Colliers CRE’s first half results have revealed losses of £4.49m following a reduction of fee levels compared to an exceptionally good period last year.
The commercial property and office space company also announced that chief financial officer David Doyle will be leaving the company.
As a result of these losses, Colliers CRE will be looking to make savings of £5m in the next six months by curbing their acquisitions program formerly managed by David Doyle.
Commenting on the report, Colliers CRE director Sir John Ritblatt said, “Agency business in the investment market remains subdued and similarly occupational demand is slowing but our well diversified spread of specialist businesses provides some bright spots.
“We expect the markets to remain under pressure and prices to remain soft in 2008 before we see signs of a slow recovery beginning during 2009.” Ritblatt continued.