{"id":1004780804,"date":"2025-12-10T02:21:56","date_gmt":"2025-12-10T10:21:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004780804"},"modified":"2026-01-15T05:27:51","modified_gmt":"2026-01-15T13:27:51","slug":"cre-2025-book-of-rankings","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cre-2025-book-of-rankings\/","title":{"rendered":"CRE 2025 Book of Rankings"},"content":{"rendered":"\n

Throughout the year, Commercial Property Executive produces a set of rankings recognizing companies that are strong performers in key areas of the commercial real estate industry. Our rankings are unique in that they\u2019re determined based on a weighted formula incorporating a number of important factors, so it\u2019s no surprise they continue to be among our most disseminated and valued content.<\/p>\n\n\n\n

We\u2019ve compiled the past year\u2019s rankings in a format that celebrates performance while also offering a handy, consolidated reference. We\u2019ve also included some never-before-seen charts providing further insight into these sectors\u2019 performance.<\/p>\n\n\n\n

A closer look<\/h2>\n\n\n\n
\"Origination\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Source: CPE 2025 Top Mortgage Banking \nand Brokerage Firms<\/figcaption><\/figure>\n\n\n\n

The past year has been marked by uncertainty in the face of global economic upset. But the strongest companies did transact business where they saw opportunity to make smart decisions.<\/p>\n\n\n\n

Securing financing is a critical component for any commercial real estate deal. Considering the economic rollercoaster of the past two years, solid banking relationships have never been more important, and the nature of individual deals matters.<\/p>\n\n\n\n

CPE\u2019s 2025 Top Commercial Mortgage Banking and Brokerage Firms experienced mixed growth in originations last year but altogether transacted a relatively significant amount of business. The top 20 industry leaders closed $200 billion in deals during the 12 months ending in September 2024. And both mortgage bankers and brokers grew more optimistic over the course of the year: Nearly half said they expected a rise in origination volume in the coming year, although to varying degrees. Some are even aiming for significant increases.<\/p>\n\n\n\n

While recent turbulence has made markets more uncertain, confidence among financial players grew as we approached year-end 2024 and moved into early 2025. CREFC\u2019s sentiment index, for example, reached an all-time peak with its fourth-quarter reading. Other, similar gauges showed a doubling in optimism in early 2025.<\/p>\n\n\n\n

\"Where\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Source: CPE 2024 Top Commercial Development Owners<\/figcaption><\/figure>\n\n\n\n

CPE\u2019s 2024 Top Commercial Real Estate Developers list reflects similar optimism. Most of the top 20 companies expressed plans to sustain their current level of construction activity, with some even upping their output. Office, once a darling of the industry, is now the focus of redevelopment. Several states have launched initiatives to incentivize office conversions. Often, affordable housing is the expected outcome, although office-to-lab conversions are also gaining traction, especially in metros where life sciences and biotech rule.<\/p>\n\n\n\n

Portfolios, as well, saw a bump last year. The top 30 companies in our 2024 Top Commercial Real Estate Owners ranking had a combined footprint of 2.3 billion square feet, which marked a significant rise from the 1.5 billion square feet one year prior. If nothing else, it at least reflects an acceleration in consolidation. This ranking is one of CPE\u2019s longest running and reflects the growth of the industry. In October 2011, Simon Property Group led the Most Powerful Owners list with a 262 million-square-foot footprint. The latest leader, CBRE Investment Management, sported a whopping 701 million square feet.<\/p>\n\n\n

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\"More\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Source: CPE 2024 Top Brokerage Firms<\/figcaption><\/figure><\/div>\n\n\n

Our latest Top Commercial Property Management ranking showed both growth and consolidation, at a time when operations are critical to business performance. Sixty percent of the firms making the list expanded their portfolios. And the majority were diversified across property types, with only a few focused on a single sector. In addition, their portfolios tended to be well dispersed across the country.<\/p>\n\n\n\n

Finally, the 2024 Top CRE Brokerage Firms ranking celebrated top companies working in a rocky\u2014or at least trickier-than-usual\u2014environment, be it sales or leases. This ranking also revealed that the multifamily and industrial sectors continue to be experiencing their moment in the spotlight, despite what many would call a \u201dnormalization.\u201c For example, more than three-quarters of the total sales volume arranged by the likes of Stream Realty Partners and Voit Real Estate Services\u2014both in the top 20 for sales and leases combined\u2014involved the industrial sector.<\/p>\n\n\n\n

