As more public companies report their third-quarter results, the news is revealing signs of life that a turnaround could soon be in the offing for the commercial real estate industry.
Early last week, the world’s largest service provider, CB Richard Ellis (NYSE:CBG), reported a 24% jump in revenue for the third quarter, totaling $1.3 billion. That was the strongest year-over-year quarterly revenue growth since the fourth quarter of 2007.
Better still, CBRE’s net income jumped 361% to $57.0 million, or $0.18 per diluted share, compared with $12.4 million, or $0.04 per diluted share, for the third quarter of 2009.
Also among the services set, Jones Lang LaSalle (NYSE:JLL) reported revenue of $708 million in the quarter, up from $595 million a year ago. Net income was $37 million, or $0.84 a share, versus $20 million and $0.46 a share in the third quarter of 2009.
On a global scale, JLL’s revenue in the Americas region grew the fastest, by 29%.