Real estate job losses spreadingDallas Business Journal - by Bill Hethcock Staff writer
jake dean
TOUGH TIMES: Rick Gillham, who recruits commercial real estate executives, says companies are laying off people and putting positions on hold because of the economic slowdown.
View Larger Many commercial real estate brokerages, architectural firms and construction companies are laying off workers and changing strategic focus as the North Texas commercial real estate market suddenly starts to slow.
Leasing of office, industrial and retail space is down 30% or more in North Texas, sales of office, industrial, retail and multifamily buildings are down more than 50%, and construction of office buildings, warehouses, shopping centers and apartments is slowing, according to reports issued by a variety of local real estate sources.
As a result, commercial real estate executive recruiter Rick Gillham said firms are laying off people and putting unfilled positions on hold because of the slowing economy and credit crunch.
“As the capital dries up, so goes the employment market for real estate,” said Gillham, founder of the Dallas-based executive search firm Gillham, Golbeck & Associates Inc. He wouldn’t quantify layoff numbers, other than to say they’ve been “dramatic.”
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