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South Florida

CBRE income off 80 percent in 2008

CB Richard Ellis reported a large drop in its 2008 net income even as
its share of the United States investment sales market grew slightly,
the company said in a statement released after the close of the markets yesterday.

Net income was down 78 percent to $83.9 million in 2008 from $390.5 million in 2007, on revenues that fell 15 percent to $5.1 billion in 2008 from $6 billion in 2007, the company said.

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The Los Angeles-based company’s share of the U.S. investment sales market grew from 16.1 percent in 2007 to 17.9 percent, the report said.

“The credit crunch and global economic weakness pose serious challenges for our industry in 2009, and as such, we will continue to manage our business carefully to sustain profitability in a market where property sales and leasing activity remains highly constrained,” Brett White, president and CEO of CBRE, the world’s largest commercial services firm, said in the statement.