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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________________________
FORM 8-K
_________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 13, 2025
_________________________________________________________________________________
CBRE GROUP, INC.
(Exact name of registrant as specified in its charter)
_________________________________________________________________________________
Delaware001-3220594-3391143
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2100 McKinney Avenue
Suite 1250
Dallas, TX
75201
(Address of principal executive offices)(Zip Code)
(214)979-6100
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
_____________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share“CBRE”New York Stock Exchange
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company, as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


This Current Report on Form 8-K is filed by CBRE Group, Inc., a Delaware corporation (the “Company”), in connection with the matters described herein.
Item 2.02  Results of Operations and Financial Condition
On February 13, 2025, the Company issued a press release reporting its financial results for the fourth quarter and full year of 2024. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained herein, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01  Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
99.1 *
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Furnished herewith.



Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 13, 2025
CBRE GROUP, INC.
By:
/s/ LINDSEY S. CAPLAN
Lindsey S. Caplan
Chief Accounting Officer (Principal Accounting Officer)


EXHIBIT 99.1
cbre_green.jpg
Press Release



FOR IMMEDIATE RELEASE
For further information:
Chandni Luthra - Investors
Steve Iaco - Media
212.984.8113
212.984.6535
Chandni.Luthra@cbre.com
Steven.Iaco@cbre.com

CBRE GROUP, INC. REPORTS FINANCIAL RESULTS FOR Q4 AND FULL YEAR 2024
Dallas, TX – February 13, 2025 — CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the fourth quarter and year ended December 31, 2024.

Key Highlights:

•Q4 GAAP EPS of $1.58; Core EPS of $2.32 and 2024 GAAP EPS of $3.14; Core EPS of $5.10
•Revenue up 16% for Q4 and 12% for 2024; net revenue up 18% for Q4 and 14% for 2024
•Resilient Business (1) net revenue increased 16% for Q4 and 14% for 2024
•$1.7 billion net cash flow from operations and $1.5 billion free cash flow for all of 2024
•Repurchased more than $800 million worth of shares since the end of third-quarter 2024
•Expect to achieve 2025 Core EPS of $5.80 to $6.10 - reflecting mid-teens growth at the midpoint

“The fourth quarter was CBRE’s best quarter ever for core earnings and free cash flow with broad strength across our business,” said Bob Sulentic, CBRE’s chair and chief executive officer. “We also made significant progress in executing our strategy, positioning CBRE to continue delivering double-digit earnings growth on an enduring basis.”
“Our confidence in CBRE’s future has never been higher, as evidenced by the more than $800 million worth of shares we repurchased since the end of the third quarter,” Mr. Sulentic added. “Despite the strong appreciation of our shares over the past year, we believe the market is undervaluing our business relative to both its growth profile and dramatically enhanced resiliency.”
Among the company’s notable strategic gains are integrating CBRE’s project management capabilities into Turner & Townsend, its subsidiary, and acquiring full ownership of Industrious, a provider of premium flexible workplace solutions. As a result of these moves, the company will establish new business segments this year: Building Operations & Experience, comprised of enterprise and local facilities management and property management, which will include flexible workplace solutions, and Project Management, consisting of the combined Turner & Townsend/CBRE project management business. Historical non-GAAP financial information for the new segments is presented at the end of this




press release. The company will provide historical quarterly financial information by lines of business based on the new segments prior to releasing Q1 2025 financial results.
Consolidated Financial Results Overview
The following table presents highlights of CBRE performance (dollars in millions, except per share data; totals may not add due to rounding):
% Change% Change
Q4 2024
Q4 2023
USD
LC (2)
FY 2024
FY 2023
USD
LC (2)
Operating Results
Revenue$10,404 $8,950 16.2 %15.5 %$35,767 $31,949 12.0 %12.0 %
Net revenue (3)
6,134 5,187 18.3 %17.4 %20,868 18,276 14.2 %14.2 %
GAAP net income487 477 2.1 %2.1 %968 986 (1.8)%(0.2)%
GAAP EPS1.58 1.55 1.9 %1.9 %3.14 3.15 (0.3)%1.3 %
Core adjusted net income (4)
712 426 67.1 %67.1 %1,571 1,199 31.0 %32.3 %
Core EBITDA (5)
1,086 737 47.4 %45.6 %2,704 2,209 22.4 %22.4 %
Core EPS (4)
2.32 1.38 68.1 %68.1 %5.10 3.84 32.8 %34.1 %
Cash Flow Results
Cash flow provided by operations$1,340 $853 57.1 %$1,708 $480 NM
Add: Gain on disposition of real estate
130 10 NM142 27 NM
Less: Capital expenditures93 94 (1.1)%307 305 0.7 %
Free cash flow (6)
$1,377 $769 79.1 %$1,543 $202 NM
Advisory Services Segment
The following table presents highlights of the Advisory Services segment performance (dollars in millions; totals may not add due to rounding):
% Change
Q4 2024
Q4 2023
USDLC
Revenue$3,088 $2,591 19.2 %18.8 %
Net revenue3,061 2,567 19.2 %18.8 %
Segment operating profit (7)
674 502 34.3 %34.3 %
Segment operating profit on revenue margin (8)
21.8 %19.4 %2.4  pts2.6  pts
Segment operating profit on net revenue margin (8)
22.0 %19.5 %2.5  pts2.6  pts

Note: all percent changes cited are vs. fourth-quarter 2023, except where noted.



