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Commercial property firm CBRE is cutting 193 jobs in Dallas

CBRE recently relocated its headquarters from California to Dallas.

One of North Texas’ largest commercial property firms is planning to cut jobs almost a year after the start of the COVID-19 pandemic.

CBRE — the country’s biggest commercial real estate company, which recently shifted its headquarters from California to Dallas — notified the state that it plans to lay off 193 Dallas-area employees starting in April. The force reduction represents less than 10% of the company’s local workers.

The pending jobs cuts were detailed in a letter to the Texas Workforce Commission.

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“CBRE’s employee population in Dallas, our headquarters city, has grown dramatically, and we expect to continue growing jobs in D-FW over time,” CBRE vice president of corporate communications Christy Ingle said in an email. “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.

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“The number of affected positions represents a very small portion of our approximately 3,000 D-FW area workforce.”

The state filing said the employees who will be let go work in the company’s headquarters on McKinney Avenue in Dallas’ Uptown district.

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Many commercial property companies in North Texas have trimmed their operations in the last year as the pandemic has affected business.

CBRE has more than 100,000 employees and more than 530 offices with $24 billion a year in revenues.

The international property firm owns Dallas-based Trammell Crow Co., the huge development company.

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CBRE handles more than $430 billion a year in global property transactions.

Last year, CBRE had more than 3,100 employees in North Texas. It has expanded its workforce in the area by almost 70% since 2012.

The COVID-19 pandemic has challenged many sectors of the local real estate market.

While residential property sales have boomed and industrial building transactions have set records, other real estate sectors, including office and retail leasing and hotels, have seen sharp declines.

Forecasts call for a slow recovery of the office, shopping center and hotel businesses in 2021 as the impact of the pandemic wanes.