Commercial Brokers & Property Managers

The 150,892 Commercial real estate brokers in the US help clients purchase, sell, and lease commercial real estate by acting as middlemen between buyers and sellers. Commercial real estate (CRE) is property that is used for income-generating and/or price-appreciation purposes. A broker may be an independent agent, serve as an employer of commercial real estate agents, or work as part of a CRE brokerage company.

Rising Interest Rates 

CRE transactions typically involve third-party financing, so when interest rates rise, investors are forced to pay more to borrow money.

Shifting Demand for Commercial Space

Technology and COVID created fundamental shifts in demand for commercial real estate.

Aug 15, 2026 - Office Demand Continues to Show Slow but Steady Growth

• According to a Q2 2026 US Office Report by commercial real estate services firm Avison Young, the national office market continued to stabilize, with availability falling for the eighth straight quarter to 22.1%, driven by shrinking inventory from office conversions, demolitions, and adaptive reuse. Trophy and Class A buildings continued to outperform, with trophy rents averaging about 50% higher than Class B space, and demand pushing rents higher as tenants favored premium offices. Leasing activity remained 21% below the 2015-19 average, while first-half 2026 leasing slipped 3.2% from a year earlier. Average lease sizes have fallen by 14.6% since 2019, although renewals have increased by 3.7% year over year. Office utilization reached 59.2% of May 2019 levels, reflecting a gradual return to workplaces, while 93% of tracked markets posted year-over-year declines in availability.
• Large US banks are returning to commercial real estate lending as they seek loan growth, with a focus on multifamily housing, industrial properties, and data centers, according to The Wall Street Journal. Bank of America and US Bancorp each increased commercial real estate loan balances by more than 8% in the second quarter from a year earlier, while Truist Financial posted about 25% growth, and PNC Financial Services Group rose 15%. Mortgage originations increased more than 50% in the first quarter, aided by an 80% jump among deposit-taking institutions, according to the Mortgage Bankers Association. Banks are reentering the market with tighter lending standards after working through troubled loans and seeing lower delinquencies in some portfolios. Although office-sector distress remains a concern, lenders are finding new opportunities as data-center construction expands and pressure grows to boost earning assets.
• US REITs continued to outperform broader equity markets through July, with the FTSE Nareit All Equity REITs Index gaining 2.4% for the month and 17.7% year to date. Lodging and resorts led property sectors with a 48.6% year-to-date return, followed by specialty at 35.6%, and data centers at 33.0%. Industrial REITs posted the strongest sector monthly gain in July at 6.1%. Office REITs also improved, rising 3.6% in July and 16.5% year-to-date after declining in 2025. Meanwhile, mortgage REITs fell 1.6% in July, as weakness in commercial financing offset stronger performance in home financing. REIT gains came despite higher Treasury yields, persistent inflation, geopolitical uncertainty, and expectations that interest rates could remain elevated.
• Facilities Dive reports that, according to Colliers, industrial real estate demand is increasingly shaped by access to reliable power, existing infrastructure, and modern facilities that can support automation and other energy-intensive operations. Industry experts say occupiers are favoring Class A properties with operational flexibility, while developers and data center operators are placing greater value on sites with substantial electrical capacity and utility commitments. Colliers reported that nearly 70% of US markets recorded positive industrial absorption in the first quarter, signaling a broad-based recovery in occupier activity. At the same time, rent growth remains modest as the sector continues to normalize following a period of rapid expansion and overbuilding after the pandemic.

Industry size & Structure

The typical real estate office that employs brokers and/or agents operates out of a single location, generates about $1.2 million annually, and employs about 3 workers.

• The total real estate agent/broker industry, which includes residential and commercial offices, consists of over 150,892 firms that generate over $180 billion and employ 394,000 workers.
• The real estate agent/broker industry is fragmented. The top 50 firms account for 32% of revenue, and many agents/brokers work as independent contractors. About 40,000 commercial and residential brokers either operate out of a real estate office or work for a real estate firm.
• Over 80% of total US commercial property transactions are in the $1 million to $10 million range, according to Marcus & Millichap. The US commercial real estate (CRE) market was valued at $21.6 trillion in April 2025, according to the Federal Reserve.
• Large firms with CRE brokerage operations include CBRE, JLL, Cushman & Wakefield, and Marcus & Millichap. Large firms often have global operations.