Small commercial firms expand

Despite the slowdown in the commercial market, some small and mid-sized firms are hiring more brokers and expanding, intent on challenging the industry’s leaders when the market turns up. The smaller firms are taking advantage of the situation faced by large companies like CB Richard Ellis, Jones Lang LaSalle and Cushman & Wakefield, which all lost money in the first quarter, by pointing out to prospective clients that they can offer more personalized services. FirstService Williams in Manhattan has already hired nine more employees this year, and Colliers ABR is in talks to add a capital markets team and property management executive.