High inflation, rising interest rates and a slowdown in investment sales has hit the big public brokerages. The December issue of Deconstruct is about who is crazy enough to build office right now. We also dive into Builders Remedy, the provision in California that allowed developers to bypass planning oversight.
After low interest rates propelled investment sales to a record-breaking year in 2021, commercial brokerages including CBRE, Newmark and JLL, are now feeling the brunt of the impact. They're pushing to cut costs, some have laid off employees, but all agree the macroeconomic environment has made it hard to do business. Deconstruct chats with TRD reporter Patrick Ralph about the reasons behind the brokerages’ pain and whether the firms will see relief in the future.