Commercial Appraisal and Valuation Firms
The valuation businesses inside the big brokerages and three independent appraisal firms, from 10-K filings, results releases and firm pages.
Last updated: 2026-10-20
Alphabetical, not ranked.
We do not score appraisal firms. Appraisal quality shows up in individual reports, which we cannot review. The brokerages listed here keep their existing scores on their commercial brokerage reviews; those scores are not about valuation. Firms are listed alphabetically.
What the sources reveal
- CBRE has the largest disclosed valuation business. $815M in 2025, against $480.7M for Cushman & Wakefield’s broader line and $379.6M for JLL’s. CBRE 10-K, C&W 10-K, JLL 10-K.
- Valuation is growing faster at some firms. Newmark’s V&A grew 22.9% in 2025; Colliers says valuation led its outsourcing growth. Newmark 10-K, Colliers.
- Brokerage appraisers sit next to deal teams. CBRE’s valuation services are in the same segment as its leasing, sales and mortgage origination. Ask how the appraisal team is kept separate. CBRE 10-K.
- Independents sell independence. IRR calls itself the largest independent CRE valuation firm in the U.S. and the Caribbean; BBG’s tagline is ‘True Independence’. IRR, BBG.
- Appraisers get sued. Cushman & Wakefield lists claims from clients and third parties over its appraisals as a risk factor. C&W 10-K.
Valuation revenue, as each firm reports it
| Firm | Line in the filing | 2025 | Change |
|---|---|---|---|
| CBRE | Valuation | $815M | from $751M |
| Cushman & Wakefield | Valuation and other | $480.7M | +9% |
| JLL | Value and Risk Advisory | $379.6M | from $373.0M |
| Newmark | Valuation & Advisory | Not disclosed | +22.9% |
| Colliers | Valuation and advisory (in outsourcing) | Not disclosed | Led 7% outsourcing growth |
Each firm defines its line differently, so this is not a ranking. JLL’s includes business valuation and property tax; Cushman & Wakefield’s includes appraisal management and investment management.
By segment
Brokerage valuation groups
Valuation and advisory arms of the large commercial brokerages, from their filings.
5 profiled · Open →Independent appraisal firms
Firms that do not broker or lend: IRR, BBG and Kroll.
3 profiled · Open →Appraisal management
Firms whose own filings or pages say they manage appraisals for clients.
2 profiled · Open →Profiled firms (alphabetical)
| Firm | Segment | Scale (as published) | Status |
|---|---|---|---|
| BBG Real Estate Services | Independent appraisal firms | National office network (counts on its site did not load for us) | Private. Appraisal and due diligence firm. |
| CBRE Valuation & Advisory | Brokerage valuation groups | $815M valuation revenue (2025) | Valuation business line inside CBRE’s Advisory Services segment. |
| Colliers Valuation & Advisory | Brokerage valuation groups | Led Colliers’ 7% outsourcing revenue growth in 2025 (dollar figure not given) | Part of Real Estate Services outsourcing revenue. |
| Cushman & Wakefield Valuation & Advisory | Brokerage valuation groups / Appraisal management | $480.7M ‘Valuation and other’ fee revenue (2025) | Service line reported as ‘Valuation and other’. |
| Integra Realty Resources (IRR) | Independent appraisal firms | More than 50 local offices (self-reported) | Private. Franchise network of local appraisal offices. |
| JLL Value and Risk Advisory | Brokerage valuation groups | $379.6M Value and Risk Advisory revenue (2025) | Service line in JLL’s Capital Markets Services segment. |
| Kroll Real Estate Advisory Group | Independent appraisal firms / Appraisal management | Global valuation practice (no real estate figures published) | Private. Real estate group inside a valuation and risk advisory firm. |
| Newmark Valuation & Advisory | Brokerage valuation groups | Valuation & Advisory revenue grew 22.9% in 2025 (dollar figure not disclosed) | Reported inside Management Services, Servicing Fees and Other. |
Figures are from 2025 10-K filings and results releases, or the firm’s own pages where marked. Read 2026-10-20.
