"They're in every continent and every major country, and we're working on projects now in the US, Canada, Brazil, Mexico, Singapore, China, India, eastern Europe and the United Kingdom," LeCoque tells GlobeSt.com. Colliers' duties will include transaction management, portfolio administration, and lease administration.

Cummins' search for a real estate services provider began nearly a year ago, when the company hired Todd Clark as global real estate director. "His mandate was to bring some centralization to corporate real estate processes and he saw the need for a global real estate provider," LeCoque says. "Their goal is to centralize the process so it can support the overall business strategy in a more efficient and productive fashion."

Colliers' first task is to gather property data for the more than 500 locations out of which the Columbus, IN-based company currently operates. "The first task is to gather than information, and then look for opportunities to reduce costs," he says. "It will be more productive to manage it from a more holistic standpoint."

LeCoque says that while Cummins' search for such services began before the effects of the current economy had been felt, more and more companies are turning to global real estate service providers for help in keeping costs low.

"Corporate America is becoming increasingly focused on cost reduction in this difficult economy," he says. "These kinds of global arrangements can bring a different view point because you're looking at the whole portfolio."