Shares of brokers lose shine as US commercial property market starts cooling
Seattle
COMMERCIAL property brokerages, the stars among US real estate stocks this year, are losing lustre as the booming market for deals shows signs of cooling.
CBRE Group and Jones Lang LaSalle, the global titans of property services, have lost 8 per cent and 8.7 per cent, respectively, this month, reversing sharp gains compared with real estate investment trusts and the Standard & Poor's 500 Index. HFF Inc tumbled 17 per cent and Marcus & Millichap fell 10 per cent.
The prospect of a slowdown in real estate transactions after a five-year recovery is stoking concern that profit growth will weaken at the big brokerages, whic…
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