Richard Kirke Leaves Colliers HK to Take Over CBRE’s Capital Markets Team

Last week real estate consultancy Colliers International underwent a second major change in its Asia leadership in less than two months, when rival CBRE announced that Richard Kirke would take over responsibility for its APAC Capital Markets team.

Kirke, who on his LinkedIn profile still lists his current role as Managing Director Hong Kong for Colliers, had led the company’s team in the SAR since 2009. He reportedly will assume his new responsibilities at CBRE during the first quarter of next year. The defection by the Kiwi-native and former professional rugby player came just over six weeks after Kirke’s former boss Pier Brunner left his post as Colliers’ CEO for Asia.

In June, Colliers had added 15-year industry veteran Paul Baxter as its new COO for Asia.

CBRE Seeks to Support Investment Services

In a statement, CBRE announced Kirke’s new role as a way to strengthen their investment advisory services by adding a new layer of management atop its existing operation. Despite its status as the largest of the real estate advisory firms, at least in the China market, CBRE has struggled to build a team in the lucrative investment advisory field.

In July, the real estate consultancy lost Shanghai-based executive Mark Suchy, who had played a key role in a number of outbound investment deals, to competitor Cushman & Wakefield. An informal tally reveals that at least five director level leaders have left CBRE’s Capital Markets team in China in the last eighteen months.

The Capital Markets team is largely responsible for advising clients on disposition or acquisition of real estate assets for investment purposes.

The company indicated that Kirke’s role overseeing its Capital Markets team for Asia Pacific is newly created, and Kirke will continue to be based in Hong Kong. Previously, CBRE’s highest ranking Capital Markets executive in Asia had been Greg Penn, who continues in his position as Managing Director of Capital Markets for Asia under the new arrangement.

Commenting on the new appointment, CBRE’s APAC Managing Director Rob Blain said, “Capital Markets is a central linchpin of both our global and APAC service offerings, and a key part of our growth strategy in the region is to build strong leadership across business lines.”

Kirke entered the real estate field in 2004 as an industrial broker with CBRE and quickly moved up to a national level leadership position before joining Colliers in Hong Kong five years ago.