The nation's largest commercial real estate services firm, Los Angeles-based CB Richard Ellis, has reported a 13% decline in third-quarter revenue from the same period in 2007, and CEO Brett White says that amid deteriorating global economic conditions the company's transactions have reached a record low.
Revenue for the third quarter totaled $1.3 billion compared with $1.5 billion in the third quarter of 2007, according to the company's third-quarter earnings release. Earnings per share amounted to 20 cents for the third quarter compared with 50 cents per share for the same period a year ago.
“Our third-quarter results reflected the extremely challenging market conditions,” White said. “The investment sales and investment management businesses continue to operate at reduced levels of activity due to the unprecedented weakness in the credit markets.”