Eastdil Secured is the latest commercial real estate firm to cut its workforce amid a huge slowdown in investment sales.

New York-based Eastdil plans to trim roughly 7% of its global workforce of more than 500 people, The Real Deal reports. The cuts are spread across Eastdil's various offices and affect both the transactional and operational sides of the business.

Eastdil has expanded its workforce by 40% since 2019, TRD reported. The firm focuses on investment sales, which have been the hardest-hit side of the industry from an activity standpoint.

Sixty percent of investors polled by CBRE last month said they plan to buy less real estate this year than in 2022, with almost half indicating that spending would drop by more than 10%. The anticipated decline comes after investment volume fell 63% year-over-year in the fourth quarter, according to CBRE.

Eastdil is the latest brokerage firm to shrink its headcount as commercial real estate slips into its own version of a recession.

JLL said it would cut staff after income fell by more than 40% in the third quarter of 2022. CBRE also announced a plan to reduce costs by $400M, largely through staff reductions, starting this year. Avison Young said in November it would cut $18.5M from its budget, including through layoffs, due to a crash in investment sales activity.