CBRE has pledged to spend £770m next year and £2.3bn over the next five years to increase its engagement and partnerships with businesses owned by under-represented groups.

The firm said it will increase its dealings with businesses owned by groups including minorities, women, veterans, LGBTQ and disabled individuals. It has also committed to supporting small businesses more.

CBRE has said by tripling its support in five years and reaching its ‘diverse-spend’ goals, it hopes to earn a seat at the Billion Dollar Roundtable – a group of 28 companies recognised for supplier diversity.

Members of the roundtable use their large-scale purchasing power and procurement practices to influence suppliers and help local communities around the world.

CBRE chief diversity officer Tim Dismond said: “Supplier diversity allows us to make an even greater contribution to the long-term economic stability of our communities.

“Our commitment will directly benefit under-represented businesses and in turn, those businesses will elevate the people and areas where they are located by creating sustainable jobs and tax revenue.”

CBRE chief procurement officer Andrea Greco added: “Having a diverse supplier pool drives competition and promotes innovation through the introduction of new products, services and solutions. We see supplier diversity as a strategic differentiator in the marketplace.”