Dallas-based commercial real estate giant CBRE Group saw its profits shrink in the fourth quarter, with global declines in sales and leasing activity.
And the property firm’s execs expect more softening in the commercial real estate market in the months ahead.
“Globally, we expect significant sales and leasing weakness in the first half before adverse conditions begin to ease later in 2023,” CBRE CEO Bob Sulentic said in a conference call with investors and analysts. “In all, 2023 will be a transition year and we feel good about where we’ll be when we get to the other side of the downturn.”
