Merrill layoffs may add to sector's office pullback

04/21/2008 |

Laying off 4,000 workers will have little impact on Merrill Lynch's space needs, a company spokeswoman said. The job losses announced last week will be spread out across U.S. operations and represents only about 6% of Merrill's 63,000 employees. But with many financial companies cutting work force, the national office vacancy rate could rise from 9.9% now to 11% or more, said Maria Sciola, executive managing director of research at Cushman & Wakefield.

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