Newmark boss Barry Gosin said he was “more excited than ever” about the firm’s future as it reported a double-digit increase in revenue in the three months ended 30 September.
Total revenue for the period was $685.9m (£527m), up by 11.3% on the $616.3m achieved in Q3 2023. In the year to date, the agent has turned over more than $1.8bn, an increase of 8.3% on the previous year.
Newmark said its capital markets division had performed particularly well, with revenue up by 18.5% to $188.7m – the fourth consecutive quarter of growth.
“Newmark’s growth accelerated, as every major business line improved during the quarter, said Gosin. “Our capital markets growth was led by a 45% increase in origination fees. We also produced double-digit increases in our management and servicing businesses, the fifth quarter in a row of strong growth. Our improved leasing results were led by growth in retail and industrial volumes, and we remain bullish on the long-term prospects for these property types.”
He added: ”Newmark’s strong pipeline of capital markets transactions is incredibly robust, and we expect this to continue throughout 2025. Demand for office leasing continues to improve as more companies commit to space and mandate returning to the workplace.
“With an improved macroeconomic and monetary environment, sustained growth in demand for our services, and our continued market share gains, we are more excited than ever about Newmark’s future.”
Gosin said the performance in capital markers had been driven by a 77% increase in its mortgage brokerage volumes.
“With approximately $2tn of US commercial and multifamily mortgages maturing in the near-term, our professionals are incredibly active, finding new sources of debt and equity capital for our clients, including private credit, CMBS and insurance companies, while still matching borrowers with the GSEs and banks,” said Gosin. “Newmark’s pipeline of capital markets transactions across debt, equity placements and investment sales is incredibly robust, and we expect this to continue through 2025.”
In the leasing business, Gosin said that Newmark had increased leasing fees by 6%, led by growth across retail and industrial.
He said: “We remain bullish on the fundamentals of retail leasing, where availability in the US remains at historic lows and asking rents continue to climb. We also expect industrial leasing to continue benefiting from the tailwinds provided by growing demand for data centres as well as reshoring and nearshoring of North American manufacturing.”
He added: “Office leasing activity continues to increase as more companies commit to space and mandate returning to the workplace. We anticipate the recapitalization of properties at lower values to further drive leasing activity
Looking ahead to the full year, Newmark said it now expected full-year revenue to be around $2.6bn, a 6-9% growth on 2023. This is up from a previously forecast growth of 3-7%.
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