Jones Lang LaSalle announced this week that it will be making 'limited' UK redundancies as a result of the current economic and financial climate. The broker said the measure was being taken to manage costs and enter 2012 ‘in robust health'.
Jones Lang LaSalle announced this week that it will be making 'limited' UK redundancies as a result of the current economic and financial climate. The broker said the measure was being taken to manage costs and enter 2012 ‘in robust health'.
'Jones Lang LaSalle confirms that in light of the current financial and economic climate, it has taken the extremely difficult but necessary decision to make a limited number of redundancies affecting employees in our UK business,' JLL said, without specifying the number of redundancies.
Spain is another market where property services firm are scaling down staff to reflect lower business volumes. CBRE has recently cut 30 jobs across its Spanish offices as prospects for 2012 remain bleak. A number of other brokers are expected to follow suit.
'The bad conditions of the real estate market in Spain this year and the next have forced CBRE to restructure its workforce. This process is now complete and we do not intend to carry out another one,' the broker said.
Spanish commercial property investment so far this year is 60% down on 2010 levels - which were already the lowest of the past decade. CBRE in particular has reported an 11% decrease in revenues in the third quarter.
