CBRE will furlough staff in its advisory team as the spread of coronavirus puts activities across its business on ice.
“In light of the virus’s significant impact on business activity, we have made the decision to furlough a proportion of our UK workforce in the most directly affected parts of our UK advisory business,” the firm said in a statement.
“Our participation in the UK government’s Coronavirus Job Retention Scheme will help us to protect jobs while responding to the changing needs of our clients. In addition, our UK advisory senior leadership team has taken a meaningful compensation reduction to help lower our expenses in the current challenging environment.”
Several property companies and agencies have either made redundancies or furloughed staff as the pandemic worsens.
Earlier today Colliers International confirmed that it is planning to furlough an unspecified number of its UK employees.
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