Sources: Other Brokerages to Follow C&W in Cuts

NEW YORK CITY-Due to Cushman & Wakefield Inc.’s recent reduction of a reported 200 positions nationwide, some industry sources say we are sure to see more layoffs in the brokerage world and across the industry. The reason, sources say, is overall market weakness, the economic environment and downturn in property sales.

A Cushman & Wakefield spokesman confirms job reductions, but did not confirm the reported 200 job loss amount, nor could he detail how many people will be affected in each market, region or specific group. He did say, however, that “on a local level, market by market, it’s not a significant number of people.” He explains that “a small percentage of jobs will be affected.”

The spokesman continues that of the approximately 6,000 employees in the US, “some markets are reducing staff and in some markets we continue to add staff.” As far as the local New York City market, he says that he cannot comment on the Manhattan office as far as level of detail, but that New York City is “one of our largest markets.”