CBRE Press Release
February 13, 2025
Page 3
Leasing
•Global leasing revenue increased 15% (same local currency), in line with expectations.
•The Americas was strong, with leasing revenue up 15% (same local currency), driven by an 18% increase in the United States.
•Growth was especially strong in Asia-Pacific (APAC), where leasing revenue surged 22% (21% local currency).
•Europe, the Middle East and Africa (EMEA) leasing revenue rose 9% (6% local currency).
•Office leasing revenue growth was strong in every global region, paced by a 28% gain in the United States. Occupiers are increasingly comfortable making long-term decisions given improved return-to-office momentum and a healthy economic outlook. While major gateway markets showed continued strength, other large markets like Dallas, Atlanta and Seattle grew even faster, and certain smaller Midwest markets picked up considerably.

Capital Markets
•Growth was very strong for both property sales and loan origination activity around the world.
•Global property sales revenue growth accelerated to 35% (34% local currency), above expectations.
•In the Americas, property sales revenue jumped 30% (31% local currency). The United States led the way with 37% growth, with strength across all major asset classes.
•Property sales revenue also increased strongly in both EMEA, up 53% (51% local currency), and APAC, up 29% (27% local currency).
•Mortgage origination revenue rose 37% (same local currency). Growth was fueled by a 76% increase in loan origination fees, partly offset by lower escrow income. This reflected a strong pickup in loan origination volume across financing sources, most notably from Government-Sponsored Enterprises and banks.

Other Advisory Business Lines
•Property management net revenue rose 16% (same local currency), driven by the United States, reflecting the addition of the Brookfield office portfolio.
•Loan servicing revenue increased 6% (5% local currency). The servicing portfolio ended 2024 at approximately $433 billion, up 5% for the year.
•Valuations revenue increased 7% (6% local currency), led by the United States.
Global Workplace Solutions (GWS) Segment
The following table presents highlights of the GWS segment performance (dollars in millions; totals may not add due to rounding):
% Change
Q4 2024
Q4 2023
USDLC
Revenue$7,042 $6,103 15.4 %14.6 %
Net revenue2,799 2,363 18.5 %17.4 %
Segment operating profit393 292 34.6 %33.2 %
Segment operating profit on revenue margin5.6 %4.8 %0.8  pts0.8  pts
Segment operating profit on net revenue margin14.0 %12.4 %1.6  pts1.6  pts

Note: all percent changes cited are vs. fourth-quarter 2023, except where noted.


CBRE Press Release
February 13, 2025
Page 4

•Facilities management net revenue increased 24% (23% local currency), with strength across the enterprise and local businesses. Growth has been particularly strong in the technology, industrial, data center and healthcare sectors.
•Project management net revenue rose 9% (7% local currency). Turner & Townsend’s revenue rose 20% (17% local currency) with particular strength in North America and the UK, led by growth in Real Estate and Infrastructure.
•Margin on net revenue improved 160 basis points from fourth-quarter 2023 and 30 basis points for all of 2024, reflecting cost efforts and a focus on contract profitability.
Real Estate Investments (REI) Segment
The following table presents highlights of the REI segment performance (dollars in millions):
% Change
Q4 2024
Q4 2023
USDLC
Revenue$275 $262 5.0%3.1%
Segment operating profit
150 68 120.6%120.6%

Note: all percent changes cited are vs. fourth-quarter 2023, except where noted.

Real Estate Development
•Global development operating profit (9) climbed to $123 million from $27 million in last year’s fourth quarter. The company monetized significant assets prior to year-end, most prominently several data center development sites.
•The in-process portfolio ended 2024 at $18.8 billion, up $3.0 billion for the year. The pipeline increased $0.4 billion during 2024 to end the year at $13.7 billion.

Investment Management
•Revenue edged up 1% (down 1% local currency).
•As expected, investment management operating profit (9) was down for the quarter, totaling approximately $27 million. The decline was partly driven by a ramp up of costs in anticipation of increased capital raising.
•Assets Under Management (AUM) totaled $146.2 billion, a decrease of $1.3 billion for the year, mostly attributable to adverse foreign currency movement. Absent currency effects, AUM was up more than $2 billion for the year.
Core Corporate Segment
•Core corporate operating loss increased by approximately $7 million versus prior-year fourth quarter, driven by higher incentive compensation, reflecting improved business performance.
Capital Allocation Overview
•Free Cash Flow – During the fourth quarter, free cash flow improved significantly to $1.4 billion. This reflected cash provided by operating activities of $1.5 billion (including the gain on sale of real estate assets), adjusted for total capital expenditures of $93 million. For all of 2024, free cash


