Real estate giant CBRE Group intends to cut $400 million from its costs. largely through cutting jobs.

CBRE, based in Dallas, said in its third-quarter earnings that $300 million in cuts would be permanent and would primarily affect headcount.

Officials at the company expect to take action on $175 million in targeted costs by the end of the year.

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Cuts in areas such as travel and marketing would result in an additional $100 million.

A CBRE spokesperson said: “As always, CBRE is keenly focused on operating our business as efficiently as possible.

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“We are continuing to invest in parts of our business that offer secular growth opportunities. At the same time, we are adjusting our cost structure, including selective headcount reductions, in some parts of our business in response to the changing macroeconomic environment.

“We are working with the affected employees on an equitable transition. CBRE remains well positioned to continue driving outstanding results for all our stakeholders.”

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The move demonstrates how economic uncertainty continues to shake real estate and related industries.

It’s unclear how the layoffs will affect national headcount.

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Commercial real estate brokers are typically self-employed.

During the earnings call, company executives discussed the overall economic situation.

Emma Giamartino, CBRE’s chief financial and investment officer said: “While we cannot dictate the macroeconomic environment, we can control our costs and how we allocate our capital.”

Source: The Business Journals

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