CBRE took over the top spot as the country’s most active investment sales brokerage for the first time since 2013 as overall deal volume continued to drop.
The brokerage expanded its market share in commercial property investment sales to 23.2 percent in the first half of the year from 22.9 last year, although its deal dollar volume fell by 1 percent to $22.6 billion, Real Estate Alert reported. It took over the top spot largely because Eastdil Secured saw its deal volume plummet by 19 percent to $20.3 billion (a market share of 20.9 percent) in the wake of last year’s departure of star brokers Doug Harmon and Adam Spies to Cushman & Wakefield.
In third place, HFF increased its deal volume by 19 percent to $14.8 billion and fourth place Newmark Knight Frank saw a 67 percent jump to $10.7 billion. REA’s ranking includes deals over $25 million.
Investment sales fell 8.8 percent year-over-year after falling 3 percent a year earlier. In New York, deal volume plummeted 55 percent to $9.7 billion, the steepest decline since 2009. Newmark president Jimmy Kuhn said this reflects owners being increasingly unwilling to sell. “That doesn’t mean the New York market is unhealthy,” he said. “Just the opposite. New York properties have become the replacement for what blue chip stocks were 50 years ago.”
The Real Deal recently broke down the biggest deals that didn’t happen in the first half of the year. [REA] — Konrad Putzier