Pittsburgh-based HFF Inc. said it has reduced its workforce by about 12 percent, or 57 positions across 18 offices nationwide.

The cuts made in the fourth quarter came after a review of each of the company's businesses. Through subsidiaries Holliday Fenoglio Fowler and HFF Securities, the company provides real estate and capital markets services to the commercial real estate industry.

"During these unprecedented times in the global financial markets, we are aggressively seeking ways to take advantage of opportunities as well as ensuring we are operating as efficiently as possible which includes tightly managing operating costs and eliminating positions in offices or in lines of business where the business no longer supports these positions," said Chief Executive Officer John H. Pelusi Jr., in a prepared statement.

"Although difficult, this is a necessary step given the current environment."

Overall, the company now employs a total of 433 people.