Colliers and CBRE latest agencies to exit Russia
Colliers and CBRE have become the latest real estate agencies to halt operations in Russia in protest at the country’s invasion of Ukraine.
Colliers said on Monday that it had ended its business in Russia and Belarus “effective immediately” in response to “the gravity of Russia’s aggression” after almost three decades of operating in the region.
“We thank our former colleagues and partners for their work over the years and wish them well as they navigate the future,” the company said.
Colliers and CBRE have become the latest real estate agencies to halt operations in Russia in protest at the country’s invasion of Ukraine.
Colliers said on Monday that it had ended its business in Russia and Belarus “effective immediately” in response to “the gravity of Russia’s aggression” after almost three decades of operating in the region.
“We thank our former colleagues and partners for their work over the years and wish them well as they navigate the future,” the company said.
Chairman and chief executive Jay Hennick said: “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.”
The agency has also temporarily closed its affiliate office in Kyiv and suspended business there. “We are focused on supporting our Ukrainian colleagues who remain in country, those who are seeking refuge, and the families of our people who have been affected,” it said. “Our operations in neighbouring countries are actively providing temporary accommodation, monetary support and other necessities.”
CBRE said it will “discontinue most of its business in Russia”, exiting its office in Moscow, from which it offered leasing, investment, property management and valuation services, and terminating two local affiliate relationships in the country.
“CBRE is working diligently to support its loyal and hardworking colleagues in Russia who will transition from the company,” the agency said. “CBRE regrets the impact that this transition will have on those employees, who are leaving the company through no fault of their own.”
Moves by Colliers and CBRE follow announcements from Knight Frank, Savills and Avison Young that they have ended their dealings with franchisees and affiliate partners in Russia as the war has escalated.
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