It’s shaping up to be a banner year for the nation’s top commercial real estate brokerages. Based on public data compiled by S&P Global Market Intelligence, CBRE, Colliers, Cushman & Wakefield, JLL, Marcus & Millichap and Newmark are all on track to post record-setting 2025 revenue—provided their fourth quarters hold steady. For most, it’s been a year of surging sales, efficiency gains and swelling balance sheets.
Profitability, however, has varied. Marcus & Millichap didn’t return to the black until the third quarter, and both Newmark and Colliers began the year with losses. Meanwhile, CBRE, Cushman & Wakefield, and JLL remained profitable throughout each quarter.
CBRE CEO Robert Sulentic said the company “exceeded expectations” in the third quarter as all four business segments delivered strong operating leverage. Revenue climbed 14% to $10.3 billion, while liquidity improved by $500 million.
Colliers also reported standout results, with third-quarter revenue up 24% year-over-year to $1.46 billion and net revenue up 19% to $1.26 billion. CFO Christian Mayer credited its Engineering and Real Estate Services segments, which combined organic growth and recent acquisitions to achieve a 13% internal gain. CEO Jay Hennick added that Colliers’ Engineering business has become “a major growth platform,” now generating more than $1.7 billion in annualized revenue with more than 10,000 professionals worldwide.
Cushman & Wakefield turned in its best third-quarter performance in company history. Revenue rose 11% to $2.6 billion, driven by record leasing activity.
“We set a new high watermark for third-quarter cash flow generation,” said Cushman's global CEO Michelle MacKay.
The firm prepaid an additional $100 million in debt, bringing total paydown to $500 million over two years, and improved adjusted EBITDA margin by 70 basis points year-over-year. MacKay also cited debt repricing and a revised revolver agreement that lowered borrowing costs and achieved the tightest credit spread in company history.
At JLL, third-quarter revenue increased 10% to $6.5 billion—marking its sixth straight quarter of double-digit growth. Diluted earnings per share rose 45% from a year earlier, led by a 25% rise in project management revenue to complement its $3.4 billion workplace management segment, which grew 8%.
“We entered the fourth quarter with a healthy leasing pipeline,” said CFO Kelly Howe, noting that resilient business confidence suggests continued near-term growth.
Marcus & Millichap’s third quarter signaled a return to profitability, as revenue rose 15.1% from the prior year to $193.9 million and net income reached $0.2 million, compared with a $5.4 million loss a year ago. CEO Hessam Nadji said this marked “the fifth consecutive quarter of year-over-year revenue growth” amid ongoing market challenges. He noted particular strength in the $1 million to $10 million property range as banks and credit unions reentered the market and pricing visibility improved.
Newmark also notched a record quarter, with revenue up 22.6% year-over-year to $863.5 million and fully diluted net income surging 248.7%. CFO Michael Rispoli said strong leasing activity—up 13.7%—was led by robust office and industrial demand in New York, Texas and Northern California. CEO Barry Gosin credited the firm’s entirely organic expansion, saying Newmark now offers “one of the most comprehensive sets of investor solutions” in the commercial real estate industry.
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