"These redundancies are part of a wider, strategic costreduction exercise to ensure the firm's ongoing, competitive marketposition," the company said in a statement. "Where possible, thefirm will consider redeployment opportunities for staff and willseek to provide any necessary support to those affected during thisperiod of change."

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The commercial and residential markets in England are goingthrough a correction, said company officials. This has been movingforward all year, as company officials said at the MIPIM 2008 showin France in March that UK investment turnover will be down 30% to40% in 2008. Tony Horrell told GlobeSt.com that he expectedinvestment transaction volumes across Europe to be down 25% fromlast year.

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Company officials are saying that the England market has turnedmore toward value-add. Residential home prices are expected to fallby 15% throughout the United Kingdom by December, according to JLLresearch, and slower demand and a boost in supply have causedcommercial rents to fall in both the West End and the Citymarkets.

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Company officials refused further comment. The firm has about 60offices in 24 European countries.

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