Professional Documents
Culture Documents
How low can you go? As competition for core assets heat We look forward to extending partnerships with our
Tony Horrell Damian Harrington
up, investors should not be surprised to be outbid. The clients throughout the year ahead, applying our knowledge
Head of Global Capital Markets Director, Head of Research,
& CEO UK & Ireland Global Capital Markets & EMEA recalibration of portfolios will also likely result in a wave and expertise to ensure the success of their strategies as
of non-conforming assets coming to market creating an the property investment landscape is redefined.
Background
The second edition of our annual outlook for global property investors is again based on a focused
survey undertaken by 300+ investors across the globe and in-depth interviews with our regional Capital
Markets leaders. The findings and opinions featured in this report are shaped by their responses.
1.5%
In what regions is your
8.2% How do you manage company considering new
and deploy capital?* investment in 2022?
10.8%
Direct
What is your 90.3%
41.6%
11.9% company type? Indirect
31.2%
33%
12.6%
29.9% Americas
13.4%
35%
Investment Manager 22.8%
Other (e.g. Developer) Platform: Mergers & Acquisitions
Listed Property Company (e.g. REIT)
13.8%
Institution (e.g. Pension Fund, Insurance Company, Sovereign Wealth Fund)
Private Equity
*This chart represents how often each selection was chosen relative to total responses provided.
Private Investor / Family Office / Family Trust For each selection, the % figure indicates the percentage of investors surveyed who chose this
specific selection, whereby each investor could choose multiple answers.
Lender (e.g. Bank, Debt Fund)
What’s
Europe, Middle East, Africa Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
inside? Recommendations
Key Takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Colliers Contacts
Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
INTRODUCTION KEY THEMES APAC EMEA THE AMERICAS KEY TAKEAWAYS CONTACT US 2
Investors are markedly positive on property market fundamentals, supporting high real estate allocations across the Americas, Asia Pacific (APAC), and
Europe, the Middle East and Africa (EMEA). This demonstrates the continued allure of the asset class, enabling 2022 investment volumes to at least
match those of 2021. There has been a rapid acceleration in the number of transactions closing in Q3, that is expected to continue well into 2022.
Global Challenges
Positive vs. Negative
_ _ _
+ + +
Rising construction costs, travel and mobility restrictions top the list of challenges.
The rising cost of construction is the major global on investors minds. However, tightening supply side This reflects the ability of standing assets to act as an
concern, cited by 80% of investors. This was ahead of city conditions should reinforce existing values, particularly inflation hedge. That said, a strong number of investors
mobility and travel restrictions resulting from the COVID-19 for core assets. Equally, existing bottlenecks should drive were concerned that rising interest rates would impact the
pandemic, which featured as a major negative factor for the acceleration of modern methods of construction as a cost of debt.
60% of investors. means of bringing more sustainable, energy efficient and
Government policy and regulations were also high on
emission compliant product to market.
Given the strong appetite for development, and the the list of concerns, covering a range of factors from local
growing need to retrofit and repurpose existing stock, While construction costs topped the list of concerns, rising lockdown protocols to tax hikes.
rising construction costs are clearly weighing heavily rates of core inflation was viewed with more positivity.
Does your ESG strategy alter by region? Specified Focus: 6% 14% 14%
29%
Yes 11% Strong focus
39% 15% The
APAC EMEA
Americas
Some focus
56%
71%
No 89%
No focus 57%
INTRODUCTION KEY THEMES APAC EMEA THE AMERICAS KEY TAKEAWAYS CONTACT US 6
Do you expect ESG compliant assets to achieve a value If you answered I don’t
premium over the next three years in the following sectors? know, please explain why:
40%
35%
30% 28%
25%
20%
25% 17%
11%
20%
15%
5%
There is no effective benchmarking
system in the markets in which I operate
0%
20% + 15 to 20% 10 to 15% 5 to 10% 0 to 5% No diffe rence I don't know I don’t think there is a need to
categorise assets as ESG compliant
Not applicable
4% 0 5 10 15 20 25 30 35 40 45 50
Percentage (%)
0 5 10 15 20 25 30 35 40 45 50
Percentage (%)
Engaging with local expertise in specific sectors is also proving effective to source product and
enhance returns, and the survey highlights that this strategy as a means to deploy capital is clearly
on the rise.
