Business Description

CBRE is the world’s largest commercial real estate services and investments firm (based on 2025 revenue). We derive competitive advantage from our considerable scale and ability to offer integrated solutions for real estate investors and occupiers in more than 100 countries. We are global market leaders in most of our business lines and drive significant growth by helping clients optimize real estate costs, value, investment returns and workplace experiences. These capabilities, combined with our extensive knowledge platform (research, data, strategy, etc.), allow us to generate superior outcomes for our clients, which included nearly 90% of Fortune 100 companies and many of the world’s largest institutional real estate investors in 2025. Our growth opportunity is enhanced by the large and expanding total addressable market for our services. We are focused on cementing our leadership position in each of our businesses with a strategy that achieves growth across four dimensions of our business: geographies, clients, property types and services. We are committed to deploying our resources and capital in parts of our business that benefit from secular tailwinds and/or are cyclically resilient across these four dimensions. Examples of how we have expanded our participation in secularly favored and resilient businesses and enlarged our total addressable market include our acquisitions of: • Turner & Townsend, the global project management firm, in which we hold a majority ownership interest; • J&J Worldwide Services (now doing business as CBRE Government & Defense Services), which markedly increased the facilities-related services we provide to the U.S. federal government; • Direct Line Global, a provider of technical facilities management services to data centers; • Industrious National Management Company, LLC (Industrious), a flexible workplace solutions and workplace experience platform, which we fully acquired in January 2025; and • Pearce Services, LLC (Pearce), a leading provider of advanced technical services for digital and power infrastructure, which we acquired in November 2025. In addition, we have increased our scale in certain geographies, such as Japan and India, and asset classes that are positioned for continued growth, such as data centers. As a result, we have built a larger and more resilient services offering. Our platform – the resources and infrastructure that support our professionals and underpin our growth, such as research, marketing, data and technology – combined with our balance sheet strength, provide us access to top talent and compelling growth opportunities. Business Segments We serve clients and report our financial results through four business segments: Advisory Services, Building Operations & Experience, Project Management and Real Estate Investments. We also report results for a Corporate and other segment, which encompasses our platform and non-core investments. Advisory Services Advisory Services provides a comprehensive range of services globally, including leasing, capital markets (property sales and mortgage origination), loan servicing, and valuation. With a global network of experts that have a deep understanding of their local markets, we offer comprehensive insights and solutions across a wide range of assets, including offices, industrial and logistics, retail, multi-family and critical facilities, such as data centers, laboratories, and government facilities. Our client base is comprised of large occupiers and investors that contract for our services across multi-market portfolios as well as local market clients that we serve on a one-off basis. We are leaders in each of our primary business lines globally (leasing, capital markets, loan servicing and valuation) and in most key local markets across the world. We leverage our platform to attract and retain top talent and provide differentiated solutions for our clients through investments in research, data, technology tools and property marketing. We also deliver end-to-end client solutions through the integration of our various services. For example, as our investor clients seek to optimize the value and performance of their assets across the real estate lifecycle, we often bring together expertise from property sales, mortgage originations, leasing and valuations as well as property management (from our Building Operations & Experience segment).…