Gender Pay Gap Report 2021 - CBRE Investment Management
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DIVERSITY, EQUITY & INCLUSION Gender Pay Gap Report 2021
GENDER PAY GAP REPORT | 2021
Our Commitment
to Eliminating the
Gender Pay Gap
At CBRE, diversity, equity & inclusion are more than core values—they’re a
competitive advantage. By creating an environment where each individual is valued
for who they are, recognised for their contributions and given a chance to grow,
we open our business to new perspectives and opportunities.
The Gender Pay Gap measures the total difference between
men and women’s average pay (including bonus and reward
contributions) across an organisation. This is different from
equal pay which refers to the legal requirement that men and
women receive equal pay for the same or equal work.
Our approach to eliminating the Gender Pay Gap is long-term, recognising the need for
cultural change and to ensure we are intentionally building female talent communities.
With a shared foundation of respect, integrity, service and excellence - values we
call RISE - our approach is to positively impact:
• Our culture: strengthening our inclusive culture so our people are safe,
valued and heard
• Our talent: increasing the diversity of our workforce through ongoing
recruitment, training, and retention initiatives
• Our marketplace: investing in diverse suppliers and increasing
our philanthropic activities to impact the community
GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 5 Our Methodology Undertaking the Gender Pay Gap analysis helps us to diagnose the issues and barriers to gender parity. This year we undertook an audit to review our methodology. We subsequently refined our calculations and updated our methodology to best align with the full scope of requirements as set out by the government. We have incorporated these changes and applied them to both our 2020 and 2021 figures. For this publication we are using our revised calculations as a comparison figure rather than our previously reported figures. CBRE serves its clients through different business lines, delivering services for all property types and asset classes. This report presents four of our business segments, alongside data for CBRE UK as a whole. The business segments presented are Advisory Services, Global Workplace Solutions (CBRE GWS), CBRE Investment Management (CBRE IM) and Telford Homes. All data was taken as at 5 April 2021 and the previous 12-month bonus period.
GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 7
Our Results 14.68%
MEAN GENDER
PAY GAP 2021
Looking at the overall CBRE UK Gender Our data shows a year-on-year improvement to our
7.88%
Pay data, the 2021 mean Gender Pay Gap is 2020 data for our median Gender Pay Gap of 0.18%
14.68% and the median Gender Pay Gap is and a 2.34% regression on mean Gender Pay Gap.
7.88%. Overall, our position remains largely We are encouraged that our figure is still below the
comparable with last year. UK’s mean gap of 15.5% .
MEDIAN GENDER
¹ Office of National Statistics (ONS) Gender Pay Gap in the UK - Office for National Statistics (ons.gov.uk) PAY GAP 2021GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 9
Bonus Pay Gap
Proportion of employees
receiving a bonus
68.21%
MEN
Our Results 78.21%
WOMEN
CBRE UK Pay Gap UK pay quartiles*
Hourly pay Mean (14.68%)
Median (7.88%)
Mean Median Men
Men Women
Women
20
Upper
Upper 73.50
73.50
18.62 Quartile
Quartile 26.50
26.50
17.35
15
15.09 Upper
Upper 69.60
14.67 14.68 Middle 69.60
Middle 30.40
Quartile
Quartile 30.40
12.22 12.34
10
%
10.48 Lower 75.75
Lower
Middle 75.75
Middle
Quartile 24.25
8.06 7.88 Quartile 24.25
5 Lower 58.31
Lower 58.31
Quartile 41.69
Quartile 41.69
0 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2017* 2018* 2019* 2020** 2021** 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
OldMethodology
* Old Methodology **New Methodology New Methodology * A pay quartile divides our total workforce into four segments of equal size.GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 11
Understanding
The Gap
Our report shows that our CBRE UK Gender Pay Gap is largely
comparable to last year. However, we do continue to see an
improvement in female representation across all our pay quartiles.
Our key focus continues to be on increasing female representation
in our upper pay quartiles.