Appetite for this asset class is intimately connected to the ongoing digitalisation of consumption, and increasingly
the best-shoring of global supply chains. This means there are ample opportunities in the sector despite
concerns about capital overcrowding, although too much capital appears to be oriented towards last-mile.
“The UK is ahead of the curve as a market in terms of its e-commerce penetration, which means there’s a
huge amount of growth that’s still coming across global locations. A lot of it is going to be related to how
logistics rebalances with retail, and the extent to which retail assets are going to be used for fulfilment.“
- Damian Harrington, Director, Head of Research, Global Capital Markets & EMEA
is needed, and the long-term is emerging as another clear zone of potential, with the survey showing robust
appetite for both core/core-plus and development projects in major urban centres.
trend for offices is still positive.” “In the U.S. over the last 12 months, this sector is around 40% of all volumes,
and that’s a highly developed market relative to places like the UK and
- Tony Horrell, Head of Global Capital Markets & CEO UK & Ireland Australia,” Pilgrim explains. “That points to huge future growth potential.
It’s seen more and more as an institutional-grade investment.”
Retail repositioning
Appetite for retail is bifurcated. Food/grocery anchored convenience assets are proving to be the
most sought-after asset type across all three global regions. Recent market activity also demonstrates
that e-resilient luxury-backed assets are helping to satisfy investor demand across the globe, with
Australia recently witnessing some of the biggest high-end retail destination deals in its history.
Activity is likely to be concentrated at these opposing ends of the retail spectrum, but with growing interest
in repositioning existing mainstream retail assets that are more vulnerable to e-commerce.
“At the beginning of the year there was a real spread in the bid-ask; what investors wanted to
pay and what vendors wanted to sell for,” says Harrington. “That’s started to move into more
realistic levels, which suggests more transactional activity going into 2022.”
15% A L Angeles
Los
15% m adretsmA
Amsterdam
14% sParis
iraP
14% K U oUK
r/o /r
Although investors continue to focus on well-established centres like London, n ilreB
14% Berlin
New York, Tokyo and Sydney, fast-growing metropolitan areas such as Dallas 14% hcinuM
Munich
14% o ykoT
Tokyo
are moving up the rankings.
13% notsoB
Boston
12% tFrankfurt
rufknarF
Cities like Dallas present a stack of sector opportunities. Demographics and 12% ySydney
endyS
growth are driving record volumes in the Southeast and Southwest U.S., 12% eSingapore
ropagniS
12% n arFnFrancisco
San aS
amid significant migration to the Sunbelt. Dallas in particular is also 12% eMelbourne
nruobleM
a notable U.S. hotspot for investors pursuing core and development 12% yr/o
namGermany
reG o/r
12% Copenhagen
negahnepoC
strategies for big-box and light industrial/flex assets. It has also 11% Washington,
C D notgnihsaWD.C.
APAC Outlook
Report Contributors
“2022 will be the year investors start to make big decisions around asset classes and whether they diversify,” The top three sectors investors are
says John Marasco, Managing Director, Capital Markets & Investment Services, Australia & New Zealand. most likely to invest in during 2022*
“While 2021 was strong in terms of turnover, it was disappointing in that there were higher expectations for the
return of travel and business activity. Once borders open up and more people return to the office it will be easier to
70% 62% 34%
determine demand – and that will drive investment... 2022 will be a redefining year, because it will set new standards,
and see increased global capital flows. Organisations can then start to make decisions for the medium term.”
Industrial & Office Multifamily
Logistics / BTR
“With pent-up demand from investors, buoyed by ample liquidity in the markets *These charts represents how often each asset class was chosen relative to
total responses provided. For each asset class, the % figure indicates the
such as South Korea and Singapore, demand for commercial assets will continue, percentage of investors surveyed who chose this specific sector, whereby
each investor could choose multiple asset classes.
I&L assets are the most sought-after in APAC overall, according to the survey, with sky-high
expectations for appreciation. Over 20% of investors anticipate 10-20% capital value gains in value-add Industrial & logistics interest by risk profile*
I&L assets this year, versus 9% expecting the same in value-add offices, with I&L growth supported by
Core-Plus 58%
tailwinds and large-scale economic transformation.
