Commercial real estate brokerages are getting hit hard by a slowdown in investment sales. CBRE, Newmark, JLL, Cushman and Wakefield have said they're going to lay off people. The market is just looking like it needs to be down for the foreseeable future says Sam Tarkin.
After low interest rates propelled investment sales to a record-breaking year in 2021, commercial brokerages including CBRE, Newmark and JLL, are now feeling the brunt of the impact. They're pushing to cut costs, some have laid off employees, but all agree the macroeconomic environment has made it hard to do business. Deconstruct chats with TRD reporter Patrick Ralph about the reasons behind the brokerages’ pain and whether the firms will see relief in the future.