CBRE Press Release
February 13, 2025
Page 5
flow totaled more than $1.5 billion and free cash flow conversion improved to almost 100%, exceeding the target range of 75% to 85%.
•Stock Repurchase Program – The company has repurchased approximately 6.05 million shares for $806 million ($133.32 average price per share) since the end of third-quarter 2024. There was more than $5.5 billion remaining under the company’s authorized stock repurchase program as of February 11, 2025.
•Acquisitions and Investments – The company did not make any material acquisitions during the fourth quarter.
Leverage and Financing Overview
•Leverage – CBRE’s net leverage ratio (net debt (10) to trailing twelve-month core EBITDA) was 0.93x as of December 31, 2024, which is substantially below the company’s primary debt covenant of 4.25x. The net leverage ratio is computed as follows (dollars in millions):
As of
December 31, 2024
Total debt$3,635 
Less: Cash (11)
1,114 
Net debt (10)
$2,521 
Divided by: Trailing twelve-month Core EBITDA$2,704 
Net leverage ratio0.93x

•Liquidity – As of December 31, 2024, the company had approximately $4.4 billion of total liquidity, consisting of $1.1 billion in cash, plus the ability to borrow an aggregate of approximately $3.3 billion under its revolving credit facilities and commercial paper program, net of any outstanding letters of credit.
Conference Call Details
The company’s fourth quarter earnings webcast and conference call will be held today, Thursday, February 13, 2025 at 8:30 a.m. Eastern Time. Investors are encouraged to access the webcast via this link, or they can click this link beginning at 8:15 a.m. Eastern Time for automated access to the conference call.
Alternatively, investors may dial into the conference call using these operator-assisted phone numbers: 877.407.8037 (U.S.) or 201.689.8037 (International). A replay of the call will be available starting at 1:00 p.m. Eastern Time on February 13, 2025. The replay is accessible by dialing 877.660.6853 (U.S.) or 201.612.7415 (International) and using the access code: 13750845#. A transcript of the call will be available on the company’s Investor Relations website at https://ir.cbre.com.


CBRE Press Release
February 13, 2025
Page 6
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
Safe Harbor and Footnotes
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the economic outlook, the company’s future growth momentum, operations and business outlook. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results and performance in future periods to be materially different from any future results or performance suggested in forward-looking statements in this press release. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If the company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Factors that could cause results to differ materially include, but are not limited to: disruptions in general economic, political and regulatory conditions and significant public health events, particularly in geographies or industry sectors where our business may be concentrated; volatility or adverse developments in the securities, capital or credit markets, interest rate increases and conditions affecting the value of real estate assets, inside and outside the United States; poor performance of real estate investments or other conditions that negatively impact clients’ willingness to make real estate or long-term contractual commitments and the cost and availability of capital for investment in real estate; foreign currency fluctuations and changes in currency restrictions, trade sanctions and import/export and transfer pricing rules; our ability to compete globally, or in specific geographic markets or business segments that are material to us; our ability to identify, acquire and integrate accretive businesses; costs and potential future capital requirements relating to businesses we may acquire; integration challenges arising out of companies we may acquire; increases in unemployment and general slowdowns in commercial activity; trends in pricing and risk assumption for commercial real estate services; the effect of significant changes in capitalization rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect our revenues and operating performance; client actions to restrain project spending and reduce outsourced staffing levels; our ability to further diversify our revenue model to offset cyclical economic trends in the commercial real estate industry; our ability to attract new user and investor clients; our ability to retain major clients and renew related contracts; our ability to leverage our global services platform to maximize and sustain long-term cash flow; our ability to continue investing in our platform and client service offerings; our ability to maintain expense discipline; the emergence of disruptive business models and technologies; negative publicity or harm to our brand and reputation; the failure by third parties to comply with service level agreements or regulatory or legal requirements; the ability of our investment management business to maintain and grow assets under management and achieve desired investment returns for our investors, and any potential related litigation, liabilities or reputational harm possible if we fail to do so; our ability to manage fluctuations in net earnings and cash flow, which could result from poor performance in our investment programs, including our participation as a principal in real estate investments; the ability of our indirect wholly-owned subsidiary, CBRE Capital Markets, Inc. to periodically amend, or replace, on satisfactory terms, the agreements for its warehouse lines of credit; declines in lending activity of U.S. Government Sponsored Enterprises, regulatory oversight of such activity and our mortgage servicing revenue from the commercial real estate mortgage market; changes in U.S. and international law and regulatory environments (including relating to anti-corruption, anti-money laundering, trade sanctions, tariffs, currency controls and other trade control laws), particularly in Asia, Africa, Russia, Eastern Europe and the Middle East, due to the level of political instability in those regions; litigation and its financial and reputational risks to us; our exposure to liabilities in connection with real estate advisory and property management activities and our ability to procure sufficient insurance coverage on acceptable terms; our ability to retain, attract and incentivize key personnel; our ability to manage organizational challenges associated with our size; liabilities under guarantees, or for construction defects, that we incur in our development services business; our leverage under our debt instruments as well as the limited restrictions therein on our ability to incur additional debt, and the potential increased borrowing costs to us from a credit-ratings


