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Savills cites 'uncertainty over offices' after 45% profit fall
Evening Standard
|January 11, 2024
ESTATE agent Savills said today that it saw "a significant reduction in profits" at its transactional arm in 2023, as economic uncertainty and questions about demand for offices hit the global property market.
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The firm, which has operations across the globe, said "significantly increased interest rates, geopolitical events and, on a more asset specific level, uncertainties over the future role of offices" all hit its bottom line. Profits fell to about £91 million, down 45%
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