CBRE Group, Inc. (CBRE): Business Model Canvas [Dec-2025 Updated]

You're looking to map out exactly how CBRE Group, Inc. generates revenue in this tricky post-rate-hike environment, and frankly, their recent focus makes the model much clearer. This firm isn't just about big sales anymore; they are running a massive operation managing $155.3 billion in assets and targeting a Core EPS outlook of $6.25 to $6.35 for 2025 by locking in recurring fees from facilities and project management. I've distilled their entire strategy-from key partnerships like Turner & Townsend to their 140,000+ employee resource base-into the nine essential blocks below. See for yourself how they balance transactional upsides with sticky, long-term service contracts; the full canvas is definitely worth your time.

CBRE Group, Inc. (CBRE) - Canvas Business Model: Key Partnerships

You're looking at how CBRE Group, Inc. builds out its service delivery through critical external relationships, which is key to scaling its global platform, so here's the breakdown of the numbers we see in these alliances as of late 2025.

Turner & Townsend for integrated global project management

The combination of CBRE Project Management with Turner & Townsend created an offering with scale, boasting over 20,000 employees serving clients in more than 60 countries as of early 2025. CBRE now owns 70% of this combined business, following an initial 60% acquisition in November 2021. Turner & Townsend's revenue grew at a compound rate of more than 20% since that 2021 deal. The entire Project Management business, including Turner & Townsend, generated net revenue of approximately $3 billion in 2023. The net synergies from this integration are projected to generate approximately $0.15 of incremental run-rate core Earnings Per Share (EPS) by the end of 2027.

Metric	Value	Context/Date
CBRE Ownership in Combined Entity	70%	As of January 2025
Combined Project Management Net Revenue	Approx. $3 billion	2023
Turner & Townsend Revenue Growth (CAGR)	More than 20%	Since November 2021
Projected Incremental Core EPS (Synergies)	Approx. $0.15	By end of 2027

Ecolab for commercial real estate water efficiency solutions

This partnership directly addresses the massive water footprint of managed properties. CBRE estimates the nearly 8 billion square feet of property it manages globally consumes more than 100 billion gallons of water annually. Ecolab's prior year performance shows the potential impact: in 2024, its programs saved clients 226 billion gallons of water and conserved 65 trillion BTUs of energy. This translated into $9.1 billion in cumulative value for customers in 2024. Ecolab provides its solutions across millions of customer locations in over 170 countries.

Deepki and Climate X for sustainability and climate risk data

CBRE's commitment to its 2040 net-zero goal relies on data partners like Deepki and Climate X. Buildings are reportedly responsible for roughly 40% of the world's carbon emissions. CBRE's 2030 targets, based on a 2019 baseline, aim to reduce emissions per sq. ft. from managed properties by 55%. Since 2019, the firm has reduced its absolute Scope 1, 2, and 3 emissions by 18%. Deepki's platform operates in 50 countries. Climate X's data helps quantify physical risks; for example, the average US commercial real estate insurance cost per building jumped from $1,558 in 2013 to $2,726 in 2023.

• Deepki deployment scope includes Continental Europe, with plans for the Americas and Pacific region.
• Climate X helps calculate ROI for retrofits addressing risks like extreme heat and coastal flooding.

Financial institutions for debt origination and mortgage services

Lending activity, as tracked by CBRE's U.S. Lending Momentum Index, showed a strong recovery carrying into 2025. The index surged 90% year-over-year in Q1 2025, closing at 292. In Q1 2025, commercial mortgage loan spreads averaged 183 basis points (bps), a tightening of 29 bps year-over-year. For the first half of 2025, MSCI Real Capital Analytics recorded $61 billion in acquisition loan origination and $193 billion in refinancing loan origination. In Europe, a March/April 2025 survey showed 78% of polled lenders intended to increase their loan origination volume in 2025.