The big picture<\/h2>\n\n\n\n

These rankings highlight key parts of the roughly $22 trillion behemoth of an engine that is U.S. commercial real estate. CRE was the country\u2019s fourth-largest asset type as of mid-2024, behind only equities, residential real estate and Treasury securities, according to the Federal Reserve. These companies are a big part of what keeps it solid.<\/p>\n\n\n\n

As the industry continues to evolve, CPE strives to grow alongside it. In 2025, we\u2019re not only bringing back the Leading Real Estate Law Firms but also launching a new ranking of Top Architects and Designers. Here\u2019s to another interesting year!<\/p>\n\n\n\n

About Our Methodology
<\/strong>
All rankings relied on self-reported data from participating companies. Our rankings are calculated using a weighted formula based on a variety of factors relevant to the specified business area. They represent what we feel is a logical balance between firm growth and market share, as well as sector diversity or specialization. Ranking factors are not limited to the ones presented. All growth is determined based on a two-year window.

<\/path><\/svg><\/span> The 2025 CPE Top 20 Commercial Mortgage Banking and Brokerage Firms ranking incorporated total origination volume, coverage offered, growth in transaction volume and loan positioning, among other variables. Data reflects the time period between Oct. 1, 2023, and Sept. 30, 2024, and includes all originations, both as an intermediary and as a direct lender.

<\/path><\/svg><\/span> The Top Commercial Real Estate Developers ranking was based on factors including current and future plans, market value of projects completed and under construction as of midyear 2024, portfolio size, and geographic and property diversification.

<\/path><\/svg><\/span> The Top Commercial Property Owners ranking drew on considerations including total square footage owned, owned portfolio value, historic performance across a number of variables, and a focused or diversified participation in property sectors as of the second quarter of 2024.

<\/path><\/svg><\/span> The Top Commercial Property Management Firms of 2024 utilized total square footage and number of properties under management, occupancy, diversification or focus, and other variables from 2021 to 2023. Data incorporated both owner-operated properties and third-party management.

<\/path><\/svg><\/span> The Top Commercial Brokerage Firms formula evaluated both leasing and investment sales performance based on dollar value and square footage, along with number of brokers and offices, geographic and property sector diversification or focus, and other elements. The time period under consideration spanned fiscal year 2023 and the two years preceding it.<\/p>\n\n\n\n

Debt Leaders Weather Challenging Conditions<\/h2>\n\n\n\n

Toward the end of 2024, loan originations started to find their footing. The volume increased 44 percent quarter-over-quarter in Q3 and was up 59 percent year-over-year, according to the Mortgage Bankers Association.<\/p>\n\n\n

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\"Share\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Source: CPE 2025 Top Commercial Banking and Brokerage Firms<\/figcaption><\/figure><\/div>\n\n\n

After a sluggish start, borrowing and lending activity gained speed moving into the second half of last year. In the third quarter of 2024, overall loan originations increased 44 percent compared to the second quarter and were up 59 percent year-over-year, according to a report by the Mortgage Bankers Association. Of course, lending volume varied by property type. Loans for health-care properties increased a whopping 510 percent, hospitality assets 99 percent, retail properties 82 percent, industrial assets 57 percent and multifamily 56 percent. Originations for the office sector, on the other hand, contracted 3 percent.<\/p>\n\n\n\n

Meanwhile, more than half of the companies on CPE\u2019s 2025 Top Commercial Mortgage Banking and Brokerage Firms ranking recorded negative growth in loan originations compared to the previous year, with an average drop of 11 percent. However, the other firms on the list saw growth averaging 25.7 percent. HREC Investment Advisors, which focuses solely on hospitality lending, reported the largest gains, with originations up 85.6 percent.<\/p>\n\n\n\n

Newmark secured the No. 1 position this year due to a combination of factors. The firm provided loans totaling more than $48.4 billion during the 12 months ending in September 2024.<\/p>\n\n\n\n

Newmark also increased its originations volume by an impressive 79.6 percent year-over-year during a turbulent time. CBRE, in second place, and Walker & Dunlop, in third place, provided a total of $61.4 billion in loans as direct lenders and intermediaries.<\/p>\n\n\n