New York-listed real estate services firm CBRE saw revenue rise 21% to $1.5 bn (EUR 1 bn) in the third quarter despite the financial and economic uncertainty. The positive figure - which compares to some $1.3 bn in Q2 2010 - was mostly driven by strong growth in outsourcing, which reported the strongest growth rate for this business line since the third quarter of 2008.
New York-listed real estate services firm CBRE saw revenue rise 21% to $1.5 bn (EUR 1 bn) in the third quarter despite the financial and economic uncertainty. The positive figure - which compares to some $1.3 bn in Q2 2010 - was mostly driven by strong growth in outsourcing, which reported the strongest growth rate for this business line since the third quarter of 2008.
Net income improved to $63.8 mln, or $0.20 per diluted share, an increase of 12% and 11% respectively on the same period a year before.
'We are very pleased to report double-digit growth in revenue, earnings and adjusted EBITDA during a time of increased financial market volatility,' said Brett White, chief executive officer of CBRE. 'Global revenue rose significantly in nearly all of our major service lines and geographies, reflecting the durability of the commercial real estate market recovery.'
Despite heightened concern about sovereign debt issues in Europe, EMEA registered the strongest revenue growth among CBRE's global regions. The region's 28% overall revenue increase to $276 mln was bolstered by a 48% jump in outsourcing revenue.
In addition, property leasing revenue rose 33%, as CBRE closed sizable transactions in the third quarter in France, Germany, the Netherlands and the UK. 'In the EMEA region, we have achieved very significant growth in a market which continues to be challenging,' added Mike Strong, chairman & CEO of CBRE - EMEA.
