Colliers International opening Cairo office to serve Middle East, Africa
“We are establishing an on-the-ground presence in Cairo to meet client demand and we look forward to providing services from our first office for many years to come,” Ian Albert, regional director of Colliers International MENA, told the Gulf News Journal while discussing the company’s bright outlook for a region that, while sometimes marred by political turmoil, seems poised to enjoy brisk modernization efforts in coming years.
“Colliers has been operating in Egypt for more than 10 years, and we remain convinced of the country’s long-term potential despite recent volatility,” Albert said.
“In Egypt, Colliers provides leading advisory services to developers, banks, governments and investors within the residential, commercial, retail, hospitality, health care, education, infrastructure sector, public private partnership (PPP) and economic and industrial free zones,” Albert said.
Colliers offers appraisals, a brokerage services, asset management and other advisory services to clients. The company also has an impressive global reach, with over 16,000 professionals working out of more than 500 offices in 66 countries. In addition to Cairo, Colliers currently has offices in Dubai, Abu Dhabi, Riyadh and Jeddah.
Albert said Colliers has also seen a lot happening in Egypt over the 20 years that the company's been involved in international real estate.
“The overall real estate landscape in Cairo is continuing to mature,” Albert said, describing a process where developers have to use more sophistication in their efforts to really attract capital.
“An educated consumer base in a price-sensitive market is demanding functional and efficient products,” Albert said. “Converting an empty plot of land into either a residential or commercial or a mix of asset classes will no longer sell for a profit, despite an undersupplied market. What is needed are successful mixed-use developments that are area-specific and reflect their local, unique environment while incorporating the social infrastructure and facilities demanded by residents. Developers that recognize these factors can expect quicker sales and higher price points.”
Other Colliers leaders are also excited about the new possibilities related to opening the Cairo office.
“We are confident that the new office will help our clients meet their objectives and highlights our belief in the long-term prospects of North Africa's largest economy." Colliers MENA CEO John Davis said.
The Cairo office will allow Colliers to provide seamless cross-regional services to key corporate clients, Colliers VEO for Europe, Middle East and Africa Chris McLernon said.