CBRE Group's first quarter profits declined by 70% due to a sharp decline in commercial property sales. The Dallas-based real estate giant’s revenues are...
D-FW office sales take a massive hit from interest rate hikes, tightened credit
“Although we anticipate pressure on our transactional businesses to intensify further this year, we are maintaining our earnings outlook for full-year 2023, with core earnings per share expected to decline by low-to-mid double digits this year, but then exceed the prior peak in 2024,” Sulentic said in CBRE’s first quarter report.
CBRE saw a 10% quarterly increase in its revenue from its workplace solutions, loan servicing, property management, valuations and asset management business lines. Those operations are expected to generate more than 50% of the company’s business segments operating profits this year.this year due to slower-than-expected return to office practices following COVID and expectations of an overall economic slowdown.
CBRE’s real estate development business reported a $17 million decline in operating profits. The company had a $13.1 billion development pipeline at the end of the first quarter.
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