Metric	Value	Context/Date
Lending Momentum Index Change (YoY)	90% increase	Q1 2025
Avg. Commercial Mortgage Spread	183 bps	Q1 2025
H1 2025 Refinancing Loan Origination	$193 billion	MSCI Real Capital Analytics
European Lenders Aiming to Increase Origination	78%	Q2 2025 Survey

Technology vendors for advanced real estate software and AI tools

CBRE's digital strategy is powered by massive data ingestion and AI integration. The firm leverages 39 billion data points sourced from 300 different sources to fuel its analytics and AI applications across the real estate lifecycle. In 2025, CBRE noted that Generative AI (Gen AI) adoption in architectural design specifically can reduce development times by 40%. These technologies, including AI, blockchain, VR, and AR, are considered fundamental pillars transforming the market this year.

Finance: draft 13-week cash view by Friday.

CBRE Group, Inc. (CBRE) - Canvas Business Model: Key Activities

You're looking at the core engine room of CBRE Group, Inc. (CBRE) as of late 2025. The firm's key activities are deeply segmented, showing a clear push toward recurring, resilient services while maintaining dominance in transactional work. Here's the quick math on what they were actually doing in the third quarter of 2025.

Providing Advisory Services (leasing, sales, valuation)

This is where CBRE Group, Inc. executes its core brokerage and advisory functions globally. The segment showed strong momentum through the third quarter of 2025. Global leasing revenue grew by a solid 18% for the quarter, hitting a new high for any third quarter in company history. The capital markets side, which includes property sales, saw global revenue rise by 30% year-over-year. To be fair, the growth was uneven; APAC sales revenue surged by 53% locally, while the US sales revenue was up 32%. On the valuation side, revenue increased by 9% globally. Even the loan servicing portfolio grew by 4% to exceed $450 billion in assets under servicing, though the revenue from servicing actually slipped by 2%.

The Advisory Services segment revenue for Q3 2025 was reported at $2.235 billion, marking a 16.8% increase.

Advisory Service Metric (Q3 2025)	Revenue Amount	Year-over-Year Growth
Total Advisory Services Revenue	$2.235 billion	16.8%
Global Leasing Revenue Growth	N/A	18%
Global Property Sales Revenue Growth	N/A	30%
Valuations Revenue Growth	N/A	9%
Loan Servicing Portfolio Size	More than $450 billion	4%

Managing Building Operations & Experience, including flexible workspace

This segment, which includes facilities and property management, is the primary revenue driver and is heavily weighted toward recurring fees. For Q3 2025, Building Operations & Experience (BOE) revenue was $5.794 billion, up 12.6%. This follows a strong Q2 2025 where revenue was $5.764 billion, up 18.7%. The acquisition of Industrious National Management Company LLC in early January 2025 is definitely contributing to the flexible workspace component of this segment. Property management revenue saw a 30% increase in Q2 2025, showing significant scale gains.

CBRE Group, Inc. reported total revenue of $10.3 billion for Q3 2025.

Delivering Project Management for infrastructure and real estate

Project Management revenue showed excellent acceleration in Q3 2025, reaching $2.027 billion, a 20.4% increase. This was even stronger than the 14.3% growth seen in Q2 2025, which was reported at $1.786 billion. The integration of Turner & Townsend is key here, helping CBRE Group, Inc. secure those larger, more complex mandates.

Managing Real Estate Investments and development

This activity centers on the Investment Management business, where CBRE Group, Inc. manages assets for clients. The Assets Under Management (AUM) figure you cited, $155.3 billion, is consistent with the firm's positioning as the largest commercial real estate services and investment company. However, the latest reported AUM figure, as of the end of Q1 2025, was $149.1 billion, up $2.9 billion from year-end 2024. The development pipeline, representing in-process projects, stood at $31.1 billion at the end of Q1 2025. This segment's revenue can be volatile; in Q3 2025, revenue decreased by 30.1% to $211 million, but it still generated an operating profit of $35 million.

