- Company name
- CBRE Group
- Sector
- Commercial real estate services
- About
- CBRE Group, Inc. (CBRE) is the largest commercial real estate services and investment firm in the world, and a provider of critical infrastructure services such as work for data centers. It is based in Dallas, has more than 155,000 employees and serves clients in more than 100 countries. It has four segments. Advisory Services does leasing, property sales, mortgage origination, loan servicing and valuations. Building Operations & Experience runs facilities and property management and critical infrastructure services. Project Management does program management, project management and cost consulting. Real Estate Investments does investment management, with more than $155 billion of assets under management, and development. In Q3 2026, revenue was $11.5 billion and core EBITDA was $1,001 million. Bob Sulentic is Chair and Chief Executive Officer. The shares trade on the New York Stock Exchange in US dollars.
- Thesis
- The market prices CBRE as a company whose profit depends on property sales and leasing, which follow interest rates and the capital markets. But a growing part of the business is not a deal business. Building Operations & Experience gave $6,856 million of the $11,517 million of revenue in Q3 2026, and the company says that infrastructure services revenue grew 50% to $4.5 billion over 12 months. It expects nearly $7.0 billion of infrastructure services revenue in 2027. Core EBITDA in Q3 rose 28.5%. The question is how much of this growth lasts when deal activity cools. For the price to rise, three things must be true. Critical infrastructure services must keep growing, with the help of the Onnec purchase of about $610 million. Advisory profit must hold if sales and leasing slow. The provision for fire safety at Telford Homes must not grow. The next tests are the closing of Onnec, which the company expects around the end of 2026, and the Q4 2026 report in February 2027.
- Risks
- Property sales, leasing and loan origination depend on interest rates and the capital markets. In Q3 2026, US office leasing fell 2% and mortgage origination revenue rose only 1%. A slow market cuts the profit of the Advisory Services segment.
Growth in critical infrastructure depends on spending by large technology companies on data centers. Revenue in this line grew 80% in the building operations segment in Q3. If customers slow their projects, growth falls. The purchases of Pearce Services in November 2025 and Onnec must also fit well.
The group has a provision for fire safety work on buildings that its subsidiary Telford Homes built in the past. The provision was $168 million in the first nine months of 2026, and the company excludes it from core results. It can grow if the work costs more.
Corporate spending on real estate slowed. The company said that Project Management growth was held back by it in Q3, and a one-time cost in Asia Pacific cut the segment's profit growth by six points.
The new senior notes carry interest of 5.650% and 5.900%. Debt is low against profit, but the cost of new debt raises interest expense.
- Balance sheet
- CBRE had total debt of $6,978 million, not counting non-recourse debt, and cash of $1,683 million at September 30, 2026. Net debt was $5,295 million, which is 1.36 times core EBITDA of $3,902 million over the last 12 months. Total liquidity was $5.0 billion. CBRE Group stockholders' equity was $8,672 million and non-controlling interests were $344 million. In November 2026, CBRE sold $1.0 billion of senior notes, to repay commercial paper and to help pay for Onnec. The company bought back nearly $1.2 billion of shares in the first nine months of 2026.
As of Sep 30, 2026.
- Checkpoints
- Dec 2026 (estimate): Onnec purchase closes. Pending. Watch: The purchase closes around the end of 2026, as the company says, and this passes; a block or a long delay fails.
Feb 11, 2027 (estimate): Q4 2026 results: infrastructure growth. Pending. Watch: Core EBITDA above the level of Q4 2025, with infrastructure services still growing at double digits, passes; a fall in core EBITDA fails.
- Recent events
- Nov 5, 2026: CBRE closed a sale of $500 million of 5.650% senior notes due 2032 and $500 million of 5.900% senior notes due 2037. It plans to use the money for general purposes, including the repayment of commercial paper and the Onnec purchase.
Oct 22, 2026: CBRE reported Q3 2026 results. Revenue was $11,517 million, up 12.7%. Core EPS was $2.05, up 28.1%, and core EBITDA was $1,001 million, up 28.5%. Free cash flow was $1.8 billion over the last 12 months, and net leverage was 1.36 times. The company bought back nearly $1.2 billion of shares in the first nine months.
Oct 20, 2026: CBRE agreed to buy Onnec Group Limited, a provider of data center infrastructure services in Europe and Asia Pacific, for GBP 460 million, about $610 million, in cash. An earnout of up to GBP 300 million, about $400 million, depends on growth. The company expects Onnec to give GBP 370 million of revenue and more than GBP 50 million of core EBITDA in 2027. It expects the deal to close around the end of 2026, subject to approvals.
Feb 12, 2026: CBRE reported Q4 and full year 2025 results. Revenue was $40.6 billion for 2025, up 13%, and core EPS was $6.38.