Wall Street erased tens of billions in brokerage market value last month, even as profits rose and deals rebounded. The fear was not earnings. It was artificial intelligence — and whether it can compress commissions, automate underwriting and surface buyers instantly.

Major brokerages are arguing CRE remains a relationship business, but investors are not convinced.

Kyle Matthews, CEO of Matthews CRE, has already taken a clear position. He believes institutional brokerage may be more exposed than many assume. Large buyers have defined mandates and access to advanced AI, making them ideal for algorithmic search rather than traditional intermediation.

By contrast, he argues smaller private-client deals may be more defensible, with a fragmented and unpredictable buyer pool that is harder to replicate with code.

Matthews joins First Draft Live to lay out where AI hits first, where it enhances margins and which side of brokerage faces the most pressure.

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First Draft Live returns for Season 2, bringing with it a continued commitment to compelling conversations with commercial real estate’s leading voices. Inspired by our daily newsletter, The First Draft, Bisnow’s Editor-in-Chief / Chief Content Officer Mark Bonner takes viewers behind the scenes on what’s shaping everything from capital trends and policy changes to sector-specific activity, in discussion with the people making it happen.

We’ve hosted some of the industry’s top voices — and there’s more to come. Bring your questions, join the conversation, or catch the replay within 24 hours if you can’t attend live. Past episodes can be found here.

Interested in speaking? Contact our Vice President of Production, Elizabeth Baker, at liz.baker@bisnow.com.