The firm's overall financial health supports these activities:

• Trailing 12-month Net Cash Flow from Operations: $1.7 billion.
• Trailing 12-month Free Cash Flow: Nearly $1.5 billion.
• Liquidity as of September 30, 2025: $5.2 billion.
• Net Leverage Ratio (End of Q3 2025): 1.23x.

Executing digital and power infrastructure technical services

This is a rapidly growing area, significantly bolstered by the November 4, 2025, acquisition of Pearce Services, LLC. CBRE Group, Inc. paid an initial purchase price of approximately $1.2 billion in cash, plus a potential earn-out of up to $115 million. Pearce Services is expected to operate within the Building Operations & Experience segment. The acquired company's expected revenue mix for 2025 is concentrated in:

• Critical Power & Cooling Systems: 34%.
• Renewable Energy Generation & Storage: 30%.
• Wireless & Fiber Networks: 29%.
• Electric Vehicle Charging Networks: 7%.

Looking ahead, CBRE Group, Inc. projects more than $350 million of Core EBITDA from these digital and power infrastructure services businesses in 2026, with Pearce alone projected to generate over $660 million in revenue that same year.

Finance: draft 13-week cash view by Friday.

CBRE Group, Inc. (CBRE) - Canvas Business Model: Key Resources

You're looking at the core assets that let CBRE Group, Inc. run its global operation. It's a mix of people, proprietary information, and a strong financial footing. Honestly, the sheer scale of their human capital is a massive barrier to entry for competitors.

The global network is the backbone, supporting operations across continents. CBRE Group, Inc. has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries as of late 2025. This massive footprint lets them deliver integrated solutions globally.

Here's a quick look at some of the key operational and financial metrics that define these resources as of the third quarter of 2025:

Metric	Value (Q3 2025)	Context
Total Liquidity	$5.2 billion	Cash plus borrowing capacity.
Net Leverage Ratio	1.23x	Substantially below the primary debt covenant of 4.25x.
Consolidated Revenue (Q3 2025)	$10.3 billion	Total revenue for the quarter ended September 30, 2025.
Assets Under Management (AUM)	$155.8 billion	AUM as of September 30, 2025.
2025 Core EPS Outlook (Midpoint)	$6.30	Revised outlook for the full year 2025.

The proprietary real estate data, market intelligence, and technology platforms are what give CBRE Group, Inc. an information advantage, as their CEO noted. While specific dollar values for the data assets aren't usually broken out, this intellectual property is crucial for advising clients and driving business across all segments.

You see the strength of the balance sheet in their liquidity position. As of the third quarter of 2025, liquidity stood at $5.2 billion, which increased by nearly $500 million during that quarter alone. The net leverage ratio was reported at 1.23x, showing they manage debt conservatively relative to their capacity. That's a lot of dry powder for strategic moves.

The brand equity is self-evident; CBRE Group, Inc. is recognized as the world's largest commercial real estate services and investment firm, based on 2024 revenue. This reputation helps them win mandates and attract top talent.

To summarize the quantifiable core assets you need to track:

• Global workforce of over 140,000 employees in 100+ countries.
• Assets Under Management (AUM) of $155.3 billion as a key metric for the Investment Management segment.
• Strong liquidity position, recently reaching $5.2 billion.
• Net leverage maintained around 1.23x as of Q3 2025.
• Global scale supporting an information advantage in proprietary data sets.

Finance: draft 13-week cash view by Friday.

CBRE Group, Inc. (CBRE) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose CBRE Group, Inc. over the competition right now, late in 2025. It's about scale, integration, and using technology to de-risk deals and operations. Here's the quick math on what that looks like.

Integrated, full-lifecycle real estate services globally

CBRE Group, Inc. positions itself as the world's largest commercial real estate services and investment firm. This scale allows for comprehensive service delivery across the entire property lifecycle, globally. The firm has 500 global researchers providing intelligence.

