CBRE Laying Off Just Under 200 At Corporate HQ
Just a few months after CBRE announced plans to relocate its corporate headquarters to Dallas, the brokerage firm is slashing nearly 200 jobs in North Texas.
The brokerage intends to eliminate 193 Dallas-based positions in April, according to a Worker Adjustment and Retraining Notification document filed with the state of Texas.
CBRE announced the relocation of its corporate headquarters from Los Angeles to Dallas three months ago. At the time, the move was considered largely symbolic and not significant jobs-wise, with CBRE noting it already had its largest employment base in Dallas and saying it did not foresee moving a large number of employees out of Los Angeles.
“We have more than 5,000 employees in California and only an extremely small number of operations-related roles are expected to migrate over time to Dallas,” Lew Horne, CBRE’s president of advisory services for the Pacific Southwest, said at the time.
CBRE said in October no client-interfacing roles would be impacted by cuts. The Texas WARN notice doesn't provide additional details on what DFW positions will be eliminated in April, but the Dallas Business Journal reports the cuts will come from the finance department.
CBRE released a statement Monday saying its Dallas headquarters has grown over time and will continue expanding.
"We are realigning a business support function within our finance organization, where work currently performed by certain Dallas-based roles will be assigned to teams in other parts of the organization and to third-party service providers. The number of affected positions represents a very small portion of our approximately 3,000 DFW area workforce," the firm said in a statement.
CBRE is expected to report declines in its fourth-quarter and full-year earnings on Feb. 23 in the wake of a rough year for commercial real estate.
UPDATE: Feb. 22, 4:35 P.M. CT: This story has been updated to include a new statement from CBRE.
CORRECTION, MARCH 2, 9:45 A.M. CT: An earlier version of this story incorrectly identified the former CBRE headquarters as the current headquarters. The story has been updated.