CB Richard Ellis Group, Inc (NYSE:CBG) announced that it is the first recipient of Frost & Sullivan's Global Excellence in Outsourcing Award in the commercial real estate services sector. In selecting CB Richard Ellis as the world's premier commercial real estate services outsourcing firm, Frost & Sullivan, a leading research and consulting firm, conducted an exhaustive, independent assessment of the commercial real estate services industry globally.
Frost & Sullivan researchers evaluated five leading outsourcing firms based on the following criteria:
- Market intelligence
- Cost optimization
- Impact of outsourcing on the firm's growth
- Value creation
CB Richard Ellis achieved an overall weighted average score of 8.2 (on a 1 to 10 scale), well ahead of the 7.4 weighted average score for the second place firm. CB Richard Ellis earned especially high scores for cost optimization and value creation metrics that underscore the strength of its professional staff and service-delivery model.
"CB Richard Ellis creates a competitive advantage for its clients through real estate strategies and solution-delivery," said industry analyst Dipjoy Sen Roy of Frost & Sullivan. "Through its unmatched partnership approach the company forges a relationship of trust with clients, that has enabled the expansion of its customer base."
"We are honored that Frost & Sullivan has selected us for this prestigious award," said William Concannon, president of Global Corporate Services for CB Richard Ellis. "A highly regarded independent business consultant has evaluated the firms in our industry and has identified CB Richard Ellis as best-in-class. This is a terrific endorsement of the services our people are providing to clients every day in markets around the globe."
This is the first time Frost & Sullivan has given a Global Excellence Award in the commercial real estate services outsourcing industry.