CBRE Group – CBRE Jonathan Poland

CBRE Group, Inc. is a leading provider of commercial real estate services and investment solutions worldwide. The company was founded in 1906, is headquartered in Dallas, Texas, and operates through three main segments: Advisory Services, Global Workplace Solutions, and Real Estate Investments. The Advisory Services segment offers a range of services, including leasing advice, property sales and mortgage services under the CBRE Capital Markets brand, property and project management services for owners and investors in various types of properties, and appraisal and valuation services, as well as consulting services such as property condition reports and environmental consulting. The Global Workplace Solutions segment provides facilities management, project management, and transaction management services. The Real Estate Investments segment offers investment management services under the CBRE Investment Management brand to institutional investors, development services under the Trammell Crow Company brand, and flexible-space solutions under the CBRE Hana brand.

as of February 5, 2023

Low gross margins and what looks like a bloated employee base is going to hamper CBRE long-term even if the space for real estate brokerage services is at a low point. The share price is up 260% over the last decade, while its book value is up 450%, and priced at roughly 16x forward earnings there isn’t enough meat on the bone to produce 20% a year for investors since I cannot see the growth rate keeping up with historical averages.

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