For the trailing twelve months ending September 30, 2025, CBRE Group, Inc. reported revenue of $39.33B, up 14.61% year-over-year. The Building Operations & Experience (BOE) segment alone comprises CBRE's entire 7+ billion sq. ft. global property and corporate facilities management portfolio.

Resilience through a mix of transactional and recurring revenue streams

The business model shows a clear emphasis on stabilizing revenue, with the resilient segment outpacing transactional growth in recent quarters. This mix helps smooth out the cyclical nature of capital markets activity. For instance, in the second quarter ended June 30, 2025, Resilient revenue growth was 17%, surpassing the 15% growth rate for transactional businesses.

Looking at the third quarter ended September 30, 2025, the split was:

Revenue Category (Q3 2025)	Amount (in Millions USD)	Year-over-Year Growth
Total Revenue	$10,300	14%
Resilient Businesses Revenue	$8,400	14%
Transactional Businesses Revenue	$1,900	13%

This resilience is further supported by the Investment Management segment, where recurring asset management fees rose 4% in Q3 2025, even as overall segment revenue was down due to incentive fee timing.

Expertise in high-growth sectors like data centers and green energy transition

CBRE Group, Inc. is actively capitalizing on secular trends like digital infrastructure and sustainability. The integration of Turner & Townsend is key here, positioning the firm to lead in the $15T global infrastructure and green energy markets via high-margin projects. In the data center space, demand remains intense:

• Data centers accounted for 25% of all sector-specific capital raised in Q1 2025.
• The broader digital infrastructure universe represented another 9% of capital raised in Q1 2025.
• In Europe, CBRE predicted data centers could account for 937 Megawatts of electricity demand by 2025, a 43% jump from 655MW in 2024.
• In the US, property sales revenue in Q3 2025 rose 32%, led by strong growth in data centers and office.

The firm's Advisory Services segment saw US leasing revenue increase 18% in Q3 2025, driven by data centers, industrial, and office sectors.

Flexible workplace solutions via Industrious acquisition

The full acquisition of Industrious National Management Company, LLC, finalized in early 2025, created the Building Operations & Experience (BOE) segment. CBRE acquired the remaining equity stake for approximately $400 million, implying an enterprise valuation of around $800 million for Industrious. Industrious itself had a compound annual revenue growth rate of over 50% since 2021.

The impact is visible in segment performance. Property management revenue within the BOE segment rose 30% (same local currency) in Q2 2025, with contributions from Industrious enhancing that growth rate. The combined BOE segment produced approximately $20 billion of combined revenue, including Industrious, in 2024.

Enhanced valuation accuracy and reduced closing times using AI

Technology integration, including AI and Blockchain tools, is a core value driver, especially within Investment Management and Advisory Services. CBRE Group reported that digital transformation boosted digital product revenue to 35% of total revenue in Q2 2025. Specifically, AI/Blockchain tools are cited as improving valuation accuracy by 40% and reducing closing times by 30%.

CBRE Investment Management uses its proprietary AI-enhanced data collection methodology to provide a more accurate market view. This method found that global real estate secondaries volume in 2023 was over $23.4 billion, more than double the consensus estimate of $10 billion. As of June 30, 2025, CBRE Investment Management had $155.3 billion in Assets Under Management.

Finance: draft 13-week cash view by Friday.

CBRE Group, Inc. (CBRE) - Canvas Business Model: Customer Relationships

You're looking at how CBRE Group, Inc. keeps its massive client base engaged and growing, especially as the commercial real estate market stabilizes in late 2025. It's a mix of high-touch personal service for big deals and scalable digital tools for ongoing management. Honestly, the numbers show their 'Resilient Businesses' are outpacing transactional growth, which speaks directly to the stickiness of their long-term relationships.

Dedicated account management for large Enterprise clients

The focus on Enterprise clients clearly pays off, particularly in the services that repeat. Facilities Management (FM) revenue growth in Q2 2025 was strong across the Enterprise business, led by specific high-growth sectors. This level of service requires dedicated teams to manage the complexity of global portfolios.

