Global real estate services firm Newmark is preparing to broaden its Korea operations beyond leasing advisory into capital markets, signaling its ambition to compete as a full-service platform rather than a boutique brokerage.

According to investment banking sources on September 24, Newmark is in the process of recruiting a Head of Capital Markets for its Seoul office. Once the position is filled, the firm is expected to immediately build out a dedicated team to advise on investment sales and acquisitions.

Newmark announced its entry into Korea earlier this year by hiring John Pritchard—formerly head of Tenant Representation at Cushman & Wakefield Korea—to lead its leasing business. At the time, the market saw Newmark’s presence as a modest, leasing-driven operation.

But its push into capital markets suggests a much larger play: positioning itself as an integrated real estate services provider in Asia’s fourth-largest economy.

Newmark’s move comes as competition in the Korean advisory market intensifies. PwC Korea (Sam-il PwC) has recently made an aggressive push into real estate advisory, hiring senior talent from across the industry.

This includes Sung-jin Park, former Vice President at CBRE Korea, as a partner, along with Cheol-min Lee, previously head of development at Sampyo Industrial, and Jong-yoon Noh, a director from proptech firm Rsquare. Market sources indicate PwC is planning to scale its real estate team to over 30 professionals.

If Newmark succeeds in recruiting its capital markets team, it could trigger further reshuffling of senior talent in the industry. Investment sales advisory typically requires a core team of at least three professionals, suggesting Newmark is preparing for a meaningful push rather than a token presence.

The Korean commercial real estate services market is already highly competitive, with CBRE, JLL, and Savills dominating transaction advisory.

Newmark’s entry raises the question of how it can differentiate itself in a market where global firms are entrenched and local players are increasingly aggressive.

Still, market insiders note that Newmark’s combined brokerage and advisory DNA could allow it to carve out a niche, particularly as capital flows into Korea remain strong despite global headwinds. “The market is crowded, but there’s room for a player that can bridge leasing intelligence with capital markets execution,” one industry executive commented.