Biggest real estate companies in the US: the top 25 by 2025 revenue

This list is for people who sell to the real estate industry: facilities, maintenance and construction contractors, property technology and software vendors, energy and security firms, lenders and insurers, marketing agencies and recruiters. It ranks the 25 biggest US real estate companies by 2025 revenue from their own filings, labels each by type, shows how many people each employs, and explains who buys at each type of company.

The 25 biggest real estate companies in the US

Revenue as reported in each company's Form 10-K for 2025 (every company here has a December year end), checked on 30 October 2026. Homebuilders, hotel operators and timber companies are left out; see the method below.

Revenue is total revenues as reported. Headquarters are each company's principal executive office in its 10-K, except Cushman & Wakefield (registered in Bermuda; its 10-K gives Chicago as corporate headquarters). Employees are as stated in each 10-K's human capital section, at year-end 2025 or the nearest date given; Crown Castle's figure includes about 2,500 people in businesses it reported as discontinued. eXp World Holdings is now listed on EDGAR as AGNT, Inc.

Three things the table shows:

• Services firms are the biggest employers. CBRE, JLL and Cushman & Wakefield run buildings for clients, so their revenue includes large amounts passed through for on-site staff and costs. That's also why they're among the largest buyers of facilities subcontracting in the country.
• REITs own a lot with few people. VICI owns casino properties leased to operators and reports 28 employees. Host owns hotels that operators such as Marriott run. Welltower's senior housing is largely run by operating partners. Selling to these companies often means selling to the operator.
• Brokerage is now concentrated. Compass completed its merger with Anywhere Real Estate on 9 January 2026, adding brands including Coldwell Banker, Century 21, Corcoran, ERA and Sotheby's International Realty. Compass's 2025 revenue in the table doesn't include Anywhere, which reported $5.7 billion for 2024 in its last 10-K.

Types of real estate company and who buys

How this list is built

• What's counted. Total revenues as reported in each company's 2025 income statement. For services firms, that includes costs reimbursed by clients; for REITs, mostly rent and related income; for Opendoor, the value of homes sold.
• Who's left out. Homebuilders, which the Census Bureau classifies as construction (see the largest construction companies); hotel operators and timeshare companies; timber REITs; mortgage REITs and lenders; Canadian-based services firms such as Colliers and FirstService; and private firms that don't publish results, including franchised brokerages.
• Other lists. Fortune ranks real estate companies by revenue within its Fortune 500, Nareit publishes REIT data, and RealTrends ranks brokerages by sales volume. Their scopes differ; we didn't copy their rankings.
• Revenue isn't property value. A REIT's assets are worth many times its annual revenue, and market value moves with interest rates. Revenue is the closest single measure to what a company spends.

How many real estate businesses there are in the US

County Business Patterns counts establishments with paid employees. For 2023:

The brokerage count is dominated by tiny offices: 151,101 of the 163,894 (92%) have fewer than five employees, partly because agents are often independent contractors and don't appear as employees at all. California (22,558), Florida (21,144) and Texas (11,405) have the most brokerage offices. For one city, see the market reports such as real estate companies in Dallas, and for the code itself, the NAICS code for real estate.

Where the buying happens at companies this size

General guidance, drawing on the headcounts above:

• At services firms, the client contract decides. A facility manager running a corporate campus for CBRE or JLL picks subcontractors within that client's budget and standards. National supply agreements exist, but many services are bought site by site.
• At REITs, follow the capital plan. With small corporate teams, REITs decide on development, redevelopment and major capital projects centrally, through asset managers and development leads. Routine operations sit with property managers or operating partners.
• At brokerages, the agent is the customer. With tens of thousands of independent agents and a few thousand employees, brokerages buy platforms and marketing for agents, but individual agents and teams buy much of their own tooling.
• Data centers buy fast and big. Construction and power equipment decisions follow land and power availability, and the same suppliers are often used across a region.

Worked example: an HVAC service firm selling to commercial landlords in Texas

Illustrative example. The company, its prices and its conversion rates are invented; establishment counts come from County Business Patterns 2023.

The seller: Lonestar Mechanical (lonestar-mech.example), which maintains rooftop and central plant HVAC in Texas. The goal: recurring maintenance contracts with owners and managers of commercial buildings.

1. Size the owners. Texas has 3,356 establishments of lessors of nonresidential buildings. Nationally, 9.4% of these establishments have 10 or more employees (3,234 of 34,559). Applying that share gives about 314 larger Texas landlords, an estimate because state size bands aren't shown here.
2. Add the managers. Large buildings are often run by services firms. Ask each landlord who manages the property, and add the facility and property managers at CBRE, JLL and Cushman & Wakefield who run Texas portfolios.
3. Find the decision makers. The chief engineer and property manager at the building, and the regional facilities director for portfolios.
4. Do the arithmetic. If Lonestar reaches the right person at half of the 314 landlords (157), sends proposals to 10% (16) and wins a quarter of those (4), at an assumed $60,000 a year per contract, that's $240,000 of recurring revenue from one year's outreach.

Working out who manages each building, and who the chief engineer is, is the slow part; Bebop researches each account in a list and writes a playbook with the people and the angle to open with.

Subject: HVAC maintenance at [building name or address]

Hi [first name],

I noticed [building or portfolio] [changed hands / is adding tenants / was renovated] recently.

Engineers we work with in [city] tell us the hard part before summer is getting preventive maintenance done on rooftop units without tenant complaints.

We maintain HVAC for commercial buildings across Texas, with after-hours scheduling and a monthly report by unit. Would a 20-minute walk-through of your plant be useful?

[Your name]
[Phone number]

Common mistakes

• Selling to the REIT when the operator buys. Check who runs the building before you pitch.
• Treating revenue as size of portfolio. A REIT with modest revenue can own far more property than a services firm.
• Ignoring the agent model. Brokerage employee counts understate who you'd actually sell to.
• Skipping the property manager. For day-to-day services, the person on site usually decides.

Next step: see how many real estate businesses operate in one market in the Dallas real estate market report.