Reading any of the daily newspapers' headlines can suck thejoy right out of almost anybody's weekend. This isn't a time tohide underneath the covers, but to take the bear market by theteeth and make business happen. Half of our readers polled thinkthis market is business as usual. Another 28% say they prosperduring down periods, while 22% despise dry spells. Paul N.Glickman, vice chairman of Cushman & Wakefield, spoke to usabout the industry's morale, business and the new opportunitiesarising.

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"We've been as busy as we've ever been. I think this createsopportunity. Change creates opportunity. I enjoy that. That'swhat's fun about this business. There are new clients to be hadthere are new creative ways to structure transactions, and that'sopportunity. I don't view it as 'morale is down.'

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"I think it's business as usual, for better or worse. I thinkyou have to work a little bit harder and a little bit longer inthese types of marketplaces, particularly on the agency side of thebusiness. When you have a supply-constrained marketplace and rentsare rising and there are more tenants, there's more demand thanthere is supply and there are more tenants than there are spaces.It's basic fundamentals.

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"On the landlord's side, I wouldn't say there's less work butit's a bit easier than when you're in a marketplace where some ofthe tenants are sitting on the sidelines waiting and watching themarketplace. When that happens, you have to work harder.

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"We've been through a couple of markets like this. The marketsare cyclical. I don't think this is that deep of a problem. I thinkthat we're seeing a short dip in the marketplace and I think we'regoing to see a recovery very soon. If you look at what's happenedover the past four years, rents have pretty much doubled, at leastin Manhattan. If there's a slight adjustment it's not going to havea major long-term impact on the market.

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"As far as New York City is concerned, I think if you're atenacious broker in this type of market, you can pick up atremendous amount of new business. I don't think life has changedhere. Our business practices are the same. Everybody has anopportunity to shine a little bit more in this type of market. It'snot like this has had a major impact to date.

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"This creates opportunity for people to shine. It creates anopportunity for brokers to add real value to their clients. To me,if you like what you're doing, that then is fun."

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