CB Richard Ellis Group, Inc. Continues CEE Expansion with Opening of New Office in Montenegro

CB Richard Ellis Group, Inc. today announced that it has opened an office in Budva, Montenegro. The country is one of Central and Eastern Europe’s (CEE) fastest growing emerging markets and the future potential of its commercial real estate market is attractive to the company’s international clients.

Headed up by Nikola Cetkovic, CB Richard Ellis’ new office will provide a full service commercial real estate offering and specialist advice to clients looking to establish themselves in the local market. According to the Central Bank of Montenegro (Bulletin October 2008), 40% of total foreign investment inflow between January and September of this year was attributed to real estate.

The move into the country extends CB Richard Ellis’ platform in Central and Eastern Europe (CEE) and follows its acquisition earlier this year of Eurisko Consulting in Romania and, the opening of a new office in Ukraine.

Andreas Ridder, Chairman Central and Eastern Europe CB Richard Ellis, said: “The opening of an office in Budva is another important building block in the development of our Central and Eastern European business. EU funds have already been assigned to help enhance Montenegro’s infrastructure and, despite the impact of the credit crunch, it is currently one of the region’s top destinations in terms of growth potential.”

Nikola Cetkovic, Senior Director, Montenegro CB Richard Ellis also commented: “The country’s expansion potential makes this one of the most exciting markets in CEE and both local and international clients are already benefiting from our local knowledge and contacts.”