Property Lines - Scott Olson

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Real Estate & Retail

More layoffs for developers

April 9, 2008
Pink SlipNews from the city's development industry has been grim lately. Duke Realty Corp. joined the layoff parade this week, dropping 45 employees (including 20 locally). In January, Lauth laid off 80 employees, including 54 at its Indianapolis headquarters, then dropped dozens more in March. Premier Properties USA Inc. laid off more than 40 employees at the end of March. Many in the business expect there could be more pain before the economy improves. “I’m seeing things I’ve never seen before,” Lauth CEO Bob Lauth told me for a recent story. “We’re still incredibly bullish on this company and our people, but I am not bullish on the short term from an economic perspective.” Duke resorted to layoffs after reducing its projection for 2008 development starts from $1.3 billion to between $750 million and $1 billion. Will things get better or worse from here?
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