Top 10 Retail Property Management Firms for 2023
Ever wondered who looks after the world’s top shopping malls and retail centers? It could well be one of the real estate companies on this list!
These top 10 retail property management firms were compiled from Commercial Property Executive’s (CPE) 2023 annual ranking list of the 30 largest property management firms worldwide.
The ranking is based on self-reported data by the real estate companies for the previous year (that is, 2022), which is then weighted according to investment sales, leasing activity, and market share. 75% of the 30 companies on the list reported an increase in commercial space managed from 2021 to 2022.
Most participants manage multiple types of assets. The office sector made up the largest portion of assets, followed by the industrial and retail sectors.
1. CBRE
With 500 offices throughout more than 100 nations, Dallas-based Coldwell Banker Richard Ellis (CBRE), is one of the biggest international providers of commercial real estate services and investments. They cover all facets of commercial real estate, including leasing, investment, and asset management.
For the 10th year in a row, CBRE received the title of ‘World's Most Ethical Company’ from Ethisphere in 2023. The Lipsey Company also named CBRE the best real estate brand in 2023, for the 22nd consecutive year. Euromoney listed CBRE as one of the 7 best global agencies in the 2023 Real Estate Awards.
Offices make up the majority of CBRE's management portfolio, followed by industrial and retail properties. The total amount of commercial space leased by CBRE increased by a small 2.8 % from 2021, adding an additional 200 million square feet in 2022.
Notable properties managed by CBRE:
● The Shops at Wiregrass, Wesly Chapel, FL
● Atelier, Dallas Arts District, TX
● The Langston, Washington DC
● Parkway Central Shopping Center, Arlington, TX
● The Crossing Clarendon, Arlington, VA
2. Cushman & Wakefield
Cushman & Wakefield is an international provider of commercial real estate services headquartered in Chicago, Illinois. One of the biggest providers of commercial real estate services worldwide, the organization has offices throughout 60 nations.
The company was voted as one of the top global real estate agencies by Euromoney's 2023 Real Estate Survey.
Between 2021 and 2022, Cushman & Wakefield managed just under 5.1 billion square feet of retail space, an increase of 6.25% from 2021.
Notable properties:
● Four Mile Creek, Canon City, CO
● 27-01 Queens Plaza North, Long Island City, NY
● Bristol Meyers Building, Wallingford, CT
● The Ideal Industrial Building, Jamaica, NY
3. JLL
Large commercial real estate brokerage JLL (Jones Lang LaSalle Incorporated), based in Chicago, collaborates on a wide range of commercial retail real estate projects. These include brand-new and renovated space, single floor, multi-occupancy buildings, and land.
JLL works closely with developers, investors, owners, occupiers, and public sector organizations. Specialized real estate agents from more than 328 offices worldwide work together at JLL to close deals every day.
JLL increased their commercial space by 330 million square feet, for a total of 3 billion square feet managed in 2022. That’s a 12.36% increase.
The company was also voted as one of the top global real estate agencies by Euromoney's 2023 Real Estate Survey.
Notable properties:
● Centra Point, Las Vegas, NV
● Laureat Apartments, Fort Lauderdale, FL
● Philadelphia Design and Distribution Center, Philadelphia, PA
4. Colliers
Originating in Canada, Colliers provides specialized real estate services to property owners, tenants, and developers, worldwide.
Their 18,000 entrepreneurial specialists collaborate in 150 locations across 63 countries to offer customers real estate and investment guidance. They manage over two billion square feet of real estate and infrastructure, and complete more than 53,000 global commercial real estate transactions each year.
Between 2021 and 2022, Colliers experienced a slight decrease in volume in their managed commercial space, from 2.46 billion to 2.26 billion square feet.
In Euromoney's 2023 Real Estate Survey, JLL was also voted as one of the top global real estate agencies.
Notable properties:
● 16M Retail, Denver, CO
● Pace Logistics Center, Auburndale, FL
● I-bank Tower, Memphis, TN
5. Lincoln Property Company
Established in 1965, the Lincoln Property Company is aglobal real estate company based in Dallas, Texas, which provides a full rangeof real estate services to its tenants, investors, lenders, and propertyowners. It is one of the most reputable and diverse service companies in theUnited States today, serving a growing clientele that spans the entire countryas well as into Mexico and Europe.
Lincoln Property Company managed 20 million square feet less commercial space in 2022 than it did in 2021 – a decrease of 0.68%.