Our data has shown a significant shift in the median bonus gap of
-230.44% in 2021, including an increase in the number of people receiving
a bonus. The average bonus amount for women was higher, with the
difference driven by a large group of employees, majority male, who
performed essential services in keeping client facilities operating during
the pandemic and received a one-off bonus payment for their efforts.
As it was a one-off payment, next year we expect to return to a range
similar to 2020.
Like many in our industry we face the issue of “occupational segregation”
being a key lever for our Gender Pay Gap. This is the term given to the
distribution of high numbers of men and low numbers of women across
certain occupations. In recognising the role this plays in our Gender Pay
Gap we have focused on mid- to long-term activity that will ensure greater
representation in our own organisation but also contribute
to improvements across the industry.GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 13
Taking Action
CBRE UK All Entities
Attracting Women Developing Women Retaining Women
• We are monitoring our recruitment practices • We are ensuring proportionate representation • We strive for zero regression on our current
to ensure more diverse interview panels within our talent, learning and development female representation levels and aim to counter
and diverse candidate slates at longlist and programmes and increasing our investment in any regressive effects.
shortlist stages. women focused programmes.
• We are holding ourselves accountable for
• We are using our global recruitment system • We are ensuring that interview panels for improving gender representation at all levels.
'Talent Source' to help monitor our minimum promotion have diverse representation.
standards for recruitment. • We are focusing our efforts on our Upper
• We are committed to ensuring career returners Quartiles which is key in tackling the
• We are investing in AI enhancements for our are supported with focused interventions, Gender Pay Gap.
‘Talent Source’ platform, which will grade our coaching and mentoring.
content to ensure we are removing gender bias • We are using our data to follow the career
from job descriptions. • We are committed to embedding flexible paths of women in the business and create
working as a key driver for supporting women to programmes to sponsor, mentor and
• We have made Unconscious Bias and Inclusion thrive in the workplace. retain them.
training mandatory for all recruiting and people
managers. • We support our Women’s Network to implement • We are working with our Women’s Network to
interventions that support women across the review our policies that support and ensure
• We will work towards ensuring greater diversity organisation to develop their careers. women thrive in the workplace.
in our ‘Next Generation’ programmes, including
school, intern, graduate and apprenticeship
programmes.GENDER PAY GAP REPORT | 2021
CBRE Advisory
CBRE Advisory UK Pay Quartiles Men Women
Men Women
CBRE Advisory
Upper Upper 76.24
Services
Quartile 23.76
Quartile 23.76
Upper 62.94
Middle
Quartile 37.06
Upper
Lower Middle
46.39
Middle
Quartile Quartile53.61 37.06
38.81
Lower
Quartile
Lower 61.19 46.39
CBRE Advisory Services offers a broad range of CBRE Advisory Services has three legal entities, Middle
integrated services, including: transaction and required to report: CBRE Limited, CBRE Corporate Quartile
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
project management, property management, Outsourcing (COS) Ltd and CBRE Management
Men Women
appraisal and valuation, property leasing, strategic Services Ltd. CBRE Management Services Ltd was Lower 38.81
consulting, property sales, mortgage services and transferred from CBRE GWS Ltd in January 2021. CBRE Limited Quartile 80.06
Upper
development services. This year our Gender Pay Gap CBRE Management Services Ltd is sensitive to Quartile 19.94
external factors related to the occupation and
figures are largely unchanged compared to last year. Upper 64.84
ownership of buildings, which is shown through its Middle
35.16
0% 10% 20% 30% 40%
Quartile
variances. We continue to see the Gender Pay Gap Lower 49.76
driven by under-representation of women in our upper Middle
Quartile 50.24
quartiles and we are taking action to change this.
