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Profimex Market Review Update – February 25, 2021

25.2.2021

The Perfect Moment to Negotiate Office Rent

During the pandemic, office occupiers decided to stay on the sidelines before re-entering the market to wait for the “sweet spot”, the time when they can get the best deal in the market. Historically, according to Cushman & Wakefield, this happened 14 to 15 quarters after a recession started. However, because of the “unprecedented size and timing of the labor market shock” during the pandemic, Cushman & Wakefield believes that more markets will reach the sweet spot earlier than in previous recessions. For office owners, this would mean that rental rates will decrease soon.

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Commercial property firm CBRE beats Wall Street expectations with record income

CBRE, the Dallas-based commercial property firm, surpassed analysts’ expectations, delivering a record quarterly earnings in the fourth quarter of 2020. Even though revenue decreased by 3% year-over-year to $23.8 billion, the firm was able to reduce its expenses through cost-cutting measures and business realignments. The result was a net income of $491 million, with an all-time high quarterly earnings per share. CEO Bob Sulentic said in a statement: “Now we are exiting the worst of the COVID-19 crisis in great shape, with a leaner operating structure, significant financial capacity and a strategy squarely aimed at the many opportunities unfolding in our industry, including those with secular tailwinds.”

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