One inside source tells GlobeSt.com there are "many reasons" why this is happening. "One is that a few of the brokers were hired by Cornish and Carey, another is that the companies were in negotiations to merge with Cornish and Carey and that was a very turbulent situation," says the source. "Also, on a corporate level, the commission split has changed, so financial pressure definitely played a part of the decision to close the office."

CBRE and Cornish & Carey Commercial had been in and out of merger negotiations for some time. Those talks collapsed in early May. The source also says the decision to close Walnut Creek comes after the recent decision by CBRE to cut an unspecified number of jobs in an effort to save millions.

According to industry sources, the company is trying to be practical in how business is managed given a stalled economy and soft local market conditions. CBRE officials will reportedly service the Walnut Creek area out of its office 20 miles south in Pleasanton.