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Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments Segments
We organize our operations around, and publicly report our financial results on, three global business segments: (1) Advisory Services; (2) Global Workplace Solutions and (3) Real Estate Investments. In addition, we also have a “Corporate, other and eliminations” segment. Our Corporate segment primarily consists of corporate costs for leadership and certain other central functions. We track our strategic non-core equity investments in “other” which is considered an operating segment and reported together with Corporate as it does not meet the aggregation criteria for presentation as a separate reportable segment. These activities are not allocated to the other business segments. Corporate and other also includes eliminations related to inter-segment revenue.
Segment operating profit (SOP) is the measure reported to Bob Sulentic, CBRE’s Chairman and Chief Executive Officer (CEO), who is our chief operating decision maker (CODM) for purposes of assessing performance and making decisions about allocating resources to each segment. The CODM uses SOP results compared to prior periods and previously forecasted amounts to assess performance and identify trends of ongoing operations within each segment. SOP excludes the impact of certain costs and charges that may obscure the underlying performance of our businesses and related trends, including restructuring charges and other costs incurred, which are outside the ordinary course of business. SOP represents earnings, inclusive of amounts attributable to non-controlling interests, before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization, and asset impairments. In addition, management excludes the following costs from SOP (“Other segment adjustments”):
•costs associated with efficiency and cost-reduction initiatives,
•charges related to indirect tax audits and settlements,
•carried interest incentive compensation expense (reversal) to align with the timing of associated revenue,
•impact of fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in the period,
•costs incurred related to legal entity restructuring,
•integration and other costs related to acquisitions,
•provision associated with Telford’s fire safety remediation efforts,
•one-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired; and,
•the impact of fair value non-cash adjustments related to unconsolidated equity investments.
SOP for the three global business segments excludes the impact of corporate overhead as these costs are reported under Corporate and other. There have been no significant changes to the measurement methods of expenses or methods of allocating expenses to segments during 2024.
Summarized financial information by segment is as follows (dollars in millions):
Year Ended December 31, 2024Advisory
 Services		Global
Workplace
Solutions		Real Estate
Investments
Corporate,
other and eliminations (2)
Consolidated
Net revenue$9,507 $10,340 $1,038 $(17)$20,868 
Pass-through costs also recognized as revenue99 14,800 — — 14,899 
Total revenue
9,606 25,140 1,038 (17)35,767 
Cost of revenue5,858 22,703 224 26 28,811 
Operating expenses and allocations2,099 1,327 862 723 5,011 
Other adjustments to segment operating profit (loss):
Equity income (loss) from unconsolidated subsidiaries
1 (3)117 (134)(19)
Other income5 3 6 25 39 
Gain on disposition of real estate— — 142 — 142 
Other segment adjustments (1)
40 91 44 305 480 
Segment operating profit (loss)
$1,695 $1,201 $261 $(570)$2,587 
Year Ended December 31, 2023Advisory
 Services		Global
Workplace
Solutions		Real Estate
Investments		Corporate,
other and eliminations		Consolidated
Net revenue$8,411 $8,930 $952 $(17)$18,276 
Pass-through costs also recognized as revenue88 13,585 — — 13,673 
Total revenue
8,499 22,515 952 (17)31,949 
Cost of revenue5,147 20,345 186 (3)25,675 
Operating expenses and allocations2,076 1,242 784 460 4,562 
Other adjustments to segment operating profit (loss):
Equity income from unconsolidated subsidiaries
4 1 216 27 248 
Other income46 2 — 13 61 
Gain on disposition of real estate— — 27 — 27 
Other segment adjustments
38 75 14 66 193 
Segment operating profit (loss)
$1,364 $1,006 $239 $(368)$2,241 
Year Ended December 31, 2022Advisory
 Services		Global
Workplace
Solutions		Real Estate
Investments		Corporate,
other and eliminations		Consolidated
Net revenue$9,811 $7,872 $1,110 $(16)$18,777 
Pass-through costs also recognized as revenue72 11,979 — — 12,051 
Total revenue
9,883 19,851 1,110 (16)30,828 
Cost of revenue5,980 17,948 322 (11)24,239 
Operating expenses and allocations2,055 1,080 1,082 432 4,649 
Other adjustments to segment operating profit (loss):
Equity income (loss) from unconsolidated subsidiaries
15 1 380 (167)229 
Other income (loss)
1 7 (1)(19)(12)
Gain on disposition of real estate— — 244 — 244 
Other segment adjustments
46 68 189 45 348 
Segment operating profit (loss)
$1,910 $899 $518 $(578)$2,749 
________________________________________________________________________________________________________________________________________
(1)Other segment adjustments, as defined above.
