CBRE revenues and sales rise in Q1

Global property services firm CBRE reported higher revenue growth across the board in the first three months of 2013, boosted by a strong EMEA performance.

CBRE recorded total revenues of $1.5 bn (€1.15 bn) during the first three months of 2013, a year-on-year increase of 9% from the $1.3 bn (€1 bn) registered in the first quarter of 2012.

The growth in revenues was fuelled by a strong increase in property sales. Global property sales proceeds rose to $3.1 mln (€2.4 mln) during the first quarter, representing a year-on-year increase of 21%.

Within the EMEA region revenue from global property sales rose 44% year-on-year, reflecting the increase in market activity compared to Q1 2012. The region also saw the strongest revenue growth, as improved performances in the German, French and UK markets led to a year-on-year increase of 16%.

Major deals recorded by the group in the first quarter included the mandate for the construction of the new Google HQ in the London and the $1 bn (€0.75 bn) sale of the White Square office complex in Russia - the largest single office sector transaction completed in the country.

Property outsourcing revenues also grew on a global basis, registering an 11% revenue increase globally. Again, this reflected a strong performance in the EMEA region.

CBRE Europe executive chairman Michael Strong said he was encouraged by the results. 'In Q1 we delivered a significantly improved trading performance in EMEA in what was a relatively quiet quarter for the market. These results underline the strength and depth of our business in the region and were driven by a healthy mix of sales, leasing and outsourcing wins as well as valuation successes on the back of a gradually improving debt market,’ he said.