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Real Estate brokerage firms see decreasing revenue, budget cuts

Cushman’s CEO Brett White (Credit: Cushman & Wakefield)

Q3 Earnings roundup from traditional brokerage firms: Cushman & Wakefield, JLL, CBRE, and Newmark

Revenues are decreasing, budget cuts are continuing, and M&A’s are being discussed… Newmark recently rejected a takeover offer from rival Cushman because Cushman’s $3.8 billion in debt load is larger than its market cap of roughly $2.6 billion. 

  • Newmark reported earnings of $152.1 million in the third quarter, down 25 percent from the same time last year. (TRD+SeekingAlpha)
  • Cushman & Wakefield reported a net loss of $37.3 million in the third quarter. Revenue was down by 8.8 percent from a year ago. (TRD+SeekingAlpha)
  • CBRE reported that total revenues and fee revenue fell about by 5% and 13% respectively, driven by the declines in the company’s advisory services segment… Net Income fell by nearly 10 percent. (SeekingAlpha+TRD)
  • JLL reported that consolidated revenue fell 12% to $4 billion and fee revenue declined 23% to $1.4 billion. (MotleyFool+TRD)

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