CBRE Press Release
February 13, 2025
Page 7
downgrade; our and our employees’ ability to execute on, and adapt to, information technology strategies and trends; cybersecurity threats or other threats to our information technology networks, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; our ability to comply with laws and regulations related to our global operations, including real estate licensure, tax, labor and employment laws and regulations, fire and safety building requirements and regulations, as well as data privacy and protection regulations and sustainability matters, and the anti-corruption laws and trade sanctions of the U.S. and other countries; changes in applicable tax or accounting requirements; any inability for us to implement and maintain effective internal controls over financial reporting; the effect of implementation of new accounting rules and standards or the impairment of our goodwill and intangible assets; and the performance of our equity investments in companies we do not control.
Additional information concerning factors that may influence the company’s financial information is discussed under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Cautionary Note on Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2023, our quarterly report on Form 10-Q for the quarterly period ended September 30, 2024, as well as in the company’s press releases and other periodic filings with the Securities and Exchange Commission (SEC). Such filings are available publicly and may be obtained on the company’s website at www.cbre.com or upon written request from CBRE’s Investor Relations Department at investorrelations@cbre.com.
The terms “net revenue,” “core adjusted net income,” “core EBITDA,” “core EPS,” “business line operating profit (loss),” “segment operating profit on revenue margin,” “segment operating profit on net revenue margin,” “net debt” and “free cash flow,” all of which CBRE uses in this press release, are non-GAAP financial measures under SEC guidelines, and you should refer to the footnotes below as well as the “Non-GAAP Financial Measures” section in this press release for a further explanation of these measures. We have also included in that section reconciliations of these measures in specific periods to their most directly comparable financial measure calculated and presented in accordance with GAAP for those periods.
Totals may not sum in tables in millions included in this release due to rounding.
Note: We have not reconciled the (non-GAAP) core earnings per share forward-looking guidance included in this release to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to acquisitions, carried interest incentive compensation and financing costs, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
(1)Resilient businesses include the facilities management, project management, loan servicing, valuation, property management, and recurring investment management fees.
(2)Local currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results.
(3)Net revenue is gross revenue less costs largely associated with subcontracted vendor work performed for clients. These costs are reimbursable by clients and generally have no margin.
(4)Core adjusted net income and core earnings per diluted share (or core EPS) exclude the effect of select items from GAAP net income and GAAP earnings per diluted share as well as adjust the provision for income taxes and impact on non-controlling interest for such charges. Adjustments during the periods presented included non-cash depreciation and amortization expense related to certain assets attributable to acquisitions and restructuring activities, certain carried interest incentive compensation (reversal) expense to align with the timing of associated revenue, the impact of fair value adjustments to real estate assets acquired in the acquisition of Telford Homes plc in 2019 (the Telford acquisition) (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, write-off of financing costs on extinguished debt, integration and other costs related to acquisitions, asset impairments, provision associated with Telford’s fire safety remediation efforts, costs associated with efficiency and cost-reduction initiatives, and a one-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired. It also removes the fair value changes and related tax impact of certain strategic non-core non-controlling equity investments that are not directly related to our business segments (including venture capital “VC” related investments).
(5)Core EBITDA represents earnings, inclusive of non-controlling interest, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization, asset impairments, adjustments related to certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, integration and other costs related to acquisitions, provision associated with Telford’s fire safety remediation efforts, costs associated with efficiency and cost-reduction initiatives, and a one-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired. It also removes the fair value changes, on a pre-tax


CBRE Press Release
February 13, 2025
Page 8
basis, of certain strategic non-core non-controlling equity investments that are not directly related to our business segments (including venture capital “VC” related investments).
(6)Free cash flow is calculated as cash flow provided by operations, plus gain on sale of real estate assets, less capital expenditures (reflected in the investing section of the consolidated statement of cash flows). We have adjusted the definition of free cash flow to include the gain on sale of real estate assets to reflect the net impact on the company’s cash flows related to real estate investment and development activities.
(7)Segment operating profit is the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to each segment and assessing performance of each segment. Segment operating profit represents earnings, inclusive of non-controlling interest, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, integration and other costs related to acquisitions, provision associated with Telford’s fire safety remediation efforts, costs associated with efficiency and cost-reduction initiatives, and a one-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired.
(8)Segment operating profit on revenue and net revenue margins represent segment operating profit divided by revenue and net revenue, respectively.
(9)Represents line of business profitability/losses, as adjusted.
(10)Net debt is calculated as total debt (excluding non-recourse debt) less cash and cash equivalents.
(11)Cash represents cash and cash equivalents (excluding restricted cash).


CBRE Press Release
February 13, 2025
Page 9
CBRE GROUP, INC.
OPERATING RESULTS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2024 AND 2023
(in millions, except share and per share data)
(Unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Revenue:
Net revenue$6,134 $5,187 $20,868 $18,276 
Pass-through costs also recognized as revenue4,270 3,763 14,899 13,673 
Total revenue10,404 8,950 35,767 31,949 
Costs and expenses:
Cost of revenue8,290 7,093 28,811 25,675 
Operating, administrative and other1,473 1,207 5,011 4,562 
Depreciation and amortization177 156 674 622 
Total costs and expenses9,940 8,456 34,496 30,859 
Gain on disposition of real estate130 10 142 27 
Operating income594 504 1,413 1,117 
Equity income (loss) from unconsolidated subsidiaries
58 128 (19)248 
Other income14 39 39 61 
Interest expense, net of interest income53 40 215 149 
Income before provision for income taxes613 631 1,218 1,277 
Provision for income taxes112 136 182 250 
Net income501 495 1,036 1,027 
Less: Net income attributable to non-controlling interests14 18 68 41 
Net income attributable to CBRE Group, Inc.$487 $477 $968 $986 
Basic income per share:
Net income per share attributable to CBRE Group, Inc.$1.60 $1.56 $3.16 $3.20 
Weighted average shares outstanding for basic income per share304,638,633 304,728,400 305,859,458 308,430,080 
Diluted income per share:
Net income per share attributable to CBRE Group, Inc.$1.58 $1.55 $3.14 $3.15 
Weighted average shares outstanding for diluted income per share307,299,709 308,526,651 308,033,612 312,550,942 
Core EBITDA$1,086 $737 $2,704 $2,209 




