CBRE · Earnings call · 2026Q3T · Full report

Macroeconomic Factors Impact

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

Management said economic uncertainty is making corporates more cautious and has contributed to slower real-estate capital spending, including in health care, while some large technology clients have shifted spending from traditional real estate toward infrastructure and data centers. CBRE expects higher debt costs or political uncertainty to potentially pressure new data-center construction, although management described the current buildout as still enormous. Management also said refitting existing data centers is already occurring and is a meaningful part of its business.

Key facts

• CBRE said economic uncertainty may pressure leasing, although the effect is difficult to quantify.
• CBRE said corporate real estate capital spending slowed during 2026, with economic uncertainty contributing to corporate caution.
• CBRE expects continued outsized growth and investment in its infrastructure services businesses, while the interest rate environment is expected to pressure businesses driven by real estate capital markets.