CBRE
Updated: 24/09/2026, 14:30:23
CBRE Group, Inc. operates as a commercial real estate services and investment company in the United States, the United Kingdom, and internationally. The company operates through Advisory Services, Building Operations and Experience, Project Management, and Real Estate Investments segments. The Advisory Services segment offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing of offices, and industrial and retail space; clients fully integrated property sales services under the CBRE Capital Markets brand; clients commercial mortgage and structured financing services; originates and sells commercial mortgage loans; property management services, such as marketing, building engineering, lease administration, accounting, investment reporting services, financial services on a contractual basis for owners of and investors in office, industrial, and retail properties; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting. The Global Workplace Solutions segment provides facilities management, and project management services comprising building consulting, program, and project and cost management services under the Turner & Townsend brand name. The Real Estate Investments segment offers investment management services under the CBRE Investment Management brand to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors and development services, such as real estate development and investment activities under the Trammell Crow Company brand to users and investors in commercial real estate, and for their own account. CBRE Group, Inc. was founded in 1906 and is headquartered in Dallas, Texas.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$39.9B
FY 2025 · Reported
Net income
$1.2B
FY 2025 · Reported
Gross margin
17.3%
FY 2025 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$1.0B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
World's largest commercial real estate services firm
World's largest CRE services and investments firm; operations in 100+ countries; ~90% of Fortune 100 as clients
“CBRE is the world’s largest commercial real estate services and investments firm (based on 2025 revenue)... in more than 100 countries”
Four reportable business segments
Advisory Services; BOE; Project Management; REI; plus Corporate and other
“We serve clients and report our financial results through four business segments: Advisory Services, Building Operations & Experience, Project Management and Real Estate Investments.”
Advisory Services segment service lines
Advisory Services provides leasing, property sales, mortgage origination, loan servicing and valuation services globally; property sales under the CBRE Capital Markets brand.
“Our Advisory Services segment provides a comprehensive range of services globally, including leasing, property sales, mortgage origination, loan servicing and valuation services.”
Project Management via Turner & Townsend
Turner & Townsend (70%-owned) delivers program/project management and cost consultancy globally; fee-for-service model
“we merged our wholly owned CBRE project management services business into Turner & Townsend and established Project Management as a separate business segment and now own 70% of the combined entity”
Advisory Services offering
Leasing, capital markets, loan servicing, valuation across office, industrial, retail, multifamily and critical facilities
“Advisory Services provides a comprehensive range of services globally, including leasing, capital markets (property sales and mortgage origination), loan servicing, and valuation.”
Building Operations & Experience segment composition
Facilities management, property management, data center technical services, and flexible workspace via Industrious (250+ locations, 80+ cities)
“on-demand access to coworking and meeting spaces at more than 250 locations in over 80 cities globally”
Leasing and property sales compensation structure
Leasing advice for office, industrial and retail space; commissions paid upon contractual events that may be contingent.
“Our commission is paid upon the occurrence of certain contractual event(s) which may be contingent.”
2025 revenue by line item
FY2025 total revenue $40.55B; facilities management $20.6B (50.9%), project management $7.7B (18.9%), leasing $4.5B (11.1%)
“Facilities management$20,645 50.9 %$18,232 51.0 %”
Workforce statistics and cost reimbursement
>155,000 employees; ~61% of CBRE employees' costs reimbursed by clients; ~18% under collective bargaining
“The costs associated with approximately 61% of CBRE employees (excluding Turner & Townsend employees) are reimbursed by clients”
2025 capital deployment and acquisitions
~$2.7B deployed in 2025: Pearce ~$1.2B, Industrious remaining 60% ~$468M, $956M buybacks (7,052,481 shares)
“We deployed approximately $2.7 billion of capital in 2025. Our largest deployments for the year were approximately $1.2 billion for the acquisition of Pearce”
Deferred financing costs on revolving line of credit
Deferred financing costs net of amortization related to revolving line of credit were $9 million (2025) and $6 million (2024); debt costs amortized up to eleven years.
“were $9 million and $6 million as of December 31, 2025 and 2024, respectively.”
2025 improved operating environment and demand drivers
Markedly improved CRE environment in 2025; strong U.S. office/industrial/data center occupier demand; rising outsourcing appetite
“Occupier demand for office, industrial and data center space in the U.S. was notably strong throughout the year.”
Privacy, data protection and cybersecurity regulation
Subject to numerous US and international privacy/data protection/cybersecurity laws with increasing complexity and compliance cost
“As of December 31, 2025, we are required to comply with the European Union”
Macroeconomic cyclicality of CRE services
Performance tied to macro conditions; 2023/early 2024 CRE capital markets pressure caused sustained slowdown in property sales and debt financing
“in 2023 and early 2024, commercial real estate capital markets were under significant pressure. As a result, we experienced a sustained slowdown in property sales and debt financing activity.”
Credit ratings exposure
Debt rated by Moody's, S&P and Fitch; downgrades may affect borrowing ability and costs
“Moody’s Ratings, Standard & Poor’s Ratings Services and Fitch Ratings, rate our significant outstanding debt.”
