News Summary
Cushman & Wakefield continues to be the leading commercial property manager in New York City, managing 92 million square feet as of May 1. JLL follows closely behind with an expanded portfolio of 81.9 million square feet, while CBRE holds the third position at 80.5 million square feet. RXR and Vornado Realty Trust round out the top five. The growing competition among these firms highlights the aggressive strategies being employed in the commercial real estate market, particularly in securing high-profile tenants.
New York City — Cushman & Wakefield has successfully retained its position as the largest commercial property manager in New York City, according to the latest released list by Crain’s. As of May 1, the firm manages an impressive 92 million square feet of commercial real estate within the city, maintaining a similar portfolio size from the previous year. This achievement highlights Cushman & Wakefield’s strong presence in the competitive landscape of commercial property management.
Close behind, JLL has stepped up as the second largest property management firm in NYC, increasing its portfolio from 67.7 million square feet in 2024 to 81.9 million square feet in 2025. CBRE follows, holding the third position and expanding its portfolio from 67.2 million square feet to 80.5 million square feet over the same time period. Both JLL and CBRE have made significant strides in increasing their footprint in New York City, showcasing their aggressive growth strategies in the highly sought-after commercial real estate market.
Meanwhile, RXR ranks fourth with a total of 32.1 million square feet under management, and Vornado Realty Trust completes the top five with 27.8 million square feet. After the leading trio of firms, there is a notable decrease in the amount of square footage managed by the subsequent companies on the list, illustrating the competitive edge that Cushman & Wakefield, JLL, and CBRE hold in this sector.
Major Tenants and Operations
Cushman & Wakefield, which is headquartered in Chicago but operates on a global scale, has established significant relationships with major tenants in New York City. Notable clients include financial institutions and health organizations such as Morgan Stanley, PGIM, and New York Presbyterian. The firm’s extensive management portfolio signifies its ability to cater to high-profile clients, enhancing its reputation as a leader in the commercial property management arena.
Growth Trends in NYC Commercial Property Management
The rapid growth of JLL and CBRE illustrates a wider trend in the commercial property management sector within New York City. Both companies have leveraged strategies to enhance their local presence and expand their managed square footage. Notably, CBRE has nearly doubled its local square footage under management since 2023, positioning itself as a strong competitor to Cushman & Wakefield.
Industry Insights
This released list serves as an essential resource for those interested in the commercial property management market in New York City. It details key players and their portfolio sizes, thereby providing insights into the current dynamics of the industry. With increasing competition and rapidly changing market conditions, the performance of these firms will be closely monitored by industry stakeholders.
Future Outlook
The gains made by JLL and CBRE signal a positive trend toward growth in the commercial property sector in New York City, with a focus on expansion and effective management practices. Such developments not only impact the competitive landscape but also reflect the overall health of the commercial real estate market in this major urban hub. As the market evolves, the top firms will likely continue to adapt and innovate, ensuring their places at the forefront of this critical industry.
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Additional Resources
- Crain’s New York: Largest Commercial Property Managers
- Wikipedia: Commercial Real Estate
- JLL: Property Management Services
- Google Search: Commercial Property Management News
- Bisnow: New York AI Technology Cocktail Event
- Bloomberg: Commercial Real Estate Activity
- The New York Times: Hurricane and Commercial Real Estate Insurance
- Business Insider: Rental Property Manager Career
- Google Scholar: Commercial Real Estate Management
