According to OPTIS Partners, the industry recorded 148 agency and brokerage transactions in the first quarter of 2026, down 6% year over year and the lowest first-quarter total since 2016, extending a three-year decline from a peak of 1,108 deals in 2021 to a trailing 12-month pace of roughly 686. Private equity-backed and hybrid buyers, including Carlyle-backed platforms like Hilb Group, continued to account for the large majority of deals, representing 72% of transactions in the first quarter.
