Speaking as keynote at the 39th annual Benjamin S. CrockerSymposium on Real Estate Law and Business, Cushman said that whenexactly the market will turn and what will precipitate that turn isstill unclear. He did cite a positive sign in that, "We are nolonger laying off the equivalent of the entire population of Bostonor Seattle every month like we were last year." That, he said,"pretty much exhausts the good news." He explained that in order toachieve a self-sustaining recovery, "we need jobs and consumerconfidence," adding that right now, "we don't have either."
Cushman is most worried about a double dip recession. Thecountry cannot spend its way out of the economic slump and is "in apainful process of deleveraging that will take years to complete,"he said.
The C&W chairman pointed out that companies have learned tofocus on core activities and have outsourced the rest, and thatmany of those companies will not regain their former stature. "Wehave all learned to do more with less and do it better, and I thinkthat will continue," he said.
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