Big 4 Real Estate Suitability Calculator
Key Factors
- Property value over $20M
- Institutional buyer targeting
- Need for global network
- Confidential process requirements
Results
When you're selling a high-value commercial property-a 50,000-square-foot office tower in downtown Sydney, a logistics hub in Melbourne, or a retail complex in Brisbane-you don’t just pick any agent. You go with one of the four giants that control the majority of global commercial real estate transactions. These are the Big 4 in real estate: CBRE, JLL, Cushman & Wakefield, and Savills. They don’t just list properties. They move billions in deals, advise institutional investors, and shape market trends from New York to Singapore.
Who Are the Big 4 in Real Estate?
The Big 4 aren’t small brokerages. They’re multinational corporations with thousands of employees, global data networks, and deep relationships with pension funds, sovereign wealth funds, and private equity firms. Each handles billions in transactions every year. Their size isn’t just about office space-it’s about access. Access to buyers no one else can reach. Access to confidential market data. Access to capital that moves markets.
Here’s who they are:
- CBRE (CB Richard Ellis): Headquartered in Los Angeles, it’s the largest commercial real estate services firm in the world by revenue. In 2024, it handled over $380 billion in transactions globally.
- JLL (Jones Lang LaSalle): Based in Chicago, JLL is known for its strong presence in Asia-Pacific and Europe. It reported $21 billion in revenue in 2024 and manages over 5.5 billion square feet of property.
- Cushman & Wakefield: Headquartered in New York, it’s the third-largest player. After being acquired by a private equity group in 2021, it restructured to focus on high-margin advisory services. In 2024, it closed over $220 billion in deals.
- Savills: A UK-based firm with deep roots in Europe and Australia. It’s the only one of the four still publicly traded on the London Stock Exchange. In 2024, it handled over $120 billion in transactions, with Australia being one of its top-performing markets.
Why Do Sellers Choose the Big 4?
It’s not about branding. It’s about results. If you’re selling a $100 million office building, you need more than someone who knows the local market. You need a firm that can:
- Access a global network of institutional buyers-pension funds in Canada, sovereign wealth funds in Abu Dhabi, REITs in Japan.
- Run a confidential, controlled marketing process that doesn’t leak details to competitors.
- Provide detailed financial modeling and valuation reports backed by proprietary data tools.
- Negotiate with legal and tax teams across multiple jurisdictions.
One Sydney-based developer selling a mixed-use tower in Surry Hills told me: “We had three offers. Two came from buyers we’d never heard of. They were found by CBRE’s Asia-Pacific capital markets team. We didn’t even know they were looking.”
The Big 4 don’t just list properties. They create competitive bidding environments. They know who’s buying, who’s selling, and who’s quietly accumulating assets in the background. That’s the advantage.
How the Big 4 Operate in Australia
Australia is one of the most active commercial real estate markets in the Asia-Pacific region. The Big 4 dominate here too. In 2024, they handled over 80% of all commercial property transactions over $50 million in value.
CBRE leads in office and industrial sales, especially in Sydney and Melbourne. JLL has a strong edge in retail and healthcare properties. Cushman & Wakefield dominates for large-scale logistics deals, particularly in the eastern corridor from Brisbane to Adelaide. Savills holds its ground in heritage assets and high-end retail-think Bondi Junction or Collins Street.
They also run the major investor forums. The annual CBRE Capital Markets Summit in Sydney draws over 500 institutional buyers. JLL’s Asia-Pacific Investor Day in Melbourne is where funds from Singapore and Hong Kong meet Australian developers. If you’re not invited to these events, you’re not in the game.
What They Don’t Tell You
There’s a myth that the Big 4 always get the best price. That’s not always true. Their fees are higher-typically 2% to 4% on large deals, compared to 1% to 2% for boutique firms. And they often prioritize speed over price to hit internal targets.
One 2023 case in Perth involved a warehouse portfolio. A boutique firm held out for 14 months and secured a 12% higher offer from a niche buyer. The Big 4 had pushed for a quick sale to a fund that wanted to bundle assets. The seller lost $18 million.