Development 54%
Core
Diving into development 53%
Value-Add 43%
While the focus on I&L is on core/core-plus assets, investors are also increasingly eyeing development
Opportunistic 21%
opportunities, with over half of likely I&L investors keen to explore this category - particularly in the
Debt 10%
big-box/last-mile distribution sectors as these are closely tied to e-commerce trends. “The surge in
e-commerce globally, with Asia Pacific leading this growth, as a result of a burgeoning consumer *This chart represents how often each risk profile was chosen relative to total responses provided. For each
risk profile, the % figure indicates the percentage of investors surveyed who chose this specific risk profile,
class in the region connecting and transacting online, has created new opportunities for growth whereby each investor could choose multiple profiles.
Types of industrial & logistics assets investors intend to invest in during 2022, in APAC.*
Last-Mile Distribution
Last-Mile Distribution 78%
Big-Box
Big Box // Warehouse
Warehouse 75%
Cold // Dark
Cold DarkStorage
Storage 52%
Light Industrial
Light Industrial//Flex
Flex 30%
Container
Container Terminal Terminal
(Truck Park) 10%
(Truck Park)
*The chart represents how often each I&L asset was chosen relative to total responses provided. For each I&L asset, the % figure indicates
the percentage of investors surveyed who chose this specific I&L asset, whereby each investor could choose multiple assets.
Notwithstanding surging appetite for I&L assets, significant interest continues to Office interest by risk profile*
surround core-plus offices, which remain the most popular asset class for regional Core-Plus
63%
investors in tier-1 cities like Singapore, Sydney and Tokyo, with 63% of respondents
Core
planning to invest in these assets versus 54% last year. This signals confidence in
Four most popular 60%
locations for office*
both the stability and capital growth prospects of these markets, despite growing Value-Add
experimentation with remote and hybrid working models. 53%
Development
Marasco notes a major flight to quality is evident in markets like Australia, with 31%
ESG becoming a more important consideration. More investors are also following Opportunistic
the shift to decentralised offices, business parks and flex/coworking spaces. “Many 30%
Debt
office building owners/landlords are working closely with coworking platforms
7%
to cater to a growing demand for flex space,” says Tang. “In cities such as
Shanghai, Hong Kong and Singapore, we’ve also seen growing demand for business
Multifamily/BTR interest
parks. Overall it’s a remarkably resilient asset class.” by risk profile*
Core
31% 29% where governments are building, the fundamentals of the Value-Add
46%
Retail is a target Hotels are also an opportunistic target, with 38% of investors looking at
this sector. Tang highlighted that both hotel and retail sectors offer good
for opportunistic
opportunities in cities with large domestic markets, like Japan, Australia and
Korea. “However, bid-ask spreads still need to narrow a bit,” says Wilson.
investments
The tougher approach to the pandemic adopted by many
APAC markets is likely to remain a headwind for retail in 2022.
However the survey shows investors see significant potential
for appreciation and repurposing of retail assets. Around a
third of the investors mulling retail allocations are targeting
opportunistic (including change of use) investments.
*The chart represents how often each retail asset was chosen relative to total responses provided.
For each retail asset, the % figure indicates the percentage of investors surveyed who chose this
specific retail asset, whereby each investor could choose multiple assets.
Interest in specialised assets by type Specialised assets, particularly data centres, life sciences in most Asian markets, as investors seek new avenues of
and healthcare, are expected to help boost investment growth and returns amid the changes brought about by
Data Centres
volumes in 2022, with student housing also poised for a ongoing technological evolution and healthcare needs,”
17%
comeback as Australia, the region’s main market, opens up he says. “However, investors would need to work closely
Student Housing to international visitors. “2022 will also be a benchmark year with operators and relevant experts to identify the right
14%
for healthcare, which is the only sector where we’re seeing opportunities in order to extract returns from these
Life Sciences / Lab really long-term leasing commitments,” Marasco notes. specialised asset classes, which will be expected to become
12% highly competitive.”
Tang notes these assets can require a different approach.
Senior Housing / Retirement Living
“This interest in alternative assets will continue to grow
9%
Self Storage
8%
8%
5%
Single-Family Rental
4%
“There’s a dilemma in
the sense that some of
the best performing
asset classes, like data
centres, are extremely
resource intensive,”
Wilson says.
