CB Richard Ellis Group Posts Double-Digit Revenue Gains

Growth accelerated in the fourth quarter for the world's largest commercial property brokerage as the economies improved in Asia and the United States and more companies made real estate decisions.

Los Angeles-based CB Richard Ellis Group Inc. exceeded Wall Street's earnings expectations, posting double-digit gains Thursday in every global business line except real estate development services.

"Companies are trying to lock in real estate leases or buy property before prices get out of control," said analyst Craig Silvers, president of Bricks & Mortar Capital.

Leasing-transaction revenue at CB Richard Ellis grew 35% and sales-transaction revenue grew 40% compared with a year earlier as credit became easier to obtain and investors became more optimistic, the company said.

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TAGS: News Brokerage
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