Commercial property firm CBRE cutting Dallas jobs
One of the largest commercial real estate firms in North Texas plans to cut jobs almost a year after the COVID-19 pandemic began.
CBRE – the country’s largest commercial real estate company that recently relocated its headquarters from California to Dallas – announced the state that it will lay off 193 employees from the Dallas area as of April. The reduction in armed forces accounts for less than 10% of the company’s local workforce.
The impending downsizing was detailed in a letter to the Texas Workforce Commission.
“The workforce at CBRE in Dallas, our capital city, has grown dramatically and we expect jobs in D-FW will continue to grow over time,” said Christy Ingle, vice president of corporate communications at CBRE, in a E-mail. “We are realigning a business support function within our finance organization, with the work currently being carried out by certain roles in Dallas being assigned to teams in other parts of the organization and third party vendors.
“The number of affected positions makes up a very small part of our approximately 3,000 employees in the D-FW area.”
The state file states that the workers to be laid off will work at the company’s headquarters on McKinney Avenue in the Uptown neighborhood of Dallas.
Many North Texas commercial real estate companies ceased operations in the past year as the pandemic hit business.
CBRE has more than 100,000 employees and more than 530 offices with annual sales of $ 24 billion.
The international real estate company owns Dallas-based Trammell Crow Co., the giant development company.
CBRE processes more than $ 430 billion in global real estate transactions worldwide.
Last year, CBRE had more than 3,100 employees in North Texas. Since 2012, the company has expanded its workforce in the region by almost 70%.
In 2020, CBRE was the leading U.S. broker in office, industrial and residential sales, according to the recently released report by Green Street Advisors.
The COVID-19 pandemic has challenged many sectors of the local real estate market.
While residential property sales boomed and industrial building conversions broke records, other property sectors, including office and retail leasing and hotel performance, saw sharp declines.
The office, mall and hotel business is forecast to recover slowly in 2021 as the effects of the pandemic wear off.