CBRE · Earnings call · 2026Q3T · Full report

Project Management Demand Mix

CBRE GROUP, INC. · 2026-10-22 · Importance 20 · Surprise 24

Management reported slower corporate spending on real estate capital projects, citing economic uncertainty, reduced spending on legacy real estate by some large technology clients, and a concentration-related slowdown in health care. Those pressures were significantly offset by growth in infrastructure work, including critical infrastructure and data centers. Management said Project Management is performing as expected and that infrastructure growth more than offsets the real-estate slowdown. It also noted that pass-through costs declined, while net revenue grew 11% and growth excluding a project write-down was 15%.

Key facts

• CBRE's Project Management business grew 11% on a net revenue basis in Q3 2026.
• CBRE said some big tech clients shifted spending from traditional real estate investment toward infrastructure, critical infrastructure, and data centers.
• CBRE said it saw some concentration and slowdown in health care project spending.