The research found investors to be sanguine when it comes These worries also speak to bottled-up demand and delayed “2022 will be an exciting year, and we are
to economic risks, with the vast majority expecting economic transactions that will translate into momentum throughout confident investment volumes will pick up across
growth to be a positive rather than a negative factor, and 2022. “In Australia cross border investment is still roughly in almost all major markets and sectors, as capital
inflation also viewed more positively than negatively. line with previous years, but we’re likely to see it return in a
flowing into real estate asset strategies continue
“Investors have realised the pandemic is at heart a big way to markets where it’s declined noticeably, like China
to increase.”
health, not an economic, crisis,” says Marasco. and Korea,” says Wilson.
- Terence Tang, Managing Director, Capital Markets & Investment
That said, with many regional borders still closed, pandemic- “Global economic recovery is expected to pick up further
Services, Asia
related issues remain a significant concern. Travel momentum in the new year,” says Tang. “Investors,
restrictions and return to work uncertainty are cited as bolstered by improving sentiment, swelling amounts of
Click here to view the full APAC 2022 Investor Survey Results
the biggest risk factors next year. Rising construction costs liquidity in the market, low interest rates and confidence
and a shortage of viable product are also flagged as issues, in governments who are proactively supporting economic
reflecting the depth of capital waiting to be deployed. growth and infrastructure development, will be looking to
an array of viable opportunities.”
EMEA Outlook
Report Contributors
Luke Dawson Richard Divall Andrew Thomas Christian Kadel Damian Harrington
Managing Director, EMEA Director, EMEA Head of International Head of Capital Markets, Director, Head of Research,
Cross Border Capital Markets Cross Border Capital Markets Capital Markets, London Germany Global Capital Markets & EMEA
INTRODUCTION KEY THEMES APAC EMEA THE AMERICAS KEY TAKEAWAYS CONTACT US 24
Optimism surrounds
prospects for property,
despite broader macro London, UK is the
#1 location to invest
in during 2022
uncertainty
Despite the sporadic pace of reopening and recovery, 2021 proved to be a resilient "On a European level, we’re seeing a lot of buyers
year for the EMEA market, particularly for trophy assets in prime locations.
looking to build up a platform, so that when they
Further growth in volumes and activity is expected in 2022 as work and travel edge
back towards pre-pandemic normality, even if this progress is at times fitful. reach the next level of maturity they're in a position
where they can almost see a premium return just
The top three
sectors investors are Industrial & Multifamily
by virtue of their scale."
most likely to invest 69% Logistics
57% Office 40% / BTR
in during 2022* - Luke Dawson, Managing Director, EMEA Cross Border Capital Markets
*These charts represents how often each asset class was chosen relative to total responses provided. For each asset class, the % figure
indicates the percentage of investors surveyed who chose this specific sector, whereby each investor could choose multiple asset classes.
Investor interest in I&L is exceeding interest in product for sale values are expected to rise. Take- “Although expensive and highly competitive, logistics has the
offices in major European economic hubs such up is on the rise across locations, driving positive strongest fundamentals in terms of supply/demand dynamics.
as Amsterdam, Frankfurt and Madrid, and the net absorption in 2021, and this marks a shift It offers long, secure income and lower capital expenditure
asset class remains in high demand in UK markets in strategy from the stability and diversification requirements compared to other asset types.”
outside of London. drivers that have encouraged investment into the - Richard Divall, Director, EMEA Cross Border Capital Markets
sector of late.
Overall, investors have high capital appreciation
Types of industrial & logistics assets investors intend
expectations for the I&L segment in 2022 - Investor appetite is being driven by the to invest in during 2022, in EMEA.*
ahead of all other sectors. Over one-third (35%) shortage of availability, and the expectation of a
Last-Mile Distribution 88%
of those interested in I&L expect gains of at least nationalisation of UK distribution that’s emerged Big Box / Warehouse 79%
10% in the core and core-plus categories, with from the pandemic and changes resulting from Cold / Dark Storage 48%
almost the same proportion (28%) expecting the Brexit. Everyone realises that they need to de-risk Light Industrial / Flex 40%
Industrial Park / Manufacturing 27%
same for value-add. supply chains by bringing more activity back on Container Terminal (Truck Park) 10%
shore, and reduce reliance on the global network. Other 2%
Given the low vacancy rates across European
The UK is predicted to see the strongest rental
markets are now below 5% on average, coupled *The chart represents how often each I&L asset was chosen relative to total responses provided. For each I&L asset, the
growth in logistics across Europe in 2022. % figure indicates the percentage of investors surveyed who chose this specific I&L asset, whereby each investor could
with growing demand and a lack of available choose multiple assets.
