Cushman & Wakefield targets breakeven

Real estate consultancy Cushman & Wakefield, one of the biggest players on the market, with 3.6 million euros in turnover in 2009, targets breakeven, after revenues continued to fall amid a reduction in activity on the real estate market.

“We are struggling not to make losses. Things are going very badly. On the retail segment, we will probably remain on top, we have rented out around 30,000 square metres in shopping centres, and we have had around 300 contracts with high street retailers. In terms of revenues, however, results are weaker than last year. Internationally, things are going very well, Cushman made a profit similar to the one recorded in 2007, but we are powerless,” said Răzvan Gheorghe, general manager of Cushman & Wakefield Romania.
On the Romanian market, Cushman fights for the no.1 position with other international firms such as Colliers International, DTZ Echinox, CB Richard Ellis, Jones Lang LaSalle, and, more recently, The Advisers Knight Frank, on a real estate consulting market that has contracted by more than 50% in the last two years, from 50 million euros to around 20-25 million euros.