Reuters (UK) (07/30/08); Jonas, Ilaina
Tight capital markets have had a negative impact on earnings at CB Richard Ellis Group Inc. and Jones Lang LaSalle Inc., two of the nation's largest property services firms. After July 29's market close, Jones Lang LaSalle confirmed that its quarterly profits plummeted 69 percent to $24.5 million, while CBRE posted an 88-percent drop in quarterly net income to $16.6 million. Stricter lending standards have made borrowing for commercial property acquisitions either overly difficult or simply impossible. These days, most of the deals that are getting done are either seller financed or already have assumable mortgage debt.
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