• Facilities management revenue increased 17% (16% local currency) in Q2 2025, with strong Enterprise growth.
• Enterprise growth in Q2 2025 was led by data center hyperscalers, technology, healthcare, and industrial sectors.
• Property management revenue saw a significant jump of 30% (29% local currency) in Q3 2025, partly due to the integration of Industrious.

High-touch, expert-driven consulting for transactional services

When clients need to transact-buy, sell, or lease-they are relying on CBRE Group, Inc.'s deep expertise. The Advisory Services segment, which houses leasing and sales, is a major revenue driver, showing significant growth even as the resilient side grows faster. This suggests high-value, expert input is still critical for major decisions.

Metric	Period Ended Q2 2025	Change vs. Prior Year
Advisory Services Revenue	Nearly $2 billion	Up 14.4%
Global Leasing Revenue (within Advisory)	Not specified	Up more than 14% (U.S. and globally)
Segment Operating Profit (Advisory, Q3 2025)	$444 million	Up 23.7%

The firm's overall scale supports this expertise; CBRE Group, Inc. has more than 140,000 employees serving clients in over 100 countries. That's a lot of specialized knowledge to draw from for any single transaction.

Long-term, sticky contracts for facilities and property management

The growth in the 'Resilient Businesses' segment, which includes facilities and property management, shows that clients are committing to longer-term service agreements. These are the contracts that provide recurring, predictable revenue, which management highlighted as a key strength. While specific contract lengths aren't published, the size of the managed portfolio indicates deep commitment.

• Resilient Businesses net revenue grew 17% in Q2 2025, outpacing Transactional Businesses revenue growth of 15%.
• The loan servicing portfolio, a recurring revenue stream, totaled more than $450 billion as of Q3 2025, up 4% over the past year.

The UK outsourced FM market, which CBRE Group, Inc. participates in, is predicted to see modest growth of 3.2% in 2025, suggesting stable, ongoing demand for these services.

Digital self-service tools for property and portfolio data

CBRE Group, Inc. is clearly pushing digital integration, as evidenced by industry trends they report. The focus on data and digital transformation is a core part of their value proposition for ongoing management relationships, moving FM from reactive to proactive.

• CBRE's 2025 trends highlight the importance of the data and insight economy and AI-optimised facilities management.
• Organizations are demanding more actionable data to drive FM purchasing decisions, with 77% of experts citing cost and value for money as the top driver in 2025.

This digital capability helps clients manage complex infrastructures, achieve ESG objectives, and boost productivity, often through systems that consolidate functions like asset tracking and energy monitoring.

Building a defintely trusted advisor relationship with C-suite executives

The consistent outperformance of the Advisory segment, which includes high-level strategic advice, suggests CBRE Group, Inc. is successfully positioning itself as a strategic partner rather than just a service vendor to the C-suite. The company's overall trailing twelve-month revenue reached $39.3 billion as of September 30, 2025. This scale, combined with strong earnings growth-Core EPS forecast increased to a range of $6.25 to $6.35 for 2025-gives executives confidence in their guidance.

The firm's ability to navigate macro uncertainty and still increase its 2025 Core EPS forecast to a midpoint of over 24% growth for the year demonstrates the trust placed in their strategic outlook by clients executing their plans despite the environment.

Finance: draft 13-week cash view by Friday.

CBRE Group, Inc. (CBRE) - Canvas Business Model: Channels

You're mapping out how CBRE Group, Inc. gets its services and capital to the market, and honestly, it's a massive, multi-pronged approach. It's not just one storefront; it's a global infrastructure.

Global network of brokerage and advisory professionals

The sheer scale of the human network is a primary channel. This is where the advisory and transactional work gets done across more than 100 countries.

• Global workforce size: more than 140,000 employees, which includes Turner & Townsend staff.
• Client reach: Serving nearly 90 of the Fortune 100.
• Geographic footprint: Operations span over 100 countries.

This network acts as the boots-on-the-ground delivery mechanism for both the Advisory Services and Global Workplace Solutions segments.

