The Real Deal Miami

Survey: Real estate CFOs expect to cut more jobs, employee benefits in the coming months

November 05, 2009 10:20AM

The real estate industry is bracing itself for another tough year. Feeding off of general pessimism about the industry, just 12 percent of real estate companies plan to increase hiring over the next six months, while 33 percent are expecting layoffs and 63 percent are slashing bonuses, according to a Grant Thornton survey of real estate CFOs and senior comptrollers. Stock options, salary raises and employee benefits were other things popularly slated for reduction. Twenty-four percent of those surveyed predicted that their company’s financial situation would worsen in the next half-year, though 63 percent believed the overall economy would improve. TRD