The top five players on the real estate consultancy market had, last year, combined incomes by 65 percent smaller on the background of market downfall and they collected fees which totalled only 11.8 million euros, compared to 33.7 million euros in 2008, according to the data provided by the Registry of Commerce carried by Ziarul financiar newspaper.
The steepest decline in business was registered by Colliers International at minus 84 percent, with the firm run by Bogdan Georgescu losing its leading position on the market by turnover to Cushman & Wakefield. Cushman and Jones Lang LaSalle had the smallest decline in business last year at 36 percent and 15 percent respectively, partly due to finalizing the construction of the Cotroceni Park mall in Bucharest, whose leasing agents they were.
Colliers, Cushman, Jones Lang LaSalle and BNP Paribas Real Estate registered losses last year, the only profitable firm being DTZ Echinox. After many years of sustained economic growth and double digit profit margins, the real estate consultants are, at present, fully feeling the decline of the real estate market, Ziarul financiar concludes.