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) 2022 annual ranking list of the 30 largest property management firms worldwide. The ranking is based on self-reported data by the real estate companies, which is then weighted according to investment sales, leasing activity, and market share. 70% of the 30 companies on the list reported an increase in commercial space managed from 2020 to 2021.
Following the setbacks suffered during the 2020 pandemic, commercial real estate activity in 2021 showed strong gains for most of these companies (across office, industrial, retail, and other sectors). Despite impending recessions and rising interest rates, the outlook for commercial real estate investment activity remains positive.
Read on to learn more about the 10 largest CRE property management firms. You may even find your local mall listed in one of their property portfolios.
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 eighth year in a row, CBRE received the title of ‘World's Most Ethical Company’ from Ethisphere in 2021. The Lipsey Company also named CBRE the best real estate brand in 2022, for the 21st consecutive year.
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 1.43% from 2020, totaling an additional 100 billion square feet in 2021.
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 the top global commercial real estate adviser and consultant by Euromoney's 2022 Real Estate Survey.
Between 2020 and 2021, Cushman & Wakefield managed 4.8 million square feet of retail space, an increase of 18.61% from 2020.
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.
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 2020 and 2021, Colliers experienced a whopping 223.41% increase in volume in their managed commercial space, from 760 million square feet to 2.46 billion square feet.
5. Lincoln Property Company
Established in 1965, the Lincoln Property Company is a global real estate company based in Dallas, Texas, which provides a full range of real estate services to its tenants, investors, lenders, and property owners. It is one of the most reputable and diverse service companies in the United States today, serving a growing clientele that spans the entire country as well as into Mexico and Europe.
Lincoln Property Company managed 60.9 million square feet more commercial space in 2021 than it did in 2020 – an increase of 16.95%.
Founded in 1957 in Houston, Texas, Hines is a privately held international real estate investment, development, and management company. Its operations currently spread throughout 314 cities in 28 countries (118 cities in the US alone).
One of the biggest and most reputable real estate companies in the world, Hines has a wealth of experience in investments spanning the risk spectrum and all property types.
The company currently manages 634 properties totaling more than 308 million square feet, and although impressive, saw 5.27% reduction in managed space since 2020.
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 $3,2 billion for the year ending June 30, 2022.
Newmark’s 170 company-owned offices around the world are home to more than 6,500 property specialists, and the company takes pride in its stringent ESG (environmental, social, and governance) regulations.
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 22.2 million square feet of managed commercial space added to its portfolio in 2021 total, Newmark had a notable 12.07% gain in managed space since 2020.
8. Avison Young
An international provider of commercial real estate services, Avison Young is based in Toronto, Canada, and was formed in 1978. The company ranked among the top 500 ‘America's Best Midsize Employers’ by Forbes thanks to its more than 5,000 workers who work in 100 offices across 15 different countries. In 2022, they were also recognized as one of ‘Canada's Best Managed Companies’, for the 11th year in a row.
Environmental protection and sustainability are major priorities for Avison Young. By 2030, they pledge to cut their workplaces' worldwide carbon footprint by 50% and reach net zero carbon by 2040.
In comparison to 2020, Avison Young's volume of commercial space managed decreased by 30.18%, or 101.6 million square feet, in 2021.
9. Transwestern Commercial Services
Since 1978, the privately held Transwestern companies have 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 grew by 4.58% in 2021, adding an additional 9.42 million square feet of space since 2020.
10. TCN Worldwide
In all commercial property types and service groups, TCN Worldwide bridges the gap between the supply and demand sides of the property equation. They have more than 1,500 real estate experts working in more than 60 offices all over the world.
In the 2022 Annual Lipsey Survey, TCN Worldwide was recognized among the top 25 commercial real estate brands.
TCN’s managed commercial space weighed in at 144.47 million square feet in 2021. Their 2020 figures were not reported.