(2)Eliminations represent revenue from transactions between operating segments. See Note 18 – Revenue from Contracts with Customers.
Year Ended December 31,
202420232022
Depreciation and Amortization
Advisory Services$272 $289 $311 
Global Workplace Solutions (1)
332 262 253 
Real Estate Investments13 15 16 
Corporate, other and eliminations57 56 33 
Total depreciation and amortization$674 $622 $613 
Equity (Loss) Income from Unconsolidated Subsidiaries
Advisory Services$1 $4 $15 
Global Workplace Solutions(3)1 1 
Real Estate Investments117 216 380 
Corporate, other and eliminations(134)27 (167)
Total equity (loss) income from unconsolidated subsidiaries$(19)$248 $229 
________________________________________________________________________________________________________________________________________
(1)Excludes $41 million, $46 million and $53 million for the years ended December 31, 2024, 2023 and 2022, respectively, of amortization on vehicle finance leases utilized in client outsourcing arrangements and amortization of transition costs recorded in Cost of Revenue line item in the accompanying consolidated statement of operations.
Reconciliation of total segment operating profit to net income is as follows (dollars in millions):
Year Ended December 31,
202420232022
Net income attributable to CBRE Group, Inc.$968 $986 $1,407 
Net income attributable to non-controlling interests68 4117
Net income1,036 1,0271,424
Adjustments to increase (decrease) net income:
Depreciation and amortization674 622 613 
Asset impairments— — 59 
Interest expense, net of interest income215 149 69 
Write-off of financing costs on extinguished debt— — 2 
Provision for income taxes182 250 234 
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue8 (7)(4)
Integration and other costs related to acquisitions93 62 40 
Costs incurred related to legal entity restructuring2 13 13 
Costs associated with efficiency and cost-reduction initiatives259 159 118 
Impact of fair value non-cash adjustments related to unconsolidated equity investments9 — — 
Provision associated with Telford’s fire safety remediation efforts (1)
33 — 186 
Charges related to indirect tax audits and settlements76 — — 
One-time gain associated with remeasuring an investment in an unconsolidated subsidiary to fair value as of the date the remaining controlling interest was acquired— (34)— 
Impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in period— — (5)
Total segment operating profit$2,587 $2,241 $2,749 
________________________________________________________________________________________________________________________________________
(1)See Note 22 – Telford Fire Safety Remediation for additional information.
Our CODM is not provided with total asset information by segment and accordingly, does not measure or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment.
Geographic Information
Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions):
Year Ended December 31,
202420232022
Revenue
United States$20,162 $17,458 $17,464 
United Kingdom4,968 4,393 4,084 
All other countries10,637 10,098 9,280 
Total revenue$35,767 $31,949 $30,828 
On June 24, 2024, we announced plans to combine our project management business with our Turner & Townsend subsidiary and will create a new Project Management segment. This transaction closed in the beginning of January 2025.
On January 16, 2025, we acquired the remaining equity interest in Industrious National Management, LLC (Industrious), a leading provider of flexible workplace solutions. We previously invested in Industrious through an approximately 40% equity interest and a $100 million convertible note. In conjunction with the acquisition, we will create a new business segment called Building Operations & Experience (BOE). This new segment will consist of CBRE’s enterprise facilities management, local facilities management, property management and flexible workplace business lines, and will unify the company’s building operations, workplace experience and property management capabilities across all property sectors and building types.
As a result of the establishment of the new BOE and Project Management segments, we will reorganize our operations and report our financial results based on four reportable segments – Advisory Services, Building Operations & Experience, Project Management and Real Estate Investments beginning in the first quarter of 2025.