"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."

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.

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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