Redfin Announced New Round Of Layoffs
An estimated 4 percent of Redfin staff were let go last week as the company instituted yet another round of layoffs amid the housing slow down.
According to a company spokesperson, 201 employees were impacted by the latest round of layoffs, primarily in the real estate support department.
“While another layoff is painful, especially for those leaving the company, Redfin must continue to adapt to the current economic climate,” the firm said in a statement. “The people leaving Redfin have been wonderful colleagues, and if they wanted to return, we’d welcome them back in a stronger housing market.”
Redfin CEO Glenn Kelman squarely blamed a lack of sales as the cause for the layoffs in an e-mail to employees.
Apartment Vacancies Hit Two-Year High In California
As rents continue to decline (albeit modestly) across the country, the vacancies are rising throughout the Golden State.
An ApartmentList report found that the statewide vacancy rate rose to 5.2 percent in March, the highest level since April 2021. March’s vacancy rate was up from the 3.6 percent pandemic low in September-November 2021.
In L.A., the vacancy rate was 5.4 percent, with average rents down 2.1 percent since 2021.
Berkshire Hathaway Picks Up Compass Commercial Pro
Berkshire Hathaway HomeServices Drysdale Properties has announced that former president of Compass California Commercial is joining BHHS/DP as their new director of commercial real estate strategy.
Stephen Pugh will serve as the Director of Commercial Real Estate Strategy for BHHS/DP as the company continues its expansion in California and Nevada. This is the second former member of Compass California’s management team to join BHHS/DP since the start of the year.
As president of Compass California’s commercial division, in addition to his prior work, Pugh represented the sale of more than $2.1 billion in multi-family and other commercial properties in San Francisco and the Bay Area for the past 33 years.
“Stephen Pugh and his team have been market influencers in the San Francisco commercial market for decades,” said Gretchen Pearson, president and CEO of Berkshire Hathaway HomeServices Drysdale Properties. “We are honored to have them join our team of professionals, and they’re a perfect blend to our existing core. The team’s exodus from Compass to Berkshire Hathaway demonstrates that top agents understand the power and reach of Berkshire Hathaway.”
As president of Compass Commercial in San Francisco, Pugh led the 2018 to 2022 transition and integration of Pacific Union International’s commercial real estate team into Compass California’s commercial division based in San Francisco and Los Angeles.