CBRE Press Release
February 13, 2025
Page 10
CBRE GROUP, INC.
SEGMENT RESULTS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2024
(in millions, totals may not add due to rounding)
(Unaudited)
Three Months Ended December 31, 2024
Advisory
Services
Global Workplace
Solutions
Real Estate
Investments
Corporate (1)
Total CoreOtherTotal
Consolidated
Revenue:
Net revenue$3,061 $2,799 $275 $(1)$6,134 $— $6,134 
Pass-through costs also recognized as revenue27 4,243 — — 4,270 — 4,270 
Total revenue3,088 7,042 275 (1)10,404 — 10,404 
Costs and expenses:
Cost of revenue1,872 6,333 63 22 8,290 — 8,290 
Operating, administrative and other570 347 276 280 1,473 — 1,473 
Depreciation and amortization70 90 3 14 177 — 177 
Total costs and expenses2,512 6,770 342 316 9,940 — 9,940 
Gain on disposition of real estate— — 130 — 130 — 130 
Operating income (loss)576 272 63 (317)594 — 594 
Equity income (loss) from unconsolidated subsidiaries— 1 88 — 89 (31)58 
Other income2 1 — 5 8 6 14 
Add-back: Depreciation and amortization70 90 3 14 177 — 177 
Adjustments:
Carried interest incentive compensation reversal to align with the timing of associated revenue— — (4)— (4)— (4)
Integration and other costs related to acquisitions— 4 — 59 63 — 63 
Costs associated with efficiency and cost-reduction initiatives26 25 — 71 122 — 122 
Charges related to indirect tax audits and settlements— — — 37 37 — 37 
Total segment operating profit (loss)$674 $393 $150 $(131)$(25)$1,061 
Core EBITDA$1,086 
_______________
(1)Includes elimination of inter-segment revenue.


CBRE Press Release
February 13, 2025
Page 11
CBRE GROUP, INC.
SEGMENT RESULTS—(CONTINUED)
FOR THE THREE MONTHS ENDED DECEMBER 31, 2023
(in millions, totals may not add due to rounding)
(Unaudited)
Three Months Ended December 31, 2023
Advisory
Services
Global Workplace
Solutions
Real Estate
Investments
Corporate (1)
Total CoreOtherTotal
Consolidated
Revenue:
Net revenue$2,567 $2,363 $262 $(6)$5,187 $— $5,187 
Pass-through costs also recognized as revenue23 3,740 — — 3,763 — 3,763 
Total revenue2,591 6,103 262 (6)8,950 — 8,950 
Costs and expenses:
Cost of revenue1,533 5,503 53 4 7,093 — 7,093 
Operating, administrative and other560 310 202 135 1,207 — 1,207 
Depreciation and amortization73 65 3 15 156 — 156 
Total costs and expenses2,166 5,878 258 154 8,456 — 8,456 
Gain on disposition of real estate— — 10 — 10 — 10 
Operating income (loss)425 225 14 (160)504 — 504 
Equity income from unconsolidated subsidiaries1 — 56 — 57 71 128 
Other income31 — — 3 34 5 39 
Add-back: Depreciation and amortization73 65 3 15 156 — 156 
Adjustments:
Carried interest incentive compensation reversal to align with the timing of associated revenue— — (5)— (5)— (5)
Integration and other costs related to acquisitions— 2 — — 2 — 2 
Costs incurred related to legal entity restructuring— — — 9 9 — 9 
Costs associated with efficiency and cost-reduction initiatives5 — — 9 14 — 14 
One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired(34)— — — (34)— (34)
Total segment operating profit (loss)$502 $292 $68 $(124)$76 $813 
Core EBITDA$737 
_____________
(1)Includes elimination of inter-segment revenue.


