Two of the nation’s largest brokerage firms saved millions of dollars by quietly laying off workers at the end of last year.

Both Cushman & Wakefield and Marcus & Millichap reported headcount reductions in their fourth-quarter earnings reports, though details regarding the number of layoffs and which departments were most impacted were scant.

Cushman & Wakefield cut $24.4M in operating and administrative expenses in Q4 primarily through lowered employment costs. The firm also reported an increase of $800K in restructuring changes, which it said was linked to severance payouts.

Marcus & Millichap’s workforce shrunk by 5% last year, with the majority of turnover concentrated among employees who had been with the firm for one to three years, CEO Hessam Nadji said during the firm’s earnings call.

In December, the company tightened expenses by reducing headcount, Nadji said, though he stopped short of sharing how many employees were laid off.

The reduction at Marcus & Millichap was relegated to corporate staff, Vice President of Public Relations Gina Relva told Bisnow. Despite economic headwinds prompting some layoffs, the company has also hired new agents and loan originators, she said.

"Marcus & Millichap remains focused on strategically managing controllable expenses while continuing to provide best-of-class services on behalf of our clients and sales professionals," Relva said in an email.

Cushman & Wakefield did not respond to Bisnow’s request for comment.

A growing number of large brokerage firms have implemented cost-cutting measures following a precipitous decline in transactions and capital market activity in the latter half of 2022.

JLL reported spending $9.3M in severance costs in Q3, before going on to lay off an unspecified number of workers in November. CBRE also confirmed plans to reduce expenses by $300M through staff reductions.

Those staff reductions are "largely done," a CBRE spokesperson told Bisnow Thursday following the firm's Q4 earnings call.

UPDATE, FEB. 24, 4:25 P.M. CT: This story has been updated with comments from a Marcus & Millichap spokeswoman.