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Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
In January 2025, we combined our project management business with our Turner & Townsend majority-owned subsidiary and created a fourth reportable segment, Project Management. In addition, on January 16, 2025, we acquired full ownership of Industrious, a provider of premium flexible workplace solutions and established a new business segment, BOE comprised of enterprise and local facilities management, property management and flexible workplace solutions.
In connection with the transactions described above, we reorganized our operations around and publicly report our financial results on four reportable segments – Advisory Services, Building Operations & Experience, Project Management and Real Estate Investments. We have recast prior period segment results to conform with the current presentation. 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 Robert Sulentic, CBRE’s Chair 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,
•costs incurred related to legal entity restructuring,
•integration and other costs related to acquisitions, and
•net results related to the wind-down of certain businesses.
There have been no significant changes to the measurement methods of expenses or methods of allocating expenses to segments during 2025.
Summarized financial information by segment is as follows (dollars in millions):
Three Months Ended March 31, 2025Advisory
 Services		Building Operations & ExperienceProject ManagementReal Estate
Investments
Corporate,
other and eliminations (2)
Consolidated
Net revenue$1,682 $2,427 $774 $233 $(4)$5,112 
Pass-through costs also recognized as revenue12 2,928 858 — — 3,798 
Total revenue
1,694 5,355 1,632 233 (4)8,910 
Cost of revenue967 4,847 1,408 47 (4)7,265 
Operating expenses and allocations428 296 119 166 183 1,192 
Other adjustments to segment operating profit (loss):
Equity income (loss) from unconsolidated subsidiaries
1 1 — (7)21 16 
Other income (loss)
1 1 — — (1)1 
Other segment adjustments (1)
— 3 8 12 67 90 
Segment operating profit (loss)
$301 $217 $113 $25 $(96)$560 
Three Months Ended March 31, 2024Advisory
 Services		Building Operations & ExperienceProject ManagementReal Estate
Investments
Corporate,
other and eliminations (2)
Consolidated
Net revenue$1,480 $2,017 $725 $228 $(6)$4,444 
Pass-through costs also recognized as revenue14 2,683 794 — — 3,491 
Total revenue
1,494 4,700 1,519 228 (6)7,935 
Cost of revenue848 4,269 1,310 43 5 6,475 
Operating expenses and allocations416 290 88 189 128 1,111 
Other adjustments to segment operating profit (loss):
Equity income (loss) from unconsolidated subsidiaries1 1 — 11 (71)(58)
Other income1 1 2 — 5 9 
Gain on disposition of real estate— — — 13 — 13 
Other segment adjustments (1)
— 18 (22)14 30 40 
Segment operating profit (loss)
$232 $161 $101 $34 $(175)$353 
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(1)Other segment adjustments, as defined above.
(2)Eliminations represent revenue from transactions between operating segments.
Three Months Ended
March 31,
20252024
Depreciation and Amortization
Advisory Services$67 $65 
Building Operations & Experience70 46 
Project Management25 29 
Real Estate Investments3 3 
Corporate, other and eliminations
12 15 
Total depreciation and amortization$177 $158 
Equity income (loss) from unconsolidated subsidiaries
Advisory Services$1 $1 
Building Operations & Experience1 1 
Project Management— — 
Real Estate Investments(7)11 
Corporate, other and eliminations21 (71)
Equity income (loss) from unconsolidated subsidiaries$16 $(58)
Reconciliation of total segment operating profit to net income is as follows (dollars in millions):
Three Months Ended
March 31,
20252024
Net income attributable to CBRE Group, Inc.$163 $126 
Net income attributable to non-controlling interests28 22 
Net income191 148 
Adjustments to increase (decrease) net income:
Depreciation and amortization177 158 
Interest expense, net of interest income50 36 
Provision for (benefit from) income taxes52 (29)
Integration and other costs related to acquisitions
68 (4)
Costs associated with efficiency and cost-reduction initiatives13 29 
Charges related to indirect tax audits and settlements(1)— 
Carried interest incentive compensation expense to align with the timing of associated revenue4 14 
Costs incurred related to legal entity restructuring— 1 
Net results related to the wind-down of certain businesses (1)
6 — 
Total segment operating profit$560 $353 

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(1)    In early 2025, management made the decision to wind-down Telford Homes’ legacy construction business. A new Telford entity, Telford Living, is developing residential housing in the UK under a new business model under which the company does not self-perform general contracting.
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):
Three Months Ended
March 31,
20252024
Revenue
United States$5,169 $4,422 
United Kingdom1,234 1,085 
All other countries2,507 2,428 
Total revenue$8,910 $7,935