Hessam Nadji

It was another strong year for Marcus & Millichap, one of the largest commercial real estate services firms in North America.

In 2025, the firm’s total revenue climbed to $755.2 million, an increase of 8.5 percent compared to 2024’s $696.1 million, while brokerage commissions rose 7.3 percent from 2024. These numbers arrived even as Marcus & Millichap’s middle market and larger-transaction market brokerage recorded revenue of $200.3 million, a decrease of 1.3 percent compared to 2024.

“The comparison to `24 was a tough one, because `24 was such a strong increase,” said Hessam Nadji. “Our Institutional Property Advisors (IPA) division grew something like 38 percent in 2024, and so we saw a little bit of a flattening of the curve, but our IPA division keeps growing, and we have expanded our brand and market penetration.”

Marcus & Millichap brokered a number of deals north of $50 million in 2025. These included a $75 million loan for Farpoint Development and Saxony Properties to recapitalize a Chicago retail asset; a $76 million loan for Adept Urban Development to refinance a multifamily asset in Southern California; and the $148.4 million sale of a 328-unit apartment complex in Southern California to Sentinel Real Estate. Plus, the firm arranged the largest secured loan for a New York City office-to-residential project in May after Madison Realty Capital originated $720 million in debt to convert the former Pfizer headquarters in Midtown.

As for 2026, Nadji said the firm is showing a lot of success in integrating its capital markets and financing with its sales division, especially regarding multifamily deals through its IPA division, where it has added “a lot of origination capacity” for larger transactions.

But getting those multifamily transactions lined up could take some time, as “2026 has brought its own set of uncertainties, with the conflict in the Middle East and renewed inflation concerns because of oil prices,” the CEO added.

“Consumers are under a lot of pressure, and a lot of landlords are seeing expenses increase,” he said. “So we’re not really seeing the pricing power in the marketplace yet, but I do anticipate that to come back in the back half of `26 and especially into 2027.”