The top 10 tenant-rep brokerages by 2025 transaction volume per Real Capital Analytics 2026 Tenant Rep League Tables: JLL ($21.8B), CBRE ($19.4B), Cushman & Wakefield ($14.2B), Newmark ($11.9B), Colliers ($8.7B), Avison Young ($4.1B), Savills ($3.8B), Cresa ($3.2B), Lee & Associates ($2.4B), Transwestern ($2.1B). National vs boutique selection depends on deal size and submarket.
TL;DR
Tenant rep broker selection has three real choices: national platform with broad data and landlord access (CBRE, JLL, Cushman, Newmark), tenant-only specialist for senior attention (Cresa, Savills, Avison Young), or boutique local with submarket expertise. For 1,000 to 25,000 SF deals, boutiques and tenant-only firms typically deliver more senior attention. For 25,000+ SF or multi-market portfolios, national platforms win on data depth and landlord access.
The 10 leading tenant rep brokerages (2025 volume)
| Rank | Firm | 2025 tenant-side volume | Strengths |
|---|---|---|---|
| 1 | JLL | $21.8B | Office, life science; strong East Coast |
| 2 | CBRE | $19.4B | Largest national footprint, multi-market portfolios |
| 3 | Cushman & Wakefield | $14.2B | Office + retail + industrial; Marketbeat reports |
| 4 | Newmark | $11.9B | East Coast office, life science; Chicago, Boston |
| 5 | Colliers | $8.7B | West Coast and Sun Belt secondary markets |
| 6 | Avison Young | $4.1B | Tenant-only practice in some markets |
| 7 | Savills | $3.8B | Tech/professional services; senior attention |
| 8 | Cresa | $3.2B | Tenant-only by design |
| 9 | Lee & Associates | $2.4B | Industrial; decentralized broker model |
| 10 | Transwestern | $2.1B | Healthcare and government tenants |
Source: Real Capital Analytics 2026 Tenant Rep League Tables.
National vs boutique: how to choose
We believe deals under 25,000 SF often get better senior attention from a boutique because the deal is large enough to matter to a senior broker. Deals over 25,000 SF or multi-market portfolios often need national platforms for landlord access and data depth.
National platforms (CBRE, JLL, Cushman, Newmark):
- Strengths: comprehensive market data via owned analytics, multi-market portfolio capability, deep landlord relationships across asset classes.
- Weaknesses: deal-size economics push 1,000 to 5,000 SF deals to junior brokers; potential conflict of interest when same firm reps landlords in same submarket.
Tenant-only specialists (Cresa, Savills, Avison Young):
- Strengths: no landlord-side conflict; senior attention on smaller deals; explicit fiduciary alignment.
- Weaknesses: smaller national footprint; less comprehensive market data than national platforms.
Boutique local firms:
- Strengths: deep submarket knowledge; senior attention; flexible fee structures.
- Weaknesses: limited multi-market capability; data depth varies firm to firm.
How to evaluate a tenant rep broker
Five questions:
- What’s your tenant-only vs landlord-side balance? A broker who reps both sides has conflict-of-interest risk on your deal. Tenant-only firms (Cresa, Savills) eliminate the conflict.
- Have you closed comparable deals in this submarket in the last 12 months? Specific submarket experience matters more than generic city-level experience.
- What’s your data source for effective rent benchmarks? “We have access to CompStak” is good. “We use our internal database” is the right answer for established firms. “We rely on listings” is a problem.
- Will I have a senior broker or a junior? For 1,000 to 25,000 SF deals, senior attention is the differentiator. Boutiques typically deliver senior brokers; large firms vary.
- What’s your fee split if there’s a co-broker situation? Defines who’s on your side if multiple brokers are involved.
Specialty considerations
Match broker to use:
- Lab / life science: hire a specialty firm. Lab buildouts run 6 to 12 months and require landlord underwriting that generalist brokers don’t have.
- Restaurant: hire restaurant-focused tenant rep. Use clauses, percentage rent breakpoints, and grease trap diligence are niche.
- Industrial / logistics: clear height, dock-loading, and trailer parking specs require industrial-focused brokers.
- Coworking / flex tenant: this is a mass-market product; major firms cover it well.
- Government tenant: GSA leasing has specific procurement processes; specialty firms (some at Cushman, Newmark, Transwestern) handle this.
How tenant rep economics work
Standard structure: 4 to 6% of gross rent over the lease term, paid by the landlord (not the tenant) per CCIM fee guide.
Tenant pays nothing directly. Landlord pays the listing brokerage; the listing brokerage splits with the tenant rep. Self-rep tenants don’t capture the saved commission; landlords retain it as margin.
For depth on broker fees: Commercial lease broker fee guide.
Frequently asked questions
How do I pick between a national vs boutique tenant-rep broker?
National firms (CBRE, JLL) have better data and broader landlord access. Boutiques (Cresa, Savills) often deliver more senior attention per deal. For deals under 25,000 SF, boutiques are usually a better fit.
Is tenant-rep representation free?
Yes, in standard markets. The landlord pays the tenant-rep broker out of the listing commission. Tenant gets representation at no out-of-pocket cost.
Can I use the same broker that represents the landlord?
Technically yes (dual agency), but it’s a conflict of interest. You’re paying for fiduciary advocacy, split the representation. Always insist on a tenant-only broker.
Should I sign an exclusive representation agreement?
Yes for full-service tenant rep. The exclusive agreement aligns the broker’s incentives and triggers the standard 4 to 6% commission structure. Term: typically 6 to 12 months. If you need to switch, the agreement may have “tail” claims on properties shown.
What’s the difference between a senior broker and a junior?
Senior broker has 10+ years of experience, deep landlord relationships, and personally handles negotiation. Junior broker may be working under senior supervision and have less independent landlord relationship advantage. For meaningful deals, demand senior attention.
How do I verify broker references?
Ask for 3 to 5 references from deals similar to yours (same submarket, similar size, similar use). Call the references; ask about negotiation outcomes, broker responsiveness, and post-deal support during construction.
Can I switch brokers mid-search?
Yes if you haven’t signed an exclusive representation agreement. If you have, switching may trigger a “tail” claim on commissions for properties shown during the agreement period. Read the agreement before switching.
What’s the trend in tenant rep brokerage in 2026?
Two trends per Real Capital Analytics 2026 outlook: consolidation among national firms (Newmark and Cushman growing through acquisition) and growth in tenant-only firms (Cresa, Savills) as institutional tenants prioritize fiduciary alignment.
Related guides
- Best commercial lease services 2026
- Compare commercial lease services
- Commercial lease broker fee
- Commercial lease negotiation tips and AI coach
Sources
- Real Capital Analytics 2026 Tenant Rep League Tables accessed 2026-05-02
- CCIM Tenant Representation Fee Guide accessed 2026-05-02
- Cushman & Wakefield Marketbeat accessed 2026-05-02
- JLL Office Market Statistics accessed 2026-05-02
Not financial or legal advice. Estimates based on publicly available market data and broker reports. Commercial real-estate is highly local and deal-specific. Consult a licensed commercial real-estate broker and a real-estate attorney before signing any lease.