In These Uncertain Times, How are Others Adapting to Meet Market Needs?

For anyone who is trying to figure out 'How do we adapt to these unprecedented times so that we can maintain or even grow revenues, serve clients and respond to new demands,' here is a ever growing set of examples of what others are doing.

My early predictions for the US were: Bankruptcy and reorganization; Litigation; Investment banking boutique firms, Executive search, Apartment complexes and Low cost retirement housing. As you can see, there is no limit to how creative firms will flex to meet client needs.

What others do you see? In the US? In Europe? In Asia?

Tags: growth, prospects

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Permalink Reply by Jim Searing on October 6, 2008 at 11:38am

Green idea lab launched in India

A small obscure article in RFP magazine...makes me wonder if there's an opportunity for some of us to take our knowledge of green building practices and do something similar to play a leading role in the industry. What would it take to assemble a virtual group of experts to come together to work with clients to enhance their current and planned practices?

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Permalink Reply by CREOPoint Managing Editor on October 7, 2008 at 5:54am

"Announcing the launch of its pan-European property and asset management business, CBRE said the move was a response to increasing client demand for international property management capacities."

CBRE sets up new property management unit Property EU

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Permalink Reply by CREOPoint Managing Editor on October 7, 2008 at 5:58am

"Deutsche Bank is reorganizing its global commercial real estate operations to focus on distressed investing opportunities in the U.S., U.K. and Hong Kong, according to business head Jon Vaccaro."

Deutsche Eyes Distressed Real Estate TheStreet.com

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Permalink Reply by CREOPoint Managing Editor on October 8, 2008 at 7:06am

CBRE Aims to Make Experience Count: Euromoney

Euromoney magazine looks at CBRE's outsourcing business and interviews CEO Brett White about how it plans to come out on top through these difficult economic times.

Euromoney Liquid Real Estate Issue 07

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Permalink Reply by CREOPoint Managing Editor on October 9, 2008 at 1:45pm

US Legal News - Chadbourne Forms Interdisciplinary Financial Crisis...

Another example of how companies adapt to these times, this time forming multidisciplinary teams to solve multidisciplinary problems for clients. They are organizing themselves by issue rather than their department--a smart move when conditions are changing fast.

New York, October 8, 2008 — LawFuel - Legal Announcements - The international law firm of Chadbourne & Parke LLP announced today the formation of a financial crisis task force to provide interdisciplinary advice to clients working through the thicket of problems associated with global economic events affecting virtually all sections of the economy...

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Permalink Reply by CREOPoint Managing Editor on October 10, 2008 at 8:34am

We knew that lay offs and restructuring could be in the mix of responses and now CBRE has stepped up...

CB Richard Ellis cuts jobs nationally

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Permalink Reply by CREOPoint Managing Editor on October 12, 2008 at 10:57pm

Savills New York Sets Up Distressed RE Division

"Anticipating a coming demand for real estate-related advisory services, Savills LLC, a New York real estate investment banking firm, has set up a distressed real estate division that will assist real estate companies and lenders. The unit will advise on restructuring and bankruptcy situations, including creditor and debtor advisory services; provide restructuring consulting services representing lenders or borrowers; advise on how to avoid bankruptcy; as well as provide valuation, structuring and strategic planning services..."

Savills to Provide Real Estate Legal Advice Oct 9, 2008 NREInvestor

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Permalink Reply by Pierre Michel on October 15, 2008 at 2:51am

I think, China is adapting very well and is certainly the one among the major economies who will sail best trhough the turmoil:

See the below article from today's Shanghai daily:

China’s GDP growth and prices seen to ease

The growth in China’s gross domestic product may slow to 10.1 percent this year and to 9 percent in 2009, said Fan Caiyue, a researcher at the National Development and Reform Commission, China’s top economic planning agency.

Consumer prices in the country may also ease to between 3 percent and 4 percent next year after reaching 6.3 percent this year.

Fan predicted China’s GDP could sustain an expansion of 9.8 percent between January and September from 10.4 percent in the first half.

“China’s economy is under pressure from the impact of a global downturn. But its fundamentals are solid and are able to support long-term growth,” said Fan in a report published yesterday. “The government has fine-tuned macroeconomic policies but if they don’t work properly, China can’t rule out the possibility of posting a growth below 9 percent in 2009.”

Fan sees inflationary pressure to ease next year as food prices will stabilize due to the summer harvest and domestic producer prices will fall in on lower commodity costs.

However, domestic consumption, which has been the biggest economic driver since last year, will begin to slow in 2009 after surging this year while the gloomy global economic outlook may weaken home demand.

Fan forecast China’s retail sales may jump 20.7 percent this year and slow to 17.5 percent in 2009.

The trade surplus will likely to be cut to US$252 billion this year and US$256.7 billion in 2009 from last year’s US$262.2 billion, because of the stronger Chinese currency and slower export growth.

“China has to carry out a prudent macroeconomic policy which is also flexible to counter any swift changes in the economy,” said Fan. The major challenge will be how to stimulate home consumption and to keep growing it steadily.

The National Bureau of Statistics is set to release the key economic data for the third quarter next week.

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Permalink Reply by CREOPoint Managing Editor on October 19, 2008 at 9:40pm

Rise in property re-structuring, recovery and debt business expected: Property Wire
Friday, 17 October 2008

"Liquidity advisory services coming upInternational real estate groups are moving into the restructuring and recovery business in a sign that they are expecting the number of firms suffering from financial woes to increase.

In direct response to the growing need for recovery, re-structuring and bankruptcy advise around the world..."

Property Wire Article

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Permalink Reply by William Lawyer II on October 21, 2008 at 10:51pm

I have noticed in my area a great deal of developments that are completely empty. Developers built (12 to 14) two families homes that are currently empty. Banks are looking for their money so the developers have no choice but to rent out the houses as apartments. This is a great opportunity to get into property management because a lot of these developers don't want to be bothered with collecting rent, maintenance, and attorny fees regarding evicting a tenant. Working Section 8 can be an option to use if they are unable to find tenants. My life is commercial properties, but during these current times opportunities, and education will always benefit an individual now and in the future.

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Permalink Reply by CREOPoint Managing Editor on October 22, 2008 at 8:38pm

This must be the fifth law firm that I've seen reorganize their service teams in the past month...What do the law firms see in forming multi-disciplinary teams to help clients through this financial crisis? What opportunities exist in CRE to do the same thing? What opportunities exist to supplement law firm teams with the CRE expertise we have?

Hunton & Williams LLP Forms Multidisciplinary Group to Guide Cl...

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Permalink Reply by CREOPoint Managing Editor on October 22, 2008 at 10:25pm

Here is the most coherent explanation of why law firms are approaching the market this way...note: "the reason why we felt it was important to put together an identifiable team of experts in dealing with a more troubled credit market is because, unlike past occasions, this is not about a recessionary environment where you are going to end up with an insolvency-driven financial services practice. It is in fact a credit situation that requires a broad interdisciplinary approach [to problem solving]....We need to have people who understand the effect of tightening credit on M&A, securities and real estate, looking across the board at the issues," she said of the reason for establishing the team."

Legal response teams tackle credit crisis