Most brokers say the moves began in earnest in early 1998 after Trammell Crow Co. decided to add brokerage to its core business of developing real estate for institutional investors – at the expense of the existing local brokerages. With bigger splits and guaranteed leasing work for national clients, Trammell Crow lured two brokers from Norris Beggs & Simpson, three brokers from Cushman & Wakefield and Grubb & Ellis' entire five-man retail team.

Ever since, the ripple effect has been playing out, as brokerage houses take from other brokerage houses to fill voids. For example, Grubb & Ellis, after losing its retail team, beefed up its industrial team with Tom Talbot from CB Richard Ellis and others, but also lost brokers Mark Fraser, Scott Fraser and more recently Jeff Brooks, who all ended up over at Colliers International.

Of all the brokerages that lost personnel over the past 36 months, Cushman & Wakefield has experienced the most high-profile losses, and mostly from new developers coming into town. The company seems to be weathering it well, however, having beat out several other local competitors already this year for two major leasing assignments.