After slipping into the red in early 2009, Los Angeles commercial real estate brokerage CB Richard Ellis Group Inc. climbed back to profitability as business improved and the company found new sources of revenue.
CB Richard Ellis turned a profit in the second half of last year that was fueled by internal cuts and a real estate rebound in Asia. Revenue has continued to grow this year as property sales and leasing picked up in Europe and the U.S. The industry's largest brokerage firm has about 29,000 employees in more than 300 offices worldwide.
Chief Executive Brett White, who started with the company as a sales trainee in 1984, recently discussed the recession and the state of the commercial real estate market.
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Have we seen the worst of it?
We are forecasting that vacancies will be declining and rents will be appreciating across all property types by the middle of next year. Recovery will be incremental because job growth is so anemic. Companies are doing anything they can to increase production without hiring more people. Most companies just got done letting go hundreds, if not thousands, of employees. That's a painful, gut-wrenching process.
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http://www.latimes.com/business/la-fi-cbre-20100913,0,7588093.story
CB Richard Ellis turned a profit in the second half of last year that was fueled by internal cuts and a real estate rebound in Asia. Revenue has continued to grow this year as property sales and leasing picked up in Europe and the U.S. The industry's largest brokerage firm has about 29,000 employees in more than 300 offices worldwide.
Chief Executive Brett White, who started with the company as a sales trainee in 1984, recently discussed the recession and the state of the commercial real estate market.
...
Have we seen the worst of it?
We are forecasting that vacancies will be declining and rents will be appreciating across all property types by the middle of next year. Recovery will be incremental because job growth is so anemic. Companies are doing anything they can to increase production without hiring more people. Most companies just got done letting go hundreds, if not thousands, of employees. That's a painful, gut-wrenching process.
...
http://www.latimes.com/business/la-fi-cbre-20100913,0,7588093.story
:eek: