- Colliers and Marcus & Millichap posted Q4 revenue growth and raised 2026 forecasts.
- Colliers’ total annual revenue rose 15% to $5.56B, led by a 40% jump in engineering and design.
- Marcus & Millichap recorded its second consecutive quarterly profit and 23% year-over-year financing revenue growth.
- Leasing and sales activity is matching or surpassing 2019 levels for several CRE firms.
Momentum Builds Across CRE Services
According to CoStar, Colliers and Marcus & Millichap reported improved revenue and profits in the fourth quarter, joining CBRE in forecasting a continued rebound for commercial real estate (CRE) transactions in 2026. Both firms highlighted strong pipelines and renewed optimism as deal flow and investor sentiment return to levels not seen since before the pandemic.
Toronto-based Colliers saw a 7% year-over-year increase in Q4 revenue to $1.61B and 15% growth for the full year. The firm’s engineering and design division, bolstered by several global acquisitions, grew revenue 40% to $1.73B. Marcus & Millichap posted a $13.3M Q4 profit and a 23% annual increase in financing revenue as brokerage commissions and financing fees drove results.
AI, Acquisitions, and a Strong Pipeline
Company leaders cited both internal momentum and technology as key growth drivers. Colliers CEO Jay Hennick said the firm expects another year of growth, crediting its healthy deal pipeline and acquisition strategy. Marcus & Millichap CEO Hessam Nadji highlighted AI as a platform for greater efficiency in property analysis and underwriting, signaling long-term CRE market transformation. Both firms expressed confidence despite investor concerns over rapid AI adoption affecting CRE stocks.
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Engineering and Financing Drive Profits
Engineering and design services remain a central growth engine for Colliers. Major 2025 acquisitions—including California’s Ramos Consulting and Spain’s Ayesa Engineering—supported the division’s surge. Marcus & Millichap’s financing business recorded an 8% increase in Q4 transaction volume, reflecting improved debt market conditions. Full-year financing revenue rose to $104M with over 500 financing deals closed. The momentum follows other recent expansion efforts, including the firm’s move to strengthen its multifamily advisory capabilities in Dallas through a strategic brokerage acquisition.
Why CRE Deals Rebound Matters
CRE transaction volume for leasing and sales is matching or exceeding 2019, suggesting continued improvement through 2026. Falling property prices have begun to attract sidelined buyers, and company leaders note that investor sentiment is turning more positive. While economic and geopolitical risks persist, the CRE sector’s strengthening fundamentals are fueling higher revenue outlooks for major service providers. Key industry players JLL, Cushman & Wakefield, and Newmark are set to report their results next week, offering further signals of a CRE market in recovery.
