''We had to cut the fat, not the muscle,'' Cushman tells GlobeSt.com. ''We're like the Navy Seals. We land, get the job done, and we're out of there before our competitors even realize we are in the game.''
The latest real estate downturn, he notes, is unlike any other experienced by the country.
''It came harder and it came faster than anything we had seen before,'' Cushman says. ''It is very different in character from the one in the early '90s, which was caused by massive overbuilding. What we have now is a lack of demand and unemployment that has skyrocketed. Now, job growth is the engine of solving the problems of higher vacancy rates. Vacancy rates are going up; rental rates are going. Concessions increasingly are being offered, i.e. more for tenant improvements and free rent. This is all creates pressure on the system.''
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