CBRE (CBRE) 10-Q 24 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-32205
Entity Registrant Name	CBRE GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3391143
Entity Address, Address Line One	2121 North Pearl Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	979-6100
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	“CBRE”
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		306,017,984
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001138118
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 1,025	$ 1,265
Restricted cash	132	106
Receivables, less allowance for doubtful accounts of $113 and $102 at September 30, 2024 and December 31, 2023, respectively	6,705	6,370
Warehouse receivables	1,438	675
Contract assets	496	443
Prepaid expenses	361	333
Income taxes receivable	157	159
Other current assets	302	315
Total Current Assets	10,616	9,666
Property and equipment, net of accumulated depreciation and amortization of $1,803 and $1,576 at September 30, 2024 and December 31, 2023, respectively	936	907
Goodwill	5,778	5,129
Other intangible assets, net of accumulated amortization of $2,483 and $2,179 at September 30, 2024 and December 31, 2023, respectively	2,372	2,081
Operating lease assets	1,122	1,030
Investments in unconsolidated subsidiaries (with $930 and $997 at fair value at September 30, 2024 and December 31, 2023, respectively)	1,334	1,374
Non-current contract assets	96	75
Real estate under development	457	300
Non-current income taxes receivable	68	78
Deferred tax assets, net	392	361
Other assets, net	1,674	1,547
Total Assets	24,845	22,548
Current Liabilities:
Accounts payable and accrued expenses	3,851	3,562
Compensation and employee benefits payable	1,241	1,459
Accrued bonus and profit sharing	1,223	1,556
Operating lease liabilities	229	242
Contract liabilities	329	298
Income taxes payable	75	217
Warehouse lines of credit (which fund loans that U.S. Government Sponsored Enterprises have committed to purchase)	1,422	666
Revolving credit facility	683	0
Other short-term borrowings	4	16
Current maturities of long-term debt	38	9
Other current liabilities	335	218
Total Current Liabilities	9,430	8,243
Long-term debt, net of current maturities	3,277	2,804
Non-current operating lease liabilities	1,205	1,089
Non-current income taxes payable	0	30
Non-current tax liabilities	155	157
Deferred tax liabilities, net	253	255
Other liabilities	969	903
Total Liabilities	15,289	13,481
CBRE Group, Inc. Stockholders’ Equity:
Class A common stock; $0.01 par value; 525,000,000 shares authorized; 306,010,388 and 304,889,140 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	3	3
Additional paid-in capital	0	0
Accumulated earnings	9,584	9,188
Accumulated other comprehensive loss	(895)	(924)
Total CBRE Group, Inc. Stockholders’ Equity	8,692	8,267
Non-controlling interests	864	800
Total Equity	9,556	9,067
Total Liabilities and Equity	$ 24,845	$ 22,548

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables, less allowance for doubtful accounts	$ 113	$ 102
Accumulated depreciation and amortization	1,803	1,576
Other intangible assets, accumulated amortization	2,483	2,179
Investments in unconsolidated subsidiaries	$ 930	$ 997
Class A common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Class A common stock, shares authorized (in shares)	525,000,000	525,000,000
Class A common stock, shares issued (in shares)	306,010,388	304,889,140
Class A common stock, shares outstanding (in shares)	306,010,388	304,889,140

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 9,036	$ 7,868	$ 25,363	$ 22,999
Costs and expenses:
Cost of revenue	7,252	6,397	20,521	18,583
Operating, administrative and other	1,237	1,058	3,538	3,356
Depreciation and amortization	178	149	497	465
Total costs and expenses	8,667	7,604	24,556	22,404
(Loss) gain on disposition of real estate	(1)	5	12	18
Operating income	368	269	819	613
Equity (loss) income from unconsolidated subsidiaries	(4)	(13)	(77)	121
Other income	12	14	26	22
Interest expense, net of interest income	64	38	163	110
Income before provision for income taxes	312	232	605	646
Provision for income taxes	67	31	70	114
Net income	245	201	535	532
Less: Net income attributable to non-controlling interests	20	10	54	23
Net income attributable to CBRE Group, Inc.	$ 225	$ 191	$ 481	$ 509
Basic income per share:
Net income per share attributable to CBRE Group, Inc. (in dollars per share)	$ 0.73	$ 0.62	$ 1.57	$ 1.64
Weighted average shares outstanding for basic income per share (in shares)	306,253,811	307,854,518	306,269,264	309,716,456
Diluted income per share:
Net income per share attributable to CBRE Group, Inc. (in dollars per share)	$ 0.73	$ 0.61	$ 1.56	$ 1.62
Weighted average shares outstanding for diluted income per share (in shares)	308,305,013	312,221,133	308,281,111	313,944,855

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 245	$ 201	$ 535	$ 532
Other comprehensive income (loss):
Foreign currency translation gain (loss)	178	(145)	63	(71)
Unrealized holding gains on available for sale debt securities, net of tax	1	0	4	0
Other, net of tax	1	1	0	7
Total other comprehensive income (loss)	180	(144)	67	(64)
Comprehensive income	425	57	602	468
Less: Comprehensive income (loss) attributable to non-controlling interests	64	(19)	92	20
Comprehensive income attributable to CBRE Group, Inc.	$ 361	$ 76	$ 510	$ 448

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 535	$ 532
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	497	465
Amortization of financing costs	5	4
Gains related to mortgage servicing rights, premiums on loan sales and sales of other assets	(111)	(79)
Gain on disposition of real estate assets	(12)	(18)
Net realized and unrealized gains, primarily from investments	(10)	(4)
Provision for doubtful accounts	16	13
Net compensation expense for equity awards	112	73
Equity loss (income) from unconsolidated subsidiaries	77	(121)
Distribution of earnings from unconsolidated subsidiaries	43	189
Proceeds from sale of mortgage loans	7,479	7,081
Origination of mortgage loans	(8,212)	(7,611)
Increase in warehouse lines of credit	756	546
Tenant concessions received	21	8
Purchase of equity securities	(56)	(11)
Proceeds from sale of equity securities	80	10
Increase in real estate under development	(6)	0
Increase in receivables, prepaid expenses and other assets (including contract and lease assets)	(134)	(227)
Increase (decrease) in accounts payable and accrued expenses and other liabilities (including contract and lease liabilities)	68	(293)
Decrease in compensation and employee benefits payable and accrued bonus and profit sharing	(525)	(669)
Increase in net income taxes receivable/payable	(157)	(165)
Other operating activities, net	(98)	(96)
Net cash provided by (used in) operating activities	368	(373)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(214)	(211)
Acquisition of businesses, including net assets acquired and goodwill, net of cash acquired	(1,052)	(170)
Contributions to unconsolidated subsidiaries	(110)	(105)
Distributions from unconsolidated subsidiaries	48	28
Acquisition and development of real estate assets	(212)	(103)
Proceeds from disposition of real estate assets	6	55
Other investing activities, net	40	(31)
Net cash used in investing activities	(1,494)	(537)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	3,213	3,836
Repayment of revolving credit facility	(2,530)	(3,341)
Proceeds from senior term loans	0	749
Repayment of senior term loans	0	(437)
Proceeds from notes payable on real estate	51	60
Repayment of notes payable on real estate	0	(39)
Repurchase of common stock	(110)	(646)
Acquisition of businesses (cash paid for acquisitions more than three months after purchase date)	(23)	(127)
Units repurchased for payment of taxes on equity awards	(105)	(54)
Non-controlling interest contributions	22	2
Non-controlling interest distributions	(39)	(1)
Other financing activities, net	(47)	(71)
Net cash provided by financing activities	927	906
Effect of currency exchange rate changes on cash and cash equivalents and restricted cash	(15)	(48)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(214)	(52)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT BEGINNING OF PERIOD	1,371	1,405
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, AT END OF PERIOD	1,157	1,353
Cash paid during the period for:
Interest	307	128
Income tax payments, net	351	383
Non-cash investing and financing activities:
Deferred and/or contingent consideration	15	0
5.500% senior notes | Senior Notes
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance	495	0
5.950% Senior Notes | Senior Notes
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance	$ 0	$ 975

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - Senior Notes	Sep. 30, 2024
5.500% senior notes
Interest rate	5.50%
5.950% Senior Notes
Interest rate	5.95%

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Millions	Total	Class A common stock	Additional paid-in capital	Accumulated earnings	Accumulated other comprehensive loss	Non- controlling interests
Beginning balance at Dec. 31, 2022	$ 8,606	$ 3	$ 0	$ 8,833	$ (983)	$ 753
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	532			509		23
Compensation expense for equity awards	73		73
Units repurchased for payment of taxes on equity awards	(54)		(17)	(37)
Repurchase of common stock	(630)		(47)	(583)
Foreign currency translation gain (loss)	(71)				(68)	(3)
Unrealized holding gains on available for sale debt securities, net of tax	0
Contributions from non-controlling interests	2					2
Distributions to non-controlling interests	(1)					(1)
Other	4		(9)	3	7	3
Ending balance at Sep. 30, 2023	8,461	3	0	8,725	(1,044)	777
Beginning balance at Jun. 30, 2023	8,894	3	13	9,011	(929)	796
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	201			191		10
Compensation expense for equity awards	34		34
Units repurchased for payment of taxes on equity awards	(4)			(4)
Repurchase of common stock	(516)		(47)	(469)
Foreign currency translation gain (loss)	(145)				(116)	(29)
Unrealized holding gains on available for sale debt securities, net of tax	0
Other	(3)			(4)	1
Ending balance at Sep. 30, 2023	8,461	3	0	8,725	(1,044)	777
Beginning balance at Dec. 31, 2023	9,067	3	0	9,188	(924)	800
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	535			481		54
Compensation expense for equity awards	112		112
Units repurchased for payment of taxes on equity awards	(105)		(54)	(51)
Repurchase of common stock	(110)		(76)	(34)
Foreign currency translation gain (loss)	63				25	38
Unrealized holding gains on available for sale debt securities, net of tax	4				4
Contributions from non-controlling interests	22					22
Distributions to non-controlling interests	(39)					(39)
Acquisition of non-controlling interests	22					22
Deconsolidation of investments	(24)					(24)
Other	9		18		0	(9)
Ending balance at Sep. 30, 2024	9,556	3	0	9,584	(895)	864
Beginning balance at Jun. 30, 2024	9,189	3	0	9,384	(1,031)	833
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	245			225		20
Compensation expense for equity awards	43		43
Units repurchased for payment of taxes on equity awards	(8)		(8)
Repurchase of common stock	(62)		(37)	(25)
Foreign currency translation gain (loss)	178				134	44
Unrealized holding gains on available for sale debt securities, net of tax	1				1
Contributions from non-controlling interests	5					5
Distributions to non-controlling interests	(9)					(9)
Deconsolidation of investments	(24)					(24)
Other	(2)		2		1	(5)
Ending balance at Sep. 30, 2024	$ 9,556	$ 3	$ 0	$ 9,584	$ (895)	$ 864

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Readers of this Quarterly Report on Form 10-Q (Quarterly Report) should refer to the audited financial statements and notes to consolidated financial statements of CBRE Group, Inc., a Delaware corporation (which may be referred to in these financial statements as “CBRE,” “the company,” “we,” “us” and “our”), for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K (2023 Annual Report) , filed with the United States Securities and Exchange Commission (SEC) and also available on our website (www.cbre.com), since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Significant Accounting Policies, in the notes to consolidated financial statements in our 2023 Annual Report for further discussion of our significant accounting policies and estimates. Financial Statement Preparation The accompanying consolidated financial statements have been prepared in accordance with the rules applicable to quarterly reports on Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (U.S.), or General Accepted Accounting Principles (GAAP), for annual financial statements. Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S., which require management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts reported in our consolidated financial statements and accompanying notes and are based on our best judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including consideration of the current economic environment, and adjust such estimates and assumptions when facts and circumstances dictate. Actual results may differ from these estimates and assumptions.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recent Accounting Pronouncements Pending Adoption In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This update enhances reportable segment disclosures by requiring a public entity to: 1) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, 2) disclose, on an annual and interim basis, an amount of other segment items by reportable segment and a description of its composition, 3) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, 4) disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and 5) provide all the disclosures required by this update and all existing segment disclosures in Topic 280 if the entity has a single reportable segment. This ASU also clarifies that, in addition to the measure that is most consistent with the measurement principles under GAAP, a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. Early adoption is permitted. We are evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and related disclosures.

