Nasdaq-listed global commercial real estate advisory and services firm Newmark Group is entering the Korean market. Founded in 1929, Newmark boasts a history of over 100 years and, like CBRE, JLL, Cushman & Wakefield, Savills, and Colliers, provides services related to capital markets such as acquisition and disposition advisory, leasing, and asset management.

As of the end of last year, its total revenue was USD 2.74 billion. Its revenue reached USD 759 million in the second quarter of this year, marking a 19.9% year-on-year increase, showing improved performance. Institutional investors hold about 75% of the total shares, with major shareholders including CF Group Management (13.45%), Vanguard Group (12.44%), and BlackRock (6.05%). Recently, in line with the trend of investing in digital infrastructure, Newmark is integrating AI into key services such as capital market consulting, valuation, and project management, moving beyond simple brokerage to build an integrated service platform that aligns with digital transformation. The company is also accelerating its global expansion thanks to the recovery trend across the global commercial real estate market, which had been stagnant after interest rate hikes.

Commercial Real Estate Advisory and Service Company, Newmark, Enters Korean Market, Opening IFC Office to Enter Korea, CEO Formerly of Cushman & Wakefield

Newmark is accelerating its expansion in the Asia-Pacific region. Newmark designated Singapore as its APAC hub office following Hong Kong last June, marking the start of its global expansion, and in the same context, it recently opened an office in Korea and appointed a CEO. Newmark opened its Korean office at the serviced office TEC located in Yeouido IFC 3 earlier this month and appointed John Pritchard, who was in charge of TR at Cushman & Wakefield Korea, as its CEO. John Pritchard worked at Savills Korea for about three years starting in 2017, and then moved to Cushman & Wakefield Korea since 2020. He has recently resigned. It is reported that three individuals who were leading TR operations at Cushman & Wakefield Korea are also joining Newmark.

Newmark Enters Korea, Samil PwC’s Expansion Strategy Combine to Create Highly Competitive Recruitment Market – Key is Strengthening Capital Market Personnel

Newmark is reported to have initially considered collaborating with a local Korean company, but determined that the benefits did not outweigh the costs, leading to its decision to enter the market independently. With its business officially opened in Korea, the company can now focus on recruiting competitive personnel. As an industry spokesperson noted, “We need to watch how much influence Newmark will have in the Korean market,” and predicted, “Ultimately, attracting competitive capital market talent will be the key.”

Paired with Newmark’s entry into the Korean market is Samil PwC, which is ramping up its recruitment efforts to strengthen its real estate advisory services. This suggests that the market for talent recruitment is growing increasingly competitive in the commercial real estate services industry.