Direct sales teams for Enterprise facilities management contracts

The Global Workplace Solutions (GWS) segment is the largest revenue driver, clearly indicating the success of this direct service delivery channel. These teams secure and manage massive, long-term enterprise contracts.

Here's a look at the scale of this channel, based on the largest segment's 2024 performance and recent operational metrics:

Metric	Value/Amount	Context/Date
FY 2024 Revenue (GWS Segment)	$25.14 billion	Represents 70.25% of total FY 2024 revenue.
GWS Team Members Worldwide	Over 73,000 experts	Daily operational staff for GWS.
Square Feet Managed Globally	4.4 billion+ SF	Scale of managed property portfolio.
People Supported Daily	38.4 million people	The end-users impacted by these services.
Client Retention Rate (Scope Expansion)	75%	Repeat or expanded scope clients in Workplace Solutions.

The direct sales effort is focused on embedding CBRE Group, Inc. into the core operations of large occupiers, making the relationship sticky. If onboarding takes 14+ days, churn risk rises, so speed here is key.

Digital platforms and proprietary technology tools (e.g., for space utilization)

Technology is a critical channel, not just for internal efficiency but as a client-facing value-add that supports the Operate and Lease channels. CBRE Group, Inc. combines data at scale with enterprise-grade technology to create what they call Smarter Solutions.

• Client Technology Adoption: Approximately 90 of the Fortune 100 leverage CBRE technology.
• Platform Reach: 600+ Workplaces powered by CBRE Host technology.
• Data Scale: 8 billion square feet of space under management feeding the enterprise data platform.
• Data Ingestion: Capturing data from over 300+ global sources.

This platform usage helps inform workplace strategy and portfolio optimization, as seen in their Global Workplace & Occupancy Insights, which analyzes data from select clients representing 375 million sq. ft./35 million sq. m..

Investment Management funds and development joint ventures

This channel is about deploying capital and managing assets for clients, often through funds or direct co-investments. The scale here is measured in assets under management (AUM) and development pipeline value.

Metric	Value/Amount	Context/Date
Investment Management AUM	$155.8 billion	As of the end of Q3 2025.
Global Development Pipeline Value	$30.3 billion	In-process projects and pipeline as of Q3 2025.
Balance Sheet Co-investment (End 2024)	Approximately $800 million	Equity co-investment in the development portfolio.
Projected Net Profits from 2024 Development	More than $900 million	Expected over the next five years from projects capitalized in 2024.

The Investment Management segment revenue in Q3 2025 was $148 million, with recurring asset management fees rising 4% year-over-year in local currency.

CBRE Group, Inc. website and Investor Relations portal

The corporate website and Investor Relations portal are the primary channels for corporate communication, transparency, and capital markets engagement. These channels support the entire business by providing market intelligence and financial credibility.

For context on the overall business size these channels represent:

• FY 2024 Total Revenue: $35.77 billion.
• Q3 2025 Revenue: $10.3 billion.
• Projected FY 2025 Revenue (Analyst Estimate): $34,821 million.

The Investor Relations portal provides access to filings like the Q3 2025 10-Q and supplemental disclosures, which are crucial for the financial stakeholders in your audience.

CBRE Group, Inc. (CBRE) - Canvas Business Model: Customer Segments

You're looking at the core client base for CBRE Group, Inc. as of late 2025. This is a business-to-business model, so the segments are defined by organizational size, asset needs, and investment mandates.

Large multinational corporations (occupiers) seeking global facilities management

This group represents the backbone of the Global Workplace Solutions (GWS) segment. CBRE Group, Inc. serves nearly 90% of Fortune 100 companies as clients. The GWS team supports a massive user base, helping 38.4 million people across all industries do their best work every day. Clients entrust CBRE Group, Inc. with managing over 2.2 billion square feet of property and workplace facilities globally.

