CBRE profits off nearly 90 percent

TRD New York /
Jul.July 30, 2008 11:45 AM

Reduced leasing and sales activity drove net income for CB Richard Ellis Group down by 88 percent and revenues down by 12 percent in the second quarter, the company reported.

Net income in the three months ending June 30 was $16.6 million on revenues of $1.3 billion, compared with net income of $141.1 million on earnings of $1.5 billion for the same period in 2007, according to an earnings report from the international real estate service company.

Los Angeles-based CBRE blamed the weak results on reduced sales, harmed by the tightening of global credit markets, and a softer leasing market, primarily in the United States and United Kingdom.

“Investment sales activity remained quite soft due to a broadening of the credit market turmoil and a continuing gap between buyer and seller expectations of property values,” Brett White, president and chief executive officer of CBRE, said in a statement Wednesday.

The company expects markets to improve in mid-to-late 2009.

Despite a difficult year, CBRE is winning the local leasing wars, according to Crain’s, brokering the vast majority of Manhattan office leases this year. CBRE signed 4.9 million square feet compared with Cushman and Wakefield’s 1.9 million square feet.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
902 Drew Street and 400 East 58th Street (Google Maps)

New York’s multifamily sales improve in Q3

New York’s multifamily sales improve in Q3
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
The number of mortgage borrowers in Covid-19 forbearance plans ticked down again this week. (iStock)

3M homeowners remain in forbearance

3M homeowners remain in forbearance
Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave

Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave

Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...