CRE Services 2Q26 Earnings Preview

Research evidence excerpt

CRE Services 2Q26 Earnings Preview

Goldman Sachs Americas Real Estate

Realtime CRE Transaction Update: 2Q26 Volumes Appear Resilient

Realtime Transaction volumes data indicates a solid 2Q26. Exhibit 1 shows US

transaction data across major CRE property types

n Transaction volumes set to be up +10% to +20% YoY in 2Q26: Our recent pulls of

MSCI real time data implies that 2Q26 volumes will ultimately shake out around

+10% to +20% YoY. These results appear to align with the CRE service company

management team’s comments of continued activity even in the face of instability

from a geopolitical and rates perspective. 2Q26 results, especially May & June were

aided by weaker YoY comps given the flow through impacts of Liberation Day in

2025. We highlight this is a relatively in-line outcome relative to where consensus

expectations are set for the broker’s capital markets and advisory sales results (see

below).

Exhibit 1: We believe 2Q26 volumes could be ~+15% YoY

inclusive of revisions

Quarterly YoY Change in Transaction Volumes from MSCI’s

Trendtracker

100%

80%

60%

40%

20%

15%

0%

-20%

-40%

-60%

-80%

Source: MSCI Real Assets, Goldman Sachs Global Investment Research

NMRK 2Q26 Capital Markets Estimates Look Beatable

Given projected MSCI results, it appears that most companies will be roughly in line with

consensus estimates for investment sales (capital markets) growth, when incorporating

the typical market share out-performance/under-performance versus MSCI volumes, as

shown in Exhibit 2. One exception is Buy rated NMRK, which screens as having the

greatest potential to exceed consensus 2Q26 capital markets estimates across our

coverage (consensus at +16% YoY vs an implied 2Q26 of +32% YoY, and vs GSe at +25%

YoY).

17 July 2026 2