BBG Real Estate Services
Private. Appraisal and due diligence firm.
Markets itself on independence: ‘Trusted Insight. True Independence.’
Profile and sources →CBRE Valuation & Advisory
Valuation business line inside CBRE’s Advisory Services segment.
The largest valuation revenue figure we found in a filing: $815M in 2025, up from $751M.
Profile and sources →Colliers Valuation & Advisory
Part of Real Estate Services outsourcing revenue.
Colliers says valuation and advisory was the main driver of its outsourcing growth in 2025 and in Q4.
Profile and sources →Cushman & Wakefield Valuation & Advisory
Service line reported as ‘Valuation and other’.
Lists appraisal management among its valuation services.
Profile and sources →Integra Realty Resources (IRR)
Private. Franchise network of local appraisal offices.
Every office is led by an MAI-designated Senior Managing Director (self-reported).
Profile and sources →JLL Value and Risk Advisory
Service line in JLL’s Capital Markets Services segment.
Grew 2% in 2025 while JLL’s investment sales and debt advisory revenue grew 24%.
Profile and sources →Kroll Real Estate Advisory Group
Private. Real estate group inside a valuation and risk advisory firm.
Offers appraisal management: bidding and engaging appraisers, appraisal review and contracting third-party appraisers.
Profile and sources →Newmark Valuation & Advisory
Reported inside Management Services, Servicing Fees and Other.
Fastest disclosed valuation growth here: 22.9% in 2025, plus the Nov 2025 purchase of Catella Valuation Advisors in Paris.
Profile and sources →Left out
Residential appraisal management companies (AMCs) are not profiled: we did not find filings or pages we could cite for their volumes. Cushman & Wakefield and Kroll are tagged as appraisal managers because their own pages say so; Stewart’s valuation management services are noted on its lenders and title profile. BBG’s office and report counts are left out because they did not load. Appraiser licensing lookups and USPAP compliance are not checked. Fees are left out; they vary by assignment.
Comparisons
- CBRE Valuation & Advisory vs JLL Value and Risk Advisory: the two largest brokerage-owned valuation businesses by disclosed revenue.
- Cushman & Wakefield Valuation & Advisory vs Newmark Valuation & Advisory: a mature valuation line vs the fastest-growing one.
- Integra Realty Resources (IRR) vs BBG Real Estate Services: two independent appraisal firms.
Questions
Which commercial appraisal firm is biggest?
By disclosed revenue, CBRE: $815M of valuation revenue in 2025. Not every firm reports a figure, so we do not rank them.
What does ‘independent’ mean for an appraiser?
Here it means the firm does not also broker sales or make loans. IRR and BBG market themselves this way.
Are the brokerages’ scores on this page?
No. CBRE, JLL, Cushman & Wakefield, Newmark and Colliers keep their scores on their commercial brokerage reviews. Those scores are not about valuation, so this section shows them unscored.
What is an appraisal management company?
A firm that hires, schedules and reviews appraisers for a lender or investor. Cushman & Wakefield and Kroll list this service.
Last verified 2026-10-20. Figures were re-read from the linked sources that day.
View changelog
- Section published: hub, three sub-hubs, eight profiles and three comparisons, from filings and firm pages read this day.
Sources
- BBG Real Estate Services, home page · accessed 2026-10-20
- CBRE Group 10-K for FY2025 (SEC) · accessed 2026-10-20
- Colliers FY2025 results release (Feb 13, 2026) · accessed 2026-10-20
- Cushman & Wakefield Ltd. 10-K for FY2025 (SEC) · accessed 2026-10-20
- Integra Realty Resources, About IRR · accessed 2026-10-20
- Integra Realty Resources, home page · accessed 2026-10-20
- JLL (Jones Lang LaSalle) Form 10-K for 2025 · accessed 2026-10-20
- Kroll, Valuation Services · accessed 2026-10-20
- Kroll Real Estate Advisory Group, Valuation Management · accessed 2026-10-20
- Newmark Group 10-K for FY2025 (SEC) · accessed 2026-10-20