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Top 10 Commercial Property Management Companies of 2024
Bigger isn't always better, and our rankings balance size with growth to provide you the definitive list of 2024's top commercial property managers.
With insurance premiums and taxes hitting commercial real estate harder than ever this year, it may be tempting to reduce overhead as much as you can by trimming costs related to your property management.
Be careful.
A good commercial property manager can add a lot of value. A great one? It can change everything. The impact very often dwarfs the cost.
You just might not have the right property manager for your asset.
I don't endorse any single commercial property management company over another, nor does Janover, but it can help to see who's who — and what they're focused on.
Enter this year's commercial property managers ranking. Every year, we examine leading industry lists to derive our own tilt, prioritizing those companies focused on growth — both in square footage and in reputation.
The Top 10 Commercial Property Managers of 2024
Rank | Company | Management Portfolio (MSF)* | YoY Growth |
|---|---|---|---|
1 | Avison Young | 283 | 20% |
2 | Stream Realty | 159 | 21% |
3 | The RMR Group | 114 | 25% |
4 | JLL | 3,000 | 12% |
5 | Related | 25 | 25% |
6 | Cushman & Wakefield | 5,099 | 6% |
7 | Lee & Associates | 62 | 12% |
8 | Newmark | 216 | 6% |
9 | CBRE | 7,300 | 3% |
10 | Foundry Commercial | 42 | 9% |
* The square footage figures are based on a survey conducted by Commercial Property Executive.
1. Avison Young
Our top commercial property management company is Avison Young. The firm, based in Toronto, operates in 19 countries, from Austria to Vietnam. Their total management portfolio of 283 million square feet is impressive, as is their rapid growth of 20% in the past year.
The group primarily focuses on three asset types: office, retail, and industrial real estate. Avison Young has been celebrated for its sustainable approach to property management and building operations, with awards from the Building Owners and Managers Association (BOMA) and has also been named to the Canada's Best Managed Companies list for 12 consecutive years.
2. Stream Realty
Stream Realty Partners, based in Dallas, is a force to be reckoned with. The firm had 159 million square feet under management at the end of 2022, marking a significant, 21% growth from the previous year. Stream handles everything from land services to office, retail, industrial, and health care assets.
3. The RMR Group
The RMR Group, headquartered in Newton, Massachusetts, is a large company you may not be overly familiar with. Founded in 1986, the company today has $41 billion in assets under management, or 114 million square feet. The group primarily manages REIT-owned properties, and it grew its portfolio by 25% in the last year.
4. JLL
Last year's winner ends up in fourth place this year. JLL is a force to be reckoned with, with 3 billion square feet under management. And its 12% management portfolio growth rate — while not as rapid as the eye-watering 33.5% reported for last year's ranking — is significant given the absolute numbers. JLL is laser focused on office, retail, and industrial property management.
5. Related
Landing in fifth place, The Related Companies is a big name — particularly if you're familiar with New York office real estate. The firm is one of the developers behind Hudson Yards, the (soon-to-be) 18 million-square-foot multi-building Manhattan campus (in fairness, "campus" is probably not a big enough word).
Related also does property management, both for assets it owns and as a third-party manager. Its portfolio was 25 million square feet, the smallest on our list — but it increased its footprint by one quarter in just a year's time. And before you think they're just active in New York, they operate several regional offices supporting properties across the country.
6. Cushman & Wakefield
Cushman & Wakefield is simply massive, with approximately 5.1 billion square feet under management at the end of 2022. That's no accident: The company continues to expand at a steady rate each year, boosting its global footprint by 6% in the past year alone. Cushman handles virtually every type of asset, from more "standard" properties like offices and warehouses to more specialized buildings including data centers, hospitals, and more.
7. Lee & Associates
Lee & Associates has been in operation since 1979, starting out in Orange County, California, and rapidly expanding to its nationwide presence in 2024. The firm employs more than 70 property management professionals and now has more than 62 million square feet under management. Their asset focuses include multifamily, office, retail, industrial, and hotels.
8. Newmark
Newmark had around 215 million square feet of office, industrial, and retail properties under management, following growth of 6% from the previous year, landing them in eighth place this year. The firm does it all for its properties, handling anything from facilities maintenance to accounting and contract management.
9. CBRE
CBRE in ninth? But they're the largest, I can hear you shout. And indeed, while they're the biggest property management company in the world, that doesn't necessarily make them hands-down the best.
They're still strong contenders on our list, however, and with around 7.3 billion square feet under management — around 3% more than they had last year — they're a logical choice to consider. Try and find a market or asset type where CBRE isn't active, and you'll have to search very, very far afield.
10. Foundry Commercial
Orlando-based Foundry Commercial came in sixth place on our list last year, but don't take their slide to 10th mean they're lacking qualifications. The organization has greatly expanded in recent years. Initially focused only on Florida and the surrounding states, the firm now boasts multiple properties from New Hampshire to Southern California.
Foundry is most heavily active in industrial, office, and retail property management, but they also handle medical office buildings, schools, and even churches.
Looking for last year's ranking? You can find it here.