Goldman grows cautious on commercial real estate

• The hot-handed commercial brokerage sector takes a big breather as Goldman heads to the sidelines on a couple of winning long bets, and gets outright bearish on another.
• Cut to Neutral from Buy are JLL (JLL -2.4%), and HFF (HF -6.7%), and downgraded to Sell from Neutral is Marcus & Millichap (MMI -7.6%).
• Year-over-year, HF is ahead by 16%, JLL by 34%, and MMI by 76%.