Top 10 Commercial Real Estate Firms of 2023
Every year, the top 25 commercial real estate (CRE) firms in the world are ranked by Commercial Property Executive (CPE). The rankings are compiled based on the CRE brokerage firms’ self-reported information of activity over the previous year (that is, 2022) and previous years. They are then weighted based on investment sales and leasing activity, market share, and more.
The CRE market continues to face new challenges in the wake of the Covid-19 pandemic, as interest rates have risen, and economic conditions have worsened.
Keep reading to find out which commercial real estate firms to keep an eye on over the coming year.
1. CBRE
Company Description
Based in Dallas, Coldwell Banker Richard Ellis (CBRE) is one of the largest global commercial real estate services and investment companies, with 500 offices in more than 100 countries.
CBRE's clients include more than 95% of the Fortune 100 companies, who are as varied as the wide array of integrated commercial real estate services offered. These services encompass everything you need to know about commercial real estate, including property and asset development, management, investment, sales, and leasing.
CBRE was named a ‘World’s Most Ethical Company’ by Ethisphere in 2023, for the 10th year in a row. The Lipsey Company also named CBRE as the top real estate brand in 2023 for the 22nd time.
Company Performance in 2022
Between 2021 and 2022, CBRE experienced a decrease of 25% in investment sales (down by $98,5 billion) across its whole asset portfolio. CBRE also saw a 13% drop in leasing volume in 2022 compared to the previous year.
2. Cushman & Wakefield
Company Description
Cushman & Wakefield is a global commercial real estate services firm, based in Chicago, Illinois. The company has offices in 60 countries and is among the world's largest commercial real estate services firms.
Cushman & Wakefield offers services to both occupiers (such as facilities management and tenant representation services) and investors (such as strategic agency leasing, and project and development).
The firm has been named by Euromoney’s 2023 Real Estate Survey as Latin America’s best commercial real estate services company and earned fourth place on the Lipsey Company’s 2023 Top 25 Commercial Real Estate Brand Survey.
Company Performance in 2022
Cushman & Wakefield saw a reduction of about 15% in its investment sales volume (down by just over $24 billion) 2022 compared to the previous year. Its leasing volume experienced a slight decrease of 9%.
3. Colliers
Company Description
Originating in Canada, Colliers provides specialized commercial real estate services to property owners, tenants, and developers, worldwide. Its 19,000 property professionals collaborate in 150 locations across 66 countries to offer customers real estate and investment guidance. The company manage over two billion square feet of real estate and infrastructure, and complete 51,000 global commercial real estate transactions each year.
In 2023, Colliers earned a spot in the top five of the Lipsey Company’s Annual Survey.
Company Performance 2022
After a marked absence in 2022’s list (information was not submitted), Colliers rounded out the top three contenders on 2023’s list with a total investment sales volume of more than $89 billion and over 796 million square feet of leased space.
4. Newmark
Company Description
Established in 1929, Newmark is a well-known global name in the commercial real estate industry. With a generated revenue of $2,7 billion for the twelve months ending December 31, 2022, the company ranked number six on Lipsey’s 2023 ‘Top 25’ list.
Over 6,500 property experts operate from approximately 170 company-owned offices around the world, and Newmark prides itself on its strong ESG (environmental, social, governance) policies.
Newmark’s main service offerings include capital markets (including investment sales), industrial and logistics services, landlord and tenant representation, as well as property management. It serves clients from almost every sector of the property industry.
Company Performance 2022
From 2021 to 2022, Newmark experienced a 44% decline in investment sales (a loss of $57,784 million) across its portfolio. A small 8% decrease in leased space since in 2022 was experienced, compared to the previous year.
5. Marcus & Millichap
Company Description
Marcus & Millichap, based in California, is a large commercial real estate brokerage offering client services spanning investment sales, financing, market research, and consulting. Almost 2,000 specialized property agents, in more than 80 offices across the United States and Canada, work together to close a transaction every seven minutes of every business day.
Marcus & Millichap also hosts a webcast series in which industry experts give real-time insights on the trends and impacts that affect commercial real estate investments.
Company Performance 2022
Marcus & Millichap grew its investment sales by 2% in 2022 compared to the previous year, amounting to an additional $1,9 billion in revenue.
6. Avison Young
Company Description
Avison Young is a global commercial real estate services firm founded in 1978, and headquartered in Toronto, Canada. Its range of occupier and investor real estate services is extensive.
With more than 5,000 employees in 100 offices, spread across 15 countries, Avison Young was named one of ‘Canada’s Best Managed Companies’ (for the 12th consecutive year) in 2023. It also earned seventh place on Lipsey’s Top 25.
Avison Young considers sustainability and the environment a top priority. The company has committed to reduce the carbon impact of its workplaces globally by 50% by 2030 and achieve net zero carbon by 2040.
Avison Young has its own podcast called ‘Changing Places’ which focuses on how the built environment is evolving.
Company Performance 2022
Avison Young’s investment sales volume declined by 23% (down from $20,400 million) in 2022 in comparison to the previous year. Leasing volume, however, increased by a substantial 38%.
7. Lee & Associates Commercial Real Estate Services
Company Description
Lee & Associates is the largest broker-owned commercial real estate firm in North America. Originally based in Orange County, California, it now has over 1,300 property experts spread across 65 locations in the United States and Canada. The company’s reach even extends throughout Europe through strategic alliance partner Gerald Eve.
Lee & Associates’ offices are independently owned and offer commercial real estate brokerage, integrated services, and construction services to a variety of local and international clients. These include small businesses, local and institutional investors, as well as major corporates.
Company Performance 2022
Lee & Associates experienced a 6% increase in investment sales in 2022 compared to the previous year – an increase of $946 million. The company also saw a 6% increase in commercial space leased, compared to 2021.
8. TCN Worldwide
Company Description
TCN Worldwide prides itself on connecting both sides of the property equation – in all commercial property types and service groups. This consortium of independent commercial real estate firms, consisting of over 1,500 professionals in more than 60 offices worldwide, is overseen from the TCN Worldwide Headquarters in Texas.
TCN Worldwide was again ranked in the top 25 commercial real estate brands in the 2023 Annual Lipsey Survey.
Company Performance 2022
TCN Worldwide’s investment sales grew by 7% in 2022 compared to the previous year – an additional $1,962 million. It experienced a 16% drop in commercial space leased.
9. SVN
Company Description
SVN is a full-service commercial real estate advisory firm based in Boston, Massachusetts. The SVN brand was founded in 1987 and now has over 200 offices worldwide – and more offices in the United States than any other commercial real estate firm. Over 2,000 advisors and staff work in eight countries to deliver services to both investors and occupiers.
Aside from SVN’s podcast, which features inside views, tips, training, and updates on industry trends and resources, the company also hosts a weekly commercial real estate property broadcast in which SVN advisors share new and featured properties.
Company Performance 2022
In 2022, SVN’s investment sales volume increased by 3% compared to the previous year, adding $700 million worth of sales to its total. Volume of commercial space leased grew by 6%.
10. Berkadia
Company Description
New York-based commercial real estate firm, Berkadia, offers a substantial suite of commercial real estate services, including investment sales, mortgage banking and loan servicing, to its multifamily and commercial property clients.
Over 2,600 employees are spread across more than 60 locations in the United States.
Company Performance 2022
Berkadia maintained its 10th place ranking on the list, despite a 17% decrease in investment sales volume in 2022 compared to the previous year. Despite not leasing commercial space and experiencing negative growth, this company has impressive statistics for a squadron of only 144 brokers. As a result, it’s firmly in the league of the big global commercial real estate players.
