Atlanta Real Estate Jobs Cut with CB Richard Ells Inc.
A small number of Atlanta real estate jobs will soon be cut.
CB Richard Ells Inc. recently announced its plan to cut five to 10 positions from the company’s Atlanta office. The Atlanta job cuts will include some commercial real estate brokers, according to an article by the Atlanta Business Chronicle.
“CB Richard Ellis regularly reviews its operations to ensure that our costs are aligned with the business environment,” John Ferguson, managing director of the Atlanta office, said in the article. “In light of the continued market weakness, we have been focused for the past year on cost containment in all aspects of our business.
“Unfortunately, our efforts have included some modest reductions in headcount,” Ferguson added. “In Atlanta, and in most offices, the effect of such reductions is minimal and we remain well positioned to continue serving our clients during these turbulent times.”
The company holds the largest real estate service firm in Atlanta. CB Richard Ellis employs 97 full-time licensed brokers and 314 total staff members.
CB Richard Ellis previously made a round of layoffs nationwide during October 2008. The company’s Q3 profits decreased by 65 percent during November 2008 to $40.4 million. This was mainly due to weak sales and leasing activity.
Although the company’s cuts are smaller than most, they will only contribute to Atlanta’s declining economy. The Atlanta-Sandy Springs-Marietta area had a total non-farm employment of 2,412,600 workers during December 2008, according to the United States Department of Labor Bureau of Labor Statistics. This is down from 2,421,700 workers during November 2008 and a 3.3 percent decrease from last year.
During November, the Atlanta area had an unemployment rate of 7 percent, up from 6.7 percent during October and higher than the national unemployment rate of 6.7 percent.
© 2012