“People still accept the logic of the office as a central place, certainly Four most popular locations for offices*
in the key gateway markets. We’re seeing real evidence that a lot of
investors are looking at offices as a potential area where they can
London Paris
45% 30%
actually see returns versus the market.”
- Christian Kadel, Head of Capital Markets, Germany
Berlin Munich
“What surprised me was the number of office deals that were concluded *This figure shows the
percentage of survey
respondents who expressed
throughout 2021 without travel. If you were in the right location, with a preference for the Office
asset class in the four most
popular cities. Since the
the right asset, it traded, even though people were buying blind.” respondents were free to
express a preference for Offices
in more than one city, it does
not represent the percentage of
- Andrew Thomas, Head of International Capital Markets, London total preferences expressed.
*This charts represents how often each asset type and capital value was chosen relative to total responses provided. For each asset
type and capital value, the % figure indicates the percentage of investors surveyed who chose this specific asset type and capital value,
whereby each investor could choose multiple options.
Is now the time to buy hotels? Grocery led retail still top of the menu
Europe’s hotel sector is once again on the investor radar thanks to a The situation facing the retail sector is more nuanced. “You’ve got to look at
nascent revival of travel and tourism. shopping centres very differently to grocery-anchored retail, or to high street retail,”
notes Dawson. According to the survey, some investors expect price increases
Although the staycation model continues to feature heavily, the rapidity of the
in retail, mostly around luxury hotspots, convenience and food-anchored assets.
turnaround in overseas leisure travel late summer has encouraged a rebound
Although the grocery segment is stable, traditional shopping centres will likely
in activity, particularly in the Spanish market. In some cases prime hotel prices
undergo a period of transition, with the ongoing repositioning of department
have rebounded, reflecting the anticipated rise in RevPAR levels as the industry
stores a potential prelude to near and mid-term trends.
recovers and travel rebounds. Yet RevPAR remained at 70% of pre-pandemic
levels on average across Europe at the start of Q4 2021, highlighting the risk
Retail assets investors intend to invest in during 2022 in EMEA*
of pricing in further improvements in value on the basis of international travel
returning in earnest. Grocery / Supermarkets / Convenience
63%
Equally, many full service hotels have been left struggling to return to standard
levels of service, which has protracted investor uncertainty around the sector.
Retail Park / Power Centre
37%
26%
4%
*The chart represents how often each retail asset was chosen relative to total responses provided. For each retail asset, the % figure
indicates the percentage of investors surveyed who chose this specific retail asset, whereby each investor could choose multiple assets.
20%
Popularity of specialised assets
Student Housing
Student 14%
Senior Housing /
Senior Housing / Retirement
Retirement Living
Living 12%
Affordable /
Affordable / Social
Social Housing
Housing 11%
Build-to-Sell Residential
Build-to-Sell 10%
Self-Storage
Self Storage 6%
Education
Education 5%
Single-Family
Single-Family Rental
Residential 5%
Primary Healthcare
Primary Healthcare (Doctors/Pharmacy)
(Doctors/Pharmacy) 5%
Secondary Healthcare
Secondary Healthcare (Hospitals) 4%
(Hospitals)
The social aspect of ESG could also prove costly, given increasing political attention on the
affordability of multifamily assets, and mounting planning opposition to highly automated
logistics facilities that generate relatively few jobs to offset the traffic and air quality concerns
surrounding their operations.
These complexities have done little to dampen the enthusiasm surrounding European
property going into the new year, amid expectations for a solid economic recovery and
interest rates that will remain low by historic standards.
Click here to view the full EMEA 2022 Investor Survey Results
David Amsterdam Aaron Jodka Hal Collett Emeka Mayes Leo Lee
President, U.S. Capital Director of Research, Chief Operating Officer, Partner, Head of Capital Director, National Research
Markets & Northeast Region U.S. Capital Markets Colliers Mortgage Markets Brokerage, Canada Operations, Canada
INTRODUCTION KEY THEMES APAC EMEA THE AMERICAS KEY TAKEAWAYS CONTACT US 33
Investment activity
set to scale new heights Dallas, Texas, U.S.
is the #1 location to
The prospects for real estate investment look bright for the Americas. The U.S. is expected to post invest in during 2022
a record year for volumes in 2021, even without major coastal markets fully recovering, and 2022 could
be even stronger according to David Amsterdam, President, U.S. Capital Markets and Northeast Region.
