CBRE Group, the world’s largest commercial real estate brokerage, pushed to develop new business in the second quarter as it predicts a recession by year’s end that could disrupt portions of the industry.
The firm’s forecast for the second half of the year — an economic slowdown in the third quarter followed by a recession in the fourth quarter — comes after CBRE reported the highest net per-share increase in stockholder equity in its history. Equity increased more than a third to $1.83 per share in the second quarter from a year earlier, revenue rose 20% to nearly $7.8 billion, and it boosted its expectations on per-share earnings for later this year.
“All three business segments posted double-digit revenue and segment operating profit growth, despite the significant currency headwinds that affected all US-based global companies,” Bob Sulentic, president and CEO of Dallas-based CBRE, told investors during Thursday’s earnings call. He