Newmark boasts 14.5% growth in capital markets

Newmark has reported a 14.5% increase in capital markets revenue to $162m (£126m) in the three months ended 30 June, helping boost total revenue by 8.1% to $633.4m. Its capital markets division delivered the biggest growth of all the agent’s service lines, with management services up by 9.2% and leasing and other commissions up by 2.4%. Total revenue for the half year was up by 6.6% to almost $1.2bn. Operating profit for the first half of 2024 was 10.3% ahead of last year at $149.8m. Chief executive Barry Gosin said: “I am excited that we delivered growth across every business line. Newmark’s leading position in capital markets, together with our continued investments in new talent, businesses, and expansion of service lines will drive long-term outperformance.” He added: “Fuelled by $2tn of near-term US commercial and multifamily mortgage maturities, nearly $400bn of investible dry powder, and a stable interest rate environment, we remain confident in our 2024 full-year guidance, as well as our 2026 target of generating 50% adjusted EBITDA growth over the next two years.”