Lower 43.71
Quartile
CBRE Advisory Pay Gap 56.29
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Hourly Pay Men Women
MEAN MEDIAN
CBRE COS Limited Upper 55.56
Quartile 44.44
CBRE Advisory (All Entities) 29.61% (-0.56%) 30.37% (+0.38%)
Upper 50.00
Middle
CBRE Ltd 29.50% (+0.81%) 30.48% (-2.53%) Quartile 50.00
Lower 46.77
CBRE COS Ltd 16.52% (-0.85%) 15.15% (+0.52%) Middle
Quartile 53.23
CBRE Management Services Ltd 25.14% (-2.67%) 25.26% (-3.52%) Lower 29.03
Quartile 70.97
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Bonus Men Women
Percentage of employees Bonus Pay Gap
receiving a bonus CBRE Management Upper 61.90
Quartile
MEN WOMEN MEAN MEDIAN
Services Limited 38.10
Upper 52.38
Middle
CBRE Advisory (All Entities) 90.01% 88.49% 77.72% 67.02% Quartile 47.62
Lower 37.14
CBRE Ltd 89.77% 87.76% 78.05% 67.19% Middle
Quartile 62.86
CBRE COS Ltd 94.46% 98.53% 42.25% 24.89% Lower 13.33
Quartile 86.67
CBRE Management Services Ltd 87.93% 86.26% -5.75% 31.75%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 17
Our 2021
Activity
CBRE Advisory Services
Attracting Women We have partnered with The Careers & Enterprise depth of network. We also supported Associate Retaining Women
Company to be recognised as a Cornerstone Directors to participate in Balance and other
Across our business we launched our global Employer, which allows us to drive our Next targeted initiatives exposing them to development We launched a range of enhanced policies to
recruitment tool, Talent Source. We invested in this Generation opportunities nationwide. We are opportunities earlier in their career. We achieved support families in the business. Our family-friendly
system to ensure job descriptions are decoded for continuing to increase partnerships with proportional representation across all our policies now include enhancements to all parental
gendered language. We have adopted our global non-cognate universities to drive diversity Talent, Learning and Development programmes. leave and the inclusion of neonatal and fertility
policy for minimum recruitment standards which through our graduate programme. support. To help working families, we also launched
includes diverse interview panels and ensuring We launched our Diversity Scorecards initiative a childcare allowance to assist with the cost of
diverse shortlists. We invested in this system to We provided work placements through our targeted providing greater data visibility across our childcare for all parents who are eligible.
better enable job descriptions to be decoded schools outreach programme in partnership with service lines. This allowed us to target
for gendered language. We also launched an Career Ready. The programme allows us to target interventions, monitor trends and take a whole We also launched a menopause support package
'anti-nepotism' policy for all roles to ensure more young women from diverse backgrounds employee lifecycle approach. Each of our service through our healthcare provider, AXA, and a carer
greater fairness in our processes. to our apprenticeship scheme. This programme lines is committing to representation goals support package through Legal & General.
complements the work we will undertake as and establishing talent plans for all Executive
We launched our Gender Balance programme, which a Cornerstone Employer. and Senior Directors.
focuses on increasing the representation of women
in our senior leadership roles. Alongside this, we Developing Women Our Women’s Network relaunched its Promotion
redefined our expectations with all our recruitment Mentoring Programme, supporting a total of 185
partners, ensuring alignment with our values and We ran our first Gender Balance programme pairings through the promotion process. This
DE&I objectives. This will include biannual reporting which, created a platform to develop and sits alongside our UK Mentoring and Reverse
and a mandate to drive change and to demonstrate connect talented women at Director level in the Mentoring Schemes, supporting knowledge
quantifiable progress. UK business. In 2021, we increased the number sharing and helping our people to achieve their
of women in the programme and opened it up professional goals.
across Continental Europe to provide a greaterGENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 19
CBRE Global
Workplace
Solutions UK
(CBRE GWS UK)
CBRE GWS provides industry-leading facilities portfolio to see improvements across most other reporting CBRE GWS Bonus Gap movement is reflected across both the
property services. It comprises two entities: CBRE GWS demographics: an increase in the percentage of mean and median Bonus Gap in the individual
Ltd and CBRE Managed Services Ltd. women receiving a bonus, significant decreases in the The overall GWS UK Bonus Gap has improved entities. The reason for the negative median Bonus
mean and median Bonus Gap and an increase in the significantly since 2020, with a 24.23% increase in the Gap is that bonus payments for women were higher
This year, although there has been a small percentage of women in the majority of pay quartiles. number of women receiving a bonus and a 21.47% than the payments received by men.
