Colliers International Group Inc.

any future results, performance, or achievements contemplated in the forward-looking statements. Additionally, information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the company's annual information form as filed with the Canadian Security Administrators and in the company's annual report on Form 40-F. as filed with the U.S. Securities and Exchange Commission. As a reminder, today's call is being recorded. Today is November the 2nd, 2023. And at this time, for open remarks and instructions, I would like to turn the call over to Global Chairman and Chief Executive Officer, Mr. Jay Hennick. Please go ahead, sir.

Thank you, operator. Good morning and welcome to our third quarter conference call. As the operator mentioned, I'm Jay Hennick. And joining me today is Chris McLaren, Chief Executive Officer of our Real Estate Services business, and Christian Mayer, our Chief Financial Officer. This call is being webcast and can be accessed in our investor relations section of our website, where you can find a presentation slide deck. During the third quarter, Collier's achieved significant growth in our high-value recurring service lines, with a 12% increase in outsourcing and advisering, outsourcing and advisory, and a robust 23% increase in investment management. Our proven business model marked by a diverse array of high-value recurring services has continued to demonstrate our resilience. Today, about 70% of our earnings come from recurring revenues, which bolsters our ability to navigate through various market fluctuations, including the current disruptions affecting our transactional business. Since the release of our second quarter report back in August, we've seen further industry-wide declines in transaction volumes due to ongoing factors such as rising interest rates, stricter credit conditions, and continued uncertainty around return-to-work dynamics. As a result, we've adjusted our outlook for the traditionally strongest fourth quarter to be more conservative in our stance, as Christian will outline in just a few minutes. As I've said in the past, capital markets and leasing are essential services for all real estate investors, owners and occupiers or tenants. They may be impacted from time to time as they are now, but they will rebound once things stabilize, which could be as early as the second half of 2024. Several years ago, Colliers embarked on a strategic journey to rebalance and reposition our company by integrating more recurring revenue streams. We introduced two important new growth engines, engineering and design, and investment management, both of which have seen substantial growth and success since inception, and we expect that success to continue well into the future. Our nearly 30-year track record of performance demonstrates our success and dedication to continuing to create substantial shareholder value. And we'll do that by continuing to grow our businesses one step at a time, expanding into new high-value recurring services, and continually seeking out strategic growth opportunities, especially in times like these. Now, let me turn things over to Chris McLaren to discuss some highlights. Following that, Christian will provide us with his customary financial report, and then we'll open things up to questions. Chris?

Thank you, Jay, and good morning. Our mission at Coyers is to maximize the potential of property and real assets to accelerate the success of our clients and our people while creating value for our shareholders. Today, Colliers remains resilient, benefiting from our years of strengthening our core business while adding fast-growing recurring service lines. In outsourcing and advisor, we achieved an impressive 12% year-over-year growth, 50% of which came internally through new contract wins. We expect this growth to continue in engineering design, project management, and property management. As mentioned, we have seen further declines in capital markets in Q3, due to interest rate volatility, limited access to debt, and the continued price gap between buyers and sellers of real estate assets. We are confident that capital markets will rebound, perhaps in the second half of 2024, and we are poised to take advantage once market conditions stabilize. Over the past few years, we've accelerated our investments in capital markets platform to grow our business, fill gaps, and take market shares. For example, in the U.S., we have built a significant debt advisory business at Collier's Mortgage. Today, our platform spans the entire U.S. with more than 150 experienced debt professionals to assist our clients originate and place real estate debt at just the right time. Once again, our expertise and ability to deliver exceptional results for property occupiers, owners, and investors as recognized by Euromoney, Colliers was named Global Agency of the Year across the Americas, EMEA, and APAC, which is a testament to our strong and growing position in the industry. Our professionals around the world continue to be enterprising, especially in the current market environment. Our latest Global Employee Engagement Survey saw our strongest scores ever, nicely exceeding external benchmarks. Our strong culture was also recently recognized by our inclusion in Forbes, World's Best Employers 2023 List. Now let me pass this over to Christian.