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Leading property services firm expects worldwide consolidation

Some firms are having to go through rights issues or deeply discounting share prices, according to Patrick Curran, managing director of BNP Paribas Real Estate Ireland.

As a result, pressure will be on many of the global property consultancy firms in the medium term to consolidate further in the next few years.

'We can expect to see only a handful of commercial property consultancies survive. The few firms that survive will, in my opinion, proceed to dominate the advisory market,' Curran said.

'The future for small independently owned firms is likely to be exceptionally challenging as globalisation of the advisory business is the only way forward,' he added.

He believes that large multinationals will insist on doing business only with well established, properly funded firms with proven international track records based on strong professionalism and established codes of work practice, including transparency and compliance.

Curran revealed that BNP Paribas Real Estate is planning to play a leading role in the coming consolidation. 'In the past 12 months we have expanded into Jersey, Romania, India and the Middle East as well as growing our presence in the UK and Belgium with further acquisitions,' he confirmed.