increase in our Gender Pay Gap we are pleased decrease in the mean Bonus Gap. This positive
Pay Gap - Hourly Pay Bonus Gap
MEAN MEDIAN Percentage of employees Bonus Pay Gap
receiving a bonus
CBRE Advisory (All Entities) 15.40% (+2.01%) 18.48% (+0.8%) MEN WOMEN MEAN MEDIAN
CBRE GWS Ltd 12.81% (+1.25%) 12.81% (-1.32%) GWS (All Entities) 76.75% 55.57% 16.24% -73.81%
CBRE Management Services Ltd 18.09% (+1.87%) 22.08% (+0.34%) GWS Ltd 73.42% 54.97% 16.51% -165.88%
Managed Services Ltd 77.36% 55.8% 26.03% -59.24%GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 21
CBRE GWS UK Pay Quartiles continued
Men Women
CBRE GWS
MenAll Entities
Women
Upper 76.24
Quartile 23.76
Upper 76.28
Quartile 23.72
Upper 62.9485.60
Upper
Middle Middle
Quartile Quartile 14.40 37.06
Lower 76.63
Lower Middle
23.37 46.39
Middle Quartile
Quartile 58.47
53.61
Lower
Quartile 41.53
Lower 38.81
Quartile 0% 10% 20% 30% 40% 50% 60%
61.1980%
70% 90% 100%
0% GWS
CBRE 10%Limited
20% 30% 40% 50% 60% 70% 80% 90% 100%
Men Women
Upper 67.15
Quartile 32.85
Upper 66.18
Middle
Quartile 33.82
Lower 57.32
Middle
Quartile 42.68
Lower 59.76
Quartile 40.24
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
CBRE Managed
Men Services
Women Limited
Upper 79.90
Quartile 20.10
Upper 88.86
Middle
Quartile 11.14
Lower 80.62
Middle
Quartile 19.38
Lower 58.24
Quartile 41.76
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 23
Our 2021
Activity
CBRE GWS UK
We maintained a great focus on diversity, equity & working with the Talent Acquisition team to review Retaining Women
inclusion (DE&I) despite the challenges brought by the Preferred Supplier List (PSL) of agencies, and
the pandemic. ensure we are partnering with agencies that support We supported flexible and alternative working
diverse recruitment. arrangements for Primary Carers throughout
Attracting Women the pandemic and beyond. We made significant
Developing Women improvements to UK enhanced maternity pay,
We launched an Early Careers Programme of entitling primary carers to six months of full pay
apprenticeships, graduates and interns which Our Talent Review and Succession Planning and launched new family-friendly policies to
had 53% diverse representation, including provides visibility and insights into our diverse support this.
female representation. range of talent, including female talent. We
promote meaningful Development Planning to We ran sessions on the menopause and the
Our Race, Ethnicity And Cultural Heritage invest and advance in our top diverse talent importance of its consideration for policy.
(REACH) network launched a community across the business.
outreach programme aimed at building long-term We made a formal partnership with the Women in
relationships with schools and other organisations Our Women’s Network launched its learning Engineering Society where we work in conjunction
to help support and attract under-represented and development series, “Learn, Grow, Develop” to celebrate events such as International Women
groups, including women. which holds monthly events on a range of topics in Engineering Day with a view to attracting more
to support development. We use behavioural females to work in our industry.