Big 4 firms are also under pressure from shareholders. They’re not always looking to maximize your sale price-they’re looking to close deals quickly to boost quarterly revenue. That’s why they often push for “preferred buyers” they’ve worked with before, even if those buyers aren’t the highest bidder.
When to Use the Big 4-And When Not To
Use them when:
- Your property is worth more than $20 million.
- You’re selling to institutional investors or overseas buyers.
- You need confidentiality and a structured auction process.
- You’re selling across multiple states or internationally.
Don’t use them when:
- You’re selling a small retail strip or single-tenant office under $5 million.
- You have a trusted local buyer already lined up.
- You want personalized attention-you’ll likely be handed off to a junior associate.
- You’re in a hurry and don’t want a 6-month sales cycle.
There’s a middle ground: hybrid models. Some sellers use a Big 4 firm for global exposure but hire a local boutique to handle on-the-ground marketing and tenant interviews. That way, you get scale without losing control.
The Competition: Who’s Challenging the Big 4?
It’s not all gloom for smaller firms. Boutique agencies like Knight Frank (which operates independently in Australia), Colliers, and local powerhouses like Dexus Property Group’s brokerage arm are carving out niches.
Colliers, while not part of the Big 4, is now the fifth-largest player in Australia and often undercuts them on fees. Local firms like Hines, Lendlease Capital, and even property tech platforms like PropTrack are starting to offer institutional-grade analytics-something the Big 4 used to own exclusively.
But here’s the catch: none of them have the same global buyer database. If you’re selling to a fund in Qatar or a family office in Zurich, the Big 4 still have the keys to the door.
What’s Changing in 2025?
The commercial real estate landscape is shifting. Interest rates are stabilizing. Investors are returning to office assets in secondary cities. Industrial space is still hot, but now it’s focused on last-mile logistics, not big warehouses.
The Big 4 are adapting. They’re investing heavily in AI-driven valuation tools. CBRE’s “MarketView” platform now predicts price movements with 87% accuracy in Australian markets. JLL uses machine learning to match buyers with properties before they’re even listed.
They’re also hiring more local experts. In Sydney, you’ll now find senior brokers who’ve spent 20 years in the city’s retail sector-not just global corporate types. That’s a good sign. It means they’re learning to balance scale with local insight.
Final Thoughts
The Big 4 in real estate aren’t just companies. They’re gatekeepers to the global capital system. If you’re selling a high-value commercial asset, they’re often the only way to reach the buyers who can actually close the deal.
But they’re not magic. They’re a tool. Use them when the stakes are high, the buyers are global, and the process needs structure. Don’t use them when you’re better off with a local expert who knows the neighborhood, the tenants, and the zoning rules inside out.
Know your asset. Know your buyer. And know which firm can get you there-not just the biggest name.
Are the Big 4 the only firms that handle commercial property sales?
No, the Big 4 dominate large transactions, but many boutique firms and regional players handle commercial sales too. Smaller firms often outperform the Big 4 on local deals under $20 million, especially when they have deep tenant relationships or niche expertise in sectors like healthcare or aged care properties.
Do the Big 4 charge higher fees?
Yes. The Big 4 typically charge 2% to 4% on large commercial deals, compared to 1% to 2% for boutique firms. The higher fee covers their global network, marketing reach, and institutional buyer access. But that doesn’t always mean a higher sale price-you’re paying for scale, not necessarily better results.
Can I sell a commercial property without using a Big 4 firm?
Absolutely. If your property is under $20 million, you have a ready buyer, or you’re selling locally, a boutique firm or even a trusted local agent can get you better results. Many sellers save money and get more personalized service without needing a global platform.
Why do institutional investors only work with the Big 4?
Institutional investors rely on the Big 4 because they offer standardized reporting, global data access, and proven transaction processes. These firms provide audit-ready documentation, compliance tracking, and multi-jurisdictional legal coordination-something smaller firms rarely have the infrastructure to deliver at scale.
Is the Big 4 dominance declining?
Not yet. While smaller firms and tech platforms are gaining ground with data tools and lower fees, the Big 4 still control the flow of institutional capital. Until a competitor builds a global buyer network as deep as CBRE’s or JLL’s, they’ll remain the default choice for major transactions.
