Colliers International Group Inc. (CIGI): Business Model Canvas [Dec-2025 Updated]

You're looking at a real estate services giant, but the old model of just buying and selling buildings is history for Colliers International Group Inc. (CIGI). Honestly, after two decades watching this sector, I can tell you their strategy now is about building durable income, not just chasing transaction fees. They've successfully layered in high-margin Engineering and a massive Investment Management arm, now overseeing $108.3 billion in Assets Under Management as of Q3 2025. This shift means over 70% of their earnings now come from resilient, recurring streams, which is a massive de-risking move. Dive into the full Business Model Canvas below to see exactly how their Key Partnerships and Channels support this powerful, diversified structure.

Colliers International Group Inc. (CIGI) - Canvas Business Model: Key Partnerships

You're looking at how Colliers International Group Inc. builds value through its external relationships as of late 2025. This is about the firms and institutions they align with to expand reach and capability, so let's look at the concrete numbers we have on these strategic moves.

The partnership philosophy at Colliers drives growth, which is evident in the recent acquisition activity across its Investment Management and Engineering segments. As of Q2 2025, Colliers reports having 24,000 professionals globally and managing over $100 billion in assets under management (AUM).

Strategic alliances with global financial institutions like BlackRock Real Estate provide context for the market. BlackRock's global real estate business states it is positioned for partnership, leveraging its scale and experience, having invested in real estate since 1981. Colliers itself entered 2025 with over $1.2 billion of available liquidity to fund future growth.

The focus on infrastructure is cemented by the recent collaboration with infrastructure banks. Colliers entered a definitive agreement in June 2025 to acquire a controlling interest in Astris Finance, LLC, expecting the transaction to close in the third quarter of 2025. This move complements Colliers' existing $25 billion infrastructure asset management business.

Here are the key figures related to the Astris Finance collaboration:

Acquisition-based partnerships are a core part of Colliers' strategy. The investment management division, Harrison Street Asset Management, acquired a majority stake in RoundShield Partners in July 2025.

The specifics of the RoundShield Partners transaction are:

• Equity interest acquired: 60% stake.
• RoundShield Partners AUM: $5.4 billion in assets under management.
• Retained ownership: Remaining stake held by RoundShield's senior management team.

Regarding technology partnerships, Colliers utilizes platforms that integrate with major providers for digital solutions. For instance, Colliers has used Process Street, which delivers cross-functional team collaboration and integrates with Salesforce. The firm's 2024 annual revenues were $4.82 billion, and by Q2 2025, revenues exceeded $5.0 billion.

While specific joint venture dollar amounts with local real estate firms aren't detailed here, Colliers' 2025 Global Investor Outlook indicated an anticipation of a pivot back to equity-focused strategies like joint ventures as debt becomes more accessible. The firm's recurring services accounted for over 70% of earnings in 2024, providing balance.

Finance: draft 2026 projected capital allocation for infrastructure segment by Friday.

Colliers International Group Inc. (CIGI) - Canvas Business Model: Key Activities

You're looking at the core engine of Colliers International Group Inc. right now, which is all about execution across its three main platforms. The firm's activities are heavily weighted toward deploying capital and delivering specialized services, and the numbers from the third quarter of 2025 definitely show that momentum.

Executing a global, programmatic M&A strategy for expansion

Colliers International Group Inc. continues to use acquisitions as a primary lever for growth, which is a key part of its long-term plan. For instance, the company deployed $307.2 million in acquisition spend for the nine months ended September 30, 2025. This programmatic approach included a significant move in July 2025, where Colliers acquired a 60% stake in RoundShield Partners. Furthermore, the merger of Rockwood Capital into the Investment Management division, now branded as Harrison Street Asset Management, broadens their investment strategy capabilities. The firm is still actively open for more acquisition opportunities in certain segments. As a result of these efforts, on a trailing twelve-month basis, more than 70% of the Company's earnings came from recurring revenues as of Q3 2025. This aligns with the Enterprise '25 goal of achieving at least >65% of Adjusted EBITDA from recurring revenue by the end of 2025.

