By Madelaine B. Miraflor
Major local real estate services player CBRE Philippines is no longer keeping its global CBRE franchise and will soon launch a new brand in partnership with a different international property services firm.
“From January 1, 2017, we will be in a new partnership with a multi-billion dollar global real estate services brand. We shall announce the details of that partnership in the coming weeks,” CBRE Philippines founder Rick Santos said.
“Following a successful 23-year partnership, we have made the tough decision to end our affiliation with CBRE, Inc. at the end of this year,” he said.
In 1994, Santos was tasked to establish CB Richard Ellis in the country and subsequently completed a buyout and assumed full ownership of the local office in 2002, creating the CBRE Philippines brand.
With a new global partnership, Santos said he is now eyeing even further expansion of his business and strengthened operations of his company’s 1,200-strong workforce.
“The Philippines is a pivotal component of the vibrant Southeast Asian economy and it is key to us that our international partner is strategically aligned with the wider Asian region,” said Santos.
In particular, Santos sees continued opportunities from ASEAN, India and China.
“Our new brand will bring increased opportunities in respect of those markets. The success story that is the Philippine BPO industry shows no sign of slowing down and, as both the pioneer and market leader in this sector, we will remain best positioned to service the ongoing needs of clients from established markets such as North America, Europe and Australia,” he added.