Newmark Tops Earnings Forecasts Aided by 16% Capital Markets Boost 

Newmark continued its 2026 momentum as a leading global real estate advisory firm this year by topping earnings forecasts for a second straight quarter thanks largely to a boost in its capital markets investment business. 

The company reported adjusted earnings per share of 39 cents for the second quarter to beat out Wall Street forecasts of 38 cents. Revenue also soared 17 percent from a year ago to $884 million, a second-quarter record for Newmark and higher than analysts’ estimates of $852.28 million.

“Given Newmark’s strong results and healthy transaction pipeline, we continue to expect double-digit top- and bottom-line growth for the third consecutive year in 2026,” Newmark CEO Barry Gosin said during a second-quarter earnings call Wednesday morning. “We also anticipate that our investments in recurring revenue businesses, ongoing international expansion, improving industry fundamentals, and talented professionals will together drive Newmark’s long-term growth and market-share gains.”

Capital markets revenues rose 16 percent, which Newmark attributed to a large increase in multifamily investment sales activity, particularly for senior housing and affordable housing assets.  

Gosin noted that Newmark is the No. 1 investment sales platform in affordable housing with a large percentage of that portfolio composed of properties backed by Section 8 and Low-Income Housing Tax Credits. He said there are strong tailwinds for affordable housing given the bipartisan political support in Washington, D.C., to confront the affordability issue.   

“It seems to be a popular word these days, and there is no disagreement between the Democrats and the Republicans with respect to the importance of building affordable housing,” Gosin said. “We managed to pick that just as we got into data centers two, three years ago ahead of the curve, which has given us some momentum in terms of multifamily.”

The gains to Newmark’s capital markets business from investment sales were partially offset by lower debt origination placements, which the firm said was due to it achieving a historic 135 percent increase for the 2025 second quarter. Newmark said when combining the first and second quarters, total debt volumes are up 26.7 percent from the first half of 2025. 

Newmark excelled on the leasing front during the second quarter, with leasing fees up 17.2 percent to $278 million aided by increased activity in the office sector from companies in the AI, technology and financial services industries looking to expand space. The company saw “significantly higher” office leasing volumes in New York City, the San Francisco Bay Area and Los Angeles. 

Lou Alvarado, chief operating officer at Newmark, said there are strong opportunities for leasing growth not just in Class A properties, but also in older buildings due to the flight to quality in the office market. 

“What you’re seeing across the markets is people improving their assets to be competitive in order to lease, so B assets are being looked at and amenitized in order to compete with the A assets,” Alvarado said. “There still is some demand for B and C from those that can’t afford to pay the A rates, so those buildings will still do some volume, but obviously the bulk of the activity has been focused on the A’s.” 

Andrew Coen can be reached at acoen@commercialobserver.com.