Two of the biggest office space developers, Jones Lang LaSalle and CB Richard Ellis saw their shares plunge on Wall Street yesterday as the current economic conditions dealt another big blow to the office space world.
After both commercial and office space giants enjoyed a brieft jump in shares over the last two weeks, Jones Lang LaSalle saw their shares drop more than 17% to $19.65. The world-class office space developers are now valued at just over $840m (around £570m).
CB Richard Ellis is the largest commercial property company in the world, with more than 300 offices worldwide. The retail and office space world leaders saw shares reach their lowest ever price yesterday as they fell by 29% to $3.22.
The global office space leaders sold over 57 million new shares less than a month ago for the company’s then lowest share price of $3.77.
This major share slide for the world’s biggest commercial and office space developers is further evdience of the global recession according to the USA’s most respected independent economic authority, the National Bureau of Economic Research.