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National  + Finance  | 
Russia, Ukraine and the US CRE

CRE Joins Wave of Corporate Russia Sanctioning, Colliers and CBRE Pull Out while JLL Writes Open Letter

Joining corporate icons like McDonalds and Pepsi, the commercial real estate community is sanctioning Russia for its brutal assault on Ukraine. Industry giants CBRE and Colliers will be shuttering their Russia operations while JLL has written an open letter decrying Russia.

Saying that their most pressing priority is to safeguard employees and clients in Russia and across Eastern Europe, JLL said it is investing considerable resources toward that end. 

JLL’s statement seemed to sum up the CRE industry’s views:  

“Our immediate priority has been the safety of our people, clients and suppliers both inside Ukraine and across Eastern Europe. We are investing significant resources to protect our people in Ukraine and have teams working tirelessly to support our relief efforts. We have been moved by the compassion and unwavering support shown from our JLL employees around the world to all those who are impacted.”

On Tuesday, CBRE and Colliers went so far as to shutter their Russia operation in protest over the war.

CBRE has begun the process of exiting its office in Moscow, which provides leasing, investment, property management and valuation services, and terminating two existing affiliate relationships in the country. Consistent with its contractual obligations, CBRE will continue to manage facilities and provide other essential services for existing multinational clients that are operating in Russia.

Colliers states that in response to the gravity of Russia’s aggression, Colliers has discontinued its business in Russia and Belarus, effective immediately, after more than 28 years of operations.

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About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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