J&J Worldwide Services Acquisit

J&J Worldwide Services Acquisition	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
J&J Worldwide Services Acquisition	J&J Worldwide Services Acquisition On February 27, 2024, we acquired a 100% ownership interest in J&J Worldwide Services (J&J), a leading provider of engineering services, base support operations and facilities maintenance for the U.S. federal government. J&J primarily serves the U.S. Department of Defense through long-term, fixed-price contracts and is reported as part of our Global Workplace Solutions (GWS) segment. The acquisition is consistent with key elements of our M&A strategy that focus on enhancing our technical services capabilities, increasing revenue resilience and secular growth, and expanding our government client base within our GWS segment. The J&J acquisition was treated as a business combination under FASB Accounting Standards Codification (ASC) Topic 805, “ Business Combinations, ” and was accounted for using the acquisition method of accounting. We financed the acquisition with a new issuance in February 2024 of $500 million in aggregate principal amount of 5.500% senior notes due April 1, 2029; (ii) borrowings under our existing revolving credit facility under our 2023 Credit Agreement; and (iii) cash on hand. See Note 8 for more information on the above-mentioned debt instruments. The following summarizes the consideration transferred at closing for the J&J acquisition (dollars in millions): Cash consideration $ 808 Deferred and contingent consideration 11 Total consideration $ 819 The purchase price included $7 million of contingent consideration, representing the acquisition date fair value recognized for up to $250 million gross of potential future earnout payments based on the achievement of certain performance thresholds during calendar years 2025 and 2026. The following represents the summary of the excess purchase price over the fair value of net assets acquired (dollars in millions): Purchase price $ 819 Less: Estimated fair value of net assets acquired (see table below) 347 Excess purchase price over estimated fair value of net assets acquired $ 472 The preliminary purchase accounting adjustments related to the J&J acquisition have been recorded in the accompanying consolidated financial statements. The excess purchase price over the fair value of net assets acquired and non-controlling interest has been recorded to goodwill. The goodwill arising from the J&J acquisition consists largely of the synergies and opportunities to deliver premier engineering services, base support operations and facilities maintenance services. Of the goodwill generated, approximately $115 million is deductible for tax purposes. The acquired assets and assumed liabilities of J&J were recorded at their estimated fair values. The purchase price allocation for the business combination is preliminary, primarily for intangibles, and subject to change within the respective measurement period which will not extend beyond one year from the acquisition date. Measurement period adjustments will be recognized in the reporting period in which the adjustment amounts are determined. Any such adjustments may be material. The following table summarizes the preliminary fair values assigned to the identified assets acquired and liabilities assumed at the acquisition date on February 27, 2024 (dollars in millions): Assets Acquired: Cash and cash equivalents $ 26 Receivables, net 91 Contract assets 19 Prepaid expenses 2 Other current assets 2 Property and equipment, net 11 Other intangible assets, net 297 Operating lease assets 6 Investments in unconsolidated subsidiaries 20 Other assets, net 9 Total assets acquired 483 Liabilities Assumed: Accounts payable and accrued expenses 54 Compensation and employee benefits payable 8 Contract liabilities 1 Income taxes payable 1 Other current liabilities 3 Non-current operating lease liabilities 3 Deferred tax liabilities, net 57 Other liabilities 3 Total liabilities assumed 130 Non-controlling Interest Acquired 6 Estimated Fair Value of Net Assets Acquired $ 347 In connection with the J&J acquisition, below is a summary of the preliminary value allocated to the intangible assets acquired (dollars in millions): As of September 30, 2024 Asset Class Amortization Amount Accumulated Amortization Net Carrying Customer relationships 9-12 years $ 174 $ 9 $ 165 Backlog 4-6 years 111 15 96 Trademark 3 years 10 2 8 Technology 5 years 2 — 2 The accompanying consolidated statements of operations for the three months ended September 30, 2024 includes revenue, operating loss and net loss of $115 million, $3 million and $5 million, respectively, and for the nine months ended September 30, 2024 includes revenue, operating loss and net loss of $262 million, $8 million and $8 million, respectively, attributable to the J&J acquisition. This does not include the total direct transaction and integration costs of $17 million, $1 million, and $4 million incurred during the first, second and third quarters of 2024, respectively, in connection with the J&J acquisition, which are included in the unaudited pro forma results. The fair value of customer relationships and backlog was determined using the Multi-Period Excess Earnings Method (MPEEM), a form of the Income Approach. The MPEEM is a specific application of the Discounted Cash Flow Method. The principle behind the MPEEM is that the value of an intangible asset is equal to the present value of the incremental cash flows attributable only to the subject intangible asset. This estimation used certain unobservable key inputs such as timing of projected cash flows, growth rates, expected contract renewal probabilities, discount rates, and the assessment of useful life. The fair value of the trademark and the existing technology was determined by using the Relief-from-Royalty Method, a form of the Income Approach, and relied on key unobservable inputs such as timing of the projected cash flows, growth rates, and royalty rates. The basic tenet of the Relief-from-Royalty Method is that without ownership of the subject intangible asset, the user of that intangible asset would have to make a stream of payments to the owner of the asset in return for the rights to use that asset. By acquiring the intangible asset, the user avoids these payments. Unaudited pro forma results, assuming the J&J acquisition had occurred as of January 1, 2023 for purposes of the pro forma disclosures for the three and nine months ended September 30, 2024 and 2023 are presented below. They include certain adjustments for increased amortization expense related to the intangible assets acquired (approximately $5 million for the three months ended September 30, 2023, and approximately $3 million and $14 million for the nine months ended September 30, 2024 and 2023, respectively) as well as increased interest expense related to the long-term financing ($7 million for the three months ended September 30, 2023, and approximately $4 million and $21 million for the nine months ended September 30, 2024 and 2023, respectively). Direct transaction and integration costs of $4 million incurred during the third quarter of 2024, $1 million incurred during the second quarter of 2024, $17 million incurred during the first quarter of 2024, and $2 million incurred during the fourth quarter of 2023 as well as the tax impact of all pro forma adjustments are also included in the unaudited pro forma results. These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the J&J acquisition occurred on January 1, 2023 and may not be indicative of future operating results (dollars in millions, except share and per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue $ 9,036 $ 7,986 $ 25,434 $ 23,341 Operating income 373 272 833 581 Net income attributable to CBRE Group, Inc. 229 190 490 469 Basic income per share: Net income per share attributable to CBRE Group, Inc. $ 0.75 $ 0.62 $ 1.60 $ 1.51 Weighted average shares outstanding for basic income per share 306,253,811 307,854,518 306,269,264 309,716,456 Diluted income per share: Net income per share attributable to CBRE Group, Inc. $ 0.74 $ 0.61 $ 1.59 $ 1.49 Weighted average shares outstanding for diluted income per share 308,305,013 312,221,133 308,281,111 313,944,855 Other acquisitions During the nine months ended September 30, 2024, the company completed six in-fill business acquisitions, including two in the Advisory Services segment and four in the GWS segment, with an aggregate purchase price of approximately $295 million in cash and non-cash consideration. Assets acquired and liabilities assumed are primarily working capital in nature. The results of operations of all acquisitions completed during the nine months ended September 30, 2024 have been included in the company’s consolidated financial results since their respective acquisition dates. These acquisitions were not significant in relation to the company’s consolidated financial results and, therefore, pro-forma financial information has not been presented. The following table identifies the company’s allocation of purchase price to goodwill and other intangible assets by category (dollars in millions): Amount Assigned at Acquisition Date Weighted-Average Life Goodwill $ 114 N/A Customer relationships 146 12 years Other intangible assets 8 4 years Total $ 268

Warehouse Receivables & Warehou

Warehouse Receivables & Warehouse Lines of Credit	9 Months Ended
	Sep. 30, 2024
Warehouse Receivables And Warehouse Lines Of Credit [Abstract]
Warehouse Receivables & Warehouse Lines of Credit	Warehouse Receivables & Warehouse Lines of Credit Our wholly owned subsidiary CBRE Capital Markets, Inc. (CBRE Capital Markets) is a Federal Home Loan Mortgage Corporation (Freddie Mac) approved Multifamily Program Plus Seller/Servicer and an approved Federal National Mortgage Association (Fannie Mae) Aggregation and Negotiated Transaction Seller/Servicer. In addition, CBRE Capital Markets’ wholly-owned subsidiary CBRE Multifamily Capital, Inc. (CBRE MCI) is an approved Fannie Mae Delegated Underwriting and Servicing (DUS) Seller/Servicer and CBRE Capital Markets’ wholly-owned subsidiary CBRE HMF, Inc. (CBRE HMF) is a U.S. Department of Housing and Urban Development (HUD) approved Non-Supervised Federal Housing Authority (FHA) Title II Mortgagee, an approved Multifamily Accelerated Processing (MAP) lender and an approved Government National Mortgage Association (Ginnie Mae) issuer of mortgage-backed securities (MBS). Under these arrangements, before loans are originated through proceeds from warehouse lines of credit, we obtain either a contractual loan purchase commitment from either Freddie Mac or Fannie Mae or a confirmed forward trade commitment for the issuance and purchase of a Fannie Mae or Ginnie Mae MBS that will be secured by the loans. The warehouse lines of credit are generally repaid within a one-month period when Freddie Mac or Fannie Mae buys the loans or upon settlement of the Fannie Mae or Ginnie Mae MBS, while we retain the servicing rights. Loans are funded at the prevailing market rates. We elect the fair value option for all warehouse receivables. At September 30, 2024 and December 31, 2023, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae MBS that will be secured by the underlying loans. A rollforward of our warehouse receivables is as follows (dollars in millions): Beginning balance at December 31, 2023 $ 675 Origination of mortgage loans 8,212 Gains (premiums on loan sales) 21 Proceeds from sale of mortgage loans: Sale of mortgage loans (7,458) Cash collections of premiums on loan sales (21) Proceeds from sale of mortgage loans (7,479) Net increase in mortgage servicing rights included in warehouse receivables 9 Ending balance at September 30, 2024 $ 1,438 The following table is a summary of our warehouse lines of credit in place as of September 30, 2024 and December 31, 2023 (dollars in millions): September 30, 2024 December 31, 2023 Lender Current Pricing Maximum Carrying Maximum Carrying JP Morgan Chase Bank, N.A. (JP Morgan) 12/13/2024 daily floating Secured Overnight Financing Rate (SOFR) plus 1.50%, with a SOFR adjustment of 0.05% $ 1,335 $ 948 $ 1,335 $ 613 JP Morgan (Business Lending Activity) 12/13/2024 daily floating SOFR plus 2.75%, with a SOFR adjustment of 0.05% 15 — 15 — Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program Cancelable daily floating SOFR plus 1.45%, with a SOFR floor of 0.25% 650 69 650 7 TD Bank, N.A. (TD Bank) (1) 7/15/2025 daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% 600 70 600 28 Bank of America, N.A. (BofA) (2) 5/21/2025 daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% 350 335 350 18 BofA (2) 5/21/2025 daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% 250 — 250 — $ 3,200 $ 1,422 $ 3,200 $ 666 ________________________________________________________________________________________________________________________________________ (1) Effective July 31, 2024, this facility was renewed with a maximum aggregate principal amount of $300 million, with an uncommitted $300 million temporary line of credit and a maturity date of July 15, 2025. The SOFR rate was adjusted to 1.25%. The SOFR adjustment rate remained at 0.10% with the extension. As of September 30, 2024, the uncommitted $300 million temporary line of credit was not utilized. (2) Effective May 22, 2024, this facility was renewed to May 21, 2025 and there were no changes to the SOFR rate or the SOFR adjustment rate at renewal. During the nine months ended September 30, 2024, we had a maximum of $1.7 billion of warehouse lines of credit principal outstanding.

Variable Interest Entities (VIE

Variable Interest Entities (VIEs)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Variable Interest Entities (VIEs)	Variable Interest Entities (VIEs) We hold variable interests in certain VIEs primarily in our Real Estate Investments (REI) segment which are not consolidated as it was determined that we are not the primary beneficiary. Our involvement with these entities is in the form of equity co-investments and fee arrangements. As of September 30, 2024 and December 31, 2023, our maximum exposure to loss related to the VIEs that are not consolidated was as follows (dollars in millions): September 30, 2024 December 31, 2023 Investments in unconsolidated subsidiaries $ 190 $ 165 Co-investment commitments 39 58 Maximum exposure to loss $ 229 $ 223

