Colliers International is a global professional services company operating across three businesses: commercial real estate (CRE) services, engineering, and investment management. CRE is Colliers' original and largest segment, offering capital markets brokerage (property sales and debt financing), leasing, and outsourcing services (property management, valuation, loan servicing, and occupier services). Capital markets and leasing revenues are commission-based and cyclical, while outsourcing contracts are multi-year and recurring. The engineering segment, entered in 2020, provides consulting, design, and project management services across buildings, infrastructure, environmental, and water end markets, serving both public and private sector clients under long-term contracts. The investment management segment operates under the Harrison Street Asset Management brand, managing alternative real assets — including senior housing, student housing, healthcare, infrastructure, and credit — on behalf of institutional and private wealth clients, with $108B in AUM. Management fees drive investment management revenue, with performance fees earned on closed-end funds at maturity. A core strategic priority is growing recurring revenue: outsourcing, engineering, and investment management together generated over 70% of Adjusted EBITDA in FY25. Colliers grows through organic expansion, M&A (particularly in the fragmented engineering market), and scaling its investment management platform under a unified brand. Acquisitions follow a "partnership philosophy" where acquired management teams retain minority equity stakes to align incentives.