CBRE/JLL Capital Markets vs. Brokerage?
I am currently weighing the career routes of working in capital markets or brokerage for one of the CB/JLL type companies if I elect not to go back and get an MBA .
I have always been under the impression cap markets in these companies is essentially banking with real estate as your asset class whereas brokerage can yield massive commissions and the senior brokers are pulling in $1MM at the later stages of their careers, at least in the markets I'd stay in.
But which of these business lines has a higher earning potential?
I thought the "Cap Markets" guys at those firms are just D/E brokers, all commissioned based as much as the IS or landlord/tenant rep brokers. Is there something specific (like a unit of one) you are referring to?
Oh perhaps, I'm at one of the above but a separate business line and always thought they have like their own corp fin and IBD divisions, which would operate similarly to the banks, etc.
I guess I'm way off and have much to learn
So, CBRE and JLL in particular (and I think C&W and Newmark as well) do have separate, securities licensed true i-banking style teams, Eastdil does at as well. Those are pretty small units within the larger organization, but yes, they do totally exist. TBH, not sure how much they really overlap with true "banking" as I don't think those firms can use balance sheet to issue securities, just act as intermediaries (but most "banks" do that like 90% of the time also, they just can balance sheet if they want).
Still, I'm pretty sure that "Capital Markets" is the broader term given to all the D/E brokers, and even sometimes the IS teams... to distinguish from leasing brokers and other occupier services and prop mngt, etc. That's why I mentioned if you mean a specific sub-unit. Pretty sure the bulk of "Capital Markets" at these firms are D/E and even IS brokers.
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