CBRE executive Chris Ludeman, a four-decade CRE veteran, will step down from his position as CBRE’s global capital markets president May 1. Dallas-based Ludeman will remain at the firm as a senior adviser through the end of the year, according to CoStar. Real Estate Alert was first to report the news.

Ludeman has led global capital markets at the firm since 2011. During his leadership, CBRE was one of the top deal-making brokerage firms across all property sectors, with a 23.1% weighted average market share of deals valued at $25M or more, according to data from Real Estate Alert.

Ludeman began working in CRE in the 1980s, around the time of the savings and loan crisis. At the time, CRE was "more of a cottage industry, a quirky alternative investment," he told REA in an interview. But as more institutional investment entered the picture, the sector has become more sophisticated, he said.

The capital markets have become increasingly challenging in the last year as traditional lending sources for commercial real estate projects have pulled back. In a year when a record amount of CRE debt is expected to mature, many are bracing to see what's next, especially in the office and multifamily markets.

Commercial property sales volume plummeted last year, reaching $374.1B, a 51% drop from 2022, according to MSCI Real Capital Analytics 2023 Capital Trends report.

CORRECTION, MAY 2, 3:30 P.M. PT: A previous version of this story misattributed the source of some information, as reported by CoStar. The story has been updated to reflect that Real Estate Alert was the source of this news.