The scale of this segment is clear in the service delivery metrics:

• Annual transaction management volume entrusted to GWS: $138.8 billion.
• Property management revenue growth in Q3 2025: rose 30% (29% local currency).
• Facilities management revenue growth in Q3 2025: increased 11% (9% local currency).

The Enterprise business within GWS specifically tracks large corporate demand.

Institutional investors and pension funds (investors) for investment management

This segment drives the Real Estate Investments part of the business. As of the second quarter of 2025, the Assets Under Management (AUM) totaled $155.3 billion. These clients require sophisticated management for their large portfolios. The Capital Markets segment, which serves these investors through sales, saw global property sales revenue rise 30% (28% local currency) in Q3 2025.

Data center hyperscalers, technology, healthcare, and industrial sectors

These high-growth sectors are key drivers across both the Resilient and Transactional businesses. In Q3 2025, growth in the Enterprise segment was paced by work for data center hyperscalers and client wins in the technology, healthcare and industrial sectors. This trend was also noted in Q1 2025. The U.S. property sales growth in Q3 2025 was led by strong performance in data centers and industrial assets.

Private capital clients and high-net-worth individuals

While direct numbers for high-net-worth individuals are less granular, activity from private capital is reflected in the Capital Markets segment. In Q2 2025, mortgage origination revenue rose 44%, driven by strong lending from debt funds. Furthermore, in Europe, cross-regional capital flows, which often include private equity, saw volumes up 25% since the trough in Q1 2024.

Government and public sector entities for infrastructure projects

This segment engages CBRE Group, Inc. for advisory, project management, and financing support. In Q2 2025, mortgage origination revenue saw a significant increase of 52% (53% local currency), which reflected particularly strong lending by government agencies. The Project Management segment, which includes Turner & Townsend, also serves these entities for capital projects.

Here's a quick look at the overall financial context supporting these segments as of the latest reported quarter:

Metric	Value (Q3 2025)	Comparison/Context
Total Revenue	$10.3 billion	Up 14% year-over-year
Resilient Businesses Revenue	$8.4 billion	Up 14% year-over-year
Transactional Businesses Revenue	$1.9 billion	Up 13% year-over-year
Liquidity	$5.2 billion	Increased during Q3 2025

The company's scale, serving clients in over 100 countries, allows it to deploy integrated solutions across these varied client types.

CBRE Group, Inc. (CBRE) - Canvas Business Model: Cost Structure

Employee compensation and benefits for over 140,000 staff (largest cost)

CBRE Group, Inc. has over 140,000 employees, including Turner & Townsend staff, serving clients globally. Employee compensation is the primary driver of operating costs. Total operating expenses increased by 7.4% year-over-year for the third quarter of 2025, driven in part by higher employee compensation.

For the nine months ended September 30, 2025, CBRE reported total costs and expenses of $25,722 million. The scale of personnel-related costs is reflected in the firm's global reach and technology adoption:

Metric	Value
Global Employees (Approximate)	140,000+
Fortune 100 Clients Leveraging CBRE Technology	~90%
Square Feet of Space Under Management	8 Billion

You're managing a massive global workforce; keeping that talent engaged and compensated competitively is your biggest fixed outlay.

Costs of subcontracted vendor work (pass-through costs)

The volume of pass-through costs indicates a significant portion of revenue is directly tied to external vendor execution, which is common in facilities and project management services. For the three months ended March 31, 2025, Pass-through costs recognized as revenue totaled $3,798 million.

Technology and digital platform development investment

Investment in technology underpins the service delivery model, transforming insight into foresight for clients. The platform ingests data from 300+ global sources. CBRE Host technology powers over 600+ workplaces.

• Technology investment supports Smarter Solutions delivery.
• Data-driven technologies are used for leasing and operations.
• AI solutions are being integrated to optimize investments.

General and administrative expenses (G&A) for global operations

General and administrative expenses reflect the cost of running global operations, excluding direct cost of revenue items. For the twelve months ending September 30, 2025, CBRE's Selling, General & Administrative (SG&A) Expenses were $5.267 billion. For the first quarter of 2025 (three months ended March 31, 2025), the line item Operating, administrative and other expenses was $1,192 million.

