Record losses for U.S. brokerage industry

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.