Dallas-based commercial property giant CBRE Group saw a strong first-quarter financial rebound from previous pandemic declines.
The real estate firm’s net income was up almost 50% from a year earlier to $392.3 million. And net revenue was up 30% to $4.4 billion.
CBRE’s revenue from its U.S. operations for the quarter rose 65% year over year and was almost 40% ahead of the company’s prepandemic peak performance.
“The year has started out strong for CBRE with excellent momentum across all three business segments,” CEO Bob Sulentic said in a statement. “We continue to execute a strategy to diversify our business — both organically and through investment — broadly across asset types, lines of business, clients and geographies.
“We generate significant cash that is being strategically deployed into growth areas of our business.
CBRE saw strong first-quarter gains in its property leasing business, with revenue up 57% from first quarter 2021 and 15% ahead of the company’s prepandemic levels.
“Office revenue rose most significantly compared with the COVID-suppressed level a year ago but remained modestly below the pre-pandemic first-quarter peak,” CBRE reports. “Industrial and retail continued to grow meaningfully.”
CBRE report $107 million in operating profits from its property development operations, led by Trammell Crow Co.
“The development pipeline increased $0.8 billion from year-end to $10.1 billion, also a record level,” CBRE reports. “Industrial and multifamily assets comprise three-quarters of the combined in-process portfolio and pipeline.”