Colliers International Group Inc. · TSX:CIGI
Colliers International — Investor Presentation (October 2025)
33 slides from Colliers International's investor presentation, Oct 12, 2025
Slide 1: U.S. CRE Overview and Outlook: Markets In Transition
U.S. CRE Overview and Outlook: Markets In Transition
Slide 2: U.S. Capital Markets
Market Overview U.S. Capital Markets Aaron Jodka National Director of Capital Markets Research | USA
Slide 3: Deal Volume Stabilized, Sentiment Improving, What's In Store?
Colliers 3 D e a l V o l u m e S t a b i l i z ed S e n t i m e n t I m p r ov i n g What’s In Store? Volume Up in 2024 and 2025 YTD, 10Y in Focus Uncertainty Still Present – But Pricing Improving Across All Asset That’s Normal Classes Fundamentals to Stabilize Across Most Asset Classes Backstop of
Slide 4: The Market Quickly Found A Bottom
Colliers 4 U.S. Capital Markets The Market Quickly Found A Bottom $900 $800 $700 Annual Sales Volume (B) $600 $500 $400 $300 $200 $100 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Office Industrial Retail Multifamily Hospitality Total Sources
Slide 5: Sales Volume On The Upswing
Colliers 5 U.S. Capital Markets Sales Volume On The Upswing YTD Volume ($ Volume Price Change 1 Key Headlines billions) Change (YOY) (YOY) O F F I CE 44.0 16% 2.5% Office Rebounding From Cyclical Lows I N D U S T R I AL 63.8 10% 5.0% Industrial Volume Ahead Of 2016- 2019 Average Multifamily Continue
Slide 6: Multifamily Clear-Cut Volume Leader
Colliers 6 U.S. Capital Markets Multifamily Clear-Cut Volume Leader 50% Asset Class Share of Volume 38% 25% 13% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 Office Industrial Retail Multifamily Hospitality Sources: Colliers, MSCI
Slide 7: CMBS Delinquencies On The Rise
Colliers 7 U.S. Capital Markets CMBS Delinquencies On The Rise 12% 9% CMBS Delinquency Rate 6% 3% 0% Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Overall Industrial Hospitality Multifamily Office Retail Sources: Colliers, Trepp
Slide 8: $2.9 Trillion of Loans Maturing Through 2029
Colliers 8 U.S. Capital Markets $2.9 Trillion of Loans Maturing Through 2029 $1,250 $1,000 Loan Maturities (B) $750 $500 $250 $0 2025 2026 2027 2028 2029 Multifamily Office Industrial/Warehouse Retail Hotel/Motel Healthcare Other Sources: Colliers, Mortgage Bankers Association
Slide 9: Potential Distress By Market
Colliers 9 U.S. Capital Markets Potential Distress By Market (bn) Seattle $8.4 Chicago $12.5 9 Manhattan 1 $34.4 4 6 8 New York City Boroughs $10.4 New Jersey 2 10 $9.7 5 Los Angeles 3 Atlanta $17.6 $11.7 7 Phoenix $7.4 Dallas Houston $14.4 $10.0 Sources: Colliers, MSCI
Slide 10: Pressure Building For Capital Deployment
Colliers 10 U.S. Capital Markets Pressure Building For Capital Deployment $200 $150 AUM By Vintage (B) $100 $50 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dry Powder Unrealized Value Sources: Colliers, Preqin
Slide 11: U.S. Multifamily
Market Overview U.S. Multifamily Aaron Jodka National Director of Capital Markets Research | USA
Slide 12: Multifamily Demand Has Been Strong
