Check out our rankings for other top brokerages.
Note: The following notable companies did not submit responses: JLL, Eastdil Secured and Avison Young.
Key: O=Office, I=Industrial, R=Retail, M=Multifamily, H=Medical, Ho=Hospitality, X=Other
To participate in future surveys, please email Agota Felhazi at [email protected].
Interest rates continue to restrict trading
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The pace of investment activity has slowed in 2023, especially compared to the exceptional growth of the previous two years. However, leasing volumes remained uneven across property sectors.
Higher capital costs have depressed commercial real estate sales, with office sales expected to reach $33.8 billion in 2023, a sharp decline from 2022.
That figure was $86.6 billion, according to data from CommercialEdge. Meanwhile, the national office vacancy rate rose 180 basis points to 18.3% at the end of the year.
The industrial sector also shifted from notable changes in 2021 and 2022, but still performed quite well. Rent growth continued into 2023, with current rents nationwide averaging $7.70 per square foot as of December, a 7.4% increase over the previous year. The national industrial vacancy rate was 4.6%. Year-ago sales were $52.1 billion.
Commercial Property Executive compiled a list of the brokerages that brokered the majority of sales and leases in 2023. The top 20 firms closed $449.7 billion in investment sales, a figure that's down significantly from 2022 and not even close to the $855.7 billion in 2021. These firms closed sales across multiple real estate sectors, with multifamily attracting the most attention, followed by industrial, retail, office, healthcare, and hospitality.
CBRE maintained its strong position: the firm achieved an astounding $153.7 billion in investment sales in 2023, accounting for 34% of total investment activity. CBRE also closed leasing transactions totaling $131.6 billion.
Cushman & Wakefield and Colliers rounded out the top three, with Cushman & Wakefield handling $53.7 billion in transactions and leasing more than 775 million square feet worth $73.8 billion, while Colliers arranged $54.3 billion in sales and brokered $47.7 billion in leasing more than 780 million square feet.
—Agota Ferhaj, CPE Senior Associate Editor
methodology
Commercial Property Executive's ranking of the top 20 commercial real estate brokerages is based on self-reported data from all firms. We considered a variety of factors, including firm performance in 2023 and historically, and reviewed data reflecting investment sales and leasing activity. The rankings represent what we believe to be a logical balance between firm growth and market share. Ranking factors are not limited to the data displayed on this page.
Read the June 2024 issue of CPE.