We developed market-leading talent attraction assessments rather than “traditional” career paths
principles which ensure we are hiring and promoting or skills sets to help identify a stronger pipeline We launched a new global series of DE&I learning
diverse talent. This includes implementing of female talent. modules and held various events to continue to
diverse candidate slates and interview panels for raise awareness and embed an inclusive culture
management and leadership roles. We launched a mentoring scheme through our throughout the year. Our Inclusive Leadership
Women’s Network ensuring women will have Workshop had over a 90% completion rate. We
In terms of our diverse supply chain, we had a access to mentoring from senior leaders. also launched our “Fast Track” programme, to
325% increase in UK diverse supplier spend and We saw a 17% increase in membership of ensure effective development and coaching for
participated in five supplier diversity events. We are our Women’s Network. under-represented groups, including women.GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 25 CBRE Investment Management One of the world's leading real assets investment managers, CBRE Investment Management is responsible for more than $141.9 billion of assets under management. Our focus on delivering results is driven by our values, entrepreneurial spirit and our clients’ diverse needs. This is the second year in which we have calculated our UK Gender Pay Gap. We are pleased to voluntarily publish in line with our ongoing commitment to our people and other stakeholders. We have seen the proportion of male employees in the upper quartile reduce over the last year from 75% to 71%. Addressing this balance remains a core focus of our firm’s UK Gender Pay Gap strategy.
GENDER PAY GAP | REPORT 2021 © 2022 CBRE INC. 27
UPPER QUARTILE
CBRE 71.43%
Investment MEN
Management 28.57%
WOMEN
Pay Gap - Hourly Pay CBRE Investment Management UK Pay Quartiles
MEAN MEDIAN
Men Women
CBRE Investment Management 25.54% 18.36%
71.43
Upper
Quartile
28.57
Bonus Gap Upper 54.84
Middle
Percentage of employees Bonus Pay Gap Quartile 45.16
receiving a bonus
MEN WOMEN MEAN MEDIAN
Lower 50.00
CBRE Investment Management 93.53% 92.31% 45.56% 65.22% Middle
Quartile 50.00
43.55
Lower
Quartile
56.45
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 29
Our 2021
Activity
CBRE Investment Management
Our 2021 results are encouraging and reflect Developing Women by broadening their professional network and to connect with senior women in the firm
the practices and activities we have put in place business acumen. and gain an in-depth understanding of the skills
during and after gaining the NES accreditation. We We continue to deliver programmes aimed and experiences needed within leadership roles.
acknowledge there is still much more to be realised. at enhancing career progression, including We have implemented career path toolkits
greater diversity in succession planning for for employees and an onboarding toolkit for Our enhanced maternity and adoption leave
Attracting Women senior positions. Furthermore, our female managers. Check-ins with new joiners three and compares favourably to the market norm. We
employees increasingly participate at a senior six months into their roles ensure they understand provide career coaching for those embarking
Several initiatives have been incorporated into our level within CBRE’s UK Employee Business our firm, our values and get the most out of their on, or returning from, maternity and adoption
recruitment processes, including the use of our DE&I Resource Group, including the Women’s Network CBRE Investment Management experience. These leave. We provide parental leave coaching for
manager toolkit and a gender decoding app within Board. Additionally, a female senior associate initiatives are key to building a culture in which line managers, and we host parents’ circles.
our job descriptions. Across the firm, our people are was appointed as a liaison on the CBRE Race employees feel valued and can thrive, and are key We continue to promote shared parental leave
increasingly accountable for securing a balanced Ethnicity and Cultural Heritage (REACH) Network to our continued efforts to retain more women in via a fforum, which allows employees who have
slate of candidates during the recruitment and Board, which helps expand awareness about our organisation. accessed this benefit to share their insights and
interview process. The introduction of social mobility opportunities for females and ethnic minorities experiences with their peers. In addition, our
work experience and internship programmes infused to actively participate in career and flexible working guidelines allow our people
diverse junior talent into our hiring pipeline; 100% leadership-enhancing activities. to balance their time.