CBRE Press Release
February 13, 2025
Page 12
CBRE GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in millions)
December 31, 2024December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents$1,114 $1,265 
Restricted cash107 106 
Receivables, net7,005 6,370 
Warehouse receivables (1)
561 675 
Contract assets400 443 
Prepaid expenses332 333 
Income taxes receivable130 159 
Other current assets321 315 
Total Current Assets9,970 9,666 
Property and equipment, net914 907 
Goodwill5,621 5,129 
Other intangible assets, net2,298 2,081 
Operating lease assets1,198 1,030 
Investments in unconsolidated subsidiaries1,295 1,374 
Non-current contract assets89 75 
Real estate under development505 300 
Non-current income taxes receivable75 78 
Deferred tax assets, net538 361 
Other assets, net1,880 1,547 
Total Assets$24,383 $22,548 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued expenses$4,102 $3,562 
Compensation and employee benefits payable1,419 1,459 
Accrued bonus and profit sharing1,695 1,556 
Operating lease liabilities200 242 
Contract liabilities375 298 
Income taxes payable209 217 
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase) (1)
552 666 
Revolving credit facility132 — 
Other short-term borrowings222 16 
Current maturities of long-term debt36 9 
Other current liabilities345 218 
Total Current Liabilities9,287 8,243 
Long-term debt, net of current maturities3,245 2,804 
Non-current operating lease liabilities1,307 1,089 
Non-current income taxes payable— 30 
Non-current tax liabilities160 157 
Deferred tax liabilities, net247 255 
Other liabilities945 903 
Total Liabilities15,191 13,481 
Equity:
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock3 3 
Additional paid-in capital— — 
Accumulated earnings9,567 9,188 
Accumulated other comprehensive loss(1,159)(924)
Total CBRE Group, Inc. Stockholders’ Equity8,411 8,267 
Non-controlling interests781 800 
Total Equity9,192 9,067 
Total Liabilities and Equity$24,383 $22,548 
________________________________________________________________________________________________________________________
(1)Represents loan receivables, the majority of which are offset by borrowings under related warehouse line of credit facilities.


CBRE Press Release
February 13, 2025
Page 13
CBRE GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Twelve Months Ended December 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$1,036 $1,027 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization674 622 
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets(162)(102)
Gain on disposition of real estate assets(142)(27)
Net compensation expense for equity awards146 96 
Equity loss (income) from unconsolidated subsidiaries19 (248)
Other non-cash adjustments to net income8 (18)
Distribution of earnings from unconsolidated subsidiaries132 256 
Proceeds from sale of mortgage loans12,817 9,714 
Origination of mortgage loans(12,668)(9,905)
(Decrease) increase in warehouse lines of credit(114)218 
Purchase of equity securities(51)(15)
Proceeds from sale of equity securities76 14 
(Increase) decrease in real estate under development(6)81 
Increase in receivables, prepaid expenses and other assets (including contract and lease assets)(572)(860)
Increase in accounts payable and accrued expenses and other liabilities (including contract and lease liabilities)538 22 
Increase (decrease) in compensation and employee benefits payable and accrued bonus and profit sharing206 (173)
Increase in net income taxes receivable/payable(8)(97)
Other operating activities, net(221)(125)
Net cash provided by operating activities1,708 480 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(307)(305)
Acquisition of businesses, including net assets acquired, intangibles and goodwill, net of cash acquired(1,067)(203)
Contributions to unconsolidated subsidiaries(136)(127)
Distributions from unconsolidated subsidiaries91 54 
Acquisition and development of real estate assets(389)(171)
Proceeds from disposition of real estate assets235 77 
Other investing activities, net59 (6)
Net cash used in investing activities(1,514)(681)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility4,173 4,006 
Repayment of revolving credit facility(4,041)(4,184)
Proceeds from commercial paper175 — 
Proceeds from senior term loans— 748 
Repayment of senior term loans(9)(437)
Proceeds from issuance of senior notes
495 975 
Repurchase of common stock(627)(665)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)(281)(145)
Units repurchased for payment of taxes on equity awards(105)(72)
Other financing activities, net(1)(72)
Net cash (used in) provided by financing activities(221)154 
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash(123)13 
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH(150)(34)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF YEAR
1,371 1,405 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF YEAR
$1,221 $1,371 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest$396 $191 
Income tax payments, net
$467 $467 
Non-cash investing and financing activities:
Deferred and/or contingent consideration$19 $54 


CBRE Press Release
February 13, 2025
Page 14
Non-GAAP Financial Measures
The following measures are considered “non-GAAP financial measures” under SEC guidelines:
(i)Net revenue
(ii)Core EBITDA
(iii)Business line operating profit/loss
(iv)Segment operating profit on revenue and net revenue margins
(v)Free cash flow
(vi)Net debt
(vii)Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (which we also refer to as “core adjusted net income”)
(viii)Core EPS
These measures are not recognized measurements under United States generally accepted accounting principles (GAAP). When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with GAAP. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.
Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes. The company believes these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The company further uses certain of these measures, and believes that they are useful to investors, for purposes described below.
With respect to net revenue, net revenue is gross revenue less costs largely associated with subcontracted vendor work performed for clients. We believe that investors may find this measure useful to analyze the company’s overall financial performance because it excludes costs reimbursable by clients that generally have no margin, and as such provides greater visibility into the underlying performance of our business.
With respect to Core EBITDA, business line operating profit/loss, and segment operating profit on revenue and net revenue margins, the company believes that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, the effects of financings and income tax and the accounting effects of capital spending. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of Core EBITDA, this measure is not intended to be a measure of free cash flow for our management’s discretionary use because it does not consider cash requirements such as tax and debt service payments. The Core EBITDA measure calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt. The company also uses segment operating profit and core EPS as significant components when measuring our operating performance under our employee incentive compensation programs.
With respect to free cash flow, the company believes that investors may find this measure useful to analyze the cash flow generated from operations and real estate investment and development activities after accounting for cash outflows to support operations and capital expenditures. With respect to net debt, the company believes that investors use this measure when calculating the company’s net leverage ratio.


