Newmark Bolsters Consulting Arm with CBRE Veteran Viralam
Newmark Bolsters Consulting Arm with CBRE Veteran Viralam
CBRE Group, Inc. competitor Newmark has appointed Munish Viralam as executive vice chairman, a strategic move aimed at centralizing and scaling the firm’s real estate consulting capabilities. Viralam joins Newmark after an 18-year tenure at CBRE Group, Inc., where he most recently served as executive vice president managing the consulting group in Manhattan.
In his new role, Viralam is tasked with leading a newly centralized real estate strategy and consulting group. The objective is to create a “strategic hub” that integrates Newmark’s existing strengths in corporate advisory, research, workplace strategy, and capital markets. By consolidating these diverse business lines, the firm aims to deploy best practices more effectively for large corporate entities navigating complex occupancy decisions.
Viralam’s background includes degrees in finance and real estate from Emory University. His transition to Newmark highlights the competitive nature of the real estate services sector, where firms often vie for top talent to enhance their strategic offerings. Currently, CBRE Group, Inc. maintains a significant market presence with a capitalization of approximately $42.51 billion, with shares trading up 2.67% today at $151.70.
Regarding market conditions, Viralam noted that despite broader economic shifts, New York City continues to see reinvestment from firms looking to center their businesses in the metro area to attract talent. He indicated that activity levels in recent years have been robust, driven by the city’s economic environment. His group focuses on analyzing the risks and benefits of various strategies to help clients adapt to the current office landscape.
What to watch
- Future organizational updates from Newmark regarding the integration of its business lines.
- Market reports detailing New York City office occupancy trends and corporate leasing activity.
- Quarterly performance from CBRE Group, Inc. and Newmark for sector comparison.
Source: original release