Delivering integrated Real Estate Services (brokerage, leasing, valuation)

The Real Estate Services segment remains the largest part of the business, showing strong transactional activity in the third quarter. This segment's activities translate directly into the following Q3 2025 financial results:

• Revenues for the segment reached $838.6 million.
• This represented a year-over-year revenue increase of 14%.
• Capital Markets activity soared by 21% across geographies.
• Leasing revenues saw a 15% increase.
• Adjusted EBITDA for the segment was $88.0 million.

Valuation and advisory services fall under Outsourcing, which saw an 8% increase in activity for the quarter. The margin on this segment's Adjusted EBITDA expanded to 10.5% in Q3 2025.

Managing $108.3 billion in Assets Under Management (AUM) as of Q3 2025

A core activity, driven by the Investment Management platform, is the management of client capital. As of September 30, 2025, Colliers International Group Inc. was managing $108.3 billion in Assets Under Management (AUM). This figure was up 5% from June 30, 2025, and up 10% from December 31, 2024. The Investment Management segment itself generated revenues of $136.3 million in Q3 2025, which was a 7% increase year-over-year. However, its Adjusted EBITDA was $53.6 million, down 4% compared to the prior year quarter, due to investments in unifying the platform.

Providing high-margin Engineering and Design services

The Engineering division is a significant growth engine, heavily influenced by infrastructure and design work. Here's how that activity stacked up in Q3 2025:

The Engineering segment's strong growth was driven by both strategic acquisitions and robust internal performance. The platform is now generating over $1.7 billion in annualized revenue.

Developing proprietary technology platforms for client insights

While specific financial figures for technology platform development aren't broken out, the investment in platform unification is a clear activity. The Investment Management segment's Adjusted EBITDA decline of 4% to $53.6 million in Q3 2025 was directly attributed to investments in unifying the platform and integrating certain functions. This strategic focus on technology and integration is a stated pillar of the Enterprise '25 strategy. The company has a team of over 10,000 professionals in its Engineering platform alone, which likely relies on these integrated systems.

Finance: draft 13-week cash view by Friday.

Colliers International Group Inc. (CIGI) - Canvas Business Model: Key Resources

You're looking at the core assets Colliers International Group Inc. relies on to execute its strategy as of late 2025. These aren't just line items; they are the engine room.

The scale of the human capital is immense, forming the backbone of service delivery across geographies.

• Global network of 24,000 professionals.
• Operations spanning 68 countries.

The financial footing supports aggressive growth and acquisition strategies. You see a strong commitment to maintaining ready capital for opportunities.

Colliers International Group Inc.'s balance sheet strength is evidenced by its committed credit facilities, which provide significant operational flexibility.

The firm's proprietary knowledge base is a key differentiator, especially in a data-driven industry. This includes the platforms used to service clients and manage assets.

• Intellectual property in market data.
• Proprietary technology platforms used across segments.

The Investment Management platform, specifically the Harrison Street Asset Management brand, represents a significant, quantifiable asset base and a history of performance.

The Assets Under Management (AUM) for the Investment Management division shows substantial scale and investor trust.

Also, the firm has a history of delivering consistent shareholder returns, which is a resource in itself, signaling reliability to the market.

• Approximately 20% compound annual returns for shareholders over 30 years.

Finally, the intangible asset of deep local market expertise is critical; it's what translates global reach into localized, actionable advice for real estate owners and occupiers. This is supported by the firm's presence across multiple geographic segments, including Americas, Europe, Middle East and Africa (EMEA), and Asia Pacific.

Finance: review the $950 million credit facility covenants by next Tuesday.

Colliers International Group Inc. (CIGI) - Canvas Business Model: Value Propositions

Maximizing asset potential across the entire property lifecycle.

• Assets under management ("AUM") was $108.3 billion as of September 30, 2025.
• AUM represented a 10% increase from December 31, 2024.

