One of Canada’s best-known senior executives in the commercial real estate industry, CBRE chairman Paul Morassutti, plans to step into retirement at the end of this year.

Morassutti, who has held the chairman’s position for the past three years, made the announcement in a post on LinkedIn.

"At the end of this year, I will be stepping down as Chairman, CBRE Limited and retiring. And while emotions swirl, my overwhelming feeling is gratitude,” he wrote in the LI post. “I am deeply grateful for the opportunities I have been given, the clients I have served and the incredible array of colleagues that I have worked with throughout my entire career, many of whom are now close friends.”

Morassutti has spent three decades as a senior executive in the industry, the past 13 of them in increasingly senior roles at CBRE. He rose to the position of vice chair in 2018, and then took the chairman’s position in November 2022.

“This significant achievement reflects Paul’s unique abilities, his ambitious new agenda and contributions to Canadian commercial real estate over the past 30 years,” a release from CBRE stated when he was named to the position.

Morassutti's experience and profile

Prior to his time at CBRE, Morassutti also spent a decade working at Altus Group, where he started as a vice-president and rose to chief operating officer before his move to CBRE.

“I am enormously indebted to CBRE, both in Canada and beyond, which has been my home for the past 14 years,” he wrote in the LI post. “There are simply too many people to thank at CBRE but I have to single out John O'Bryan, Stefan Ciotlos, Mark Renzoni, Werner Dietl, Jon Ramscar, Adam Hannah and Angela Taylor for their collaboration, partnership and friendship.”

Morassutti holds the AACI and MRICS designations as part of his three decades in the valuation and advisory services business. In addition to his role as chairman, he previously led CBRE’s Valuation & Advisory team in Canada.

Morassutti’s public profile within the industry has grown greatly over the years.

He has authored numerous articles, is a frequent guest speaker at commercial real estate conferences and events, has provided valuation training for groups such as REALPAC, the Appraisal Institute of Canada and Brookfield Financial, and is a frequent source for industry commentary in Canadian and international media.

He is a member of the Royal Institute of Chartered Surveyors and sits on the advisory board for the Schulich School of Business MBA program in real estate and infrastructure. He is also a director of Artscape, a not-for-profit organization where he chairs the development committee.

'A true privilege'

Morassutti alluded to his family history in the real estate and construction industry in his LI post.

“Almost 100 years ago, my grandfather laid bricks in buildings that still stand today. Hopefully, I have continued that legacy (albeit figuratively not literally),” he wrote.

“I am committed to a smooth transition and look forward to watching CBRE continue to succeed in the future and I look forward to keeping in touch with all of you.

“It has been a true privilege.”