CBRE Press Release
February 13, 2025
Page 15
With respect to core EBITDA, core EPS and core adjusted net income, the company believes that investors may find these measures useful to analyze the underlying performance of operations without the impact of strategic non-core equity investments (Altus Power, Inc. and certain other investments) that are not directly related to our business segments. These can be volatile and are often non-cash in nature.
Core net income attributable to CBRE Group, Inc. stockholders, as adjusted (or core adjusted net income), and core EPS, are calculated as follows (in millions, except share and per share data):
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Net income attributable to CBRE Group, Inc.$487 $477 $968 $986 
Adjustments:
Non-cash depreciation and amortization expense related to certain assets attributable to acquisitions54 38 199 167 
Interest expense related to indirect tax audits and settlements5 — 16 — 
Impact of adjustments on non-controlling interest(6)(6)(18)(33)
Net fair value adjustments on strategic non-core investments25 (76)117 (32)
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue
(4)(5)8 (7)
Integration and other costs related to acquisitions
63 2 93 62 
Costs incurred related to legal entity restructuring— 9 2 13 
Costs associated with efficiency and cost-reduction initiatives122 14 259 159 
Impact of fair value non-cash adjustments related to unconsolidated equity investments— — 9 — 
Provision associated with Telford’s fire safety remediation efforts— — 33 — 
Charges related to indirect tax audits and settlements37 — 76 — 
One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired— (34)— (34)
Tax impact of adjusted items, tax benefit attributable to legal entity restructuring, and strategic non-core investments(71)7 (191)(82)
Core net income attributable to CBRE Group, Inc., as adjusted$712 $426 $1,571 $1,199 
Core diluted income per share attributable to CBRE Group, Inc., as adjusted$2.32 $1.38 $5.10 $3.84 
Weighted average shares outstanding for diluted income per share307,299,709308,526,651308,033,612312,550,942





CBRE Press Release
February 13, 2025
Page 16
Core EBITDA is calculated as follows (in millions, totals may not add due to rounding):
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Net income attributable to CBRE Group, Inc.$487 $477 $968 $986 
Net income attributable to non-controlling interests14 18 68 41 
Net income501 495 1,036 1,027 
Adjustments:
Depreciation and amortization177 156 674 622 
Interest expense, net of interest income53 40 215 149 
Provision for income taxes112 136 182 250 
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue
(4)(5)8 (7)
Integration and other costs related to acquisitions63 2 93 62 
Costs incurred related to legal entity restructuring— 9 2 13 
Costs associated with efficiency and cost-reduction initiatives122 14 259 159 
Impact of fair value non-cash adjustments related to unconsolidated equity investments— — 9 — 
Provision associated with Telford’s fire safety remediation efforts— — 33 — 
Charges related to indirect tax audits and settlements37 — 76 — 
One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired— (34)— (34)
Net fair value adjustments on strategic non-core investments25 (76)117 (32)
Core EBITDA$1,086 $737 $2,704 $2,209 

Revenue includes client reimbursed pass-through costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients. Reimbursement related to subcontracted vendor work generally has no margin and has been excluded from net revenue. Reconciliations are shown below (dollars in millions):
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Consolidated
Revenue$10,404 $8,950 $35,767 $31,949 
Less: Pass-through costs also recognized as revenue4,270 3,763 14,899 13,673 
Net revenue$6,134 $5,187 $20,868 $18,276 
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Property Management Revenue
Revenue$603 $519 $2,222 $1,928 
Less: Pass-through costs also recognized as revenue27 23 99 88 
Net revenue$576 $496 $2,123 $1,840 
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
GWS Revenue
Revenue$7,042 $6,103 $25,140 $22,515 
Less: Pass-through costs also recognized as revenue4,243 3,740 14,800 13,585 
Net revenue$2,799 $2,363 $10,340 $8,930 


CBRE Press Release
February 13, 2025
Page 17
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Facilities Management Revenue
Revenue$4,664 $3,995 $17,227 $15,205 
Less: Pass-through costs also recognized as revenue2,786 2,479 10,320 9,399 
Net revenue$1,878 $1,516 $6,907 $5,806 
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Project Management Revenue
Revenue$2,378 $2,108 $7,913 $7,310 
Less: Pass-through costs also recognized as revenue1,457 1,261 4,480 4,186 
Net revenue$921 $847 $3,433 $3,124 
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
Net revenue from Resilient Business lines
Revenue$8,089 $7,046 $28,981 $26,015 
Less: Pass-through costs also recognized as revenue4,270 3,763 14,899 13,673 
Net revenue$3,819 $3,283 $14,082 $12,342 
Below represents a reconciliation of REI business line operating profitability/loss to REI segment operating profit (in millions):
Three Months Ended December 31,
Real Estate Investments20242023
Investment management operating profit$27 $42 
Global real estate development operating profit123 27 
Segment overhead (and related adjustments)— (1)
Real estate investments segment operating profit$150 $68 