Colliers 12 U.S. Capital Markets Multifamily Demand Has Been Strong Forecast 337,500 225,000 Quarterly Absorption 112,500 0 (112,500) 20Q1 20Q3 21Q1 21Q3 22Q1 22Q3 23Q1 23Q3 24Q1 24Q3 25Q1 25Q3 26Q1 26Q3 Sources: Colliers, RealPage
Slide 13: Rent Performance Varies Widely
Colliers 13 U.S. Capital Markets Rent Performance Varies Widely Chicago 4.2% Kansas City Detroit 3.9% 3.6% Denver -4.3% San Jose 3.4% Richmond 3.4% Atlanta -3.2% Phoenix Austin -4.2% -6.9% San Antonio -3.5% Sources: Colliers, RealPage
Slide 14: Where Conversions Come From
Colliers 14 U.S. Capital Markets Where Conversions Come From 3.6% 1.6% 5.8% Office 6.2% Hospitality 33.6% Industrial Healthcare 19.0% School/Religious Entertainment Government Sources: Colliers, RentCafe 29.3%
Slide 15: Markets with the Most Deliveries Past 12 Months
Colliers 15 U.S. Capital Markets Markets with the Most Deliveries Past 12 Months Richmond 4.9% Salt Lake City 5.3% Denver 6.0% Nashville Durham 6.4% 7.3% Colorado Springs 9.8% Raleigh 7.5% Atlanta Charlotte 4.9% 8.1% Jacksonville Charleston Phoenix 6.9% 7.5% 6.6% Austin Orlando 9.1% 5.5% San Antonio
Slide 16: Markets Expanding the Fastest
Colliers 16 U.S. Capital Markets Markets Expanding the Fastest Richmond 4.9% Salt Lake City Omaha Boston 6.4% Denver 5.6% 5.4% 5.0% No. New Jersey Nashville 5.3% 8.0% Durham 11.3% Raleigh 4.9% Charlotte 9.2% Phoenix 5.4% Fort Lauderdale Austin Orlando 6.6% 6.6% 6.5% Miami 13.1% Sources: Colliers, Co
Slide 17: U.S. Office
Market Overview U.S. Office Marianne Skorupski Director, National Office Research | USA
Slide 18: U.S. Office Market: The Past Two Years
18 U.S. Office Market Q2 2025 U.S. Office Market: The Past Two Years Q2 2025 Q2 2024 Q2 2023 Vacancy Rate 18.4% 18.0% 16.6% Net Absorption (MSF) Past 12 months 6.3 -66.2 -53.2 New Supply (MSF) Past 12 months 24.9 34.0 43.5 Under Construction (MSF) 31.0 51.9 83.5 Sublease Vacant Space (MSF) 114.6 134
Slide 19: Growth of Vacancy Rate Slowing
19 U.S. Office Market: Q2 2025 Growth of Vacancy Rate Slowing 50 20 18 16 25 14 Vacancy Rate % 12 MSF 0 10 8 6 -25 110.4 MSF 4 93MSF 2 -50 139.1 MSF 0 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q32020 Q2 Q1 Q4 Q3 Q2 Q1 2007 2007 2008 2009 2010 2010 2011 2012 2013 2013 2014 2015 2016 2016
Slide 20: South and West See Highest Vacancy Increases
Colliers 20 U.S. Office Market: Q2 2025 South and West See Highest Vacancy Increases 18.6% 16.5% 19.2% 19.9% ↑ 50 bps YOY ↓ 10 bps YOY ↑ 60 bps YOY ↑ 60 bps YOY Midwest Northeast West South 24.4% 25.7% 11.1% 31.2% 24.3% 20.8% 11.0% Los Angeles Chicago Manhattan San Francisco Atlanta DFW Miami ↑ 30 b
Slide 21: Top Growth U.S. Office Markets
Colliers 21 U.S. Office Market Q2 2025 Top Growth U.S. Office Markets Q2 2025 TTM Net Absorption 1 Manhattan 14,673,066 SF 2 Silicon Valley 2,151,219 SF 5 5 1 4 3 Dallas-Ft. Worth 1,658,791 SF 4 Kansas City 1,342,686 SF 2 4 5 NYC Northern Suburbs 1,160,139 SF 3 Q2 2025 Under Construction 1 Dallas 4,
Slide 22: Asking Rents Show Slowing Rate of Growth
22 U.S. Office Market: Q2 2025 Asking Rents Show Slowing Rate of Growth $44 $38 $32 $26 $20 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Overall Class A Class B Source: Colliers
Slide 23: U.S. Industrial