Cybersecurity threat exposure
Company and third-party providers have been targets of cyberattacks; no material breaches to date; geopolitical conflicts heighten risk
“To date, we have not experienced any cybersecurity breaches that have been material, either individually or in the aggregate.”
AI adoption risks and investments
Significant investments in AI/ML including generative and agentic AI tools, with legal, reputational, financial and cybersecurity risks
“we make significant investments in new systems and tools to achieve competitive advantages and efficiencies, including the adoption and integration of artificial intelligence (AI) and machine learning technologies.”
Variable rate debt and refinancing risk
Variable rate indebtedness exposes company to interest rate risk; commercial paper notes viewed as variable rate due to short-term nature
“Borrowings under certain of our debt instruments bear interest at variable rates and expose us to interest rate risk.”
Cross-default risk across debt instruments
Default under credit agreements, senior notes or commercial paper could trigger cross default or cross acceleration under other debt
“a default under our credit agreements, senior notes or commercial paper program could trigger a cross default or cross acceleration under our other debt instruments.”
Co-investment exposure in downturns
Co-investments alongside investor clients may suffer losses or diminished profitability in downturns
“we could realize losses or diminished profitability”
Higher rates reduced credit availability, hurting capital markets, mortgage origination and property sales businesses
“Less available and more expensive debt capital had pronounced effects on our capital markets, mortgage origination and property sales businesses.”
Data centers are a secular growth asset class for CBRE: digital infrastructure services, Direct Line Global acquisition, Pearce technical services, and leasing demand.
“Our digital infrastructure business line provides technical services... for data centers in the rapidly growing hyperscale market”
Investment management, development, capital markets and loan servicing businesses sensitive to credit cost and availability
“Our investment management, development services, capital markets (including property sales and mortgage origination) and loan servicing businesses are sensitive to credit cost and availability as well as financial liquidity.”
Nearly 90% of Fortune 100 companies and many Fortune 500 corporations are clients; enterprise facilities management serves large global corporations through multi-year contracts.
“nearly 90% of Fortune 100 companies and many of the world’s largest institutional real estate investors in 2025”
Advisory Services leasing and property sales revenue is generated from owners, investors, and occupiers of office, industrial and retail space.
“We provide strategic advice and execution for owners, investors, and occupiers of real estate in connection with the leasing of office, industrial and retail space.”
Leasing and capital markets revenues are sensitive to macro conditions, though CBRE typically outperforms in downcycles; loan servicing and valuations are resilient across cycles.
“While our leasing and capital markets business lines are sensitive to changes in macro-economic conditions”
Revenue production depends on brokers compensated via draws expensed as salaries plus commissions on completed transactions, creating a fixed compensation cost regardless of revenue generated.
“Similar to traditional salaries, the broker draws are paid irrespective of the actual revenues generated by the broker.”
Significant investments in AI/ML including generative and agentic AI; execution and responsible-use risks plus potential competitive advantages
“including the adoption and integration of artificial intelligence (AI) and machine learning technologies. Implementation of such investments in information technology, including generative and agentic AI tools, could be complicated”
J&J Worldwide Services acquisition (CBRE Government & Defense Services) markedly increased facilities-related services to the U.S. federal government.
“J&J Worldwide Services (now doing business as CBRE Government & Defense Services), which markedly increased the facilities-related services we provide to the U.S. federal government”
Self-insurance via captive means claims cost estimates are inherently subjective and actual claims could differ, affecting future expense.
“The estimates that we utilize to record our potential losses on claims are inherently subjective, and actual claims could differ from amounts recorded”
Complex evolving privacy/data protection/cybersecurity laws increase compliance risk and cost across jurisdictions
“These laws and regulations are increasing in severity, complexity and number, change frequently, and increasingly conflict among the various jurisdictions in which we operate, which has resulted in greater compliance risk and cost for us.”
Tariffs and unpredictable US trading policy changes could negatively affect performance of business lines
“disputes with U.S. trading partners, unpredictable changes in U.S. trading policy, increased tariffs, inflationary pressures”
Lease liabilities are discounted at the incremental borrowing rate, which is estimated using judgment because CBRE does not generally borrow on a collateralized basis; rate changes affect lease measurement.
“Lease payments are typically discounted at our incremental borrowing rate because the interest rate implicit in the lease cannot be readily determined”
Russia-Ukraine conflict heightens cybersecurity risks to company networks
“These risks have been heightened in connection with the ongoing conflict between Russia and Ukraine, instability in the Middle East, and rising tensions in East Asia, including China.”
FX translation had 0.7% positive revenue impact in 2025 driven by GBP and EUR strength, offset by weakness in INR, CAD and AUD.
“primarily driven by strength in the British pound sterling and euro, partially offset by weakness in the Indian rupee, Canadian dollar and Australian dollar”
Euro strength contributed to the 0.7% positive FX translation impact on 2025 revenue.
“primarily driven by strength in the British pound sterling and euro”
Middle East instability cited as heightening cybersecurity threat environment
“These risks have been heightened in connection with the ongoing conflict between Russia and Ukraine, instability in the Middle East, and rising tensions in East Asia, including China.”
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