In Canada low interest rates and private investment continue to drive the market.
“With strong capital flows and political and tax policy uncertainties,
*These charts represents how often each asset
2021 should be a historic year from an investment sales perspective.” class was chosen relative to total responses
provided. For each asset class, the % figure
indicates the percentage of investors surveyed who
- David Amsterdam, President, U.S. Capital Markets and Northeast Region chose this specific sector, whereby each investor
could choose multiple asset classes.
81%
Last-Mile Distribution
19%
percentage of survey
respondents who expressed Industrial Park / Manufacturing
a preference for the Office
asset class in the four most
44%
popular cities. Since the Cold / Dark Storage
respondents were free to
express a preference for 35%
Offices in more than one
city, it does not represent Container Terminal (Truck Park)
the percentage of total Los Angeles
21%
18%
preferences expressed.
Other
2%
*The chart represents how often each I&L asset was chosen relative to total responses provided. For each I&L asset, the % figure indicates the percentage of investors
surveyed who chose this specific I&L asset, whereby each investor could choose multiple assets.
Value-Add 58%
“You’re going to see further reallocation to alternatives, and that will continue to be a focus for us in
the years to come,” says Amsterdam. “It’s not a 2022 event, it’s the next 20 years, and it won’t just be
an industrial conversation - it’s going to be a myriad of alternatives that will capture interest.”
Survey respondents are broadly split over whether inflation will be positive or negative Tax, regulation and pandemic-related uncertainties remain the other most likely
for investment strategies in 2022, except in the specific case of rising construction costs, drags on activity in 2022. Positive performance driven by demographic and consumer
which are widely viewed as a significant risk. Nevertheless, confidence in the growth trends, and a continued shift to specialised assets, are expected to be the major trends
picture is strong, with investment funds outstripping available supply and placing supporting activity in the Americas, with a massive amount of capital sitting on the sidelines
a premium on new builds. waiting to be deployed into property. “We’re going to be flying with clear skies in 2022
compared to 2021,” says Amsterdam.
“More and more groups are combining forces to engage in development in order to
deploy capital, because they can’t get at assets through acquisitions the way that they
Click here to view the full Americas 2022 Investor Survey Results
did in the past,” says Mayes.
80% 80%
72% 72% 74%
25% 26%
24%
20%
20% 20% 17% 16% 14% 14% 16%
11% 12% 11%
8% 9% 8%
5% 5% 4%
0% 0%
Rising Inflation Currency Economic Growth Travel Restrictions COVID-19 / Return Government Market liquidity Availability of Tenant solvency Rental growth Availability of Cost of debt Asset Rising
Rising Currency Economic Travel COVID-19 / Return Government Market Availability
product Tenant Rental Availability
debt Cost Asset
sustainability Rising
construction
Fluctuation to Office Policies &
Inflation Fluctuation Growth Restrictions to Workplace Policies & Liquidity of Product Solvency Growth of Debt of Debt Sustainability
compliance Construction
costs
Uncertainty Regulations
Uncertainty Regulations Compliance Costs
Key Takeaways
1 2 3 4 5
Social and environmental Tier-1 global markets of As competition for core Rising construction Partnership is key for
trends are a clear London, New York, Tokyo assets heat up, investors costs is the primary investors as both a buying
priority for investors in and Paris are at the top of should not be surprised market constraint strategy and to diversify
2022 and beyond. investors’ wish-list. to be outbid. for 2022. portfolios.
David Amsterdam Aaron Jodka Hal Collett Emeka Mayes Leo Lee
The Americas President, U.S. Capital Markets Director of Research, Chief Operating Officer Partner, Head of Capital Director of National Research
& Northeast Region U.S. Capital Markets Colliers Mortgage Markets Brokerage, Canada Operations, Canada
U.S. CANADA +1 212 716 3556 +1 617 330 8059 +1 214 326 5417 +1 514 764 2822 +1 416 620 2839
david.amsterdam@colliers.com aaron.jodka@colliers.com hal.collett@colliers.com emeka.mayes@colliers.com leo.lee@colliers.com
To view the full regional survey results, please click on the links below:
All statistics are for 2020, are in US dollars and include affiliates
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