Diversified, resilient earnings with over 70% of earnings from recurring services.

• On a trailing twelve-month basis ending September 30, 2025, more than 70% of the Company's earnings came from recurring revenues.

Integrated service offering: Real Estate, Engineering, and Investment Management.

You're looking at the numbers from the third quarter of 2025, and the diversification is clear in the performance:

For the nine months ended September 30, 2025, consolidated revenues reached $3.95 billion.

Access to global capital and cross-border transaction expertise.

• Assets under management ("AUM") stood at $108.3 billion as of September 30, 2025.
• The company held $9 billion in dry powder as of Q3 2025.

Customized, high-value advisory and consulting solutions.

• Capital Markets revenue surged by 21% in Q3 2025, showing strong transaction activity in the UK, Japan, and Canada.
• Leasing Revenue increased by 14% in Q3 2025, led by the US.
• Outsourcing Revenue increased by 8% for the quarter ending September 30, 2025.

Colliers International Group Inc. (CIGI) - Canvas Business Model: Customer Relationships

You're looking at how Colliers International Group Inc. keeps its clients close, which is really the engine behind their consistent performance. It's all about deep, ongoing relationships, not just one-off deals.

High-touch, personalized service from senior professionals.

Colliers International Group Inc. emphasizes senior involvement because, in this business, experience matters when you're advising on major asset decisions. This approach supports the firm's overall scale, which, as of the nine months ended September 30, 2025, saw consolidated revenues reach $3.95 billion. The firm's commitment to long-term success is reflected in its 30-year track record of delivering approximately 20% compound annual returns for shareholders.

Strategic Account Program with a 95% client retention rate.

The Strategic Account Program is designed for deep, cross-segment engagement. While the specific client retention rate for this program is a key internal metric, the overall business model shows resilience, with over 70% of the Company's earnings coming from recurring revenues on a trailing twelve-month basis as of the third quarter of 2025. This recurring revenue base, which was 72% of earnings in Q1 2025, speaks volumes about contract stability.

Dedicated private wealth channel (Harrison Street Private Wealth).

The dedicated channel, now operating under Harrison Street Asset Management ("Harrison Street"), is a major relationship focus, especially for alternative assets. As of late 2025, Harrison Street Asset Management reports $108.3 billion in Assets Under Management (AUM), an increase of 10% from December 31, 2024. This platform serves a significant client base:

Harrison Street recently launched its dedicated private wealth division, Harrison Street Private Wealth, to expand access to these institutional-quality solutions.

Relationship-driven, long-term partnership philosophy.

This philosophy underpins the entire Colliers International Group Inc. structure, which operates across three platforms: Real Estate Services, Engineering, and Investment Management. The firm's history of delivering approximately 20% compound annual returns over 30 years demonstrates the tangible value derived from this long-term view. The firm's total team size supporting these relationships is approximately 23,000 professionals as of late 2024/early 2025 reports.

Consultative selling to cross-sell services across segments.

The goal is to move clients from transactional work to deeper, recurring service relationships. For instance, the Investment Management segment, which includes Harrison Street, has a significant base of recurring revenue, with $54.4 billion in Fee-Paying AUM (FPAUM) as of September 30, 2025. This cross-segment capability is supported by the overall company's financial scale, with net revenues for the nine months ending September 30, 2025, at $3.44 billion.

The success of this cross-selling is evident in the high proportion of recurring revenue across the enterprise.

Finance: review Q4 2025 pipeline for cross-segment penetration rates by Friday.

Colliers International Group Inc. (CIGI) - Canvas Business Model: Channels

You're looking at how Colliers International Group Inc. gets its services and investment products in front of clients, which is a mix of physical presence and digital reach as of late 2025.

The physical footprint remains a core channel for service delivery and client interaction.

The direct sales force is the primary mechanism for executing Real Estate Services and Engineering engagements.

• Direct sales force size: Approximately 24,000 professionals.
• Engineering segment professionals: Included in the total team count, bolstered by recent acquisitions like Terra Consulting.