Market Overview U.S. Industrial Craig Hurvitz Director, National Office Research | USA
Slide 24: Vacancy to peak as supply-demand balance returns
Colliers 24 U.S. Industrial Market: Q2 2025 Vacancy to peak as supply-demand balance returns 220,000,000 FORECAST 8.0% 165,000,000 Millions 110,000,000 55,000,000 '- 2.5% 2018 2019 2020 2021 2022 2023 2024 2025 2026 Construction Completions (SF) Quarterly Net Absorption (SF) Vacancy Rate (%) Source:
Slide 25: Vacancy up in all regions, but climbing slower
Colliers 25 U.S. Industrial Market: Q2 2025 Vacancy up in all regions, but climbing slower 7. 5% 5.4% 8.6% 7.8% ↑ 132 bps YOY ↑ 11 bps YOY ↑ 91 bps YOY ↑ 160 bps YOY West Midwest South Northeast 6.8% 12.8% 4.7% 9.3% 7.0% 9.6% 8.6% Inland Phoenix Chicago Dallas-Fort Houston Atlanta Philadelphia Empir
Slide 26: Midwest region is closest to supply-demand balance
Colliers 26 U.S. Industrial Market: Q2 2025 Midwest region is closest to supply-demand balance West Midwest 150,000,000 Demand over the 75,000,000 Demand over the 119854126 past year has been 58,435,867 56,123,431 past year has been 120,000,000 60,000,000 15% 41,978,588 96% Millions Millions 90,000,
Slide 27: Vacancy highest in markets that have grown fastest
Colliers 27 U.S. Industrial Market: Q2 2025 Vacancy highest in markets that have grown fastest 30%+ 10%+ 20-29% 7-9% 10-19% 5-6% 0-9% 0-4% 2020-2025 Inventory Growth (%) 25Q1 Vacancy Rate 1 Savannah (+81%) 1 Charleston (21.5%) 2 Austin (+60%) 2 Austin (18.6%) 3 Charleston (+53%) 3 Treasure Coast, FL
Slide 28: U.S. Retail
Market Overview U.S. Retail Nicole Larson Manager, National Retail Research | USA
Slide 29: U.S. Retail Market Overview
Colliers 29 U.S. Retail Market Overview Q2 2025 Stats Under Construction Net Absorption Vacancy Rate 47.9 million -6.4 million Average Asking 4.3% Rental Rate Deliveries $25.46 NNN 6.0 million Source: Costar Analytics
Slide 30: Retail Vacancy Edges Up
Colliers 30 U.S. Retail Market Overview Retail Vacancy Edges Up 56 8.0% Q2 2025 38 Net Absorption: -6.4M SF Vacancy Rate: 4.3% 6.0% Million SF 19 4.0% 2.0% -19 -38 0.0% 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2
Slide 31: Store Closures Outpaced Openings in 2024
Colliers 31 Retail Fundamentals Store Closures Outpaced Openings in 2024 13,100 11,100 9,257 7,100 6,880 5,200 5,300 5,400 5,300 5,393 3,900 3,600 2,800 2,261 1,500 1,400 2018 2019 2020 2021 2022 2023 2024 2025 YTD Openings Closings Source: PNC Market Research; ICSC Market Research
Slide 32: Retail Space per Capita Declines
Colliers 32 Retail Fundamentals Retail Space per Capita Declines 57. U.S. retail shopping center occupancy 56.3 is currently at a 20-year high of 95.1% and this figure has held steady since 55.5 2Q23. 54.8 54. 53.3 52.5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 33: Thank You
Thank You aaron.jodka@colliers.com Information provided herein has been sourced from Green Street Advisors, LLC, and other sources. This document and the information provided herein has been prepared by Colliers for advertising and general information only. Colliers makes no guarantees, representati
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