A revenue rise of almost a quarter in the final months of 2021 has allowed CBRE to post a record full-year performance, with chief executive Bob Sulentic hailing an “outstanding year” for the agency.
Fourth-quarter revenue came in at $8.5bn, the group said in its results statement, up by 23.7% on a year earlier and leaving full-year revenue at $27.7bn – 16.5% ahead of 2020. Adjusted profit for the year was $1.9bn, a 75% leap.
The agency said revenue, net revenue, earnings and free cash flow had each hit all-time highs.
“We had a strong finish to 2021, significantly outperforming both fourth-quarter 2020 and the pre-pandemic peak in fourth-quarter 2019,” Sulentic said. “This capped an outstanding year of performance for CBRE.”
In the group’s advisory services business, revenue for the fourth quarter was $3.3bn, a 42.6% gain on the final three months of 2020. In global workspace solutions – a division bolstered by the purchase of Turner & Townsend – revenue was ahead by 12% at $4.8bn, while revenue in the real estate investments segment was up by 43% at $413m.
Sulentic said: “We have positioned the company over the past several years to enhance resiliency and capitalise on secular tailwinds by successfully diversifying our business across four dimensions – asset types, lines of business, clients, and geographies. Our strong results benefited from this work, as well as from our healthy balance sheet and the supportive macro environment.”
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