On January 16, 2025, CBRE acquired the remaining 60% ownership interest in Industrious National Management Company LLC (Industrious), increasing its ownership to 100%. Industrious forms part of CBRE's Building Operations & Experience (BOE) segment, expanding CBRE's presence in flexible workplace solutions.

In early January 2025, CBRE completed the combination of its project management business with its Turner & Townsend subsidiary, whereby CBRE contributed its project management businesses in exchange for an additional 10% ownership interest in the combined project management business.

CBRE repurchased approximately $407 million worth of shares in the first quarter and nearly $600 million this year through April 21, 2025, while maintaining substantial liquidity to finance future growth. The board authorized an additional $5.0 billion to the share repurchase program in November 2024.

As of January 1, 2025, CBRE reorganized its business into four reportable segments: Advisory Services, Building Operations & Experience, Project Management, and Real Estate Investments. This change was made to better align with the company's strategic priorities.

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.

CBRE's Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, indicating a commitment to accurate and timely financial reporting.

Approximately 42.0% of CBRE's revenue was transacted in foreign currencies during the three months ended March 31, 2025. Fluctuations in foreign currency exchange rates may result in corresponding fluctuations in revenue and earnings, which could have a material adverse effect on the company's business, financial condition and operating results.

The Organization for Economic Co-operation & Development (OECD) Pillar Two Model Rules established a minimum global effective tax rate of 15% on country-by-country profits for large multinational companies. The OECD and other countries continue to publish guidelines and legislation which include transition and safe harbor rules. We continue to monitor new legislative changes and assess the global impact of the Pillar Two Model Rules.

Our businesses could suffer from adverse effects of rapid and unpredictable changes to trade policy, disputes with countries that have close trading ties with the U.S., high interest rates, limited access to debt capital or liquidity constraints, downturns in general macroeconomic conditions, regulatory or financial market uncertainty, public health crises and geopolitical conflicts (or the perception that any such events may occur).

Advisory Services revenue increased 13.4% during the quarter compared to the same period in 2024. Global leasing revenue rose 17.6%, driven by Americas which grew 21.4%, including 23.8% in the United States and the United Kingdom, which grew 9.3%.

Revenue increased 13.9%, reflecting a double-digit increase in property management and facilities management, primarily due to growth in clients driving increased management fees.

Revenue increased 2.2% for the current quarter primarily due to higher incentive fees in our investment management services line of business.

Operating, administrative and other expenses increased 7.3% as compared to the same period in prior year. The increase was driven by an increase in third-party fees related to acquisitions and integrations activities.

Cost of revenue increased 12.2% during the quarter as compared to the same period in 2024 due primarily to revenue growth consisting of higher pass-through costs, higher commission expense, and higher indirect reimbursed costs.

Depreciation and amortization expense increased by 12.0% during the quarter, as compared to the same period in 2024, reflecting higher depreciation and amortization expense related to assets acquired from recent acquisitions such as Industrious and J&J Worldwide Services.

The provided 10Q does not contain any specific information regarding the company's innovation and technology efforts.

We repurchased approximately $407 million worth of shares in the first quarter and nearly $600 million this year through April 21, 2025, while maintaining substantial liquidity to finance future growth.

As of March 31, 2025, we had $1.6 billion in borrowings outstanding under our commercial paper program with a weighted average annual interest rate of 4.75%.

Our expected capital requirements for 2025 include up to $381 million of anticipated capital expenditures, net of tenant concessions.

The Revolving Credit Agreement is subject to certain increases and/or decreases specified in the Revolving Credit Agreement linked to achieving certain sustainability goals.

The operating environment for commercial real estate improved in the first quarter of 2025, continuing the recovery that began in 2024. This was evident in real estate leasing, notably demand for office space in the U.S.

The business outlook, however, has been clouded by the extreme market volatility triggered by the imposition of sharply increased tariffs on U.S. trading partners and the rapid changes in U.S. trade policy.