CBRE · 10-Q · 2026Q3 · Full report

Interest Rate Environment

CBRE GROUP, INC. · 2026-10-22 · Importance 25 · Surprise 32

CBRE said the commercial real estate market recovery continued, with third-quarter leasing volumes notably strong in the U.K. but U.S. growth muted. Global investment sales activity remained strong, particularly in the U.S., but slowed late in the period as the 10-year Treasury rate rose rapidly to well above 5%. In Advisory Services, higher rates were associated with recent mortgage originations shifting to shorter loan terms, while amortization remained elevated on the servicing book established during the prior low-rate period; this contributed to a $29 million net reduction in commercial mortgage origination revenue for the nine months ended September 30, 2026.

Key facts

• CBRE attributed the shift in mortgage servicing rights from a net revenue increase to a net reduction to lower origination gains as recent originations shifted to shorter loan terms in a higher-rate environment, while amortization remained elevated on the prior low-rate servicing book. source
• CBRE reported strong global investment sales activity, particularly in the U.S., but transaction activity slowed late in the period as the 10-year Treasury rate rose rapidly to well above 5%. source