CB Richard Ellis selected by Zurich as preferred European Real Estate advisor
London, August 5, 2008 – CB Richard Ellis Group, Inc. (NYSE - CBG) today announced that it has been selected by Zurich Financial Services Group to serve as its preferred provider of commercial real estate services in Europe including transaction management and strategic consulting.
The agreement will cover a 6 million sq ft (560,000 sq m) portfolio encompassing 520 offices in nine countries - Austria, Germany, Ireland, Italy, Portugal, Slovakia, Spain, Switzerland and the United Kingdom. The contract reflects the continued expansion of CBRE’s Global Corporate Services business, which added 16 new corporate accounts and expanded 16 existing corporate relationships during the first half of 2008.
City selects CB Richard Ellis as preferred EMEA Real Estate advisor
21st July 2008 – Citi today announced that its has selected CB Richard Ellis to act as one of three preferred real estate services advisors for its transaction management services across Europe, the Middle East and Africa (EMEA).
The joint mandate for Citi’s real estate network covers over 1,640 offices, call centers and retail outlets in 53 countries across EMEA totaling over 13.2M sq ft.
Commentary: CB Richard Ellis H1 2008 Financial results
“CB Richard Ellis’ EMEA operations maintained revenues in the first half of 2008 at levels comparable to the first half of 2007, despite the extremely challenging market conditions the real estate industry is encountering, particularly in the capital markets. While capital markets activity was inevitably down from last year as a consequence of the current standoff between buyer and seller expectations, we continue to benefit from the increased balance we have attained between our transaction and consulting services. We were able to increase market share across the business in the first half, with expansion particularly evident in corporate services, which grew by strongly as a result of winning new accounts and expanding services for existing clients. [
“While we continue to manage our cost base prudently, we remain focused on expanding market share, attracting and retaining the best people, and executing on our strategy to deliver a full service offering for EMEA clients in every sector and geography.”
Global Market Rents
“Office occupancy costs are continuing to defy sluggish economic conditions and the credit crunch, as they rise faster than global inflation,” said Dr. Raymond Torto, CBRE’s Global Chief Economist. “These cost increases are dominated by emerging markets, caused by both supply and demand imbalance and the depreciation of the dollar relative to local currencies. In some of these emerging markets, Class A office space is seriously lacking.”
CEE Offices Market View H1 2008
Solid economic growth is forecast in most parts of Central and Eastern Europe (CEE) in 2008, despite the global economic slowdown and lower economic growth in the Eurozone and U.S. Yet most countries in the CEE region are forecast to achieve slightly lower growth rates this year, suggesting that growth in CEE is being slightly affected by the global financial climate.
CBRE Global In-Sight
Despite downward pressure on capital values and an uncertian economic outlook, rental rate increases in recent years mean that core properties are still achieving higher net operating income as leases roll over. This will allow many property owners in North America and Europe to weather the current storm.
Retailers Expect Emerging Markets to provide main source of growth in next five years
Retailers are looking to the world’s emerging markets to drive the success of their businesses in the future, according to new research by CB Richard Ellis. A report by the world’s leading commercial real estate services firm has revealed that 40 per cent of retailers expect emerging markets to provide their main source of growth over the next five years, while only a quarter expect to see growth concentrated in their home market.
The Global Emerging Markets Survey (GEMS) explores the views of some 300 retailers worldwide, representing a global portfolio of 25,000 stores, and provides the latest insight into retailer attitudes towards the world's emerging retail destinations.
Final European Investment Quarterly Briefing
European investment activity in Q2 2008 fell to €26.4 billion, a 29% drop on the total in Q1 2008. This slowdown in activity brings the European investment turnover in H1 2008 to €63.4 billion, 49% down on €123.6 billion invested in H1 2007. Lack of available finance, further weakening of the economic outlook and general market uncertainty remain key reasons behind the slowdown. In addition, the lack of market evidence caused by the low level of transactions increases the uncertainty over open market pricing. In the absence of a significant number of forced sellers, the mismatch between buyer and seller price expectations is making it difficult to conclude transactions. A decline in activity was reported in most markets, with q-on-q increases in only eight of 24 countries covered. These were mainly due to a single large deal that had a substantial impact on the quarterly total for that market. Thus, the extent to which market activity has changed is better judged by the half-yearly results.
European Property Investment Activity Slows in Q1 2008
CB Richard Ellis Group, Inc. announced today that, as widely expected, European investment activity continued to slow in Q1 2008 as the credit squeeze impacted transaction volumes. European investment turnover totaled €37 billion in Q1 2008, compared with €58 billion in the final quarter of last year.
The decline in activity, which became evident in the last quarter of 2007, was more pronounced during the first quarter of 2008. Lower levels of activity were reported across most of continental Europe. In the UK, however, where the slowdown in transactions emerged earliest, turnover remained at a similar level as Q4 2007 at approximately €10 billion. The UK has seen a sharper correction in pricing than other markets, and higher yields have already started to attract the interest of equity investors.
Survey names CB Richard Ellis No. 1 Brand in Commercial Real Estate
New York, NY – March 5, 2008 – For the seventh year in a row, CB Richard Ellis has been named the leading global brand in commercial real estate, according to a survey of real estate professionals from around the world. CB Richard Ellis has been named the top brand every year since the survey’s inception in 2002.
CB Richard Ellis Group, Inc. joins the Fortune 500
CB Richard Ellis Group, Inc. has been named to the FORTUNE 500 list of the largest American companies, debuting at number 404 on the 2008 list. CB Richard Ellis is the first commercial real estate services firm to be included in the FORTUNE 500.
The International Association of Outsourcing Professionals (IAOP) again names CB Richard Ellis Top Global Outsourcing Provider
The International Association of Outsourcing Professionals (IAOP) has named CB Richard Ellis Group, Inc. to The 2008 Global Outsourcing 100 for the second straight year. The list recognises the world’s best outsourcing providers across all industries, and is based on applications received and evaluated by an independent panel of judges.
CB Richard Ellis, the largest provider of outsourcing services in the commercial real estate industry, was first recognised with the IAOP award in 2007, following its acquisition of Trammell Crow Company. CB Richard Ellis works with approximately 85% of FORTUNE 100 companies and is the real estate industry’s premier provider of corporate and institutional services globally. CB Richard Ellis offers an unrivaled suite of services including brokerage services, transaction management, facilities management, property management, project management, lease administration, development services, capital markets solutions, consulting services and more.
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