Categories:Real Estate

Leading real estate practices shrink by 18 per cent as recession bites

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  • I wonder how much the same leading real estate practices had grown over the preceding ten years? If you answer that question, you'll probably see that activity and turnover has a lot further to fall before you get back to a level which is sustainable in the long term.

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  • I was made redundant from a US law firms real estate department last November and haven't worked since. I wonder how long it will be before firms start hiring again?

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  • Real estate transactional work (as opposed to the financing, planning and JV structural components) may never go back to private practice and perhaps it shouldn't. If we learn anything from the current turmoil it should be that clients are going to want quality AND a lower cost of sales. This should mean some alternative business structures will move in on this work. Recession should be driving innovation.

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