Marcus & Millichap

What Marcus & Millichap does

Marcus & Millichap, Inc. (NYSE: MMI) is a publicly traded commercial real estate investment brokerage and capital markets services firm founded in 1971 and headquartered in Calabasas, California. The company operates through 1,808 investment sales and financing professionals across more than 80 offices in the United States and Canada, executing approximately 8,818 transactions worth $50.9 billion in 2025. It serves both private investors transacting in the $1–20 million range, which account for roughly 65% of brokerage revenue, and institutional investors serviced through its Institutional Property Advisors (IPA) division. Supporting businesses include 1031 exchange services, commercial property auctions, loan sales, a Global Capital Division, and the MyMMI client portal.

The firm's product platform spans the full commercial real estate transaction lifecycle: investment sales brokerage, debt and equity financing via Marcus & Millichap Capital Corporation (MMCC) and IPA Capital Markets, proprietary research and market intelligence, and—launched in June 2026—a Preferred Partner Program connecting clients with curated third-party providers for insurance, tax strategies, and risk management (anchored by Brown & Brown). Technology is positioned as a productivity layer for the broker force rather than a customer-facing differentiator, with management emphasizing AI deployment to automate labor-intensive tasks while preserving the value-added broker function. The firm holds two core wholly-owned operating subsidiaries (MMCC and IPA) and operates a research division that publishes property-type forecasts and economic briefs.

Marcus & Millichap earns revenue primarily through transaction-based commissions on CRE investment sales and through financing fees from arranging debt and equity capital. Brokerage commissions are negotiated deal-by-deal; financing revenue is tied to capital markets volume. FY2025 revenue totaled $755.2 million (up 8.5% YoY), with Q1 2026 revenue of $171.5 million (up 18.2% YoY) reflecting acceleration driven by a 60% rise in financing volume. Distribution is overwhelmingly direct, executed through the field sales force and market leader structure, supplemented by content marketing via research publications, industry conference participation (ICSC, NAIOP, CSSA), and corporate social channels.

Name

Marcus & Millichap

Legal name

Marcus & Millichap, Inc.

Website

https://marcusmillichap.com

Company type

Public

Founded year

1971

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Marcus & Millichap is a publicly traded (NYSE: MMI) commercial real estate investment brokerage operating 80+ North American offices with 1,808 professionals, providing investment sales, debt and equity financing, research, and advisory services to private and institutional investors.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Brokerage

NAICS

Offices of Real Estate Agents and Brokers (531210), All Other Financial Investment Activities (52399)

SIC

Real Estate Agents & Managers (For Others) (6531), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Real Estate M&A / Joint Venture Advisory (Platform Deals, Partnerships) (BPAJANAF)

akta.pro secondary industries

Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Sell-Side M&A Advisory (FSAEAGAA), Industry-Specialist / Sector-Focused M&A Advisory (FSAEAGAJ)

Keywords

• Commercial real estate brokerage
• Investment sales services
• Commercial real estate financing
• Capital markets advisory
• Real estate investment research

Headquarters

HQ city

Calabasas

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Brokerage Commissions: The company earns commissions on commercial real estate investment sales transactions. Brokerage revenue was $138.1 million in Q1 2026, up 11.7% year-over-year. The private client segment (transactions $1-10 million) accounts for approximately 65% of brokerage revenue.
2. Financing Fees: Marcus & Millichap Capital Corporation arranges financing for commercial real estate transactions, earning financing fees. Financing revenue was $26.8 million in Q1 2026, up 48.1% year-over-year, driven by a 60% rise in financing volume.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Marcus & Millichap is a commercial real estate investment brokerage and capital markets services firm that arranges the sale, financing, and advisory of investment properties for private and institutional investors across the United States and Canada. The firm operates through its main brokerage, Institutional Property Advisors (IPA), Marcus & Millichap Capital Corporation (MMCC), and IPA Capital Markets, supported by proprietary research, a client portal (MyMMI), and complementary services including 1031 exchanges, auctions, and loan sales.