Digital platforms and proprietary research act as a significant top-of-funnel acquisition channel.

• Qualified leads generated annually from market research: Over 15,000.
• Client lifetime value increase from cross-selling: An average of 35%.
• Client retention rate for Strategic Account Program members: 95%.

Investment Management relies on established channels to reach sophisticated capital allocators.

Targeted marketing efforts focus on large occupiers, evidenced by the client mix in the Real Estate Services platform.

• Corporate Occupier Revenue Share (2024 Estimate): Approximately 35% of revenue.
• Cross-selling revenue increase from 2024 initiative: 18%.

The overall scale of the business supports these channels, with recent financial performance indicating channel effectiveness.

Finance: draft 13-week cash view by Friday.

Colliers International Group Inc. (CIGI) - Canvas Business Model: Customer Segments

You're looking at how Colliers International Group Inc. segments its vast client base to drive its diversified service model. It's not just one type of client; it's a strategic mix across real estate, engineering, and investment management. Honestly, the numbers show a clear focus on scaling the recurring revenue parts of the business.

The client base is served through three main platforms: Real Estate Services, Engineering, and Investment Management. The firm reports having 24,000 professionals across its global operations as of late 2025.

Institutional Investors (pension funds, sovereign wealth funds) for AUM growth

This segment is crucial for the Investment Management platform, which includes Harrison Street Asset Management (HSAM) following its rebranding. You see their success reflected directly in the Assets Under Management (AUM) growth. As of December 2025, Colliers International Group Inc.'s AUM stood at $108 billion. This is up from the $100.3 billion reported at the end of the first quarter of 2025. This focus on institutional capital underpins the firm's long-term stability.

Corporate Occupiers (Fortune 500) seeking portfolio and workplace optimization

Corporate occupiers, which include major entities like the Fortune 500, rely heavily on the Real Estate Services platform for transaction, advisory, and outsourcing services. Colliers International Group Inc. actively monitors their operational costs, as evidenced by their Occupier Cost Index. This index draws on data from 4,000 buildings across 28 countries, covering 26.3 million sqm. The firm helps these clients navigate cost pressures, noting that soft service costs increased by 8 per cent in 2024.

Private Capital/High-net-worth individuals via the new wealth channel

The 2025 Global Investor Outlook highlighted renewed optimism and a shift in capital flows, specifically noting that private investors, including family offices, are expected to be among the more active buyers in 2025. This points to a dedicated focus on capturing capital from private wealth channels, complementing the institutional focus.

Government and public sector clients for Engineering services

The Engineering platform serves both public and private sector clients across infrastructure, transportation, and government projects. This segment showed explosive growth, with Engineering revenues totaling $377.9 million in the first quarter of 2025, marking a 59% increase year-over-year. This rapid expansion, fueled by strategic acquisitions like Terra Consulting, shows a significant commitment to this client group.

Property Developers for capital markets and project management

Property Developers engage Colliers International Group Inc. for services spanning the entire commercial real estate spectrum, including capital markets and project management. These services fall largely under the Real Estate Services umbrella, which generated $637.0 million in revenues in Q1 2025. The overall company's consolidated revenues reached $1.14 billion in that same quarter.

Here's a quick look at the scale of the business supporting these segments as of the latest available data:

The firm's overall financial performance in early 2025 showed consolidated revenues up 14% year-over-year, reaching $1.14 billion in Q1. Also, 72% of the earnings were generated from recurring service revenues, which speaks to the stability Colliers International Group Inc. provides its diverse client base.

You should track the growth of the Investment Management platform, especially after the July 2025 acquisition of a 60% stake in Roundshield Partners, which added $5.4 billion in AUM.

Colliers International Group Inc. (CIGI) - Canvas Business Model: Cost Structure

The Cost Structure for Colliers International Group Inc. is heavily weighted toward personnel and transaction-related variable expenses, reflecting its service-oriented, commission-driven model.

