centre in South Chennai 28 November 2017 Office Colliers International

4 Southern Chennai: the growth area For the last two decades, the southern micromarkets of Chennai have differed from the rest of the city, creating an unprecedented growth story. The Old Mahabalipuram Road (OMR) and the Grand Southern Trunk (GST) Road in south Chennai are the two main corridors that have become key locations for Information Technology (IT) parks, Special Economic Zones (SEZ) and integrated townships in the city. While the commercial development in the GST Road has been restricted around three SEZs (Mahindra World City, The Gateway and Madras Export Processing Zone), the strategic location and abundant office supply on the OMR have fuelled demand for office spaces along this corridor. While the OMR is a State Highway (SH-49A) that connects Chennai to Mahabalipuram, for this study we have considered only the 20 km stretch from Taramani to Siruseri as OMR. We have further divided the OMR based on occupier activity into two sections: the Pre-Toll and Post-Toll areas. The Pre-Toll area starts from Madhya Kailash Junction and extends up to Perungudi Toll, while the post-toll area extends as far as the Siruseri (See Figure 1). Over the years, the first stretch of the OMR (Pre-Toll district) gained occupiers' interest due to the availability of Grade A supply and its proximity to the core city. However, the Post-Toll stretch of the OMR remained a distant location for occupiers as the developments were concentrated about 17 km from the Pre-Toll area at Siruseri. According to surveys by Colliers Research, the Pre-Toll stretch of the OMR accounted for about 50% of total absorption of available IT space over the period 2012 to 2017, whereas the Post-Toll stretch represented only 8% of total absorption. With the OMR Pre-Toll micromarket becoming saturated, many forecasters expected that the future growth of the IT corridor would be aligned along the OMR in a linear pattern towards Siruseri. However, going against these forecasts, the commercial market's attention has started to shift towards the newly developing micromarket of Pallavaram-Thoraipakkam Road (PTR). Strategically placed between OMR and GST Road, PTR has an immense potential for commercial and residential development in future The 11 km stretch of the PTR well known as the Radial Road is strategically located just after the Perungudi Toll, connecting the OMR and GST Roads. Although commercial development along this road proceeded slowly after the launch of Chennai One SEZ by Green Grid Group (IG3) Infra Ltd in 2006, over the last two years, several prominent developers have acquired large land parcels for commercial development and launched projects in this area. Examples include, Embassy, Featherlite and expansions of IG3 Infra Ltd. Figure 1: Growth Story of Chennai 4 New Growth Centre in South Chennai 28 November 2017 Office Colliers International

5 PTR - the bright spot in southern Chennai According to Colliers Research data, Chennai is likely to see about 11.5 million sq ft (1.06 million sq m) of new office supply by the end of Most of this supply is in the form of SEZs and IT parks. Major SEZ projects under construction include the Embassy Splendid Tech Zone and the Chennai One SEZ - South Block in the OMR Post-Toll district, Brigade World Trade Centre in the OMR Pre-Toll district, Xander's Gateway in the GST Road and additional phases of the DLF SEZ in Mount Poonamalle High (MPH) Road. In addition, Featherlite IT Park in the OMR Post-Toll district, phases of Olympia Tech Park and several other IT buildings in the Off-CBD are also under construction. About 80% of the total upcoming supply is concentrated in the southern part of the city followed by MPH Road (16%) and Off-CBD (4%) (See Figure 2). The high concentration of new supply in the southern quadrant of the city indicates that growth of the office market should continue in this region over the next three years. Out of all locations in the south, the PTR section of the OMR Post-Toll micromarket has been gaining maximum momentum with about 6.65 million sq ft (0.61 million sq m) of office space scheduled for completion over the next three years. In contrast, scheduled completion in the OMR Pre-Toll district amounts to only 2.18 million sq ft (0.2 million sq m) and in the GST district to 0.35 million sq ft (0.03 million sq m). In our opinion, as the vacancy rates are already in single digits in the preferred micromarkets such as the CBD, Off-CBD and OMR pre-toll road, the demand should follow supply in the PTR in coming years. The anticipated commercial development along the PTR should create a vast employment opportunity along the corridor, in turn, activating the demand for all real estate asset classes. Figure 2: Key Upcoming Office Supply PROJECT LOCATION AREA (In sq ft) Chennai One SEZ - South Block Embassy Splendid Tech Zone - Phase 1 Embassy Splendid Tech Zone - Phase 2 Featherlite IT Park Brigade World Trade Centre EXPECTED YEAR OF COMPLETION PTR 1,200,000 Q PTR 2,000,000 Q PTR 2,500,000 Q PTR 750,000 Q Perungudi 2,000,000 Q Raheja IT Park MPH Road 1,000,000 Q Figure 3: Upcoming Office Supply Breakup 5 New Growth Centre in South Chennai 28 November 2017 Office Colliers International