of the interns in our six-month diverse internship Retaining Women
programme are now full-time employees with us. In We look forward to participating in the CBRE
Our Junior Council provided leadership
addition, 60% of the coaches in our Future Leaders Women in Leadership Programme in 2022. The
opportunities for more women, and recently
social mobility coaching programme, which matches expansion of the CBRE Women’s Network into
appointed its second female co-chair. Mentoring
leaders within the business with student leaders from Europe is also set to benefit our UK colleagues,
circles have enabled junior and mid-level women
the community, are women.GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 31 Telford Homes Telford Homes is one of London’s leading developers, with a focus on designing and constructing high-quality Build to Rent developments across the capital and beyond. We build high-quality homes and sustainable communities, creating highly rewarding opportunities for our partners, stakeholders, residents, and employees. Our expertise, sector knowledge and focus on sustainability is the combination that really sets us apart. This year is the first year our data is published as part of the wider CBRE UK report. Our Gender Pay Gap continues to be driven by the low representation of women across our quartiles. Given the nature of our business we are impacted by occupational segregation and are working to address this where we can.
GENDER PAY GAP | REPORT 2021 © 2022 CBRE INC. 33
UPPER QUARTILE
92.0%
Telford MEN
Homes 8.0%
WOMEN
Pay Gap - Hourly Pay Telford Homes UK Pay Quartiles
MEAN MEDIAN
Telford Homes 27.61% 28.67% Men Women
Upper 92.00
Quartile 8.00
Bonus Gap
Percentage of employees Bonus Pay Gap Upper 82.67
receiving a bonus Middle
Quartile 17.33
MEN WOMEN MEAN MEDIAN
Lower 77.33
Telford Homes 19.33% 30.30% 40.62% 37.50% Middle
Quartile 22.67
Lower 60.00
Quartile 40.00
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%GENDER PAY GAP REPORT | 2021 © 2022 CBRE INC. 35 Our 2021 Activity Telford Homes We believe that encouraging more women into the We have worked hard to understand how we can industry to build a career will ultimately address the better support women during long periods of gender pay gap in construction. Two of the most absence due to maternity and shared parental successful ways we can do this are to ensure we are leave. This includes improved maternity and shared creating opportunities for women to experience the parental leave and returner processes with better construction workplace and to keep adding to our communication during maternity leave and just female trainee population, who currently represent before return to work. We have increased our paid a fifth of the total number of trainees in our business. maternity leave to 100% of base salary during This proportion has been higher, however recently the ordinary maternity leave period and have several female trainees were successfully promoted implemented a hybrid working policy, providing into professionally qualified positions within flexibility to our staff. our company. We continue to review our recruitment practices Whilst we are actively encouraging more females to to enhance the recruitment experience for women. join the industry, and we are successfully promoting We have also embedded our improved recruitment women from our trainee scheme, the proportion of system, providing us with the ability to target a wider women in senior roles remains relatively low. This is and more diverse pool of candidates. Additionally, not surprising considering our industry and this will we continue to partner with several organisations take time to change. We are constantly reviewing our to promote careers within construction for females. current practices to redress this wherever possible For example, Pathways, an organisation which in the longer-term. works with young women in schools and colleges to encourage them to consider a career in construction.
Contacts GENDER PAY GAP REPORT | 2021 Ciaran Bird Natalie Barnicott Ian Entwisle Divisional President, UK Head of People, CEO, CBRE GWS Advisory Services, CBRE Limited Global Local CEO UK & Ireland natalie.barnicott@cbre.com ian.entwisle@cbre.com ciaran.bird@cbre.com Hannah Ormondroyd Chuck Leitner Ronald Visser Vice President People, CEO, CBRE Investment EMEA Head of People, CBRE GWS Global Local & DCS Management CBRE Investment Management hannah.ormondroyd@cbre.com chuck.leitner@cbre.com ronald.visser@cbre.com Jon Di-Stefano CEO, Telford Homes jon.di-stefano@telfordhomes.london This disclaimer shall apply to CBRE Inc. and to all other divisions of the Corporation (“CBRE”). All information included herein pertaining to CBRE – including but not limited to its operations, employees, technology and clients – are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without the prior written consent of CBRE. CBRE and the CBRE logo are the service marks of CBRE Inc. and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE © 2022 All Rights Reserved. © Copyright 2022 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of the CBRE Global Chief Economist.
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