CB Richard Ellis Group Inc., the world's largest commercial real estate broker, said Monday that its third-quarter profit rose 24.5%, helped by investment sales brokerage and international leasing.
Net income rose to $114.9 million, or 48 cents a share, from $92.3 million, or 39 cents, a year earlier, the Los Angeles-based company said. Revenue increased 54% to $1.49 billion.
"Investment sales activity showed solid growth despite a pullback in property valuations, reduced availability of debt financing for larger asset sales, and tighter underwriting standards," Chief Executive Brett White said.
The company earns nearly a third of its revenue from commissions on leasing commercial space and an additional 23% from property management. Tenant demand for those services remained strong in the third quarter even as the number of leveraged buyers for investment properties dwindled.