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I’m on the acquisitions side and I recently asked some of the capital markets brokers that we work what they think about this and if they are starting to see it. I think their support staff could take a hit and it’s starting to happen in markets where production isn’t as high. They mentioned they will probably have to cut some people in there office in the near term, per the brokerages mandate. This is in California btw
I work on the NYC capital markets team - nobody was fired/laid off on our floor. I believe everyone let go was on the leasing side and in middle or back office positions. I don't think it was many people either, not much word going around.
Good luck, hopefully things stay that way...
Update - confirmed no capital market employees. Our numbers for this year are still really high. This quarter is obviously a bit of a dip, but not enough to result in any layoffs. Seems like leadership is expecting a volatile market going into Q2 2023, and as brokers we stand to benefit.
How is volatility ever good for Capital Markets? Are they thinking rates come in?
Assuming he means volatility that will really result in distressed / good opportunities coming to the surface. People will start transacting again.
I think this line of thinking is misguided. Transaction volumes fall as volatility increases.
bump
Work Dynamics a senior director for sustainability was laid off, which doesn't make any sense to me as sustainability is a huge driver.
This makes sense to me, commercial real estate is backwards like that. They will layoff ppl in sustainability, tech, software engineer roles, anything laying groundwork for future of industry but keep top heavy management or even low ranking producers / brokers around. Whenever a new economic dip happens CRE digs in their heels to continue their prehistoric ways.
At the end of the day profits matter most. If someone is bringing in cash they deserve to stay. No?
I work at JLL within Capital Markets division in West Coast office. Our office doesn’t plan to lay anybody off, just freezing hiring are this time.
Any work dynamics updates ?
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