CBRE is focusing on growing resilient revenue sources, such as occupier outsourcing, which is less dependent on cyclical property sales and lease transactions. Resilient business lines grew net revenue by 10% YoY.

CBRE continues to invest in the global project management firm, Turner & Townsend, and the flexible office platform, Industrious, as well as increased focus on geographies that are well positioned for growth, such as Japan and asset classes such as industrial and multi-family.

Acquisitions have accounted for a significant component of the company’s growth over time, and the company continues to pursue acquisitions that align with their strategy.

CBRE has implemented cost reduction and efficiency initiatives, which resulted in certain charges in the current year, but are expected to generate cost savings in the future.

CBRE is committed to developing its professionals and future leaders through learning and development programs, and is focused on increasing the diversity of its workforce and investing in the communities where they operate.

The company acknowledges the challenges associated with managing its global operations, including maintaining effective standards, culture, and communication of core values.

CBRE's performance is significantly related to general economic, political, and regulatory conditions, and is susceptible to economic slowdowns, liquidity constraints, and interest rate increases, which can impact real estate values and transaction volumes.

The company's international operations expose it to currency fluctuations, which can materially impact reported results, including revenue, earnings, and assets under management.

CBRE faces ongoing cybersecurity threats and is subject to complex and evolving data privacy and protection regulations, which could result in material harm to its business.

CBRE is a market leader in most of its business lines, but faces competition from diversified real estate services firms and business-line-specific specialists, and further industry consolidation could lead to more formidable competitors.

The company is substantially dependent on long-term client relationships and on revenue received for services under various service agreements, which can be canceled by the client for any reason with as little as 30 to 60 days' notice.

CBRE has grown significantly through acquisitions, which may not perform as expected and present integration challenges, including the potential loss of key employees or clients.

Cost of revenue increased by 5.9%, primarily due to higher costs associated with the GWS segment, which has a lower gross margin than other segments.

Operating, administrative and other expenses decreased by 1.9% year-over-year, driven by lower incentive compensation in the REI segment and the absence of Telford Homes fire safety remediation charges.

The company acknowledges the need to accurately assess working capital requirements, particularly in the GWS segment, and that failure to do so could adversely impact cash flows.

CBRE relies heavily on information technology to deliver services, and failure to maintain or execute effective IT strategies could materially impair its ability to deliver high-quality services.

The company faces cybersecurity threats and data breaches that could compromise information, expose it to liability, reputational harm and significant remediation costs.

CBRE relies heavily on commercial real estate data, and a disruption in its ability to provide data to its professionals or clients or an inadvertent exposure of proprietary data could damage its reputation and competitive position.

CBRE repurchased $649.8 million of its common stock during 2023, and has $1.5 billion remaining under its existing repurchase authorization, signaling management's confidence in the company's value.

CBRE continues to co-invest its capital in certain real estate investments with its clients, which involves a risk of loss of investments, but is a key part of its investment management strategy.

The company's debt instruments impose operating and financial restrictions, and a default could result in all borrowings becoming immediately due and payable.

CBRE has developed measurable environmental and sustainability goals for 2035, including a goal to reduce absolute Scope 1 and 2 greenhouse gas emissions 68% from the 2019 base year.

CBRE is committed to increasing the diversity of its workforce, strengthening an inclusive culture, and investing in the communities where they operate.

CBRE is subject to evolving corporate governance and public disclosure regulations and expectations, including with respect to environmental, social and governance (ESG) matters, that could expose it to numerous risks.

The operating environment for commercial real estate was significantly challenged in 2023, with higher borrowing costs and constricted capital availability impacting investment and financing activity.

Russia's invasion of Ukraine in 2022 heightened risks for CBRE's operations in Europe, caused it to exit most of its business in Russia, and exacerbated existing macroeconomic challenges.

CBRE is subject to numerous federal, state, local and non-U.S. laws and regulations, and failure to comply with these requirements could result in fines, damages or other penalties.