Losses for the global commercial services firm Cushman & Wakefield
doubled in 2009 compared to 2008, according to its Italian parent
company, even as Cushman’s main global rivals reported mixed results in
what was widely seen as the most difficult real estate environment in
decades. Cushman lost $32 million in 2009 on gross revenues of $1.5 billion,
compared with a loss of $14 million on gross revenues of $1.8 billion in
2008, its parent company, Exor, reported. The Cushman numbers were published on Exor’s Web site today as part of
the company’s annual shareholders’ meeting. The annual figures were
originally published last month, but were not widely reported in the
United States. [more]

The Devonshire House at 28 East 10th Street in Greenwich Village puts units on the market. FirstService Real Estate Advisors expands to D.C. Manhattan Borough President Scott Stringer denounces rezoning proposal. For more click here. TRD
[more]

Two of the top Manhattan office leasing brokers
said rents had further to fall on a panel yesterday, but Newmark Knight Frank CEO Barry
Gosin took a different stance. Robert Freedman, executive chairman of FirstService Williams said the
market needed another 12 to 14 months before hitting bottom, and large
sublease blocks needed to be absorbed first. Peter Turchin, executive vice
president at CB Richard Ellis, said it might be another year before
prices would pick up. But Gosin said following the fastest price discovery he had ever seen, leasing values are about at the bottom. “Usually I am the bear in the group, this is hilarious,” Gosin said. “I
think prices are pretty well established and I think we are bumping
along the bottom. I don’t think there is a significant decline left in
the market.” [more]

For the first time in recent memory, all the major U.S. commercial real estate brokerage firms
have reported first quarter net losses.  Among the firms reporting losses are Jones
Lang LaSalle, FirstService, CB Richard Ellis, Grubb
& Ellis and Ifil Group, Cushman & Wakefield’s Italian parent company. Many of the firms
are implementing cost reduction measures, including salary cuts, to curtail the
effects of these losses. “This first quarter was accompanied by the worst market environment in
memory, making our seasonal loss more pronounced than in previous
years,” said Colin Dyer, CEO of Jones Lang LaSalle. [more]

Some commercial tenants are trying to appear more conservative during
the recession by moving offices off of prime streets. One anonymous
broker said he has a “client who’s on Park Avenue and wants to get off
Park. They feel it has too much cachet and it sends the wrong signal to
their shareholders and to people in general.” Robert Goodman, a senior
managing director at FirstService Williams, said he has seen a number
of law firms come “to the realization that the Park Avenue addresses
aren’t as much of a recruiting tool as they were in the past.” [more]