THERE were a lot of nervous employees at CBRE in recent weeks as they awaited word on whether they would receive bonuses for their work last year.

Valuation work in relation to Nama brought in a lot of revenue – cynical developers now refer to Nama as a bailout for the professional classes – but there was a collective fear it wouldn’t be enough for a bump in the pay packet. In the end, there was a collective sigh of relief with news that bonuses are to be paid.

Meanwhile, Cormac Kennedy, who was director of retail at CBRE, has exited the company for bookseller Easons, which is to invest €20 million over the next three years to reposition itself within the trade. He will have a busy few months ahead of him, given the ongoing debate on retrospectively changing upward only rent review legislation.

CBRE is now looking for a new associate retail director with the money being on somebody from Savills or Bannon jumping ship.