6 Demand drivers for PTR According to Oxford Economics, Chennai (Tamil Nadu State) stood third in growth ranking and should achieve 7.5% average annual GDP growth over the period 2017 to 2021 led by the banking, trade, hospitality and manufacturing sectors 1. Upcoming commercial real estate developments in Chennai are notably concentrated in the PTR, so we expect the economic drive in Chennai by these sectors should have a significant impact on the PTR in coming years. Several other factors are also driving demand along the corridor. Based on Colliers Research survey of the corridor, the strategic location, connectivity, rental arbitrage due to upcoming supply, social infrastructure and surrounding residential catchment are the key demand drivers for this road. The PTR is strategically located in the fast-developing southern part of Chennai. Being recognised as the Radial Road, it benefits from easier access to transport hubs and faster connectivity to key arterial roads than any other link roads in Chennai. The thoroughfare is easily reached from the most active corridors in the city such as the OMR and the GST Road which has a number of renowned IT parks and SEZs. Moreover, the PTR is just a short drive away from the entertainment and leisure corridor of Chennai, the East Coast Road (ECR). On tracking the social amenities such as educational institutions, healthcare centres, banks, shopping malls and theatres, we noticed that all such facilities are available at distances of about 5 to 10 km from the midpoint of PTR. The Medavakkam Main Road and Velachery Tambaram Main Road cross through the corridor facilitating connections to the residential and retail neighbourhoods in Medavakkam, Perumbakkam, Madipakkam, Keelkattalai and Velachery. In addition to the road connectivity, the localities along this road also enjoy proximity to transportation facilities like Velachery Mass Rapid Transit System (MRTS) station, Pallavaram and Tambaram Railway Station and Chennai International Airport. Figure 4: Connectivity and Key Developments (All the distances are measured from Kovilambakkam the mid-point of the PTR) 1 Asian cities and regions outlook, June 2017 by Oxford Economic 6 New Growth Centre in South Chennai 28 November 2017 Office Colliers International

7 Frequent Metropolitan Transport Corporation (MTC) buses and existing railway stations ensure direct access to the PTR from various nearby micromarkets and reduce stress for working professionals trying to reach their workplaces. In our opinion ease of travel to prime localities in the south, proximity to the Airport and a well-developed residential catchment area will be key demand drivers for the PTR. Occupiers can exploit the location-related advantages to attract talent pool living in both the city centre and peripheral areas. Planned infrastructure likely to support vast real estate development The state government has proposed several new infrastructure initiatives in and around the PTR to ensure continuous development. Due to expected heavy increases in vehicular movement on this road over the next three years, the State Highways Department plans to widen the road and make it a four-lane road together with a service lane. In the wake of recent floods in Chennai, the authorities have also adopted designs to improve the storm water drains on either side of the road to prevent flooding. PTR near Keelkattalai. In another initiative, an extension of the PTR is being planned. Currently, the road stretches only up to the OMR; an additional stretch of 1.4 km is proposed from the OMR to the ECR. This will extend the road as far as Neelankarai in the ECR district. Reportedly land acquisition is in progress for this project in accordance with the update in the Tamil Nadu State Highways and Minor Port Department Policy Note On implementation, the extension will provide seamless access from ECR to GST Road and will also reduce traffic overcrowding at Thoraipakkam. We anticipate that these major infrastructure initiatives will largely eliminate the traffic congestion in the OMR district, divert smooth vehicular movement towards the PTR and have a positive impact on the developments coming up along the stretch. Although we are confident about the medium to long term potential of the corridor, any delay in infrastructure developments will slow down overall progress. As a part of the state government's long-term strategy for the improvement of traffic management at major intersections to avoid traffic snarls, construction works are in progress for grade separators at Pallavaram and at the junction connecting Medavakkam Road and the Figure 5: Planned infrastructure initiatives along the PTR ; Tamil Nadu State Highways and Minor Port Department Policy Note New Growth Centre in South Chennai 28 November 2017 Office Colliers International

