Marcus & Millichap Q3 revenue climbs 7.5% as sales activity expands
US commercial property broker Marcus & Millichap reported third-quarter revenue up 7.5% year on year, beating estimates, while its outlook stays cautious.
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what happened
According to Reuters, the firm's third-quarter revenue reached $208.37 million, ahead of the $205.10 million forecast from two analysts, and rose 7.5% from a year earlier. Adjusted earnings per share came in at $0.03, versus $0.01 a year ago. Net income was $1.007 million, while adjusted EBITDA of $8.20 million fell short of the $9.05 million expected.
The main driver was a 12.6% jump in brokered deal volume, which more than offset a smaller average commission. Revenue from middle-market and larger deals climbed 18.1%. Operating costs went up as senior brokers earned bigger commissions, and total operating expenses reached $209.27 million.
Management expects tough conditions in commercial property transactions to persist through 2026, with a recovery pushing into 2027 as postponed deals and loans coming due get done. It points to rate swings, inflation and wider gaps between buyer and seller prices as the main obstacles.
why it matters
For the US commercial property market, the report suggests deal volume can grow even with elevated rates, yet broker margins are being squeezed by lower commissions and higher pay costs. The timing of any recovery depends heavily on how rates move and how many maturing loans get refinanced.
market impact
US property brokers: a cautious 2026 outlook weighs on the sector
tags
instruments
sources
- Marcus & Millichap Q3 revenue rises on higher brokerage sales volume — Reuters, 6 November 2026 at 13:12 UTC
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