After slipping into the red in early 2009, Los Angeles commercial real estate brokerage CB Richard Ellis Group Inc. climbed back to profitability as business improved and the company found new sources of revenue. CB Richard Ellis turned a profit in the second half of last year that was fueled by internal cuts and a real estate rebound in Asia. Revenue has continued to grow this year as property sales and leasing picked up in Europe and the U.S. The industry's largest brokerage firm has about 29,000 employees in more than 300 offices worldwide. Chief Executive Brett White, who started with the company as a sales trainee in 1984, recently discussed the recession and the state of the commercial real estate market. ... Have we seen the worst of it? We are forecasting that vacancies will be declining and rents will be appreciating across all property types by the middle of next year. Recovery will be incremental because job growth is so anemic. Companies are doing anything they can to increase production without hiring more people. Most companies just got done letting go hundreds, if not thousands, of employees. That's a painful, gut-wrenching process. ... http://www.latimes.com/business/la-fi-cbre-20100913,0,7588093.story
incremental = inching along $500B worth of loans are due next year. See how much either gets reworked or defaulted on....
fueled by internal cuts and a real estate rebound in Asia. ____________________________________________________ Yea GRUB/ELLIS layed off a boat load of US employees while they took advantage of RE in ASIA. Smart move as a capitalist but not a good move if you worked for them in the US. This guy is another idiot. He has no clue when the RE market will rebound overall. Hell , ELLIS didn't see the crash coming for crying out loud. It is amazing how these idiots get press and sheeople flock to their words. "Shiller" Index is the only "Gage" that got it right and they called him a moron.
apartment rates are going up because more people are losing their homes. Not exactly an indicator which makes me think commercial is hitting bottom.
Doesn't CB Richard Ellis have a vested interest in talking their own book? If you expect to get objective feedback from on a salesman on their product then good luck.
An upside down market can be good for Realtors. Commercial guys are starting to learn how to do short sales with SBA loans on them. But, you are correct CB Richard Ellis is probably pretty tied in to the lenders in their hopes of getting REOS.