CBRE’s UK capital markets business has reported double digit revenue increases in Q2.
The global consultant said that it had started to see property sales revenues stabilise in Q2, with global revenue falling by just 3% – much less pronounced than expected.
Property sales in EMEA outpaced global activity with revenue up by 3%, which the firm said was led by its UK business, where values had largely reset.
The Americas continue to lag with property sales revenue down by 4%, as did the APAC region, with revenue down by 5%.
Overall revenue totalled almost $8.4bn (£6.5bn) in the three months ended 30 June, up by 8.7% on the same period in 2023.
Revenue from CBRE’s loan servicing business rose by 7%; property management was up by 16%, fuelled by the onboarding of Brookfield’s 65m sq ft US office portfolio; while valuations were up by 2%.
The firm’s global workspace solutions division reported revenue of $5.9bn, up by 9.5% on Q2 2023 with facilities management performing particularly well.
Chairman and chief executive Bob Sulentic said: “CBRE had a successful second quarter for three reasons.
“First, revenue, profitability and cash flow exceeded our expectations, with outperformance across all three business segments. Second, we made several sizable capital investments consistent with our strategy to invest in cyclically resilient or secularly favoured elements of our business. And third, we made quick, material progress on the cost challenges we identified last quarter.”
Photo © CBRE
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