The global commercial real estate industry may be consolidating, but in a twist, New York City’s “Big Four” commercial brokerages — CBRE, Cushman & Wakefield, Newmark Grubb Knight Frank and JLL — may end up with more jumbo competitors.
The current wave of mergers and acquisitions may add one, or even two, more gargantuan commercial brokerages to the New York landscape, real estate professionals predict.
The most recent high-profile acquisition, the surprise purchase of Massey Knakal Realty Services by Cushman in December (see related story on page 51), was just one of several major mergers in the last eight months. The others, of course, are: The marriage of U.S. firm Cassidy Turley with the global DTZ, and the purchase of the Manhattan-based Studley by the London-based Savills.
These new unions illustrate just how much pressure there is on global companies to get even bigger...The commercial consolidation game
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National Office Sector Report (Q4 2014)