2024 Top CRE Brokerage Firms
2 min readYou can also read our other Top Brokerage Firms rankings.
Note: The following noteworthy firms did not submit responses: JLL, Eastdil Secured and Avison Young.
Key: O=Office, I=Industrial, R=Retail, M=Multifamily, H=Health Care, Ho=Hospitality, X=Other
To be included in upcoming surveys, email Agota Felhazi at agota.felhazi@cpe-mhn.com.
Rates Continued to Restrict Dealmaking
The pace of the investment activity slowed down, especially compared to the exceptional previous two years, and leasing activity varied depending on the real estate sector.
The high cost of capital dampened commercial real estate sales. Office sales totaled $33.8 billion in 2023, a significant drop from 2022’s $86.6 billion, according to CommercialEdge data. The national office vacancy rate increased 180 basis points, closing the year at 18.3 percent.
The industrial real estate sector saw a shift as well from the remarkable years of 2021 and 2022, but it still performed reasonably well. Rent growth continued in 2023 with national in-place rents averaging $7.70 per square foot as of December, marking a 7.4 percent increase year-over-year. The national industrial vacancy rate stood at 4.6 percent. Sales totaled $52.1 billion the previous year.
Commercial Property Executive has compiled a list of the brokerage companies that facilitated the majority of sales as well as leases during the previous year. Despite headwinds, sales activity continued with the top 20 companies responsible for a total of $449.7 billion in investment sales. The figure marked a significant drop compared to 2022 and was also a far cry from 2021’s $855.7 billion. The firms closed sales in several real estate sectors. The multifamily sector drew the most attention, closely followed by industrial, retail, office, health care and hospitality.
CBRE retained its well-established position first position. The firm completed a striking $153.7 billion in investment sales in 2023, making up 34 percent of all investment activities of these 20 companies. CBRE also closed leased transactions totaling $131.6 billion.
Cushman & Wakefield and Colliers rounded out the top three. Cushman & Wakefield was responsible for $53.7 billion in transactions and more than 775 million square feet leased valued at $73.8 billion. Meanwhile, Colliers arranged $54.3 billion in sales, and brokered leases for more than 780 million square feet of space with a value of $47.7 billion.
—Agota Felhazi, Senior Associate Editor, CPE
Methodology
Commercial Property Executive’s ranking of the 20 Top Commercial Real Estate Brokerage Firms is based on self-reported data from all firms. We considered various factors including a firm’s performance in 2023 and previous years, and reviewed data that reflects investment sales and leasing activity. The ranking represents what we feel is a logical balance between firm growth and market share. Ranking factors are not limited to the data that appear on this page.
Read the June 2024 issue of CPE.
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