Newmark Group Inc. has reportedly rejected a takeover offer from Cushman & Wakefield as commercial brokerages continue to explore consolidation within the industry. At the time of the takeover attempt Cushman & Wakefield had a market value of $2.6 billion and Newmark Group had a market value of $1.2 billion. Newmark Group was reportedly not interested in the $3.8 billion in debt that Cushman & Wakefield holds on its balance sheet.

The commercial brokerage industry has experienced a period of consolidation over the past decade as the firms have attempted to scale up to better service growing client demand. In 2015 the private equity group TPG Capital acquired Cushman & Wakefield for $2 billion and merged the firm with its competitor Cassidy Turley before undergoing an IPO in 2018, the same year Newmark Group was spun off of interdealer broker BGC Partners Inc. In 2019 Jones Lang LaSalle Inc. (JLL) acquired Holliday Fenoglio Fowler LP (HFF) for $2 billion in cash and stock.