High variable cost structure due to commission-based compensation is evident when looking at the relationship between revenue and direct costs. For the fiscal year ending December 31, 2024, the reported Cost of Revenue was \$2,900 million against total Revenues of \$4,822 million. This high proportion of cost of revenue directly ties a significant portion of expenses to the firm's transactional success.

General and administrative (G&A) expenses for global corporate functions represent a fixed or semi-fixed layer of overhead. The Selling, General & Admin expense for the full year 2024 was reported as \$1,339 million. Furthermore, unallocated global corporate costs, as reported within Adjusted EBITDA, were \$2.2 million for the first quarter ended March 31, 2025, up from \$1.6 million in the prior year quarter.

Salaries and benefits for the global employees form the largest component of the overall cost base. Colliers International Group Inc. reported having 22,940 employees as of December 30, 2024. An estimate for October 2025 places the count at approximately 28K employees across 6 continents. This headcount supports the operational scale, even though the prompt references a figure of 24,000 global employees.

Significant investment in strategic acquisitions and integration costs is a recurring feature of Colliers International Group Inc.'s growth strategy, particularly bolstering the Engineering segment. For instance, the Engineering segment growth in Q4 2024 was driven by recent acquisitions. The financial statements capture these activities through line items like Merger & Restructuring Charges, which were $-30.7 million for the trailing twelve months ending September 2025. Integration complexities are a known risk area.

Technology and digital transformation investment is a stated top priority for Colliers International Group Inc.. The firm deploys AI-powered tools for tasks like lease abstraction and portfolio optimization. While a specific investment amount like the \$14.5 million for Microsoft was not confirmed in the latest reports, the commitment is clear through strategic focus areas.

Here is a look at some key cost-related financial metrics from recent periods:

You should track the ratio of Cost of Revenue to Net Revenue closely, as that is your best proxy for the variable commission expense load.

Finance: draft 13-week cash view by Friday.

Colliers International Group Inc. (CIGI) - Canvas Business Model: Revenue Streams

The revenue streams for Colliers International Group Inc. are built on three core platforms: Real Estate Services, Engineering, and Investment Management. You see the immediate transactional revenue alongside the stickier, recurring service fees.

The Investment Management platform, operating under the Harrison Street Asset Management brand, manages substantial capital. As of September 30, 2025, Assets Under Management (AUM) stood at $108.3 billion. This AUM base supports both management fees and performance fees.

The Real Estate Services segment is a major contributor, with its transactional activity driving significant revenue. Leasing revenues saw a 15% increase in the third quarter of 2025, and Capital Markets revenues soared by 21% across all geographies. Advisory and consulting fees are captured within the Outsourcing revenue line, which grew 9% in the quarter, led by valuation and advisory services.

The Engineering segment is showing explosive growth, which is a key differentiator for Colliers International Group Inc. This revenue stream saw a 54% increase in Q3 2025 compared to the prior year quarter. The net revenues for Engineering grew by 37% to $353.2 million in that same quarter, driven by acquisitions and infrastructure end markets.

Here's a quick look at the Q3 2025 segment revenue performance:

The recurring revenue component is strengthened by the Outsourcing services within Real Estate Services, which includes Property and Asset Management. The overall revenue mix reflects a strategic balance:

• Transactional brokerage fees (leasing and capital markets sales) are embedded within the Real Estate Services segment's Leasing (up 15%) and Capital Markets (up 21%) growth for Q3 2025.
• Recurring fees from Property and Asset Management are part of Outsourcing revenues, which grew 9% in Q3 2025.
• Investment Management fees are generated from the $108.3 billion AUM as of September 30, 2025.
• Advisory and consulting fees from Real Estate Services are primarily captured within the Outsourcing line, which saw 9% revenue growth.
• Engineering services revenue reached $488.1 million in Q3 2025, representing a 54% increase.

The Investment Management segment itself saw revenues increase by 7% in the third quarter. It's a diversified set of income sources. Finance: draft 13-week cash view by Friday.