CBRE Press Release
February 13, 2025
Page 18
Supplemental Non-GAAP Segment Financial Information
In early January 2025, we combined our project management business with our Turner & Townsend subsidiary and will publicly report financial results for a fourth business segment, Project Management, beginning in the first quarter of 2025. In early January 2025, we also acquired the remaining equity interest in Industrious, a provider of premium flexible workplace solutions, and will establish a new business segment, Building Operations & Experience, in 2025, comprised of enterprise and local facilities management and property management, which will include flexible workplace solutions. Our four business segments beginning in 2025 will be (1) Advisory Services; (2) Building Operations & Experience; (3) Project Management; and (4) Real Estate Investments.
The following tables have been presented as Supplemental Non-GAAP financial information to provide investors with a view of historical results based on the new reportable segment structure. These results are not considered to be prepared in accordance with GAAP, as our CEO continued to manage our business based on our historical segments through December 31, 2024. Management believes that this financial information is meaningful to investors as it reflects performance trends over time of the new four reportable segments. Beginning in the first quarter of 2025, comparative segment disclosures will be recast to reflect the new presentation. Accordingly, in addition to presenting our results of operations as reported in our Consolidated Financial Statements in accordance with GAAP, the tables below present results for years ended December 2024, 2023 and 2022 with the new reportable segments. The company will provide historical quarterly financial information by lines of business based on the new segments prior to releasing Q1 2025 financial results.
CBRE GROUP, INC.
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(in millions, totals may not add due to rounding)
(Unaudited)
The following tables highlight Non-GAAP Financial Information based on the new segments (dollars in millions; totals may not add due to rounding):
Year Ended December 31, 2024Advisory
 Services		Building Operations & ExperienceProject ManagementReal Estate
Investments
Corporate,
other and eliminations (1)
Consolidated
Net revenue$7,668 $9,040 $3,139 $1,038 $(17)$20,868 
Pass-through costs also recognized as revenue61 11,168 3,670 — — 14,899 
Total revenue7,729 20,208 6,809 1,038 (17)35,767 
Segment operating profit (loss)1,501 894 500 261 (569)2,587 
Segment operating profit on net revenue margin19.6 %9.9 %15.9 %25.1 %
Net fair value adjustments on strategic non-core investments117 117 
Core EBITDA$2,704 


CBRE Press Release
February 13, 2025
Page 19
Year Ended December 31, 2023Advisory
 Services		Building Operations & ExperienceProject ManagementReal Estate
Investments
Corporate,
other and eliminations (1)
Consolidated
Net revenue$6,856 $7,630 $2,855 $952 $(17)$18,276 
Pass-through costs also recognized as revenue51 10,177 3,445 — — 13,673 
Total revenue6,907 17,807 6,300 952 (17)31,949 
Segment operating profit (loss)1,226 715 429 239 (368)2,241 
Segment operating profit on net revenue margin17.9 %9.4 %15.0 %25.1 %
Net fair value adjustments on strategic non-core investments(32)(32)
Core EBITDA$2,209 
Year Ended December 31, 2022Advisory
 Services		Building Operations & ExperienceProject ManagementReal Estate
Investments
Corporate,
other and eliminations (1)
Consolidated
Net revenue$8,382 $6,867 $2,434 $1,110 $(16)$18,777 
Pass-through costs also recognized as revenue124 10,625 1,302 — — 12,051 
Total revenue8,506 17,492 3,736 1,110 (16)30,828 
Segment operating profit (loss)1,760 688 361 518 (578)2,749 
Segment operating profit on net revenue margin21.0 %10.0 %14.8 %46.7 %
Net fair value adjustments on strategic non-core investments175 175 
Core EBITDA$2,924 
_______________
(1)Includes elimination of inter-segment revenue.
Reconciliation of total reportable segment operating profit and Core EBITDA to net income is as follows (dollars in millions):
Year Ended December 31,
202420232022
Net income attributable to CBRE Group, Inc.$968 $986 $1,407 
Net income attributable to non-controlling interests68 41 17 
Net income1,036 1,027 1,424 
Adjustments to increase (decrease) net income:
Depreciation and amortization674 622 613 
Asset impairments— — 59 
Interest expense, net of interest income215 149 69 
Write-off of financing costs on extinguished debt— — 2 
Provision for income taxes182 250 234 
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue8 (7)(4)
Integration and other costs related to acquisitions93 62 40 
Costs incurred related to legal entity restructuring2 13 13 
Costs associated with efficiency and cost-reduction initiatives259 159 118 
Impact of fair value non-cash adjustments related to unconsolidated equity investments9 — — 
Provision associated with Telford’s fire safety remediation efforts
33 — 186 
Charges related to indirect tax audits and settlements76 — — 
One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired— (34)— 
Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period— — (5)
Total segment operating profit$2,587 $2,241 $2,749 
Net fair value adjustments on strategic non-core investments117 (32)175 
Core EBITDA$2,704 $2,209 $2,924 

v3.25.0.1
Cover
Feb. 13, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 13, 2025
Entity Registrant Name CBRE GROUP, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-32205
Entity Tax Identification Number 94-3391143
Entity Address, Address Line One 2100 McKinney Avenue
Entity Address, Address Line Two Suite 1250
Entity Address, State or Province TX
Entity Address, City or Town Dallas
Entity Address, Postal Zip Code 75201
Local Phone Number 979-6100
City Area Code (214)
Title of 12(b) Security Class A Common Stock, $0.01 par value per share
Trading Symbol “CBRE”
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001138118
Amendment Flag false
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