You 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 [email protected].
Rates Continue to Restrict Dealmaking
The pace of investment activity slowed in 2023, particularly compared to the exceptional growth in the previous two years. Leasing volume, however, showed variation across different real estate sectors.
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. Meanwhile, the national office vacancy rate increased 180 basis points, closing the year at 18.3 percent.
The industrial sector also saw a shift from a remarkable 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 in the previous year.
Commercial Property Executive has compiled a list of the brokerage companies that facilitated the majority of sales and leases during 2023. The top 20 firms accounted for $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. Multifamily drew the most attention, closely followed by industrial, retail, office, health care and hospitality.
CBRE retained its well-established first position. The firm completed a striking $153.7 billion in investment sales in 2023, accounting for 34 percent of all investment activity. CBRE also closed lease transactions totaling $131.6 billion.
Cushman & Wakefield and Colliers rounded out the top three. Cushman & Wakefield handled $53.7 billion in transactions and leased more than 775 million square feet, 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.