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” (Topic 820) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. There have been no significant changes to the valuation techniques and inputs used to develop the recurring fair value measurements from those disclosed in our 2023 Annual Report . The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (dollars in millions): As of September 30, 2024 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. treasury securities $ 3 $ — $ — $ 3 Corporate debt securities — 33 — 33 Asset-backed securities — 7 — 7 Total available for sale debt securities 3 40 — 43 Equity securities 17 — — 17 Investments in unconsolidated subsidiaries 78 — 468 546 Warehouse receivables — 1,438 — 1,438 Other assets — — 37 37 Total assets at fair value $ 98 $ 1,478 $ 505 $ 2,081 Liabilities Contingent consideration — — 37 37 Other liabilities — 14 — 14 Total liabilities at fair value $ — $ 14 $ 37 $ 51 As of December 31, 2023 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. treasury securities $ 12 $ — $ — $ 12 Debt securities issued by U.S. federal agencies — 11 — 11 Corporate debt securities — 44 — 44 Asset-backed securities — 1 — 1 Total available for sale debt securities 12 56 — 68 Equity securities 41 — — 41 Investments in unconsolidated subsidiaries 168 — 477 645 Warehouse receivables — 675 — 675 Other assets — — 16 16 Total assets at fair value $ 221 $ 731 $ 493 $ 1,445 Liabilities Contingent consideration — — 36 36 Other liabilities — 5 — 5 Total liabilities at fair value $ — $ 5 $ 36 $ 41 Fair value measurements for our available for sale debt securities are obtained from independent pricing services which utilize observable market data that may include quoted market prices, dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. The equity securities are generally valued at the last reported sales price on the day of valuation or, if no sales occurred on the valuation date, at the mean of the bid and ask prices on such date. The above tables do not include $143 million related to capital investments as of both September 30, 2024 and December 31, 2023 in certain non-public entities as they are non-marketable equity investments accounted for under the measurement alternative, defined as cost minus impairment. These investments are included in “Other assets, net” in the accompanying consolidated balance sheets. The fair values of the warehouse receivables are primarily calculated based on locked-in purchase prices. At September 30, 2024 and December 31, 2023, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae mortgage backed securities that will be secured by the underlying loans (see Note 4). These assets are classified as Level 2 in the fair value hierarchy as a substantial majority of inputs are readily observable. As of September 30, 2024 and December 31, 2023, investments in unconsolidated subsidiaries at fair value using NAV were $384 million and $352 million, respectively, and investments at fair value using NAV which are not accounted for under the equity method were $20 million and $19 million, respectively. These investments fall under practical expedient rules that do not require them to be included in the fair value hierarchy and as a result have been excluded from the tables above. The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in millions): Investment in Unconsolidated Subsidiaries Other Assets Contingent Consideration Balance as of June 30, 2024 $ 457 $ 31 $ 40 Transfer in (out) — — — Net change in fair value 11 2 1 Purchases / Additions — 4 — Sales / Payments — — (4) Balance as of September 30, 2024 $ 468 $ 37 $ 37 Balance as of December 31, 2023 $ 477 $ 16 $ 36 Transfer in (out) — — — Net change in fair value (9) 12 (2) Purchases / Additions — 9 9 Sales / Payments — — (6) Balance as of September 30, 2024 $ 468 $ 37 $ 37 Net change in fair value, included in the table above, is reported in Net income as follows: Category of Assets/Liabilities using Unobservable Inputs Consolidated Financial Statements Investments in unconsolidated subsidiaries Equity (loss) income from unconsolidated subsidiaries Other assets (liabilities) Other income Contingent consideration (short-term) Accounts payable and accrued expenses Contingent consideration (long-term) Other liabilities The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of September 30, 2024: Valuation Technique Unobservable Input Range Weighted Average Investment in unconsolidated subsidiaries Discounted cash flow Discount rate 17 % — Monte Carlo Volatility 35% - 61% 37 % Discount rate 25 % — Other assets Discounted cash flow Discount rate 17 % — Contingent consideration Monte Carlo Volatility 21 % — Discount rate 5 % — Discounted estimated payments Discount rate 5% - 6% 6 % During the three and nine months ended September 30, 2024, we recorded non-cash asset impairment charges of $9 million related to one of our equity method investments. There were no asset impairment charges or other significant non-recurring fair value measurement adjustments recorded during the three and nine months ended September 30, 2023. FASB ASC Topic 825, “Financial Instruments,” requires disclosure of fair value information about financial instruments, whether or not recognized in the accompanying consolidated balance sheets. Our financial instruments are as follows: • Cash and Cash Equivalents and Restricted Cash – These balances include cash and cash equivalents as well as restricted cash with maturities of less than three months. The carrying amount approximates fair value due to the short-term maturities of these instruments. • Receivables, less Allowance for Doubtful Accounts – Due to their short-term nature, fair value approximates carrying value. • Warehouse Receivables – These balances are carried at fair value. The primary source of value is either a contractual purchase commitment from Freddie Mac or a confirmed forward trade commitment for the issuance and purchase of a Fannie Mae or Ginnie Mae MBS (see Note 4). • Investments in Unconsolidated Subsidiaries – A portion of these investments are carried at fair value as discussed above. It includes our equity investment and related interests in both public and non-public entities. Our ownership of common shares in Altus Power, Inc. (Altus) is considered level 1 and is measured at fair value using a quoted price in an active market. Our ownership of alignment shares of Altus and our investment in Industrious and certain other non-controlling equity investments are considered level 3 which are measured at fair value using Monte Carlo and discounted cash flows. The valuation of Altus’ common shares and alignment shares are dependent on its stock price which could be volatile and subject to wide fluctuations in response to various market conditions. Transfer out activities from level 3 represents annual conversion of a portion of our alignment shares in Altus to its common shares (see Note 7). • Available for Sale Debt Securities – Primarily held by our wholly-owned captive insurance company, these investments are carried at their fair value. • Equity Securities – Primarily held by our wholly-owned captive insurance company, these investments are carried at their fair value. • Other Assets and Liabilities – Includes (i) the fair value of the unfunded commitment related to a revolving facility designated as Level 3. Valuations are based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market comparables and recovery assumptions; (ii) the fair value of cross currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market’s expectation of future spot foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk and discount rates. These are designated as Level 2. • Contingent Consideration – The fair values of contingent consideration related to business acquisitions are estimated using Monte Carlo simulations or the probability-weighted present value of estimated future payments resulting from the achievement levels of financial targets. • Short-Term Borrowings – The majority of this balance represents outstanding amounts under our warehouse lines of credit of our wholly-owned subsidiary, CBRE Capital Markets, and our revolving credit facilities. Due to the short-term nature and/or variable interest rates of these instruments, fair value approximates carrying value (see Notes 4 and 8). • Senior Term Loans and Senior Notes – The table below presents the estimated fair value and actual carrying value of our long-term debt as of September 30, 2024 and December 31, 2023 (dollars in millions). The estimated fair value is determined based on dealers’ quotes (which falls within Level 2 of the fair value hierarchy). The actual carrying value is presented net of unamortized debt issuance costs and discount (see Note 8). Estimated Fair Value Carrying Value Financial instrument September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Senior term loans $ 748 $ 746 $ 756 $ 752 5.950% senior notes 1,073 1,049 975 974 4.875% senior notes 603 600 598 597 5.500% senior notes 522 — 495 — 2.500% senior notes 437 424 491 490 • Notes Payable on Real Estate – As of September 30, 2024 and December 31, 2023, the carrying value of our notes payable on real estate, net of unamortized debt issuance costs, was $182 million and $124 million, respectively. These borrowings have either fixed interest rates or floating interest rates at spreads added to a market index. Although it is possible that certain portions of our notes payable on real estate may have fair values that differ from their carrying values, based on the terms of such loans as compared to current market conditions, or other

Investments in Unconsolidated S

Investments in Unconsolidated Subsidiaries	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Subsidiaries	Investments in Unconsolidated Subsidiaries Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting. Our investment ownership percentages in equity method investments vary, generally ranging from 1% to 50%. The following table represents the composition of investments in unconsolidated subsidiaries under the equity method of accounting and fair value option (dollars in millions): Investment type September 30, 2024 December 31, 2023 Real Estate Investments (in projects and funds) $ 705 $ 661 Investment in Altus: Class A common stock (1) 78 168 Alignment shares (2) 9 56 Subtotal 87 224 Other (3) 542 489 Total investment in unconsolidated subsidiaries $ 1,334 $ 1,374 ________________________________________________________________________________________________________________________________________ (1) CBRE held 24,557,823 and 24,556,012 shares of Altus Class A common stock as of September 30, 2024 and December 31, 2023, respectively, representing approximate ownership of 15.4%. (2) The alignment shares, also known as Class B common shares, will automatically convert into Altus Class A common stock based on the achievement of certain total return thresholds on Altus Class A common stock as of the relevant measurement date over the seven ears following the merger. At March 31, 2024 (the third measurement date), 201,250 of alignment shares automatically converted into 2,011 shares of Class A common stock, of which CBRE was entitled to 1,811 shares. (3) Consists of our investments in Industrious and other non-public entities. Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue $ 797 $ 786 $ 2,760 $ 5,443 Operating income 243 242 898 3,810 Net income (loss) (1) 1 (464) (1,235) 107 ________________________________________________________________________________________________________________________________________ (1) Included in Net income (loss) are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included in Revenue and Operating income.

