Amid Spate of Industry Layoffs, Marcus & Millichap Eyes More Recruitment

Abstract

As the pace of transactions has ground to a halt, brokerage firms’ revenues have taken a hit. In the third quarter of this year, JLL spent more than $9 million paying out severance to laid-off employees. Marcus & Millichap CEO Hessam Nadji said his firm’s average sales force count was down six percent year-over-year. Other large firms like Newmark and Colliers have also reported decreased sales and lending activity. Other companies like Newmarks andColliers have not yet publicly mentioned cutting staff. Other firms have also report decreased sales or lending activity recently but have not publicly mentioned Cutting staff. “This is making the development of new professionals more difficult,” Nadji says.