CBRE Group, Inc. today announced a pledge to spend $1 billion with diverse suppliers in 2021 and to grow this spend to $3 billion in five years.
By achieving these goals, CBRE will substantially increase its engagement and partnerships with businesses that are certified as owned by underrepresented groups, including minorities, women, veterans, LGBTQ and disabled individuals.
The company is also committed to increasing support for small businesses.
“Having a diverse supplier pool drives competition and promotes innovation through the introduction of new products, services and solutions,” said Andrea Greco, CBRE’s Chief Procurement Officer. “We see supplier diversity as a strategic differentiator in the marketplace.”
CBRE’s supply chain function manages one of the largest third-party spends in the commercial real estate industry through hundreds of professionals on four continents. By reaching its diverse-spend goals, CBRE aspires to earn a seat on the prestigious Billion Dollar Roundtable (BDR), a group that now consists of just 28 companies that are recognized leaders in the area of supplier diversity. Members of the BDR use their large-scale purchasing power and procurement practices to influence suppliers and drive positive outcomes for local communities around the world.
“Supplier diversity allows us to make an even greater contribution to the long-term economic stability of our communities,” said Tim Dismond, CBRE’s Chief Diversity Officer. “Our commitment will directly benefit underrepresented businesses and in turn, those businesses will elevate the people and areas where they are located by creating sustainable jobs and tax revenue.”