Product overview

Marcus & Millichap operates as a unified commercial real estate brokerage platform with multiple integrated divisions. The core platform (Marcus & Millichap) serves as the primary brokerage offering investment sales, financing, research, and advisory services. Supporting this core are specialized divisions: Institutional Property Advisors (IPA) handles institutional-quality assignments and large portfolio transactions; Marcus & Millichap Capital Corporation (MMCC) and IPA Capital Markets provide financing solutions for all property types; and the Preferred Partner Program extends the platform with curated third-party service providers for insurance, tax strategies, and risk management. Additional services include 1031 Exchange, Commercial Property Auctions, Global Capital Division, Loan Sales, MyMMI client portal, and comprehensive Research Services. The platform closed 8,818 transactions in 2025 with approximately $50.9 billion in sales volume.

Differentiator

Problem solved

Functional benefit

Products and services

• Marcus & Millichap Investment Sales Brokerage Core commercial real estate investment sales brokerage serving private investors in the $1-20 million transaction range, individual investors, family offices, and private equity investors across multifamily, retail, industrial, office, net lease, hospitality, self-storage, seniors housing, and land property types.
• Institutional Property Advisors (IPA)

Quantifiable outcome

• Closed $50.9 billion in transactions across 8,818 sales in 2025
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Brown & Brown, Inc.coreStrategic or Co-development Partner · 18 June 2026Marcus & Millichap named Brown & Brown as the preferred partner for insurance and risk management services under its Preferred Partner Program. This is the first specialty service added to Marcus & Millichap's newly launched Preferred Partner Program. Brown & Brown's National Real Estate Practice will provide Marcus & Millichap's clients with data-driven insurance indications, portfolio analysis, catastrophe modeling, due diligence support, and access to major insurance carriers and specialty markets. The partnership addresses the growing importance of insurance costs in commercial real estate valuation and transaction execution.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• CBRE Group: Global largest CRE services firm offering investment sales, financing, property management, and valuation across all property types. A direct competitor in institutional CRE investment sales through CBRE Capital Markets and overlapping in mid-market brokerage, though with a far broader services portfolio.
• JLL (Jones Lang LaSalle): Global CRE services firm providing investment sales (via JLL Capital Markets, formerly HFF), financing, advisory, and property management. Competes directly with Marcus & Millichap's IPA division for institutional assignments and with MMCC for financing mandates.
• Cushman & Wakefield: Global CRE services firm with investment sales, valuation, financing, and advisory capabilities. Competes with Marcus & Millichap in mid-market investment sales and institutional capital markets transactions across the US and Canada.
• Colliers International: Global CRE services firm offering investment sales, financing, valuation, and property management. Overlaps with Marcus & Millichap in investment sales brokerage and capital markets across multiple property types and geographies.

Direct peers

• Newmark Group: Public CRE services firm (NASDAQ: NMRK) providing investment sales, leasing, and financing through Newmark Capital Markets. Competes directly with Marcus & Millichap's IPA and MMCC divisions, particularly in middle-market and institutional investment sales transactions.
• Eastdil Secured: Leading CRE investment banking firm specializing in institutional investment sales, debt placement, and equity raising. Directly competes with Marcus & Millichap's Institutional Property Advisors (IPA) division for large portfolio and institutional-quality assignments.
• Walker & Dunlop: Public CRE finance company (NYSE: WD) specializing in commercial real estate financing, primarily multifamily. Directly comparable to Marcus & Millichap Capital Corporation (MMCC) in arranging debt financing for CRE transactions.
• Berkadia: CRE investment sales and financing firm jointly owned by Berkshire Hathaway and Leucadia. Directly competes with Marcus & Millichap in multifamily investment sales and with MMCC in commercial mortgage origination across the US.
• NAI Global: Global CRE services network with member firms handling investment sales, leasing, and property management. Competes with Marcus & Millichap in mid-market commercial investment sales, particularly in regional markets.

Emerging players

• Stan Johnson Company: Specialized CRE investment sales firm focused on net lease, retail, and single-tenant properties. Overlaps with Marcus & Millichap's net lease and retail divisions in mid-market investment sales transactions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/mmreis
• Facebookfacebook.com/470840972970891
• LinkedInlinkedin.com/company/6346

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marcus & Millichap