Real Estate Operations in Russia – The Industry Reacts

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17 March 2022

Several major players in the global real estate market have published statements on their stance on business operations in Russia.

 

CBRE to Discontinue Most Business in Russia

 

On 7 March 2022, the CBRE Group announced their decision to discontinue most of its business in Russia.

This includes exiting its office in Moscow, which provides leasing, investment, property management and valuation services, and terminating two existing affiliate relationships in the country.

CBRE will continue to manage facilities and provide other essential services for existing multi-national clients that are operating in Russia. 

A press statement reads: “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.

“The discontinued operations in Russia constitute less than 1 per cent of CBRE’s global revenue in 2021.”

 

Colliers Discontinues Operations in Russia and Belarus

 

Also on 7 March 2022, Colliers confirmed that they would discontinue its business in Russia and Belarus, effective immediately, after more than 28 years of operations.

“I am appalled and saddened by the unnecessary loss of life and the displacement of millions of Ukrainians from their home. We cannot and will not stand idly by. Our decision to exit Russia and Belarus is one we make with conviction,” said Jay Hennick, Global Chair & Chief Executive Officer of Colliers.

Colliers’ affiliate office in Kyiv is also closed and all business operations there have been suspended.

 

JLL Separates Domestic Operations in Russia

 

On March 11 2022, JLL confirmed that they would separate their domestic operations in Russia, and continue to support a small number of multinational clients with their transition strategies.

A media release stated: “Guided by our values, our main priority has always been to support our colleagues in Ukraine whose lives are in grave danger.  We also have a responsibility to our people in Russia, who face turmoil and upheaval.”

Picture: a photograph of a commercial building. Image Credit: Unsplash

Article written by Ella Tansley | Published 17 March 2022

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