I have a buddy thats at a top brokerage firm (CBRE, Newmark, Colliers, JLL). He said they had a call last week about the company considering layoffs due to the impacts of Covid. This was for there investment sales division. I think its a bit odd because this is so early but apparently this was the head of their investment sales division saying this.
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Why would they tell their employees they might be getting fired before firing them? Sounds like bullshit or exaggeration
I have the sense it will happen, but less so in Capital Markets/IS division as deals are still ongoing, buyers are still out there and sellers too.
However, rest of business is pretty much on hold. Leasing, tenant rep and workspace teams have barely any work now. No one would sign any office lease, and construction is forbidden. Right now, it's really just property management, valuation and capital markets working.
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