A slowdown in leasing, sales and loans across the country’s real estate investment landscape is hitting brokerage firms hard, with Newmark reporting significant revenue and earnings depletion in the second quarter.
The brokerage’s total revenues in the second quarter came to $585.8M, Newmark executives said during its earnings call Friday. That marks a 22.4% drop from the same period last year, but a 12.5% increase from this year’s first quarter.
The company reported earnings before interest, taxes, depreciation and amortization of $72.9M, down from $159.5M in Q2 2022, a decrease of more than 50%.
Newmark Chief Financial Officer Mike Rispoli pointed to a 63% drop in U.S. investment sales and a 52%…