CBRE has reported a 2% drop in UK revenue during the second quarter, despite caution in the market in the run-up to the referendum.
Revenue was up by 3% in the UK in local currency on what was “a very strong quarter of 2015”, but fee revenue was down by 9% compared with the same period last year.
The company said the results show “how significantly CBRE’s UK business has evolved in recent years”, adding: “During the first half of 2016, occupier outsourcing and property management – which is sticky, recurring revenue – accounted for 69% of UK fee revenue versus just 19% of UK fee revenue for the first half of 2013.”
In EMEA, CBRE’s revenue fee revenue, excluding its GWS division, which was not included in last year’s results, was down by 3%
Revenue for the second quarter totalled $43.2bn (£32.8bn) globally, an increase of 34% compared with last year, and fee revenue increased by 19% to $2.1bn. Excluding the GWS figures, revenue was up by 5% and fee revenue up by 3%.
CBRE saw revenue hit $6.1bn globally in the first half of the year, an increase of 36% compared with 2015.
The news follows Colliers International yesterday reporting an 11% rise in revenue.
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