Commercial real estate brokerages CBRE and JLL reported significant growth in their third-quarter earnings, with tech investment contributing to the boost.
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JLL's earnings per share jumped to $1.96 in Q3 and revenue grew 14% year-over-year, while CBRE's net income advanced 87% to $0.64 per share and revenue increased by 11%.
Both brokerages attributed the growth to an increase in global commercial leasing in the Asia Pacific region and investments in technology, CRE Tech Daily reports.
JLL said the acquisition of valuation platform Integra Realty Resources contributed to its strong Q3 performance. CBRE reported it is focusing on strengthening its services globally, and tech will play an important role in that.
"Clients are awarding their work to fewer, more capable global service providers, which drives consolidation within our industry. We continue to make investments in our people, service offering and operating platform, particularly digital technology capabilities, to capture the opportunities created by these industry trends," CBRE Group CEO Robert E. Sulentic said during the Q3 earnings call.
CBRE also pointed to its data analytics efforts as a primary tech advantage in the industry, and hinted at moves to enhance this offering in the future with potential internal innovation, partnerships or a future acquisition.
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