Global commercial real estate services and investment firm CBRE will discontinue most of its business in Russia.
The company has begun the process of exiting its office in Moscow, which provides leasing, investment, property management and valuation services, and terminating two existing affiliate relationships in the country.
Consistent with its contractual obligations, CBRE will continue to manage facilities and provide other essential services for existing multi-national clients that are operating in Russia, said CBRE.
”CBRE is working diligently to support its loyal and hardworking colleagues in Russia who will transition from the company. CBRE regrets the impact that this transition will have on those employees, who are leaving the company through no fault of their own,” said the company in a press release.
The discontinued operations in Russia constitute less than 1% of CBRE’s global revenue in 2021, the company added.
Yesterday Colliers had announced its decision to exit Russia and Belarus.