Tough Economy Compels Opus Group to Lay Off 200 People Across Offices Nationwide

By Anuradha Kher, Online News EditorMinneapolis–The Opus Group is eliminating approximately 200 positions nationwide as a result of deteriorating market and economic conditions in the commercial real estate development industry. The workforce reductions are occurring in all five of Opus’ independent operating companies. Some geographical locations, like Florida, are affected more than others.Opus is among many other real estate companies undergoing workforce changes. Recently, Atlanta-based Lane Company Chairman and company founder George Lane replaced CEO Bill Donges who is stepping down in an effort to downsize. Click here to read the full story.Spokesperson for Opus, Winston Hewett, tells MHN, “Anytime we have to make these decisions, it’s not easy. Our employees are our intellectual capital and the heart and soul of the company.”Mark Rauenhorst, Opus Corporation’s chairman and chief executive officer, says industry conditions are the most challenging the companies have faced in their 55-year history. “We regret having to take these actions and acknowledge the stress and difficulty they will create for dedicated Opus people and their families. Unfortunately, the stress and difficulties being incurred in the lending and capital markets require us to reduce costs across all of the companies.”The Opus Group also plans to cut all discretionary spending, decrease travel and use technology instead and consolidate servicer/vendor relationships as and where possible. “We are also reducing our presence at trade shows this year,” adds Hewett. “Basically, we are leaving no stone unturned.”