8 Residential catchment around PTR The residential catchment of PTR within a 0-3 km radius of the midpoint of the corridor at Kovilambakkam will cater to the upcoming commercial developments in this region and we expect these markets to firm up further over the next 3 years. The neighbourhoods within 3 km radius from the midpoint of the corridor at Kovilambakkam include Keelkatalai, Old Pallavaram, Pallikaranai and Madipakkam. The key ongoing projects in these vicinities are mostly mid-segment apartment projects in the price range of INR4,500 to 6,750 per sq ft. This range of capital value translates to prices of INR45 lakh to INR1.2 crore (USD70, ,000), which are suitable for the working population in the technology companies that are likely to be the predominant occupiers in the coming years. Thus, the residential projects in these localities with range of typologies from 1 BHK (Bedroom Hall Kitchen) to 4 BHK are likely to attract home buyers' interest. Colliers Research surveys have noted that about 70% of the buyers in this region are employees working in the IT-ITeS sector. Businesspeople, senior management employees in the BFSI and health care sectors, pilots and Non Residential Indians (NRIs) account for the remaining 30%. The rental values for 2BHK range from INR 10,000 to 15,000 per month and 3BHK units from INR 14,000 to 25,000 per month. The vicinities also include 1BHK units of 550 to 650 sq ft (51-60 sq m) with affordable rents in the range of INR 7,000 to 10,000 per month. The commercial developments along the PTR should also be supported by residential catchments within a 3-5 km radius and a 5-10 km radius from the midpoint of the corridor. The locations within 3-5 km radius include Pallavaram, Medavakkam and Thoraipakkam. These mid-segment localities witness capital values between INR5,200-7,200 per sq ft. The residential catchment within 5-10 km radius serve high-end buyers such as top executives working in MNCs looking for both villas and apartments in the range of INR ,500 per sq ft in Sholinganallur, Navallur, Pallavakkam, Injambakkam, Chrompet, Tambaram and Velachery localities. In our opinion, by ensuring easy connectivity to work place, surrounding residential neighbourhoods, principal arterial roads, retail outlets, academic and health care institutions, PTR should keep driving the mid segment buyer focus in coming years. The residential and commercial developments would complement each other. The current construction progress in residential projects along the corridor would increase the confidence of office tenants in relocating their offices to the PTR. Likewise, the upcoming SEZ and Grade A office spaces would create substantial employment opportunities driving residential demand. Figure 6: Residential catchment around PTR 8 New Growth Centre in South Chennai 28 November 2017 Office Colliers International