Long-Term Debt and Short-Term B

Long-Term Debt and Short-Term Borrowings	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt and Short-Term Borrowings	Long-Term Debt and Short-Term Borrowings Long-Term Debt Long-term debt consists of the following (dollars in millions): September 30, December 31, Senior term loans due in 2028 $ 758 $ 755 5.950% senior notes due in 2034, net of unamortized discount 977 976 4.875% senior notes due in 2026, net of unamortized discount 599 599 5.500% senior notes due in 2029, net of unamortized discount 496 — 2.500% senior notes due in 2031, net of unamortized discount 495 494 Total long-term debt 3,325 2,824 Less: current maturities of long-term debt 38 9 Less: unamortized debt issuance costs 10 11 Total long-term debt, net of current maturities $ 3,277 $ 2,804 We maintain credit facilities with third-party lenders, which we use for a variety of purposes. On July 10, 2023, CBRE Group, Inc., CBRE Services, Inc. (CBRE Services) and Relam Amsterdam Holdings B.V., a wholly-owned subsidiary of CBRE Services, entered into a new 5-year senior unsecured Credit Agreement (2023 Credit Agreement) maturing on July 10, 2028, which refinanced and replaced a prior credit agreement. The 2023 Credit Agreement provides for a senior unsecured term loan credit facility comprised of (i) tranche A Euro-denominated term loans in an aggregate principal amount of €367 million and (ii) tranche A U.S. Dollar-denominated term loans in an aggregate principal amount of $350 million, both requiring quarterly principal payments beginning on December 31, 2024 and continuing through maturity on July 10, 2028. The proceeds of the term loans under the 2023 Credit Agreement were applied to the repayment of all remaining outstanding senior term loans under the prior 2022 Credit Agreement, the payment of related fees and expenses and other general corporate purposes. We entered into a cross currency swap to hedge the associated foreign currency exposure related to this transaction. Borrowings denominated in euros under the 2023 Credit Agreement bear interest at a rate equal to (i) the applicable percentage plus (ii) at our option, either (1) the EURIBOR rate for the applicable interest period or (2) a rate determined by reference to Daily Simple Euro Short-Term Rate (ESTR). Borrowings denominated in U.S. dollars under the 2023 Credit Agreement bear interest at a rate equal to (i) the applicable percentage, plus (ii) at our option, either (1) the Term SOFR rate for the applicable interest period plus 10 basis points (“Adjusted Term SOFR”) or (2) a base rate determined by the reference to the greatest of (x) the prime rate, (y) the federal funds rate plus 1/2 of 1% and (z) the sum of (A) Term SOFR rate published by CME Group Benchmark Administration Limited for an interest period of one month and (B) 1.00%. The applicable rate for borrowings under the 2023 Credit Agreement is determined by reference to our Credit Rating (as defined in the 2023 Credit Agreement). As of September 30, 2024, we had (i) $408 million of euro term loan borrowings outstanding under the 2023 Credit Agreement (at an interest rate of 1.25% plus EURIBOR) and (ii) $348 million of U.S. Dollar term loan borrowings outstanding under the 2023 Credit Agreement (at an interest rate of 1.25% plus Adjusted Term SOFR), net of unamortized debt issuance costs, included in the accompanying consolidated balance sheets. The term loan borrowings under the 2023 Credit Agreement are guaranteed on a senior basis by CBRE Group, Inc. and CBRE Services. The 2023 Credit Agreement also requires us to maintain a minimum coverage ratio of consolidated EBITDA (as defined in the 2023 Credit Agreement) to consolidated interest expense of 2.00x and a maximum leverage ratio of total debt less available cash to consolidated EBITDA (as defined in the 2023 Credit Agreement) of 4.25x (and in the case of the first four full fiscal quarters following consummation of a qualified acquisition (as defined in the 2023 Credit Agreement), 4.75x) as of the end of each fiscal quarter. In addition, the 2023 Credit Agreement also contains other customary affirmative and negative covenants and events of default. We were in compliance with the covenants under this agreement as of September 30, 2024. On February 23, 2024, CBRE Services issued $500 million in aggregate principal amount of 5.500% senior notes due April 1, 2029 (the 5.500% senior notes) at a price equal to 99.837% of their face value. The 5.500% senior notes are unsecured obligations of CBRE Services, senior to all of its current and future subordinated indebtedness. The 5.500% senior notes are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 5.500% per year and is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2024. The 5.500% senior notes are redeemable at our option, in whole or in part, on or after March 1, 2029 at a redemption price of 100% of the principal amount on that date, plus accrued and unpaid interest, if any, to, but excluding the date of redemption. At any time prior to March 1, 2029, we may redeem all or a portion of the notes at a redemption price equal to the greater of (1) 100% of the principal amount of the notes to be redeemed and (2) the sum of the present value at the date of redemption of the remaining scheduled payments of principal and interest thereon to March 1, 2029, assuming the notes matured on March 1, 2029, discounted to the date of redemption on a semi-annual basis at an adjusted rate equal to the treasury rate plus 20 basis points, minus accrued interest to the date of redemption, plus, in either case, accrued and unpaid interest, if any, to the redemption date. On June 23, 2023, CBRE Services issued $1.0 billion in aggregate principal amount of 5.950% senior notes due August 15, 2034 (the 5.950% senior notes) at a price equal to 98.174% of their face value. The 5.950% senior notes are unsecured obligations of CBRE Services, senior to all of its current and future subordinated indebtedness. The 5.950% senior notes are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 5.950% per year and is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2024 . The 5.950% senio r notes are redeemable at our option, in whole or in part, on or after May 15, 2034 at a redemption price of 100% of the principal amount on that date, plus accrued and unpaid interest, if any, to, but excluding the date of redemption. At any time prior to May 15, 2034, we may redeem all or a portion of the notes at a redemption price equal to the greater of (1) 100% of the principal amount of the notes to be redeemed and (2) the sum of the present value at the date of redemption of the remaining scheduled payments of principal and interest thereon to May 15, 2034, assuming the notes matured on May 15, 2034, discounted to the date of redemption on a semi-annual basis at an adjusted rate equal to the treasury rate plus 40 basis points, minus accrued interest to the date of redemption, plus, in either case, accrued and unpaid interest, if any, to the redemption date. On March 18, 2021, CBRE Services issued $500 million in aggregate principal amount of 2.500% senior notes due April 1, 2031 (the 2.500% senior notes) at a price equal to 98.451% of their face value. The 2.500% senior notes are unsecured obligations of CBRE Services, senior to all of its current and future subordinated indebtedness. The 2.500% senior notes are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 2.500% per year and is payable semi-annually in arrears on April 1 and October 1 of each year. The 2.500% senior notes are redeemable at our option, in whole or in part, on or after January 1, 2031 at a redemption price of 100% of the principal amount on that date, plus accrued and unpaid interest, if any, to, but excluding the date of redemption. At any time prior to January 1, 2031, we may redeem all or a portion of the notes at a redemption price equal to the greater of (1) 100% of the principal amount of the notes to be redeemed and (2) the sum of the present value at the date of redemption of the remaining scheduled payments of principal and interest thereon to January 1, 2031, assuming the notes matured on January 1, 2031, discounted to the date of redemption on a semi-annual basis at an adjusted rate equal to the treasury rate plus 20 basis points, minus accrued and unpaid interest to, but excluding, the date of redemption, plus, in either case, accrued and unpaid interest, if any, to, but not including, the redemption date. On August 13, 2015, CBRE Services issued $600 million in aggregate principal amount of 4.875% senior notes due March 1, 2026 (the 4.875% senior notes) at a price equal to 99.24% of their face value. The 4.875% senior notes are unsecured obligations of CBRE Services, senior to all of its current and future subordinated indebtedness. The 4.875% senior notes are guaranteed on a senior basis by CBRE Group, Inc. Interest accrues at a rate of 4.875% per year and is payable semi-annually in arrears on March 1 and September 1 of each year. The 4.875% senior notes are redeemable at our option, in whole or in part, prior to December 1, 2025 at a redemption price equal to the greater of (1) 100% of the principal amount of the 4.875% senior notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon to December 1, 2025 (not including any portions of payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis at the Adjusted Treasury Rate (as defined in the indenture governing these notes). In addition, at any time on or after December 1, 2025, the 4.875% senior notes may be redeemed by us, in whole or in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to (but excluding) the date of redemption. If a change of control triggering event (as defined in the indenture governing these notes) occurs, we are obligated to make an offer to purchase the then outstanding 4.875% senior notes at a redemption price of 101% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The indentures governing our 5.950% senior notes, 5.500% senior notes, 4.875% senior notes and 2.500% senior notes (1) contain restrictive covenants that, among other things, limit our ability to create or permit liens on assets securing indebtedness, enter into sale/leaseback transactions and enter into consolidations or mergers, and (2) require that the notes be jointly and severally guaranteed on a senior basis by CBRE Group, Inc. and any domestic subsidiary that guarantees the 2023 Credit Agreement or the Revolving Credit Agreement. The indentures also contain other customary affirmative and negative covenants and events of default. We were in compliance with the covenants under our debt instruments as of September 30, 2024. Short-Term Borrowings Revolving Credit Agreement On August 5, 2022, we entered into a new 5-year senior unsecured Revolving Credit Agreement (the Revolving Credit Agreement). The Revolving Credit Agreement provides for a senior unsecured revolving credit facility available to CBRE Services with commitments in an aggregate principal amount of up to $3.5 billion and a maturity date of August 5, 2027. Borrowings bear interest at (i) CBRE Services’ option, either (a) a Term SOFR rate published by CME Group Benchmark Administration Limited for the applicable interest period or (b) a base rate determined by reference to the greatest of (1) the prime rate determined by Wells Fargo, (2) the federal funds rate plus 1/2 of 1% and (3) the sum of (x) a Term SOFR rate published by CME Group Benchmark Administration Limited for an interest period of one month and (y) 1.00% plus (ii) 10 basis points, plus (iii) a rate equal to an applicable rate (in the case of borrowings based on the Term SOFR rate, 0.630% to 1.100% and in the case of borrowings based on the base rate, 0.0% to 0.100%, in each case, as determined by reference to our Debt Rating (as defined in the Revolving Credit Agreement)). The applicable rate is also subject to certain increases and/or decreases specified in the Revolving Credit Agreement linked to achieving certain sustainability goals. The Revolving Credit Agreement requires us to pay a fee based on the total amount of the revolving credit facility commitment (whether used or unused). In addition, the Revolving Credit Agreement also includes capacity for letters of credit not to exceed $300 million in the aggregate. The Revolving Credit Agreement also requires us to maintain a minimum coverage ratio of consolidated EBITDA (as defined in the Revolving Credit Agreement) to consolidated interest expense of 2.00x and a maximum leverage ratio of total debt less available cash to consolidated EBITDA (as defined in the Revolving Credit Agreement) of 4.25x (and in the case of the first four full fiscal quarters following consummation of a qualified acquisition (as defined in the Revolving Credit Agreement), 4.75x) as of the end of each fiscal quarter. In addition, the Revolving Credit Agreement also contains other customary affirmative and negative covenants and events of default. We were in compliance with the covenants under this agreement as of September 30, 2024. As of September 30, 2024, $683 million was outstanding under the Revolving Credit Agreement, as well as $10 million of letters of credit. As of December 31, 2023, no amount was outstanding under the Revolving Credit Agreement. Letters of credit are issued in the ordinary course of business and would reduce the amount we may borrow under the Revolving Credit Agreement. Turner & Townsend Revolving Credit Facility Turner & Townsend maintains a £120 million revolving credit facility pursuant to a credit agreement dated March 31, 2022, with an additional accordion option of £20 million, that matures on March 31, 2027. As of September 30, 2024, no amount was outstanding under this revolving credit facility. As of December 31, 2023, $10 million (£8 million) was outstanding under this revolving credit facility. Warehouse Lines of Credit CBRE Capital Markets has warehouse lines of credit with third-party lenders for the purpose of funding mortgage loans that will be resold, and a funding arrangement with Fannie Mae for the purpose of selling a percentage of certain closed multifamily loans to Fannie Mae. These warehouse lines are recourse only to CBRE Capital Markets and are secured by our related warehouse receivables. See Note 4 for additional information.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases We are the lessee in contracts for our office space tenancies, for leased vehicles, and for some leases of land in our global development business. At times, we enter into ground leases on development projects in our REI segment. These arrangements account for the significant portion of our lease liabilities and right-of-use assets. We monitor our service arrangements to evaluate whether they meet the definition of a lease. Supplemental balance sheet information related to our leases is as follows (dollars in millions): Category Classification September 30, December 31, Assets Operating Operating lease assets $ 1,122 $ 1,030 Financing Other assets, net 231 210 Total leased assets $ 1,353 $ 1,240 Liabilities Current: Operating Operating lease liabilities $ 229 $ 242 Financing Other current liabilities 41 36 Non-current: Operating Non-current operating lease liabilities 1,205 1,089 Financing Other liabilities 88 72 Total lease liabilities $ 1,563 $ 1,439 Supplemental cash flow information and non-cash activity related to our operating and financing leases are as follows (dollars in millions): Nine Months Ended 2024 2023 Right-of-use assets obtained in exchange for new operating lease liabilities $ 89 $ 116 Right-of-use assets obtained in exchange for new financing lease liabilities 58 37 Other non-cash increases (decreases) in operating lease right-of-use assets (1) 132 (7) Other non-cash decreases in financing lease right-of-use assets (1) (9) (2) ________________________________________________________________________________________________________________________________________ (1) The non-cash activity in the right-of-use assets resulted from lease modifications/remeasurements and terminations.
Leases	Leases We are the lessee in contracts for our office space tenancies, for leased vehicles, and for some leases of land in our global development business. At times, we enter into ground leases on development projects in our REI segment. These arrangements account for the significant portion of our lease liabilities and right-of-use assets. We monitor our service arrangements to evaluate whether they meet the definition of a lease. Supplemental balance sheet information related to our leases is as follows (dollars in millions): Category Classification September 30, December 31, Assets Operating Operating lease assets $ 1,122 $ 1,030 Financing Other assets, net 231 210 Total leased assets $ 1,353 $ 1,240 Liabilities Current: Operating Operating lease liabilities $ 229 $ 242 Financing Other current liabilities 41 36 Non-current: Operating Non-current operating lease liabilities 1,205 1,089 Financing Other liabilities 88 72 Total lease liabilities $ 1,563 $ 1,439 Supplemental cash flow information and non-cash activity related to our operating and financing leases are as follows (dollars in millions): Nine Months Ended 2024 2023 Right-of-use assets obtained in exchange for new operating lease liabilities $ 89 $ 116 Right-of-use assets obtained in exchange for new financing lease liabilities 58 37 Other non-cash increases (decreases) in operating lease right-of-use assets (1) 132 (7) Other non-cash decreases in financing lease right-of-use assets (1) (9) (2) ________________________________________________________________________________________________________________________________________ (1)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are a party to a number of pending or threatened lawsuits arising out of, or incident to, our ordinary course of business. We believe that any losses in excess of the amounts accrued as liabilities on our consolidated financial statements are unlikely to be significant, but litigation is inherently uncertain and there is the potential for a material adverse effect on our consolidated financial statements if one or more matters are resolved in a particular period in an amount materially in excess of what we anticipated. In January 2008, CBRE MCI, a wholly-owned subsidiary of CBRE Capital Markets, entered into an agreement with Fannie Mae under Fannie Mae’s Delegated Underwriting and Servicing Lender Program (DUS Program) to provide financing for multifamily housing with five or more units. Under the DUS Program, CBRE MCI originates, underwrites, closes and services loans without prior approval by Fannie Mae, and typically, is subject to sharing up to one-third of any losses on loans originated under the DUS Program. CBRE MCI has funded loans with unpaid principal balances of $43.8 billion at September 30, 2024, of which $40.4 billion is subject to such loss sharing arrangements. CBRE MCI, under its agreement with Fannie Mae, must post cash reserves or other acceptable collateral under formulas established by Fannie Mae to provide for sufficient capital in the event losses occur. As of September 30, 2024 and December 31, 2023, CBRE MCI had $160 million and $140 million, respectively, of letters of credit under this reserve arrangement and had recorded a liability of approximately $61 million and $67 million, respectively, for its loan loss guarantee obligation under such arrangement. Fannie Mae’s recourse under the DUS Program is limited to the assets of CBRE MCI, which assets totaled approximately $2.4 billion (including $786 million of warehouse receivables, a substantial majority of which are pledged against warehouse lines of credit and are therefore not available to Fannie Mae) at September 30, 2024. CBRE Capital Markets participates in Freddie Mac’s Multifamily Small Balance Loan (SBL) Program. Under the SBL program, CBRE Capital Markets has certain repurchase and loss reimbursement obligations. We could potentially be obligated to repurchase any SBL loan originated by CBRE Capital Markets that remains in default for 120 days following the forbearance period, if the default occurred during the first 12 months after origination and such loan had not been earlier securitized. In addition, CBRE Capital Markets may be responsible for a loss not to exceed 10% of the original principal amount of any SBL loan that is not securitized and goes into default after the 12-month repurchase period. CBRE Capital Markets must post a cash reserve or other acceptable collateral to provide for sufficient capital in the event the obligations are triggered. As of both September 30, 2024 and December 31, 2023, CBRE Capital Markets had posted a $5 million letter of credit under this reserve arrangement. Letters of credit We had outstanding letters of credit totaling $269 million as of September 30, 2024, excluding letters of credit for which we have outstanding liabilities already accrued on our consolidated balance sheet related to our subsidiaries’ outstanding reserves for claims under certain insurance programs as well as letters of credit related to operating leases. The CBRE Capital Markets letters of credit totaling $165 million as of September 30, 2024 referred to in the preceding paragraphs represented the majority of the $269 million outstanding letters of credit as of such date. The remaining letters of credit are primarily executed by us in the ordinary course of business and expire at the end of each of the respective agreements. Guarantees We had guarantees totaling $236 million as of September 30, 2024, excluding guarantees related to pension liabilities, consolidated indebtedness and other obligations for which we have outstanding liabilities already accrued on our consolidated balance sheet, and excluding guarantees related to operating leases. The $236 million primarily represents guarantees executed by us in the ordinary course of business, including various guarantees of management and vendor contracts in our operations overseas, which expire at the end of each of the respective agreements. In addition, as of September 30, 2024, we had issued numerous non-recourse carveout, completion and budget guarantees relating to development projects for the benefit of third parties. These guarantees are commonplace in our industry and are made by us in the ordinary course of our Real Estate Investments business. Non-recourse carveout guarantees generally require that our project-entity borrower not commit specified improper acts, with us potentially liable for all or a portion of such entity’s indebtedness or other damages suffered by the lender if those acts occur. Completion and budget guarantees generally require us to complete construction of the relevant project within a specified timeframe and/or within a specified budget, with us potentially being liable for costs to complete in excess of such timeframe or budget. While there can be no assurance, we do not expect to incur any material losses under these guarantees. Performance and payment bonds In the ordinary course of business, we are required by certain customers to provide performance and payment bonds for contractual commitments related to our projects. These bonds provide a guarantee to the customer that the company will perform under the terms of a contract and that we will pay our subcontractors and vendors. If we fail to perform under a contract or to pay our subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. We must reimburse the surety for expenses or outlays it incurs. As of September 30, 2024 and December 31, 2023, outstanding performance and payment bonds approximated $788 million and $242 million, respectively. Deferred and contingent consideration The purchase price for our business acquisitions often includes deferred and contingent consideration. As of September 30, 2024 and December 31, 2023, we had short-term deferred and contingent consideration of $283 million and $264 million, respectively, which was included within Accounts payable and accrued expenses, and long-term deferred and contingent consideration of $285 million and $266 million, respectively, which was included within Other liabilities in the accompanying consolidated balance sheets. Indirect Taxes: U.S. Sales and Use Tax Liability The company is subject to indirect taxation in some, but not all, of the various U.S. states and foreign jurisdictions in which it conducts business. Such taxes are collected from clients and remitted to the respective states. From time to time, we are audited by those states and may incur settlements, interest charges and penalties. As of September 30, 2024 and December 31, 2023, we had reserves of $25 million and $3 million, respectively, for sales and use taxes. The net increases in accrual, recognized in the second and third quarters of 2024, related to certain ongoing state audits as well as the settlement of an audit. In accordance with FASB ASC Topic 450, “Contingencies,” the company establishes accruals for contingencies, including uncertainties related to taxes not based on income, when the company believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Based on the information available, the company continues to evaluate and assess the jurisdictions in which indirect tax nexus exists and will adjust its estimated liability as new information becomes available in the future. Other An important part of the strategy for our REI segment involves co-investing our capital in certain real estate investments with our clients. For our investment funds, we generally co-invest a minority interest of the equity in a particular fund. As of September 30, 2024, we had aggregate future commitments of $154 million related to co-investment funds. Additionally, we make selective investments in real estate development projects on our consolidated account or co-invest with our clients with up to 50% of the project’s equity as a principal in unconsolidated real estate projects. We had unfunded capital commitments of $153 million and $51 million to consolidated and unconsolidated projects, respectively, as of September 30, 2024. Also refer to Note 15 for the Telford Fire Safety Remediation provision.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our provision for income taxes on a consolidated basis was $67 million for the three months ended September 30, 2024 as compared to a provision for income taxes of $31 million for the three months ended September 30, 2023. The increase of $36 million is primarily related to an increase in earnings. Our effective tax rate increased to 21.5% for the three months ended September 30, 2024 from 13.2% for the three months ended September 30, 2023. Our provision for income taxes on a consolidated basis was $70 million for the nine months ended September 30, 2024 as compared to a provision for income taxes of $114 million for the nine months ended September 30, 2023. The decrease of $44 million is primarily related to the reversal of unrecognized tax positions. Our effective tax rate decreased to 11.6% for the nine months ended September 30, 2024 from 17.6% for the nine months ended September 30, 2023. Our effective tax rate for the three months ended September 30, 2024 is different than the U.S. federal statutory tax rate of 21.0% primarily due to the U.S. state taxes and favorable permanent book tax differences. Our effective tax rate for the nine months ended September 30, 2024 is different than the U.S. federal statutory tax rate of 21.0% primarily due to the reversal of unrecognized tax positions, U.S. state taxes, and favorable permanent book tax differences. As of September 30, 2024 and December 31, 2023, the company had gross unrecognized tax benefits of $348 million and $413 million, respectively. The decrease of $65 million primarily relates to an audit closure and the expiration of statute of limitations in various tax jurisdictions.

