Colliers Eyes SE Expansion With Virginia Acquisition
Located within a booming metropolitan area, Colliers Virginia has deep community ties.
NORFOLK, VA–Colliers International Group Inc. recently announced its majority interest acquisition of a former affiliate of CBRE Group, which will now be rebranded as Colliers International, Virginia or Colliers Virginia. The current shareholders of Colliers Virginia will continue to retain equity in the business. Terms of the transaction are undisclosed and expected to close by the first quarter of 2019.
“This privately owned firm, with significant history in the markets and more than 340 brokers and employees, is truly the best in class in the sectors in which they operate,” says Ryan Kratz, President, Southeast Region, U.S. Brokerage, Colliers International. “The depth of leadership, breadth of service coverage, and commitment to the local community were all key factors in this business combination.”
Founded in 1983, Colliers Virginia’s 340 professionals oversee a 56-million-square-foot asset services portfolio and completed more than $1.7 billion in sale and lease transactions during 2017 for owner and occupier clients.
“The greater Richmond and Hampton Roads/Norfolk MSA’s comprise more than 3 million people in an economically diverse geography. For the commercial real estate services sector, this leads to a multitude of service offerings for clients spanning office, industrial, retail, medical, residential land, hotel and multifamily uses,” Kratz tells GlobeSt.com. “The region also serves as an economic and geographic link between Colliers’ Washington DC and North Carolina operations.”
This area of the US represents 27-28% of the GDP in the country and the local economies throughout the southeast are growing faster than the national average. As a result, the economic climate and commitment to being business friendly has made many southeast markets attractive places to do business for both tenants, owners and investors in commercial real estate assets.
“Many markets in the region are seeing record high market rents, strong property sales activity, robust job growth, net positive in-migration, and disciplined new development (with limited amounts of over-development),” says Kratz. “Provided that interest rates remain in a predictable and stable range next year, generally, these fundamentals point towards a continuation of growth in the region well into 2019.”
Colliers International Group Inc is a global real estate services and investment management company operating in 69 countries.