CBRE net income down 94.7 percent

CB Richard Ellis has declined to issue a 2009 earnings forecast because of continued uncertainty in the commercial real estate market. “It remains unrealistic to provide future earnings guidance,” CBRE CEO Brett White said. CBRE said its net income is down 94.7 percent, mostly due to a 30 percent decline in revenue in the higher margin brokerage business. CBRE said it expects sales to remain weak, with a possible modest improvement by the end of the year.