Newmark posted a strong quarter for revenue, driven by multifamily investment and office leasing on the coasts, but uncertain conditions ahead prompted the brokerage to hold its full-year guidance steady.

The company brought in $888.4M in revenue in the second quarter, up 17% from the same period last year. Newmark raised its full-year revenue guidance to between $3.775B and $3.875B in the first quarter, and it maintained that guidance in Q2.

Newmark Chief Financial Officer Michael Rispoli said on the company’s second-quarter earnings call Wednesday that it didn’t raise its guidance despite strong results in the second quarter because of tougher comparisons to a strong second half of 2025, although its management business continues to look good.

“We continue to see a really strong pipeline of activity,” Rispoli said. “Given the current macro environment, we just thought we wanted to see a little bit more data.”

Newmark boosted its fees from leasing and other commissions by 17.2%, with office leasing in New York City, San Francisco and Los Angeles continuing to drive performance gains. Capital markets revenues were up 16% on the back of “dramatically higher” multifamily investment sales activity, concentrated in senior and affordable housing. It also made gains in office and industrial sales.

Newmark CEO Barry Gosin said the company has gotten into multifamily “ahead of the curve,” much like it did with data centers two to three years ago, which has given it momentum. A good portion of its affordable housing platform is Section 8, and a part of that is low-income housing tax credits.

“The good news is that the country is very focused on affordability, and it seems to be a popular word these days,” Gosin said. “There is no disagreement between the Democrats and the Republicans with respect to the importance of building affordable housing.”

Gosin said the impact of elevated rates on multifamily investment sales has been uneven across markets, with overbuilding in certain metros weighing more heavily on deal activity than interest rates themselves. He said stable spreads matter more than the absolute level of rates, and markets with certainty in interest rates are good markets to transact in.

While Gosin acknowledged a slowdown in several multifamily markets, he said he expects volume to pick up again.

Gosin said Newmark is involved in many of the large, high-profile data center opportunities in the market and sees a robust pipeline ahead, driven by “enormous” ongoing demand for compute and insufficient power capacity to meet artificial intelligence-driven growth projections. He said there are still plenty of states willing to accommodate data centers, chip manufacturing and advanced manufacturing facilities, and Newmark is involved in much of that activity.

“There's going to be not only hyperscaler deals, there will be infrastructure transactions, and all of these need capital,” Gosin said. “I know that that's still going to continue, even in spite of some of the NIMBYism that's occurring around the country.”

Newmark’s stock dipped following the earnings call, down more than 7% Wednesday as of publication. Piper Sandler analysts said in a note ahead of the company’s earnings that the stock could underperform without an increase in guidance, but they still see Newmark in a good spot.

“We continue to see NMRK well positioned, especially as it expands its cross-selling strategy around the world, which allows small specialized teams to leverage the broader platform,” the analysts wrote.