Income Per Share and Stockholde

Income Per Share and Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Earnings Per Share And Stockholders Equity [Abstract]
Income Per Share and Stockholders' Equity	Income Per Share and Stockholders’ Equity The calculations of basic and diluted income per share attributable to CBRE Group, Inc. stockholders are as follows (dollars in millions, except share and per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Basic Income Per Share Net income attributable to CBRE Group, Inc. stockholders $ 225 $ 191 $ 481 $ 509 Weighted average shares outstanding for basic income per share 306,253,811 307,854,518 306,269,264 309,716,456 Basic income per share attributable to CBRE Group, Inc. stockholders $ 0.73 $ 0.62 $ 1.57 $ 1.64 Diluted Income Per Share Net income attributable to CBRE Group, Inc. stockholders $ 225 $ 191 $ 481 $ 509 Weighted average shares outstanding for basic income per share 306,253,811 307,854,518 306,269,264 309,716,456 Dilutive effect of contingently issuable shares 2,051,202 4,366,615 2,011,847 4,228,399 Weighted average shares outstanding for diluted income per share 308,305,013 312,221,133 308,281,111 313,944,855 Diluted income per share attributable to CBRE Group, Inc. stockholders $ 0.73 $ 0.61 $ 1.56 $ 1.62 For the three and nine months ended September 30, 2024, 5,875 and 238,815, respectively, of contingently issuable shares were excluded from the computation of diluted income per share because their inclusion would have had an anti-dilutive effect. For the three and nine months ended September 30, 2023, 326,762 and 345,108, respectively, of contingently issuable shares were excluded from the computation of diluted income per share because their inclusion would have had an anti-dilutive effect. On November 19, 2021, our board of directors authorized a program for the repurchase of up to $2.0 billion of our Class A common stock over five years (the 2021 program). On August 18, 2022, our board of directors authorized an additional $2.0 billion, bringing the total authorized repurchase amount under this program to a total of $4.0 billion. During the three months ended September 30, 2024, we repurchased 567,209 shares of our common stock with an average price of $109.20 per share using cash on hand for an aggregate of $62 million under the 2021 program. During the nine months ended September 30, 2024, we repurchased 1,121,950 shares of our common stock with an average price of $98.35 per share using cash on hand for an aggregate of $110 million under the 2021 program. As of September 30, 2024, we had approximately $1.4 billion of capacity remaining under the 2021 program. During the three months ended September 30, 2023, we repurchased 6,213,921 shares of our common stock using cash on hand for an aggregate of $516 million. During the nine months ended September 30, 2023, we repurchased 7,582,094 shares of our common stock using cash on hand for an aggregate of $630 million.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers We account for revenue with customers in accordance with FASB ASC Topic 606, “ Revenue from Contracts with Customers ” (Topic 606). Revenue is recognized when or as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services. Disaggregated Revenue The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions): Three Months Ended September 30, 2024 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 4,370 $ — $ — $ 4,370 Project management — 1,976 — — 1,976 Advisory leasing 984 — — — 984 Advisory sales 422 — — — 422 Property management 567 — — (7) 560 Valuation 178 — — — 178 Commercial mortgage origination (1) 44 — — — 44 Loan servicing (2) 16 — — — 16 Investment management — — 196 — 196 Development services — — 104 — 104 Topic 606 Revenue 2,211 6,346 300 (7) 8,850 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 119 — — — 119 Loan servicing 65 — — — 65 Development services (3) — — 2 — 2 Total Out of Scope of Topic 606 Revenue 184 — 2 — 186 Total Revenue $ 2,395 $ 6,346 $ 302 $ (7) $ 9,036 Three Months Ended September 30, 2023 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 3,844 $ — $ — $ 3,844 Project management — 1,805 — — 1,805 Advisory leasing 827 — — — 827 Advisory sales 370 — — — 370 Property management 465 — — (4) 461 Valuation 163 — — — 163 Commercial mortgage origination (1) 37 — — — 37 Loan servicing (2) 20 — — — 20 Investment management — — 137 — 137 Development services — — 66 — 66 Topic 606 Revenue 1,882 5,649 203 (4) 7,730 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 70 — — — 70 Loan servicing 61 — — — 61 Development services (3) — — 7 — 7 Total Out of Scope of Topic 606 Revenue 131 — 7 — 138 Total Revenue $ 2,013 $ 5,649 $ 210 $ (4) $ 7,868 Nine Months Ended September 30, 2024 Advisory Global Workplace Solutions Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 12,563 $ — $ — $ 12,563 Project management — 5,536 — — 5,536 Advisory leasing 2,607 — — — 2,607 Advisory sales 1,133 — — — 1,133 Property management 1,620 — — (16) 1,604 Valuation 528 — — — 528 Commercial mortgage origination (1) 117 — — — 117 Loan servicing (2) 59 — — — 59 Investment management — — 494 — 494 Development services — — 262 — 262 Topic 606 Revenue 6,064 18,099 756 (16) 24,903 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 266 — — — 266 Loan servicing 188 — — — 188 Development services (3) — — 6 — 6 Total Out of Scope of Topic 606 Revenue 454 — 6 — 460 Total Revenue $ 6,518 $ 18,099 $ 762 $ (16) $ 25,363 Nine Months Ended September 30, 2023 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 11,210 $ — $ — $ 11,210 Project management — 5,203 — — 5,203 Advisory leasing 2,350 — — — 2,350 Advisory sales 1,135 — — — 1,135 Property management 1,409 — — (12) 1,397 Valuation 508 — — — 508 Commercial mortgage origination (1) 94 — — — 94 Loan servicing (2) 56 — — — 56 Investment management — — 436 — 436 Development services — — 243 — 243 Topic 606 Revenue 5,552 16,413 679 (12) 22,632 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 174 — — — 174 Loan servicing 182 — — — 182 Development services (3) — — 11 — 11 Total Out of Scope of Topic 606 Revenue 356 — 11 — 367 Total Revenue $ 5,908 $ 16,413 $ 690 $ (12) $ 22,999 ________________________________________________________________________________________________________________________________________ (1) We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606. (2) Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606. (3) Out of scope revenue for development services represents selling profit from transfers of sales-type leases in the scope of FASB ASC Topic 842, “Leases.” Contract Assets and Liabilities We had contract assets totaling $592 million ($496 million of which was current) and $517 million ($443 million of which was current) as of September 30, 2024 and December 31, 2023, respectively. We had contract liabilities totaling $329 million (all of which was current) and $304 million ($298 million of which was current) as of September 30, 2024 and December 31, 2023, respectively. During the three and nine months ended September 30, 2024, we recognized revenue of $16 million and $206 million, respectively, that was included in the contract liability balance at December 31, 2023. The majority of contract liabilities are recognized as revenue within 90 days.

Segments

Segments	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segments	Segments Summarized financial information by segment is as follows (dollars in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue Advisory Services $ 2,395 $ 2,013 $ 6,518 $ 5,908 Global Workplace Solutions 6,346 5,649 18,099 16,413 Real Estate Investments 302 210 762 690 Corporate, other and eliminations (1) (7) (4) (16) (12) Total revenue $ 9,036 $ 7,868 $ 25,363 $ 22,999 Segment Operating Profit Advisory Services $ 414 $ 277 $ 1,020 $ 862 Global Workplace Solutions 318 251 808 714 Real Estate Investments 67 7 111 171 Total reportable segment operating profit $ 799 $ 535 $ 1,939 $ 1,747 ________________________________________________________________________________________________________________________________________ (1) Eliminations represent revenue from transactions with other operating segments. See Note 13. Reconciliation of total reportable segment operating profit to net income is as follows (dollars in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net income attributable to CBRE Group, Inc. $ 225 $ 191 $ 481 $ 509 Net income attributable to non-controlling interests 20 10 54 23 Net income 245 201 535 532 Adjustments to increase (decrease) net income: Depreciation and amortization 178 149 497 465 Interest expense, net of interest income 64 38 163 110 Provision for income taxes 67 31 70 114 Costs associated with efficiency and cost-reduction initiatives 41 4 137 145 Charges related to indirect tax audit / settlement 25 — 39 — Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue (4) (8) 12 (2) Costs incurred related to legal entity restructuring — 4 2 4 Integration and other costs related to acquisitions (1) 22 5 30 60 Provision associated with Telford’s fire safety remediation efforts 33 — 33 — Impact of fair value non-cash adjustments related to unconsolidated equity investments 9 — 9 — Corporate and other loss, including eliminations 119 111 412 319 Total reportable segment operating profit $ 799 $ 535 $ 1,939 $ 1,747 ________________________________________________________________________________________________________________________________________ (1) During the first quarter of 2024, we incurred integration and other costs related to acquisitions of $18 million in deal and integration costs, offset by reversal of $22 million in previously recognized transaction-related bonus expense due to change in estimate. Our chief operating decision maker (CODM) is not provided with total asset information by segment and accordingly, does not measure or allocate total assets on a segment basis. As a result, we have not disclosed any asset information by segment. Geographic Information Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue United States $ 5,210 $ 4,274 $ 14,302 $ 12,630 United Kingdom 1,257 1,100 3,537 3,152 All other countries 2,569 2,494 7,524 7,217 Total revenue $ 9,036 $ 7,868 $ 25,363 $ 22,999 On June 24, 2024, we announced plans to combine our project management business with our Turner & Townsend subsidiary and expect this transaction to close early 2025. We intend to organize our operations around, and publicly report our financial results on, four reportable segments in 2025. For the remainder of 2024, we will continue to report our financial results under our existing reportable segments given this is how the CODM currently manages the business.

