News Summary
CBRE has announced it will establish a financial headquarters at Lever House in New York City, reinforcing its status as the largest commercial brokerage in the globally recognized market. In 2024, CBRE led the New York area with 1,681 transactions and over 31 million square feet leased, illustrating significant influence in the commercial real estate market. The establishment of this headquarters marks a strategic move to further strengthen their operations in the region as demand for office space continues to grow.
New York City Welcomes CBRE’s Financial Headquarters
CBRE has announced plans to establish a financial headquarters at Lever House in New York City. This move solidifies CBRE’s position as the largest commercial brokerage in a market recognized globally as the busiest for commercial real estate.
According to Crain’s recent report, CBRE leads the rankings of commercial brokerages in the New York metropolitan area, employing 771 licensed brokers and agents. In 2024 alone, the firm facilitated 1,681 commercial transactions, covering more than 31 million square feet of real estate space in the area. This notable achievement is indicative of CBRE’s growing influence in New York’s competitive market.
Although CBRE is headquartered in Dallas, it currently leases 180,000 square feet of office space at the MetLife Building in New York. This strategic expansion to Lever House marks a significant milestone in the company’s operations and plans for future growth in the bustling commercial landscape of New York.
Ranking of Commercial Brokerages
In Crain’s inaugural list of the largest commercial brokerages based on the number of licensed brokers and agents, Global commercial real estate firm JLL ranks second with 525 licensed brokers and agents and a total workforce of 4,440 in the local area. JLL reported completing 1,997 commercial transactions in 2024 involving nearly 49 million square feet. The firm continues to play a significant role in the increasingly vibrant commercial real estate sector.
Cushman & Wakefield follows closely in third place with 378 licensed brokers and approximately 4,000 local employees. Newmark and Savills round out the top five with 234 and 120 licensed brokers and agents, respectively. The term “New York area” used in the rankings includes both New York City and surrounding counties in New Jersey and New York.
Criteria for Inclusion
To be included in Crain’s list, firms must maintain an office in the New York area. The rankings are based on extensive research and surveys, with some figures being estimates provided by the firms themselves.
Revival of the Commercial Real Estate Market
The commercial real estate market in New York is witnessing a resurgence in investor confidence as more companies push for employees to return to physical office settings. With major firms, including Amazon and several financial services companies, actively seeking additional office space, the demand for prime office buildings is evident.
Notably, Blackstone’s President highlighted a renewed optimism regarding office demand in New York, especially in light of historic declines the market has seen in other cities, such as San Francisco. Blackstone is currently considering a substantial investment in an office building located at 1345 Avenue of the Americas, signifying a strong vote of confidence in New York’s commercial real estate prospects.
Capital Investment and Market Activity
BXP has also made headlines by securing $8 billion in capital commitments for a new real estate debt fund, further signifying the trust institutional investors are placing in this market. The recent upturn in commercial activity is reflected in data showing that Manhattan’s office utilization reached approximately 79.9% in January 2025, surpassing other major U.S. cities.
As market conditions improve and interest rates decline, institutional investors are gradually returning to office investments. Capitalization rates have dropped from a peak of 6.99% to 5.77% by the end of 2024, highlighting favorable conditions for investment in the commercial property sector. Furthermore, commercial property sales volumes in the United States rebounded by 9% in 2024 following a drastic 50% decline in 2023.
Future Outlook
Experts suggest that despite challenges posed by the COVID-19 pandemic, the office sector remains resilient with continued demand for high-end office spaces. As the market evolves, the collective efforts of major firms like CBRE, JLL, and others underscore New York’s enduring status as a leading hub for commercial real estate activity.
Deeper Dive: News & Info About This Topic
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Additional Resources
- Crain’s New York: Largest Commercial Real Estate Brokerages
- Business Wire: American Strategic Investment Co. Announces First Quarter 2025 Results
- MPA Magazine: Commercial Real Estate Outlook Brightens as NYC Offices Fill Up
- Forbes: 3 Assets Behind Rise in 2024 New York City Commercial Real Estate Sales
- Google Search: New York City Commercial Real Estate
