Patrick Luther's net-lease brokerage closed $3.5 billion in deals in 2025, the firm's best revenue year, while most brokers saw volumes drop after the 2022 boom. He avoids the trap of specializing in one tenant like "the Walgreens guy"—when that tenant's earnings tank, so does your entire book. Luther says brokers stuck on office leasing need to adapt or die.
You guys did $3.5 billion in transactions in 2025.
Most brokers, if you talk to them, like, they peaked in 2022, and everyone's been trying to kind of crawl back to that number. What happened in '22, we had 0% rates, and, but 2025 was the first time we saw things start to correct, right? It was '22 to '23 to '24, it was kind of a race to the bottom, and everyone's production numbers were kind of steadily going down.
Yeah, and you guys were up in 2024 from 2023 too, so you guys have been growing. I mean, you've been growing agent count. We did a little bit.
'25 was the biggest year in our career from a top-line revenue standpoint.
That's crazy, because most people's, it was like their one of their worst brokerages.
I think are built with, call it cold callers, where you put bodies in seats. That works to what end? We try to get our agents to focus on whatever one particular business line might be, right? And the old-school way of doing that was, hey, pick a tenant. You're the Walgreens guy, or you're the 7-Eleven guy. And that works really, really well until the tenant has negative earnings, like a Walgreens, and they shut 1,000 stores. And so that broker's built his entire 10-year business across servicing that account, and women that struggle are somehow caught in too much concentration, lack of diversification across the types of clients they serve, the tenants they work on.
We see that like in office, right? These brokers have built 30-year careers in office and then they're still trying to hold on. I don't know if you've read the book Who Moved the Cheese, but if the cheese has moved and you keep going back to the same feeding ground for the cheese, you got to move.