Telford Fire Safety Remediation

Telford Fire Safety Remediation	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Telford Fire Safety Remediation	Telford Fire Safety Remediation The accompanying consolidated balance sheets include an estimated liability of approximately $226 million (of which $110 million was current) and $192 million (of which $82 million was current) as of September 30, 2024 and December 31, 2023, respectively, related to the remediation efforts. The balance increased as of September 30, 2024 based on additional information obtained and evaluations performed allowing for a more refined estimate on a building-by-building basis. Management obtained additional fire safety assessments, reviewed various inputs and assumptions, including bids from subcontractors, and believes the above balance remains our best estimate of future losses associated with overall remediation efforts. The estimated remediation costs for in-scope buildings are subjective, highly complex and dependent on a number of variables outside of Telford Homes’ control. These include, but are not limited to, individual remediation requirements for each building, the time required for the remediation to be completed, cost of construction or remediation materials, availability of construction materials, potential discoveries made during remediation that could necessitate incremental work, investigation costs, availability of qualified fire safety engineers, potential business disruption costs, potential changes to or new regulations and regulatory approval. We will continue to assess new information as it becomes available during the remediation process and adjust our estimated liability accordingly.

Restructuring Activities

Restructuring Activities	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities The company continued to execute various restructuring activities during the third quarter of 2024 to simplify management and workforce structure and improve efficiencies in its operations. The following tables present the detail of expenses incurred by segment during the three and nine months ended September 30, 2024 (dollars in millions): Three Months Ended September 30, 2024 Advisory Global Real Estate Corporate Consolidated Employee separation benefits $ 13 $ 11 $ 4 $ 4 $ 32 Professional fees and other — — — 32 32 Total $ 13 $ 11 $ 4 $ 36 $ 64 Nine Months Ended September 30, 2024 Advisory Global Real Estate Corporate Consolidated Employee separation benefits $ 13 $ 40 $ 4 $ 55 $ 112 Professional fees and other — — — 71 71 Total $ 13 $ 40 $ 4 $ 126 $ 183 During the nine months ended September 30, 2023, total restructuring charges of $154 million were incurred, of which $147 million were incurred during the three months ended March 31, 2023. The following table shows ending liability balances associated with major cash-based charges (dollars in millions): Employee separation benefits Professional fees and other Balance at December 31, 2023 $ 13 $ — Expense incurred 112 58 Payments made (100) (33) Balance at September 30, 2024 $ 25 $ 25 We expect these restructuring activities to be substantially completed by the end of fiscal year 2024. Ending balance related to employee separation benefits is included in “Compensation and employee benefits payable” in the accompanying consolidated balance sheets. Of the total charges incurred, $29 million is included within the “Cost of revenue” line item and $83 million is included in the “Operating, administrative and other” line item in the accompanying consolidated statement of operations for the nine months ended September 30, 2024. Ending balance related to professional fees and other is included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. The majority of charges are included within the “Operating, administrative and other” line item in the accompanying consolidated statement of operations for the nine months ended September 30, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributable to CBRE Group, Inc.	$ 225	$ 191	$ 481	$ 509

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended September 30, 2024, our Chief Financial Officer, Emma E. Giamartino, entered into a Rule 10b5-1 Trading Plan (the “Trading Plan”) to sell shares of the company’s Class A common stock. The Trading Plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The table below provides certain information regarding Ms. Giamartino’s Trading Plan. Name Plan Adoption Date Maximum Number of Shares that May Be Sold Under the Plan Plan Expiration Date Emma E. Giamartino August 16, 2024 15,574 August 29, 2025 Trading under the Trading Plan may commence no sooner than November 15, 2024 and will end on the earlier of the applicable date set forth above and the date on which all the shares in the Trading Plan are sold. Ms. Giamartino’s Trading Plan was adopted during an authorized trading period and when she was not in possession of material non-public information. The transactions under Ms. Giamartino’s Trading Plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Trading Plan [Member] | Emma E. Giamartino [Member]
Trading Arrangements, by Individual
Name	Emma E. Giamartino
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2024
Expiration Date	August 29, 2025
Arrangement Duration	378 days
Aggregate Available	15,574	15,574

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Readers of this Quarterly Report on Form 10-Q (Quarterly Report) should refer to the audited financial statements and notes to consolidated financial statements of CBRE Group, Inc., a Delaware corporation (which may be referred to in these financial statements as “CBRE,” “the company,” “we,” “us” and “our”), for the year ended December 31, 2023, which are included in our 2023 Annual Report on Form 10-K (2023 Annual Report) , filed with the United States Securities and Exchange Commission (SEC) and also available on our website (www.cbre.com), since we have omitted from this Quarterly Report certain footnote disclosures which would substantially duplicate those contained in such audited financial statements. You should also refer to Note 2, Significant Accounting Policies, in the notes to consolidated financial statements in our 2023 Annual Report for further discussion of our significant accounting policies and estimates. Financial Statement Preparation
Use of Estimates	Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S., which require management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts reported in our consolidated financial statements and accompanying notes and are based on our best judgment. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including consideration of the current economic environment, and adjust such estimates and assumptions when facts and circumstances dictate.
Recent Accounting Pronouncements Pending Adoption	Recent Accounting Pronouncements Pending Adoption In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This update enhances reportable segment disclosures by requiring a public entity to: 1) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, 2) disclose, on an annual and interim basis, an amount of other segment items by reportable segment and a description of its composition, 3) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, 4) disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and 5) provide all the disclosures required by this update and all existing segment disclosures in Topic 280 if the entity has a single reportable segment. This ASU also clarifies that, in addition to the measure that is most consistent with the measurement principles under GAAP, a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. Early adoption is permitted. We are evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and related disclosures.

J&J Worldwide Services Acquis_2

J&J Worldwide Services Acquisition (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following summarizes the consideration transferred at closing for the J&J acquisition (dollars in millions): Cash consideration $ 808 Deferred and contingent consideration 11 Total consideration $ 819
Schedule of Excess Purchase Price Over Estimated Fair Value of Net Assets Acquired	The following represents the summary of the excess purchase price over the fair value of net assets acquired (dollars in millions): Purchase price $ 819 Less: Estimated fair value of net assets acquired (see table below) 347 Excess purchase price over estimated fair value of net assets acquired $ 472
Schedule of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values assigned to the identified assets acquired and liabilities assumed at the acquisition date on February 27, 2024 (dollars in millions): Assets Acquired: Cash and cash equivalents $ 26 Receivables, net 91 Contract assets 19 Prepaid expenses 2 Other current assets 2 Property and equipment, net 11 Other intangible assets, net 297 Operating lease assets 6 Investments in unconsolidated subsidiaries 20 Other assets, net 9 Total assets acquired 483 Liabilities Assumed: Accounts payable and accrued expenses 54 Compensation and employee benefits payable 8 Contract liabilities 1 Income taxes payable 1 Other current liabilities 3 Non-current operating lease liabilities 3 Deferred tax liabilities, net 57 Other liabilities 3 Total liabilities assumed 130 Non-controlling Interest Acquired 6 Estimated Fair Value of Net Assets Acquired $ 347 The following table identifies the company’s allocation of purchase price to goodwill and other intangible assets by category (dollars in millions): Amount Assigned at Acquisition Date Weighted-Average Life Goodwill $ 114 N/A Customer relationships 146 12 years Other intangible assets 8 4 years Total $ 268
Schedule of Trademarks Acquired as Part of Business Combination	In connection with the J&J acquisition, below is a summary of the preliminary value allocated to the intangible assets acquired (dollars in millions): As of September 30, 2024 Asset Class Amortization Amount Accumulated Amortization Net Carrying Customer relationships 9-12 years $ 174 $ 9 $ 165 Backlog 4-6 years 111 15 96 Trademark 3 years 10 2 8 Technology 5 years 2 — 2
Schedule of Pro Forma Results Prepared for Comparative Purposes	These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the J&J acquisition occurred on January 1, 2023 and may not be indicative of future operating results (dollars in millions, except share and per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue $ 9,036 $ 7,986 $ 25,434 $ 23,341 Operating income 373 272 833 581 Net income attributable to CBRE Group, Inc. 229 190 490 469 Basic income per share: Net income per share attributable to CBRE Group, Inc. $ 0.75 $ 0.62 $ 1.60 $ 1.51 Weighted average shares outstanding for basic income per share 306,253,811 307,854,518 306,269,264 309,716,456 Diluted income per share: Net income per share attributable to CBRE Group, Inc. $ 0.74 $ 0.61 $ 1.59 $ 1.49 Weighted average shares outstanding for diluted income per share 308,305,013 312,221,133 308,281,111 313,944,855

Warehouse Receivables & Wareh_2

Warehouse Receivables & Warehouse Lines of Credit (Tables)	9 Months Ended
	Sep. 30, 2024
Warehouse Receivables And Warehouse Lines Of Credit [Abstract]
Schedule of Warehouse Receivables	A rollforward of our warehouse receivables is as follows (dollars in millions): Beginning balance at December 31, 2023 $ 675 Origination of mortgage loans 8,212 Gains (premiums on loan sales) 21 Proceeds from sale of mortgage loans: Sale of mortgage loans (7,458) Cash collections of premiums on loan sales (21) Proceeds from sale of mortgage loans (7,479) Net increase in mortgage servicing rights included in warehouse receivables 9 Ending balance at September 30, 2024 $ 1,438
Schedule of Warehouse Lines of Credit in Place	The following table is a summary of our warehouse lines of credit in place as of September 30, 2024 and December 31, 2023 (dollars in millions): September 30, 2024 December 31, 2023 Lender Current Pricing Maximum Carrying Maximum Carrying JP Morgan Chase Bank, N.A. (JP Morgan) 12/13/2024 daily floating Secured Overnight Financing Rate (SOFR) plus 1.50%, with a SOFR adjustment of 0.05% $ 1,335 $ 948 $ 1,335 $ 613 JP Morgan (Business Lending Activity) 12/13/2024 daily floating SOFR plus 2.75%, with a SOFR adjustment of 0.05% 15 — 15 — Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program Cancelable daily floating SOFR plus 1.45%, with a SOFR floor of 0.25% 650 69 650 7 TD Bank, N.A. (TD Bank) (1) 7/15/2025 daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% 600 70 600 28 Bank of America, N.A. (BofA) (2) 5/21/2025 daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% 350 335 350 18 BofA (2) 5/21/2025 daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% 250 — 250 — $ 3,200 $ 1,422 $ 3,200 $ 666 ________________________________________________________________________________________________________________________________________ (1) Effective July 31, 2024, this facility was renewed with a maximum aggregate principal amount of $300 million, with an uncommitted $300 million temporary line of credit and a maturity date of July 15, 2025. The SOFR rate was adjusted to 1.25%. The SOFR adjustment rate remained at 0.10% with the extension. As of September 30, 2024, the uncommitted $300 million temporary line of credit was not utilized. (2) Effective May 22, 2024, this facility was renewed to May 21, 2025 and there were no changes to the SOFR rate or the SOFR adjustment rate at renewal.