9 Office rent forecast: slightly higher rent than Post-Toll likely in the PTR Although the OMR is a single corridor, the rents in the Pre-Toll belt are significantly higher than in the Post-Toll belt. The Pre-Toll belt commands rents in the range of INR per sq ft per month. However Post-Toll area rents vary between INR per sq ft per month indicating almost half the rents in OMR Pre-Toll district. In recent years, consistent demand from existing occupiers combined with limited available supply has put upward pressure on rents in the Pre-Toll belt. Based on Colliers Research analysis, the Pre-Toll belt recorded a 28% increase in rents over the past three years whereas the Post-Toll belt witnessed a modest 4% increase. We expect that rents in the OMR Post-Toll district will remain at least 35-45% cheaper than rents in the Pre- Toll district over the next three years. However, based on our experience with technology occupiers, attracting good talent takes priority over lower office rent. Thus, we expect technology occupiers' preferred location to remain the OMR Pre-Toll belt, followed by the PTR. Due to proximity to the Pre-Toll belt, the PTR is likely to command a slightly higher rent than the Post-Toll micromarket. However, we expect that a rental difference of at least 20-30% will persist between the OMR Pre-Toll belt and the PTR. Occupier strategy: select office location based on business needs We have identified that technology companies, BFSI, healthcare and consulting are the key business sectors which have rapidly expanded in the OMR area in the last few years. Based on our market intelligence, several companies located in the Pre-Toll district are planning to grow in their nearby vicinity over the next three years. Occupiers are also constantly evaluating relocation and consolidation opportunities. We understand that Grade A office developments with large floor plates and opportunities for contiguous expansion are likely to drive their office space planning in future. Based on our research on the market trend, we recommend following strategies to the occupiers of various sectors to find the best fit space in the right micromarkets for their business needs. GST Road Occupiers looking for space in SEZs along National Highway (NH45) with proximity to the Chennai International Airport should take up space on the GST Road. There is better connectivity in this region to main roads, the suburban railway network from north to south Chennai and the airport. Considering this, we advise companies such as auto ancillary, manufacturing, third party logistics firms, Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO) and other small-scale occupiers to plan their future office space in this location. Though the micromarket currently has minimal vacancy levels, the future supply in the Gateway SEZ of about 0.35 million sq ft (0.33 million sq m) should meet occupiers' demand in coming quarters. Figure 7: Office Rental Forecast Forecast OMR Pre-Toll City Average Rent differential between Pre-Toll and Post-Toll PTR OMR Post-Toll Q Q Q Q Q3 2017F Q3 2018F Q3 2019F Q3 2020F Note: Graph represents rental trends for both Non IT/ITeS and IT/ITeS Grade A properties excluding Special Economic Zones (SEZs) 9 New Growth Centre in South Chennai 28 November 2017 Office Colliers International

10 Figure 8: Occupier Strategy MICROMARKET LOCATION PROFILE OCCUPIER STRATEGY GST Road (Pallavaram, Chrompet, Tambaram, Perungalathur) National Highway (NH45), primarily a manufacturing corridor Encompasses 3 major SEZs (Mahindra World City, Xander s Gateway SEZ and Madras Export Processing Zone (MEPZ) Proximity to Airport Suitable for occupiers looking for office space in SEZs along National Highway in proximity to airport Automobile and auto ancillary, manufacturing companies, Third Party Logistic firms, BPOs and KPOs and other occupiers with low-profit margins OMR Pre-Toll (Taramani, VSI Estate, MGR Salai, Kandanchavadi, Kotivakkam, Perungudi, Velachery) OMR Post-Toll (Thoraipakkam, Pallavaram- Thoraipakkam Road, Karapakkam, Sholinganallur, Semmenchery, Navalur, Siruseri) Well connected with core city areas Predominantly Grade A development with a few IT Buildings and SEZ campuses Preferred location for technology companies Away from the city center Caters to spillover demand from OMR pre-toll area Pallavaram Thoraipakkam Road developing as the next emerging commercial corridor due to proximity to OMR pre-toll Large SEZ developments The micromarket is most suitable for Large Scale IT companies seeking proximity to city center Existing occupiers looking for expansions within the micromarket irrespective of the cost pressures Companies targeting in talent acquisition, employee retention and reduction in attrition rates This micromarket is suitable for occupiers looking for relocation and consolidation to hedge against a rent increase Large scale business expansions with additional expansion plans Companies looking for SEZ benefits Occupiers ready for pre-commitments OMR pre-toll The well-established office market in the OMR Pre-Toll area is suitable for existing occupiers looking for expansion within the micromarket regardless of the cost constraints. We suggest that well established IT companies looking for proximity to city centre, targeting talent acquisition, employee retention and reduction in their attrition rates should choose this established IT corridor as a preferred choice for future expansion. OMR post-toll As the OMR Post-Toll micromarket is located further from the city centre, it caters to the spill-over demand from the Pre-Toll area. The Pallavaram Thoraipakkam Road located in this region is developing as the next emerging commercial corridor with ample new supply of office space. Based on the available office stock, we recommend the PTR, Sholinganallur and Navallur locations within this micromarket in order of preference. Although Sholinganallur and Navalur offer lower rents, we suggest occupiers with large space requirements should take up Grade A office space in the PTR due to its location advantage and greater availability of social and physical infrastructure. Likewise, companies looking for SEZ benefits and those ready for pre-commitments should opt for this region within a short term to hedge against future rent raises. Grade A office buildings under construction along the corridor are witnessing increasing pre-commitments, and we expect such pre-commitments to solidify timelines of construction activities making developers adhere to the planned completion dates. Moreover, considering the evinced sunset clause 2 that is proposed to abolish income tax benefits for SEZs after March 31, 2020, we strongly recommend occupiers looking for space in SEZs to obtain their unit approvals before end of Q Sunset Clauses have been imposed on SEZ Units under Section 10AA of Income Tax Act where the Occupiers needs to be operational in SEZs up-to to get the direct tax benefits. 10 New Growth Centre in South Chennai 28 November 2017 Office Colliers International

