Major Brokerage Companies Report Declining Sales Volume
Marcus & Millichap is reporting a 48% decline in brokerage commission revenue during the fourth quarter of 2022, as compared with in the fourth quarter of 2021. In addition, Newmark reported a 62% decrease in property sales during this same time period, while Colliers reported a 9% decrease in revenue during the fourth quarter of 2022.
However, Colliers executives said that the company may experience a decline of up to 50% in property sales and capital markets revenue, during the first six months of 2023.
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