Down market hits commercial brokers

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Commercial brokers are learning to adapt to the down housing market. Cushman & Wakefield reports that compared to a year ago, the amount of office space leased in Manhattan in the first quarter was down 8 percent and the number of new lease transactions was down 47 percent. To stay competitive, brokerages are trying to diversify client bases, hiring sales coaches to boost productivity and organizing deals outside of Manhattan. Industry people believe the market will get worse before it gets better, so brokers are getting used to working on smaller, less-profitable transactions. Some firms are even cutting back on commissions. 

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