Notable properties:
● Miami Axis Park, Miami, FL
● Washington Office Center, Washington DC
● Rockdale 20 Distribution Center, Conyers, GA
6. Avison Young
Aninternational provider of commercial real estate services, Avison Young isbased in Toronto, Canada, and was formed in 1978. The company ranked among thetop 500 ‘America's Best Midsize Employers’ by Forbes thanks to its more than5,000 workers who work in 100 offices across 15 different countries. In 2023, they were also recognized as one of ‘Canada's Best Managed Companies’, for the 12th year in a row.
Environmentalprotection and sustainability are major priorities for Avison Young. By 2030,they pledge to cut their workplaces' worldwide carbon footprint by 50% andreach net zero carbon by 2040.
In comparison to 2021, Avison Young's volume of commercial space managed increased by 20.49%, or 48.15 million square feet, in 2022.
Notable properties:
● Alexander Court, Washington, DC
● 660 Bakers Bridge Ave, Franklin, TN
● Howell Health Hub, Howell, MI
7. Newmark
An internationally recognized brand in commercial real estate, Newmark was founded in 1929. The business topped LinkedIn's list of the ‘Top Companies in Real Estate’ for 2022 with generated revenues of almost $2.7 billion for the year ending on December 31, 2022.
Newmark’s 170 company-owned offices around the world are home to more than 7,400 property specialists, and the company takes pride in its stringent ESG (environmental, social, and governance) policies and practices. EcoVadis – one of the largest and most reliable providers of business sustainability ratings in the world – awarded Newmark Global Corporate Services (GCS) a Silver Sustainability Rating for its commitment to sustainability management and results.
Capital markets (including investment sales), industrial and logistical services, property owner and tenant representation, as well as property management, are among Newmark's primary service specialties.
With an additional 11.39 million square feet of managed commercial space added to its portfolio in 2022 total, Newmark had a 5.57% gain in managed space since 2021.
Newmark is the last company on our top 10 list that was also voted as one of the top global real estate agencies in Euromoney's 2023 Real Estate Survey.
Notable properties:
● Jeweler’s Building, Chicago, IL
● 7-Eleven, Moorpark, CA
● The Snowden-Gray House, Columbus, OH
8. The RMR Group
RMR Group (RMR) is one of the largest alternative asset management companies in the United States. Founded in 1986, RMR is based in Newton, Massachusetts.
RMR is unique among alternative asset managers in that it focuses exclusively on CRE and CRE-related businesses. It’s property portfolio includes offices, industrial and retail spaces, health care facilities and other types of CRE.
The Boston Globe named RMR a ‘Best place to work’. The Environmental Protection Agency named RMR an ‘ENERGY STAR partner of the Year’.
With over 600 CRE professionals in 30 offices, it manages over $36 billion in assets. RMR has been recognized for its scalable platform, experienced management team, and diverse client strategies. It ranks among the top 10 building owners and managers in the US with one of the largest numbers of ‘BOMA 360’ designated properties.
RMR increased its square feet managed by 20.25% from 91.2 million in 2021 to 114.35 million in 2022. On the list of top 10 companies, RMR Group is one of the two fastest-growing firms.
Notable properties:
● Morningside of Auburn, Auburn, FL
● Alpharetta Medical Center, Roswell, GA
● Southaven Distribution Center, Southaven, MS
9. Stream Realty Partners
Stream Realty Partners is a US-based firm that provides commercial real estate services, development, and investment.
Established in 1996, it operates in major markets like Atlanta, Austin, Charlotte, Chicago, Denver, Houston, Los Angeles, San Antonio, and Washington DC. The firm offers leasing, property management, tenant representation, development, construction management, and investment sales for office, industrial, retail, and healthcare properties.
Its approach emphasizes understanding local markets, innovative strategies, and client satisfaction.
In 2021, Stream Realty Partners managed 131.31 million square feet or property. In 2022, they increased that by 21.83% to 158.97 million square feet.
Notable properties:
● Chicago II data center, Elk Grove Village, Chicago, IL
● Vault Distribution Center, Houston, TX
● Inisio at Kierland, Scottsdale, AZ
10. Transwestern Real Estate Services
Since 1978, privately held Transwestern Commercial Services has provided individualized services and cutting-edge real estate solutions. Transwestern operates out of 33 US locations and continues to expand its platform capabilities globally.
Transwestern’s volume of commercial space managed reduced by 26.54% in 2022, dropping 57.04 million square feet of space since 2021.
Notable properties:
● CityPlace, Springwoods Village, Houston, TX
● Marina Heights, Phoenix, AZ
● Capital Distribution Center, Springfield, VA
● Greenhouse Medical Plaza, Houston, TX
