Thank you, Howard. Good morning. The company had a great quarter producing strong topline growth across leasing, investment sales, mortgage brokerage, multifamily agency origination, servicing, valuation and advisory, management services and global corporate services.
Over 90% of Newmark's revenue growth for the quarter and year-to-date was organic and market share gains in the quarter were fuelled by a 14% improvement in revenue per producer and a 13% increase in the number of front office employees both compared with the year earlier.
As we continue to increase productivity and add to our revenue generating headcount, we expect to gain further market share, grow our revenues and profits and create value for our investors. U.S. office and industrial market conditions held steady during the third quarter as absorptions strengthened, vacancies continue to decline, rental rates rose moderately in many markets, retail continues to lag but we view it as an opportunity following its call back.
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