Variable Interest Entities (V_2

Variable Interest Entities (VIEs) (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Maximum Exposure to Loss	As of September 30, 2024 and December 31, 2023, our maximum exposure to loss related to the VIEs that are not consolidated was as follows (dollars in millions): September 30, 2024 December 31, 2023 Investments in unconsolidated subsidiaries $ 190 $ 165 Co-investment commitments 39 58 Maximum exposure to loss $ 229 $ 223

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present the fair value of assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (dollars in millions): As of September 30, 2024 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. treasury securities $ 3 $ — $ — $ 3 Corporate debt securities — 33 — 33 Asset-backed securities — 7 — 7 Total available for sale debt securities 3 40 — 43 Equity securities 17 — — 17 Investments in unconsolidated subsidiaries 78 — 468 546 Warehouse receivables — 1,438 — 1,438 Other assets — — 37 37 Total assets at fair value $ 98 $ 1,478 $ 505 $ 2,081 Liabilities Contingent consideration — — 37 37 Other liabilities — 14 — 14 Total liabilities at fair value $ — $ 14 $ 37 $ 51 As of December 31, 2023 Fair Value Measured and Recorded Using Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. treasury securities $ 12 $ — $ — $ 12 Debt securities issued by U.S. federal agencies — 11 — 11 Corporate debt securities — 44 — 44 Asset-backed securities — 1 — 1 Total available for sale debt securities 12 56 — 68 Equity securities 41 — — 41 Investments in unconsolidated subsidiaries 168 — 477 645 Warehouse receivables — 675 — 675 Other assets — — 16 16 Total assets at fair value $ 221 $ 731 $ 493 $ 1,445 Liabilities Contingent consideration — — 36 36 Other liabilities — 5 — 5 Total liabilities at fair value $ — $ 5 $ 36 $ 41
Schedule of Reconciliation for Assets Measured at Fair Value	The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in millions): Investment in Unconsolidated Subsidiaries Other Assets Contingent Consideration Balance as of June 30, 2024 $ 457 $ 31 $ 40 Transfer in (out) — — — Net change in fair value 11 2 1 Purchases / Additions — 4 — Sales / Payments — — (4) Balance as of September 30, 2024 $ 468 $ 37 $ 37 Balance as of December 31, 2023 $ 477 $ 16 $ 36 Transfer in (out) — — — Net change in fair value (9) 12 (2) Purchases / Additions — 9 9 Sales / Payments — — (6) Balance as of September 30, 2024 $ 468 $ 37 $ 37 Net change in fair value, included in the table above, is reported in Net income as follows: Category of Assets/Liabilities using Unobservable Inputs Consolidated Financial Statements Investments in unconsolidated subsidiaries Equity (loss) income from unconsolidated subsidiaries Other assets (liabilities) Other income Contingent consideration (short-term) Accounts payable and accrued expenses Contingent consideration (long-term) Other liabilities
Schedule of Reconciliation for Liabilities Measured at Fair Value	The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (dollars in millions): Investment in Unconsolidated Subsidiaries Other Assets Contingent Consideration Balance as of June 30, 2024 $ 457 $ 31 $ 40 Transfer in (out) — — — Net change in fair value 11 2 1 Purchases / Additions — 4 — Sales / Payments — — (4) Balance as of September 30, 2024 $ 468 $ 37 $ 37 Balance as of December 31, 2023 $ 477 $ 16 $ 36 Transfer in (out) — — — Net change in fair value (9) 12 (2) Purchases / Additions — 9 9 Sales / Payments — — (6) Balance as of September 30, 2024 $ 468 $ 37 $ 37 Net change in fair value, included in the table above, is reported in Net income as follows: Category of Assets/Liabilities using Unobservable Inputs Consolidated Financial Statements Investments in unconsolidated subsidiaries Equity (loss) income from unconsolidated subsidiaries Other assets (liabilities) Other income Contingent consideration (short-term) Accounts payable and accrued expenses Contingent consideration (long-term) Other liabilities
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of September 30, 2024: Valuation Technique Unobservable Input Range Weighted Average Investment in unconsolidated subsidiaries Discounted cash flow Discount rate 17 % — Monte Carlo Volatility 35% - 61% 37 % Discount rate 25 % — Other assets Discounted cash flow Discount rate 17 % — Contingent consideration Monte Carlo Volatility 21 % — Discount rate 5 % — Discounted estimated payments Discount rate 5% - 6% 6 %
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	Estimated Fair Value Carrying Value Financial instrument September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Senior term loans $ 748 $ 746 $ 756 $ 752 5.950% senior notes 1,073 1,049 975 974 4.875% senior notes 603 600 598 597 5.500% senior notes 522 — 495 — 2.500% senior notes 437 424 491 490

Investments in Unconsolidated_2

Investments in Unconsolidated Subsidiaries (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Condensed Financial Information of Equity Method Investments	The following table represents the composition of investments in unconsolidated subsidiaries under the equity method of accounting and fair value option (dollars in millions): Investment type September 30, 2024 December 31, 2023 Real Estate Investments (in projects and funds) $ 705 $ 661 Investment in Altus: Class A common stock (1) 78 168 Alignment shares (2) 9 56 Subtotal 87 224 Other (3) 542 489 Total investment in unconsolidated subsidiaries $ 1,334 $ 1,374 ________________________________________________________________________________________________________________________________________ (1) CBRE held 24,557,823 and 24,556,012 shares of Altus Class A common stock as of September 30, 2024 and December 31, 2023, respectively, representing approximate ownership of 15.4%. (2) The alignment shares, also known as Class B common shares, will automatically convert into Altus Class A common stock based on the achievement of certain total return thresholds on Altus Class A common stock as of the relevant measurement date over the seven ears following the merger. At March 31, 2024 (the third measurement date), 201,250 of alignment shares automatically converted into 2,011 shares of Class A common stock, of which CBRE was entitled to 1,811 shares. (3) Consists of our investments in Industrious and other non-public entities. Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue $ 797 $ 786 $ 2,760 $ 5,443 Operating income 243 242 898 3,810 Net income (loss) (1) 1 (464) (1,235) 107 ________________________________________________________________________________________________________________________________________ (1) Included in Net income (loss) are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included in Revenue and Operating income.

Long-Term Debt and Short-Term_2

Long-Term Debt and Short-Term Borrowings (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following (dollars in millions): September 30, December 31, Senior term loans due in 2028 $ 758 $ 755 5.950% senior notes due in 2034, net of unamortized discount 977 976 4.875% senior notes due in 2026, net of unamortized discount 599 599 5.500% senior notes due in 2029, net of unamortized discount 496 — 2.500% senior notes due in 2031, net of unamortized discount 495 494 Total long-term debt 3,325 2,824 Less: current maturities of long-term debt 38 9 Less: unamortized debt issuance costs 10 11 Total long-term debt, net of current maturities $ 3,277 $ 2,804

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to our leases is as follows (dollars in millions): Category Classification September 30, December 31, Assets Operating Operating lease assets $ 1,122 $ 1,030 Financing Other assets, net 231 210 Total leased assets $ 1,353 $ 1,240 Liabilities Current: Operating Operating lease liabilities $ 229 $ 242 Financing Other current liabilities 41 36 Non-current: Operating Non-current operating lease liabilities 1,205 1,089 Financing Other liabilities 88 72 Total lease liabilities $ 1,563 $ 1,439
Schedule of Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases	Supplemental cash flow information and non-cash activity related to our operating and financing leases are as follows (dollars in millions): Nine Months Ended 2024 2023 Right-of-use assets obtained in exchange for new operating lease liabilities $ 89 $ 116 Right-of-use assets obtained in exchange for new financing lease liabilities 58 37 Other non-cash increases (decreases) in operating lease right-of-use assets (1) 132 (7) Other non-cash decreases in financing lease right-of-use assets (1) (9) (2) ________________________________________________________________________________________________________________________________________ (1)

Income Per Share and Stockhol_2

Income Per Share and Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share And Stockholders Equity [Abstract]
Schedule of Calculations of Basic and Diluted Income Per Share	The calculations of basic and diluted income per share attributable to CBRE Group, Inc. stockholders are as follows (dollars in millions, except share and per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Basic Income Per Share Net income attributable to CBRE Group, Inc. stockholders $ 225 $ 191 $ 481 $ 509 Weighted average shares outstanding for basic income per share 306,253,811 307,854,518 306,269,264 309,716,456 Basic income per share attributable to CBRE Group, Inc. stockholders $ 0.73 $ 0.62 $ 1.57 $ 1.64 Diluted Income Per Share Net income attributable to CBRE Group, Inc. stockholders $ 225 $ 191 $ 481 $ 509 Weighted average shares outstanding for basic income per share 306,253,811 307,854,518 306,269,264 309,716,456 Dilutive effect of contingently issuable shares 2,051,202 4,366,615 2,011,847 4,228,399 Weighted average shares outstanding for diluted income per share 308,305,013 312,221,133 308,281,111 313,944,855 Diluted income per share attributable to CBRE Group, Inc. stockholders $ 0.73 $ 0.61 $ 1.56 $ 1.62

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue from Contracts with Customers	The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions): Three Months Ended September 30, 2024 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 4,370 $ — $ — $ 4,370 Project management — 1,976 — — 1,976 Advisory leasing 984 — — — 984 Advisory sales 422 — — — 422 Property management 567 — — (7) 560 Valuation 178 — — — 178 Commercial mortgage origination (1) 44 — — — 44 Loan servicing (2) 16 — — — 16 Investment management — — 196 — 196 Development services — — 104 — 104 Topic 606 Revenue 2,211 6,346 300 (7) 8,850 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 119 — — — 119 Loan servicing 65 — — — 65 Development services (3) — — 2 — 2 Total Out of Scope of Topic 606 Revenue 184 — 2 — 186 Total Revenue $ 2,395 $ 6,346 $ 302 $ (7) $ 9,036 Three Months Ended September 30, 2023 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 3,844 $ — $ — $ 3,844 Project management — 1,805 — — 1,805 Advisory leasing 827 — — — 827 Advisory sales 370 — — — 370 Property management 465 — — (4) 461 Valuation 163 — — — 163 Commercial mortgage origination (1) 37 — — — 37 Loan servicing (2) 20 — — — 20 Investment management — — 137 — 137 Development services — — 66 — 66 Topic 606 Revenue 1,882 5,649 203 (4) 7,730 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 70 — — — 70 Loan servicing 61 — — — 61 Development services (3) — — 7 — 7 Total Out of Scope of Topic 606 Revenue 131 — 7 — 138 Total Revenue $ 2,013 $ 5,649 $ 210 $ (4) $ 7,868 Nine Months Ended September 30, 2024 Advisory Global Workplace Solutions Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 12,563 $ — $ — $ 12,563 Project management — 5,536 — — 5,536 Advisory leasing 2,607 — — — 2,607 Advisory sales 1,133 — — — 1,133 Property management 1,620 — — (16) 1,604 Valuation 528 — — — 528 Commercial mortgage origination (1) 117 — — — 117 Loan servicing (2) 59 — — — 59 Investment management — — 494 — 494 Development services — — 262 — 262 Topic 606 Revenue 6,064 18,099 756 (16) 24,903 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 266 — — — 266 Loan servicing 188 — — — 188 Development services (3) — — 6 — 6 Total Out of Scope of Topic 606 Revenue 454 — 6 — 460 Total Revenue $ 6,518 $ 18,099 $ 762 $ (16) $ 25,363 Nine Months Ended September 30, 2023 Advisory Global Real Estate Corporate, other and eliminations Consolidated Topic 606 Revenue: Facilities management $ — $ 11,210 $ — $ — $ 11,210 Project management — 5,203 — — 5,203 Advisory leasing 2,350 — — — 2,350 Advisory sales 1,135 — — — 1,135 Property management 1,409 — — (12) 1,397 Valuation 508 — — — 508 Commercial mortgage origination (1) 94 — — — 94 Loan servicing (2) 56 — — — 56 Investment management — — 436 — 436 Development services — — 243 — 243 Topic 606 Revenue 5,552 16,413 679 (12) 22,632 Out of Scope of Topic 606 Revenue: Commercial mortgage origination 174 — — — 174 Loan servicing 182 — — — 182 Development services (3) — — 11 — 11 Total Out of Scope of Topic 606 Revenue 356 — 11 — 367 Total Revenue $ 5,908 $ 16,413 $ 690 $ (12) $ 22,999 ________________________________________________________________________________________________________________________________________ (1) We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606. (2) Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606. (3) Out of scope revenue for development services represents selling profit from transfers of sales-type leases in the scope of FASB ASC Topic 842, “Leases.”

