In turn, Cassidy Turley itself was born out of the '08 merger of four member firms of the Colliers International network, just as DTZ reached its pre-TPG size as the result of its December '11 acquisition by Sydney-based UGL. “We bought it when the firm was really at the end of its financial capacity and needed a new owner,” UGL CEO Richard Leupen told GlobeSt.com's John Salustri in September 2012, when the website exclusively reported DTZ's rebranding and expansion.

Colliers got its start in Australia in the 1970s, as several property companies there merged and took the name of mentor Ronald Collier, and the network embarked on an expansion program across Asia Pacific and Canada. Toronto-based FirstService Real Estate became a majority shareholder in 2004; it was under that ownership that FirstService Real Estate Advisors and Colliers International combined in early 2010, creating the world's third largest real estate services firm. Colliers and FirstService Corp. became two separate publicly traded companies earlier this year, each pursuing a distinct line of business: commercial real estate services at Colliers, residential property management at FirstService.

Another international network of affiliated—albeit independently owned and operated—services firms, NAI Global took on institutional ownership in early '12 when C-III Capital Partners completed its acquisition of the network. A unit of Andrew Farkas' Island Capital Group, C-III had previously acquired Centerline Capital Group's institutional real estate debt fund management and commercial mortgage loan servicing businesses, as well as JER Partners' special servicing and CDO management businesses.

The preceding summarizes only the large-scale consolidation that has shaped the largest US-based services firms since GlobeSt.com has launched. There have been numerous other examples over the past few years, including acquisitions of local and regional firms, and members of the website's advisory board see the M&A activity as a positive. “This evolution and consolidation is a sign of health in the industry,” says Jim Costello, SVP with Real Capital Analytics. “For all the mega-platforms coming together, there are also small groups striking out on their own trying to develop new tools, systems and business models.”

At RealShare Central Florida earlier this summer, Larry Richey, senior managing director and Florida market leader with C&W, predicted that we would see many more deals where these came from. GlobeSt.com's Jennifer LeClaire reported that Richey cited the multiples used to value commercial real estate companies, which are up 50% from two years ago. Accordingly, owners are moving to capitalize on their investment.

“You're going to hear a lot more about mergers and acquisitions,” Richey told RealShare attendees. “I think you'll find the big three firms very active in trying to acquire that talent and become even bigger. But there's always space for the best regional or boutique firm as well.”