Ryan Toland, Executive Vice President & Principal, Colliers
In an interview with Invest:, Ryan Toland, executive vice president and principal at Colliers, discussed market confidence, talent strategy, and the resilience of real estate sectors in the Triangle. “Ultimately, we help clients navigate this market by being proactive and staying fully engaged.”
What changes over the past year have most shaped priorities in the Triangle market?
Over the past year, companies have become more confident in decision-making and clearer in how they approach real estate. For a long time, the mindset was to wait and see, which led to short-term lease renewals, often one or two years, while organizations evaluated who would return to the office and how their space should evolve.
Some used that period to rethink their workplace strategy and assess needs from both financial and operational angles. Now, we’re moving beyond that holding pattern. Leadership is making longer-term decisions again, with five- and seven-year leases aligning to new business models. Many are taking less space overall but investing more per square foot to support reimagined work environments.
Activity has picked up. Companies are relocating, renewing, and redesigning their offices. Another shift involves ownership groups investing in tenant improvements. Many are developing high-end spec suites between 3,000 and 10,000 square feet without signed tenants. These spaces typically include huddle rooms, open layouts, natural light, and upgraded break areas, and they’re in high demand.
Leasing velocity is strongest among smaller tenants. Larger users still exist, but more activity is coming from those seeking well-designed, move-in-ready spaces with strong amenities. Access to amenities including food, hotels, fitness, conference centers, and training rooms is a top priority. Developments or buildings that offer immediate access to these amenities or are in live-work-play settings such as North Hills, Fenton, and Raleigh Iron Works have experienced significant lease-up success.
How has momentum held up at Colliers in Raleigh-Durham since last year?
It’s still an exciting time. We just celebrated our fifth year in the market with an open house. Our headcount is growing, service lines are expanding, and both revenue and profitability continue to rise. We are grateful to our clients and the trust they have in us.
One of the hallmarks of our success is our people. The talent we’ve brought in has made a real difference. We’re actively recruiting and staying focused on cultural alignment. We’ve identified a few areas for growth. One is third-party office leasing and landlord agency, which we don’t currently offer but plan to. Another is expanding our capital markets presence, particularly with apartment brokers. Property management will scale alongside leasing.
We’re not leveling off; we’re still climbing. I don’t see that changing in 2026. The commercial real estate market is rebounding, and we’re well-positioned to meet the market’s demands. Nothing I see today suggests a slowdown.
What trends are emerging in industrial, life sciences, and retail?
I can speak to industrial and life sciences, though we have specialists who know those areas more deeply. On the industrial side, the market remains strong. There’s been a bit of a slowdown, but I don’t see that as a red flag. Vacancy rates are still low, rents are rising, and institutional developers are looking to acquire or build.
We’re working on developments in Johnston County, Clayton, Garner, and along the I-85 corridor toward Greensboro. One project in North Durham, focused on life science and industrial, is already fully leased even though the buildings haven’t been completed.
Previously, the market was extremely competitive. Multiple companies were pursuing the same space. As a result, owners raised rents because supply couldn’t keep up with demand. While that intensity has cooled slightly, the market is still active. Institutional investors are still spending heavily on well-located sites.
The life sciences industry, on the other hand, has slowed down. Leasing velocity has dropped, and there aren’t many large biotech deals happening right now. Of the sectors you mentioned, this is the one that’s lost the most momentum. Office leasing is active again, but life sciences has cooled.
How is the economic environment affecting commercial real estate?
A lower interest rate environment would certainly help. Right now, some ownership groups are under pressure. Many bought office buildings seven years ago at low rates with strong occupancy. Today, those same buildings may be 50%-70% occupied and need refinancing at much higher rates, which affects valuation and leverage.
This challenge won’t disappear quickly. Owners and lenders will likely navigate these conditions for at least another year. As always, there are winners and losers. Class A institutional owners are doing well, while suburban B and B-plus buildings, which were stable before the pandemic, are now struggling. Many are worth 40% to 50% less than just a few years ago. Tenant credit, the real estate itself, and the owner’s financial strength are key. When those align, it’s easier to weather tough conditions.
As for supply chains and tariffs, I haven’t seen recent disruptions. That was more of an issue 18 months ago. One client in the manufacturing tech sector, serving the auto, marine, and RV industries, is performing extremely well.
There’s a lot of negative talk in the media, but on the ground, I haven’t seen those broader economic concerns slowing down most companies. While I’m not an economist, based on what we’re seeing daily, activity has remained steady.
How is Colliers positioning its platform and expertise to help clients make confident decisions in today’s complex market?
The results speak for themselves. Colliers is a publicly held company with a $5 billion market cap. Early in COVID, commercial real estate was hit hard. Office usage dropped, deals slowed, and revenue dried up. Our leadership made difficult, timely decisions, including limited layoffs, which helped us strengthen our balance sheet and stay ahead of competitors.
That strategy supported us locally. At no point were we restricted from hiring or investing. I relocated our office, took on more overhead, and upgraded our space. Leadership backed it because they believed in the mission and had positioned us financially to grow.
As a result, we’ve continued hiring, retaining, and performing.
Equally important is the team. We have committed professionals across the company, from the C-suite to each market. The mindset is to think ahead and work harder. We often say, “the last mile is the loneliest mile.” I don’t know who coined it, but we live by it.
It means anticipating needs and going the extra mile, whether that’s answering a Saturday call or responding to an overseas client late at night. We just grind. That’s what sets us apart.
Ultimately, we help clients navigate this market by being proactive and staying fully engaged.
What are your top priorities and the biggest opportunities you see in the Triangle over the next few years?
Our main focus locally is building out an agency leasing team and pairing it with property management. Those hires are ongoing. We’re also looking to add a capital markets broker focused on multifamily investment sales. These efforts may take 12 to 18 months to complete.
One unique aspect of our office is the ownership structure. Colliers Corporate holds the majority stake, but a group of us are partners. That gives us local influence, especially when hiring.
Our hiring process is efficient and collaborative.
The broader Triangle market continues to grow. Migration of both people and businesses drives that momentum. One example is a tech company from Oregon relocating about 180 employees to Raleigh for a new headquarters. We’re seeing more of that.
Companies recognize this market’s value and are investing in it. We’re proud to help them land and expand. On the landlord side, we advise owners on how to position their assets for success. It’s a privilege to represent Colliers in that process.