Acquisition and integration costs (e.g., Industrious, Pearce Services)

Strategic M&A activity introduces integration costs, which are often adjusted out of segment operating profit for clearer performance views. CBRE completed the acquisition of Pearce Services, LLC, for an initial cash price of approximately $1.2 billion, with an additional potential earn-out of up to $115 million tied to 2027 performance. During the third quarter of 2025 alone, CBRE completed acquisitions totaling more than $30 million in cash and non-cash consideration.

Acquisition/Period	Cash Consideration (Initial)	Potential Earn-out
Pearce Services (Announced Nov 2025)	$1.2 billion	Up to $115 million
Q3 2025 Acquisitions (Total)	More than $30 million	N/A

Finance: draft 13-week cash view by Friday.

CBRE Group, Inc. (CBRE) - Canvas Business Model: Revenue Streams

The revenue streams for CBRE Group, Inc. (CBRE) are fundamentally structured around two broad categories: the more stable, recurring Resilient Businesses and the more cyclical Transactional Businesses. This dual approach helps manage the inherent volatility of the commercial real estate market.

The firm's financial performance in late 2025 shows strong momentum, leading management to raise the full-year outlook. CBRE Group, Inc. (CBRE) full-year 2025 Core EPS outlook is $6.25 to $6.35. This was raised following strong third-quarter results, where the midpoint of the new guidance reflected more than 24% growth for the year.

The business model generates fees across four distinct segments, which are detailed below with the latest available quarterly figures and performance indicators. For the third quarter ended September 30, 2025, the consolidated revenue reached $10.3 billion, with Resilient Businesses contributing $8.4 billion and Transactional Businesses contributing $1.9 billion.

Here's a breakdown of the revenue generation by the four primary segments, using the most granular data available from the second and third quarters of 2025:

Revenue Stream Component	Q2 2025 Revenue (Millions USD)	Key Q3 2025 Performance Indicator
Advisory Services fees (leasing, sales, mortgage origination)	$1,996	Global Property Sales Revenue surged 30% year-over-year
Building Operations & Experience recurring fees (facilities and property management)	$5,764	Property Management Revenue rose 30% year-over-year
Project Management fees from construction and infrastructure projects	$1,786	Segment revenue increased 20.4%
Real Estate Investments fees (asset management, carried interest, development)	$215	Investment Management Revenue reported at $148 million

You can see the Advisory Services component, which covers leasing and sales, is a significant fee generator, though it is more sensitive to capital markets activity. The growth in this area, like global leasing revenue rising 18% in Q3 2025, signals improving client confidence in executing transactions.

The Building Operations & Experience segment is the bedrock of recurring revenue. This segment benefits from long-term contracts, which is why management noted its growth rate surpassed that of the transactional businesses during the market recovery. The acquisition of Industrious in early 2025 further enhanced this stream through flexible workplace solutions.

The Project Management fees are driven by both real estate and infrastructure projects. The integration of Turner & Townsend is clearly showing up in the numbers, with strong revenue increases reported globally, especially in the U.K., Middle East, and North America.

For Real Estate Investments, the revenue stream is more variable, as it includes incentive fees tied to investment performance. However, the recurring asset management fees provide a stable base. As of Q3 2025, Assets Under Management (AUM) totaled $155.8 billion, up from the prior quarter, mainly due to higher asset values.

Key drivers of revenue growth across the business include:

• Data center activity, which generated nearly $700 million of revenue in Q3 2025, up 40% year-over-year.
• Strong geographic expansion, with Japan and India combined revenue surpassing $400 million in Q3 2025.
• U.S. industrial leasing revenue increasing by 27% in Q2 2025.
• Mortgage origination revenue rising 52% in Q2 2025.

Finance: draft 13-week cash view by Friday.