Source: CoStar —
Newmark executives said they expect property sales and financing placements to decline further in the first half of 2023 after a slow end to last year.
The New York-based firm, the second major brokerage to post quarterly financial results this month, reported revenue of $607.3 million in the final quarter of last year, a 38% drop from the same time a year earlier, led by a 62% decrease in property sales as deal activity slowed across the industry in the closing months of 2022.
Profits declined to $9.4 million in the fourth quarter, a 95% slide from the $189.2 million in net income reported for the year-earlier period.
Newmark isn’t alone in seeing the negative effects of a market seizing up. Colliers, the first of the publicly traded brokerages to post results, last week reported declines in revenue and profits in the fourth quarter as higher interest rates and other headwinds contributed to an industrywide slump in investment sales, lending and other activities.