11 Developer strategy - technology, flexibility and sustainability to entice occupiers From core city areas to suburban corridors, innovative and futuristic office spaces are transforming the skyline of commercial development. In the current scenario, space efficiency, workplace technologies and services are the key factors driving demand for Grade A office space. We expect that over the next three to five years, automated processes in building management will become a necessary feature to entice occupiers. In our opinion, the developers should focus on adopting smart building concepts to cater this demand. We recommend landlords to adopt the following strategies in order to attract and retain large tenants. New-style amenities will entice Gen Y/ millennial occupiers According to a PwC report 3 millennials form 25% of the workforce in the US and account for over half of the population in India. By 2020, millennials will form 50% of the global workforce. With millennials making up the majority of employees in the years to come, flexibility will be the key to retaining the talent pool. Community and recreational areas, play pods, gardens, open spaces, libraries are the latest preferences amongst the new age workforce. Thus, we suggest developers to take such amenities into account when designing the building. Figure 9: Office Spaces for Future Ensure pace with technology adaptation Technology is not just disrupting the office occupiers but also transforming the office built environment on a wider scale. Energy-efficient smart buildings are more attractive to tenants and enjoy stronger tenant retention and shorter vacancy periods. The smart office s systems and sensors generate large and continuous volumes of real-time data on the performance of the building and the behaviour of the people inside it. Given that it can be difficult to change the design of a new building once development is in an advanced stage, it is important to be prepared for a rapidly changing market in advance. Intensify the 'greening' of Office Spaces Due to overloading of built spaces coupled with increasing populace, being environment-friendly has become another major criterion for futuristic office buildings. Today's occupiers are demanding energysaving buildings. Chennai has seen a notable increase in green certified buildings over the past decade with Olympia Technology Park, Menon Eternity Building, RMZ Millennia Business Park, Ascendas International Tech Park Chennai, etc being a few of the renowned commercial buildings certified by United States Green Building Council (USGBC). These buildings are not only environment-friendly but also offer lower operating expenses. These building are already witnessing occupier preferences and have lower vacancy rates. We advise developers to incorporate renewable energy technologies, waste reduction features, good air quality and greater use of natural light to improve the economic, social and environmental performance of the upcoming built spaces. All upcoming buildings should have better sustainability ratings to differentiate themselves from office spaces available in the OMR Pre-Toll belt to attract occupiers. Source Colliers International India Research We forecast that by 2020 the improved infrastructure and new offices with latest amenities will significantly enhance the PTR district's appeal to prospective tenants. Developers should make progress in partnering and coordinating with the government to seek support and ensure local infrastructure and public transport facilities keep up with the PTR project's bright economic outlook over the next three years. Thereby, with continuous improvements, better amenities, new quality office spaces and SEZ benefits, PTR should emerge as a new office market destination in Chennai where MNCs and SMEs can congregate in the next few years. 3 Millennials at work Reshaping the workplace by PWC 11 New Growth Centre in South Chennai 28 November 2017 Office Colliers International

12 396 offices in 68 countries $2.6 billion in annual revenue 2 billion square feet under management 15,000 professionals and staff Primary Authors: Surabhi Arora Senior Associate Director Research India surabhi.arora@colliers.com Karthiga Ravindran Analyst Research Chennai karthiga.ravindran@colliers.com Contributors: Andrew Haskins Executive Director Research Asia andrew.haskins@colliers.com Shaju Thomas Director Office Services shaju.thomas@colliers.com Shyam Arumugam Associate Director Office Services Chennai shyam.arumugam@colliers.com Colliers International India Technopolis Building, 1st Floor, DLF Golf Course Road, Sector 54, Gurugram (Gurgaon) About Colliers International Group Inc. Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 11 consecutive years, more than any other real estate services firm. colliers.com Copyright 2017 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.