CB Richard Ellis profit up 62% on more leasing
CB Richard Ellis Group Inc., the big Los Angeles commercial real estate company, said Wednesday that third-quarter profit rose 62% on increased leasing and property management.
Net income climbed to $92.3 million, or 39 cents a share, from $56.9 million, or 25 cents, a year earlier. The average estimate of seven analysts surveyed by Thomson Financial was 36 cents a share.
“The buoyancy of the leasing market more than offset the expected pullback in investment sales activity,†CB Richard Ellis Chief Executive Brett White said in a statement.
Economic growth internationally is fueling corporate expansion, helping increase rents and lower vacancy rates.
U.S. office rents and occupancies reached a five-year high in the third quarter.
CB Richard Ellis said third-quarter revenue rose 21% to $903.9 million from a year earlier.
Shares of the company closed down 38 cents at $25, and fell 25 cents in late trading after results were released.
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