A recent series of high-profile staff reductions by international brokerages, including a “global transformation” at JLL, layoffs at Avison Young and cuts at CBRE — which announced $300M worth of cost-cutting that will focus on headcount — sent ripples of worry through the CRE industry as the economic downturn continues to unfold. But this particular slowdown — Urban Land Institute figures estimate $600B in transactions annually in both 2022 and 2023, far below the record $855B set in 2021 — coming during a seismic shift in office usage and increased investment and deployment of technology across the industry, may hit harder for some job types and leave more long-lasting impacts across the CRE job market. Every significant downturn or recession leaves lasting marks on the job market. This round seems poised to push tech to the fore, endangering those jobs that can be replicated with an automated process or a contract worker, with economic factors intertwining with the structural issues at play in CRE. 
“The real estate industry is clearly moving, some firms faster than others, to automated solutions; offshoring; greater use of independent consultants and temporary workers; use of third-party vendors; and greater digitization of processes,” according to Christopher Lee, whose firm CEL & Associates conducts a highly regarded national salary survey for…  Read the full story here. | 
