Q1 2020 Office Market Outlook Report

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U.S. Office Market Starts to Cool: Pressure Mounting from COVID-19

Colliers’ latest research report highlights the office market’s response to the COVID-19 pandemic. The U.S. office market showed its first signs of cooling in the first quarter of 2020. Net absorption fell sharply but remained slightly positive, while there was a marginal increase in vacancy, which was coming off a record low. Construction levels fell but remain elevated while rents, for the most part, held firm. Although sales volume was down, capitalization rates (cap rates) and pricing held steady.

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Q1 2020 Office Market Outlook Report

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Kevin Morgan

President, Northwest Region and Head of Agency Leasing | U.S

Reno

As President of the Northwest Region for Colliers International Kevin P. Morgan leads Colliers' operations and business strategy in the region with a focus on developing, recruiting and retaining top brokerage professionals and providing clients with the highest level of service.

With more than 20 years of international commercial real estate experience, Kevin is a strategic operator driving real estate deals, team development, transaction management and negotiations for global real estate portfolios. Prior to joining Colliers, Kevin was Executive Vice President and CEO for multinational corporation Crystal Lagoons, where he led offices spanning 15 countries and managed 55+ real estate partnerships valued at $364M+ in revenue with leading development and investment companies.

Kevin's role with Crystal Lagoons represents his unique skillset in building market leading corporations out of start-up cultures. This role saw Kevin lead a significant portfolio of transactions spanning multi-family, hospitality, retail, mixed-use, office and land in 17 countries across Central America, Latin America, Europe, Middle East, Asia, and Australia.

Prior to his role with Crystal Lagoons, for over a decade Kevin held national and international senior leadership positions with The John Buck Company (JBC), an international real estate development, investment and asset management firm, based in Chicago. JBC has delivered 44M SF of mixed-use real estate, raised $700M+ in private and institutional capital, representing $11B+ in project financing.

During his tenure Kevin launched and co-directed a joint venture real estate development company between JBC and Mubadala Investment Company (an Abu Dhabi sovereign wealth fund). While based in Abu Dhabi, he was a key member of the executive team that led a culturally diverse team of 250 professionals across three business units responsible for $7.5B+ of development projects.

Additional roles at JBC spanned ownership leasing for new office development projects and expanding relationships with new capital partners on a domestic and international scale.

Kevin brings to Colliers a commitment to service excellence and strategic partnership to drive success for its people and its clients.

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Stephen Newbold

Director of National Office Research

Washington, DC

Stephen has  over 20 years of senior Commercial Real Estate (CRE) Research experience gained in both the US and UK.  He has an expert knowledge of many  CRE  markets across the US. Having worked with brokerage firms, asset managers and data providers he has a broad spectrum of experience and is adept in forecasting, analysis and strategy. Prior to joining Colliers Stephen  was a Research Director with CoStar based in Washington DC. His career history also includes eight years as  Director of US Office Research with Deutsche Asset Management and six years as Partner and Head of Research with Newmark Knight Frank in London, UK.

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Scott Nelson

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Scott Nelson is CEO, Occupier Services | Global at Colliers International and is responsible for global strategy and leadership of the Occupier Services business unit. Occupier Services makes up the platform of tools and talent that supports our clients directly and through transaction advisory professionals leading Occupier client relationships.  These engagements include tenant representation and project management assignments, multi-market accounts, to Corporate Solutions outsourcing.  Occupier Services includes service lines such as Account Management, Client Experience, Consulting, Technology Services (including our Colliers360 technology), Lease Administration, Transaction Management and Project Management.  Occupier Services is directly accountable for the major client engagements based in all regions of Americas, EMEA and APAC. 

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