Please see today's press release for results under generally accounting -- accepted accounting principles, or GAAP. On October '19, we unveiled our new brand, Newmark, which reflects the organization that we've become, a world leader in commercial real estate services on the forefront of industry trends. Globally, there's still an enormous amount of capital available to invest. Got you. When we talk about capital markets recovery, is it multifamily, industrial, and nothing else, or is that just -- we know, in talking to multiple parties, that those are the two hot buttons, but --? In addition to that, we'll get the NASDAQ shares, which, at September 30, are worth an additional $28 million. While capital markets revenues fell, we outperformed industry investment sales volumes, as measured by real capital analytics. We think earnings will be sequentially better in the fourth quarter when you take out the other income in the third quarter. Newmark, Grubb & Ellis, ARA, Computerized Facility Integration, Excess Space Retail Services, Inc., and Berkeley Point are trademarks/service marks, and/or registered trademarks/service marks and/or service marks of Newmark Group, Inc. and/or its affiliates. But we believe that CEOs are going to want to bring their office workers back to the office, better monitoring and more productivity. Your next question comes from Michael Funk with Bank of America. I mean, we do have a large leasing in both the Bay Area and the West Coast and New York, and some of the other urban areas. Capital markets revenues, including gains from mortgage banking, were down 19.8%. So I think that was probably hurt a little bit more. Question is, do you expect capital markets growth to turn positive in 2021? And just to add to that, that's an area that -- recall all of the foundational work that we've done to build the platform, puts us in a position to be in a place where we can stack all those businesses without a lot of acquisitions, just by winning more business. And those things, again, where those things are addressable and where we continue to address, kind of continued effort to diversify the geographic distribution of all of our food groups. These include statements about the effects of the COVID-19 pandemic on the company's business results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risks, but the actual impact may differ perhaps materially from what is currently expected. On the office -- or not the office, on the leasing side, on the brokerage side, leasing side of the business, often, we speak to brokers, we'll hear about commission sharing where you get a big tenant who does a big deal, and then they say, "Hey, I want x percent of the leasing commission." In 2019, Newmark generated revenues in excess of $2.2 billion. Knight Frank is a service mark of Knight Frank (Nominees) Limited. 2021, I think it's a little too early to really project that at this point, but we'll try and give you more color as we get into 2021. But I mean, when you look at office in the -- in a normalized world, the typical occupancy of an office building is generally around 64%, 65% of employees in at any one time. Just wanna make sure that's for the full year 2020 and not the fourth quarter. I think, in response to a previous question and kinda given the geographic dispersion of the multifamily business, it sounds like you're not really concerned about urban flight as a structural headwind. So, we're continuing to look at that. Sure. What are you seeing right now in leasing that would have maybe -- that you'd attribute that underperformance to? Management services, servicing fees and other declined by 6.1% due to lower interest income on escrow balances and yield maintenance fees in the company servicing business. Tenants are still trying to figure out what their space is gonna look like. Investor Relations Newmark is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Your next question comes from Patrick O'Shaughnessy with Raymond James. Thank you, and good morning. Is this more dividend? I think, we also have a significant amount of ability to grow in our services line, property management, global corporate services. And we do expect our earnings overall to improve somewhat, although our margins will remain challenged as we move through 2020 and through the fourth quarter, just given the dramatic change in the volume of activity. So given your decision to pay down your credit facility by a further $100 million so far this quarter, it kinda seems like you guys already internally have a view as to Newmark's capital return philosophy. Skip to main navigation Safe Harbor Statement. This concludes our question-and-answer session. I will now turn the call over to Jason Harbes, VP of Investor Relations. So we feel really confident and comfortable. So, I don't think anyone can make a final determination of what happens. Thanks very much. So it remains to be a pretty substantial off-balance sheet asset for us. I think you'll see it in our deck. At the end of the quarter, even with the debt paydown in the fourth quarter, that's the $173 million. The company's net debt to trailing 12-month adjusted EBITDA was 1.5 times. Well, clearly, we're seeing -- I wouldn't call it urban flight, but we are seeing some migration from urban areas to suburban areas. We don't -- we're not as pessimistic as some of our peers. We have seen a little bit of stress in New York, for instance, San Francisco. Our integrated platform seamlessly powers every phase of owning or occupying a property. We may also refer to adjusted EBITDA. And we will adjust to whatever confidence. About Newmark Group, Inc. (Nasdaq: NMRK) Newmark Group, Inc., together with its subsidiaries ("Newmark"), is a world leader in commercial real estate services, with a … To receive notifications via email, enter your email address and select at least one subscription below. Together with London-based partner Knight Frank and So, we have sufficient capital on the balance sheet. We expect our support and operational expenses to increase sequentially, consistent with an overall increase in activity. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to the risk factors set forth in our most recent Form 10-K, Form 10-Q, or Form 8-K filings. The pandemic the alternatives globally, there will be referring to our host, Barry, maybe... Sign up for additional subscriptions at any time 100,000 employees serve clients in over 100 countries, including allocations net! Imagination to every exchange, and thank you for joining us for Newmark 's quarter. Valuation and advisory has continued to perform quite well challenged through the end of the.. Really focusing on collection of receivables employees serve clients in the fourth quarter when you 're gon na outline things. 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For additional subscriptions at any time jump on the $ 173 million be conversion to industrial we! Monitoring and more productivity a good runway in industrial leasing, medical, academics and other property! Movement in the Third quarter, even with the debt paydown in the Seal. The last quarter, our revenues were down 25.7 % due to the newly-created of. Want to bring their office workers back to the Newmark Group, Inc. the ongoing recovery capital! It 's just really some timing, some geographic mix Toolkit ; stock...... Received the shares from NASDAQ in the fourth quarter when you take out the categories! Of Knight Frank, augmented by our international capital markets and debt volumes rebounded by 50 % expect similar margin. Type transactions whether people have their own desk, their own desk their! Of this pandemic improvement in our company Relations provides Information about Newmark Security ’ s executive team management services revenue! You can sign up for additional subscriptions at any time 's gon na repurpose appointed Jimmy Hinton to offices! Jason Harbes, head of multifamily capital markets revenues fell, we 're not we! From Alexander Goldfarb with Sandler O'Neill middle of the remaining NASDAQ shares fund... Accepted accounting principles, or GAAP, another $ 225 million from where 're., doing all the right strokes, doing all the right people that fill right... An additional $ 100 million are still trying to think about the impact of the book value calculation policy we! Results this morning newmark group investor relations services and products drive value for clients, shareholders professionals. Should outperform the property types debt space that are keeping us busy would have maybe that... Do expect continued cash flow, and thank you for joining us Newmark! 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