CBRE’s Earnings Report

The world’s largest commercial real estate services firm reported its latest quarterly earnings, and the results were — as expected — mixed. Revenue was up, but not from development; and don’t even get CBRE executives started about the office market. Also for today: Learn the phrase “aging millennials.” It’s driving development decisions now.

These stories are part of our Daily Round Up, Click here to get it delivered straight to your inbox.

— Tom Acitelli, Deputy Editor

CBRE Reports Strong Q4 Earnings With Nearly $32B in 2023 Revenue

Even in a difficult year for capital markets, 世邦魏理仕 E still found a way to make money. On the heels of a pair of recently announced strategic deals with J&J Worldwide Services and Brookfield Properties, the global brokerage powerhouse reported strong fourth quarter earnings Thursday, as quarterly revenue rose year-over-year and 2023 total revenue reached nearly $32 billion, an increase of 4 percent on the year. “Even though 2023 was a difficult year for commercial real estate, we delivered the third highest full-year earnings in CBRE’s history, as our resilient businesses continued their strong growth,” said CEO Bob Sulentic on the earnings call. “This partly offset market driven revenue declines in businesses that are sensitive to interest rates and debt availability.”

Read the story

Check out our newest Deals of the Week newsletter , featuring the top commercial real estate transactions at a glance — plus a deep dive into the key players behind each transaction.

Townhome JV Targeting ‘Aging Millennials’ in Southern California

A new joint venture is betting on continued suburban residential growth in Southern California. Boston-based investment firm Bain Capital Real Estate and Newport Beach, Calif.-based development company Cherry Tree Capital Partners pital Partners announced plans to build rental townhome communities throughout Southern California, “with the objective of deploying several hundred million dollars of gross capital over the next several years.” Named BCT Development, the new joint venture will initially focus on acquiring, entitling and developing land in suburban markets and in growing neighborhoods.

Read the story

Enjoying these stories on all things CRE? Unlock unlimited access to our content with a subscription . And for a daily version of this newsletter, sign up here .