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Summarized Financial Information by Segment	Summarized financial information by segment is as follows (dollars in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue Advisory Services $ 2,395 $ 2,013 $ 6,518 $ 5,908 Global Workplace Solutions 6,346 5,649 18,099 16,413 Real Estate Investments 302 210 762 690 Corporate, other and eliminations (1) (7) (4) (16) (12) Total revenue $ 9,036 $ 7,868 $ 25,363 $ 22,999 Segment Operating Profit Advisory Services $ 414 $ 277 $ 1,020 $ 862 Global Workplace Solutions 318 251 808 714 Real Estate Investments 67 7 111 171 Total reportable segment operating profit $ 799 $ 535 $ 1,939 $ 1,747 ________________________________________________________________________________________________________________________________________ (1) Eliminations represent revenue from transactions with other operating segments. See Note 13.
Schedule of Reconciliation of Reportable Segment Operating Profit to Net Income	Reconciliation of total reportable segment operating profit to net income is as follows (dollars in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net income attributable to CBRE Group, Inc. $ 225 $ 191 $ 481 $ 509 Net income attributable to non-controlling interests 20 10 54 23 Net income 245 201 535 532 Adjustments to increase (decrease) net income: Depreciation and amortization 178 149 497 465 Interest expense, net of interest income 64 38 163 110 Provision for income taxes 67 31 70 114 Costs associated with efficiency and cost-reduction initiatives 41 4 137 145 Charges related to indirect tax audit / settlement 25 — 39 — Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue (4) (8) 12 (2) Costs incurred related to legal entity restructuring — 4 2 4 Integration and other costs related to acquisitions (1) 22 5 30 60 Provision associated with Telford’s fire safety remediation efforts 33 — 33 — Impact of fair value non-cash adjustments related to unconsolidated equity investments 9 — 9 — Corporate and other loss, including eliminations 119 111 412 319 Total reportable segment operating profit $ 799 $ 535 $ 1,939 $ 1,747 ________________________________________________________________________________________________________________________________________ (1) During the first quarter of 2024, we incurred integration and other costs related to acquisitions of $18 million in deal and integration costs, offset by reversal of $22 million in previously recognized transaction-related bonus expense due to change in estimate.
Schedule of Geographic Information	Revenue in the table below is allocated based upon the country in which services are performed (dollars in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Revenue United States $ 5,210 $ 4,274 $ 14,302 $ 12,630 United Kingdom 1,257 1,100 3,537 3,152 All other countries 2,569 2,494 7,524 7,217 Total revenue $ 9,036 $ 7,868 $ 25,363 $ 22,999

Restructuring Activities (Table

Restructuring Activities (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Expense Incurred By Segments	Three Months Ended September 30, 2024 Advisory Global Real Estate Corporate Consolidated Employee separation benefits $ 13 $ 11 $ 4 $ 4 $ 32 Professional fees and other — — — 32 32 Total $ 13 $ 11 $ 4 $ 36 $ 64 Nine Months Ended September 30, 2024 Advisory Global Real Estate Corporate Consolidated Employee separation benefits $ 13 $ 40 $ 4 $ 55 $ 112 Professional fees and other — — — 71 71 Total $ 13 $ 40 $ 4 $ 126 $ 183
Schedule of Liability Balance Associated with Major Cash-based Charges	The following table shows ending liability balances associated with major cash-based charges (dollars in millions): Employee separation benefits Professional fees and other Balance at December 31, 2023 $ 13 $ — Expense incurred 112 58 Payments made (100) (33) Balance at September 30, 2024 $ 25 $ 25

J&J Worldwide Services Acquis_3

J&J Worldwide Services Acquisition - Narrative (Details)		3 Months Ended					9 Months Ended
	Feb. 27, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) acquisition segement	Sep. 30, 2023 USD ($)	Feb. 23, 2024 USD ($)
Business Acquisition [Line Items]
Revenue		$ 9,036,000,000				$ 7,868,000,000	$ 25,363,000,000	$ 22,999,000,000
Operating income		368,000,000				269,000,000	819,000,000	613,000,000
Operational net income		$ 312,000,000				232,000,000	$ 605,000,000	646,000,000
Number of businesses acquired | acquisition							6
Advisory Services
Business Acquisition [Line Items]
Number of businesses acquired | segement							2
Global Workplace Solutions
Business Acquisition [Line Items]
Number of businesses acquired | acquisition							4
5.500% senior notes | Senior Notes
Business Acquisition [Line Items]
Aggregate principal amount									$ 500,000,000
Interest rate		5.50%					5.50%
J&J Worldwide Services
Business Acquisition [Line Items]
Equity interest percentage	100%
Deferred consideration, gross	$ 7,000,000
Earnout payment	250,000,000
Goodwill deductible amount		$ 115,000,000					$ 115,000,000
Revenue		115,000,000					262,000,000
Operating income		(3,000,000)					(8,000,000)
Operational net income		(5,000,000)					(8,000,000)
Integration and other costs related to acquisitions		$ 4,000,000	$ 1,000,000	$ 17,000,000	$ 2,000,000
Increased amortization expense						5,000,000	3,000,000	14,000,000
Increased depreciation expense						$ 7,000,000	4,000,000	$ 21,000,000
Payments to acquire business	808,000,000
J&J Worldwide Services | 5.500% senior notes | Senior Notes
Business Acquisition [Line Items]
Aggregate principal amount	$ 500,000,000
Interest rate	5.50%
Other Acquisitions
Business Acquisition [Line Items]
Payments to acquire business							$ 295,000,000

J&J Worldwide Services Acquis_4

J&J Worldwide Services Acquisition - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
	Feb. 27, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Contingent deferred consideration		$ 285	$ 266
J&J Worldwide Services
Business Acquisition [Line Items]
Cash consideration	$ 808
Contingent deferred consideration	11
Total consideration	$ 819

J&J Worldwide Services Acquis_5

J&J Worldwide Services Acquisition - Schedule of Excess Purchase Price Over Estimated Fair Value of Net Assets Acquired (Details) - USD ($) $ in Millions	Feb. 27, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Excess purchase price over estimated fair value of net assets acquired		$ 5,778	$ 5,129
J&J Worldwide Services
Business Acquisition [Line Items]
Purchase price	$ 819
Less: Estimated fair value of net assets acquired	347
Excess purchase price over estimated fair value of net assets acquired	$ 472

J&J Worldwide Services Acquis_6

J&J Worldwide Services Acquisition - Schedule of Aggregate Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - J&J Worldwide Services $ in Millions	Feb. 27, 2024 USD ($)
Assets Acquired:
Cash and cash equivalents	$ 26
Receivables, net	91
Contract assets	19
Prepaid expenses	2
Other current assets	2
Property and equipment, net	11
Other intangible assets, net	297
Operating lease assets	6
Investments in unconsolidated subsidiaries	20
Other assets, net	9
Total assets acquired	483
Liabilities Assumed:
Accounts payable and accrued expenses	54
Compensation and employee benefits payable	8
Contract liabilities	1
Income taxes payable	1
Other current liabilities	3
Non-current operating lease liabilities	3
Deferred tax liabilities, net	57
Other liabilities	3
Total liabilities assumed	130
Non-controlling Interest Acquired	6
Estimated Fair Value of Net Assets Acquired	$ 347

J&J Worldwide Services Acquis_7

J&J Worldwide Services Acquisition - Schedule of Trademarks Acquired as Part of Business Combination (Details) - J&J Worldwide Services - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Feb. 27, 2024
Customer relationships
Business Acquisition [Line Items]
Finite lived Intangible assets, amount assigned at acquisition date		$ 174
Finite lived intangible assets, accumulated amortization and foreign currency translation	$ 9
Finite-lived intangible assets, net carrying value	$ 165
Customer relationships | Minimum
Business Acquisition [Line Items]
Amortization Period	9 years
Customer relationships | Maximum
Business Acquisition [Line Items]
Amortization Period	12 years
Backlog
Business Acquisition [Line Items]
Finite lived Intangible assets, amount assigned at acquisition date		111
Finite lived intangible assets, accumulated amortization and foreign currency translation	$ 15
Finite-lived intangible assets, net carrying value	$ 96
Backlog | Minimum
Business Acquisition [Line Items]
Amortization Period	4 years
Backlog | Maximum
Business Acquisition [Line Items]
Amortization Period	6 years
Trademarks
Business Acquisition [Line Items]
Amortization Period	3 years
Indefinite lived intangible assets, amount assigned at acquisition date		10
Indefinite lived intangible assets, accumulated amortization and foreign currency translation	$ 2
Gross carrying amount	$ 8
Technology
Business Acquisition [Line Items]
Amortization Period	5 years
Indefinite lived intangible assets, amount assigned at acquisition date		$ 2
Indefinite lived intangible assets, accumulated amortization and foreign currency translation	$ 0
Gross carrying amount	$ 2

J&J Worldwide Services Acquis_8

J&J Worldwide Services Acquisition - Schedule of Pro Forma Results Prepared for Comparative Purposes (Details) - J&J Worldwide Services - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 9,036	$ 7,986	$ 25,434	$ 23,341
Operating income	373	272	833	581
Net income attributable to CBRE Group, Inc.	$ 229	$ 190	$ 490	$ 469
Basic income per share:
Net income per share attributable to CBRE Group, Inc. (in USD per share)	$ 0.75	$ 0.62	$ 1.60	$ 1.51
Weighted average shares outstanding for basic income per share (in shares)	306,253,811	307,854,518	306,269,264	309,716,456
Diluted income per share:
Net income per share attributable to CBRE Group, Inc. (in USD per share)	$ 0.74	$ 0.61	$ 1.59	$ 1.49
Weighted average shares outstanding for diluted income per share (in shares)	308,305,013	312,221,133	308,281,111	313,944,855

J&J Worldwide Services Acquis_9

J&J Worldwide Services Acquisition - Summary of Company’s Allocation of Purchase Price to the Intangible Assets, and Goodwill Acquired (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 5,778	$ 5,129
Raleigh Joint Venture
Business Acquisition [Line Items]
Goodwill	114
Total	268
Raleigh Joint Venture | Customer relationships
Business Acquisition [Line Items]
Other intangible assets, net	$ 146
Amortization Period	12 years
Raleigh Joint Venture | Other Intangible Assets
Business Acquisition [Line Items]
Other intangible assets, net	$ 8
Amortization Period	4 years

Warehouse Receivables & Wareh_3

Warehouse Receivables & Warehouse Lines of Credit - Narrative (Details) - Warehouse Agreement Borrowings $ in Billions	9 Months Ended
	Sep. 30, 2024 USD ($)
Short-term Debt [Line Items]
Period of repayment for warehouse lines of credit	1 month
Lines of credit principal outstanding	$ 1.7

Warehouse Receivables & Wareh_4

Warehouse Receivables & Warehouse Lines of Credit - Schedule of Warehouse Receivables (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Warehouse Receivables And Warehouse Lines Of Credit [Abstract]
Beginning balance	$ 675
Origination of mortgage loans	8,212	$ 7,611
Gains (premiums on loan sales)	21
Proceeds from sale of mortgage loans:
Sale of mortgage loans	(7,458)
Cash collections of premiums on loan sales	(21)
Proceeds from sale of mortgage loans	(7,479)	$ (7,081)
Net increase in mortgage servicing rights included in warehouse receivables	9
Ending balance	$ 1,438

Warehouse Receivables & Wareh_5

Warehouse Receivables & Warehouse Lines of Credit - Schedule of Warehouse Lines of Credit in Place (Details) - USD ($)		9 Months Ended
	Jul. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Carrying Value		$ 1,422,000,000	$ 666,000,000
Revolving credit facility		683,000,000	0
Warehouse Agreement Borrowings
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size		3,200,000,000	3,200,000,000
Carrying Value		1,422,000,000	666,000,000
Warehouse Agreement Borrowings | JP Morgan | JP Morgan Chase Bank, N.A. (JP Morgan), Pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size		1,335,000,000	1,335,000,000
Carrying Value		$ 948,000,000	613,000,000
Warehouse Agreement Borrowings | JP Morgan | JP Morgan Chase Bank, N.A. (JP Morgan), Pricing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)		1.50%
Warehouse Agreement Borrowings | JP Morgan | JP Morgan Chase Bank, N.A. (JP Morgan), Pricing | Secured Overnight Financing Rate (SOFR) Adjustment
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)		0.05%
Warehouse Agreement Borrowings | JP Morgan | JP Morgan, Pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size		$ 15,000,000	15,000,000
Carrying Value		$ 0	0
Warehouse Agreement Borrowings | JP Morgan | JP Morgan, Pricing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)		2.75%
Warehouse Agreement Borrowings | JP Morgan | JP Morgan, Pricing | Secured Overnight Financing Rate (SOFR) Adjustment
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)		0.05%
Warehouse Agreement Borrowings | Fannie Mae ASAP Program | Fannie Mae Multifamily ASAP Program, Pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size		$ 650,000,000	650,000,000
Carrying Value		$ 69,000,000	7,000,000
Warehouse Agreement Borrowings | Fannie Mae ASAP Program | Fannie Mae Multifamily ASAP Program, Pricing | London Interbank Offered Rate (LIBOR) | Maximum
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)		1.45%
Warehouse Agreement Borrowings | Fannie Mae ASAP Program | Fannie Mae Multifamily ASAP Program, Pricing | London Interbank Offered Rate (LIBOR) | Minimum
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)		0.25%
Warehouse Agreement Borrowings | TD Bank | TD Bank, Pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size	$ 300,000,000	$ 600,000,000	600,000,000
Carrying Value		70,000,000	28,000,000
Revolving credit facility	$ 300,000,000	$ 300,000,000
Warehouse Agreement Borrowings | TD Bank | TD Bank, Pricing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	1.25%	1.25%
Warehouse Agreement Borrowings | TD Bank | TD Bank, Pricing | Secured Overnight Financing Rate (SOFR) Adjustment
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)	0.10%	0.10%
Warehouse Agreement Borrowings | Bank of America (BofA) | Bank of America, Pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size		$ 350,000,000	350,000,000
Carrying Value		$ 335,000,000	18,000,000
Warehouse Agreement Borrowings | Bank of America (BofA) | Bank of America, Pricing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)		1.25%
Warehouse Agreement Borrowings | Bank of America (BofA) | Bank of America, Pricing | Secured Overnight Financing Rate (SOFR) Adjustment
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)		0.10%
Warehouse Agreement Borrowings | Bank of America (BofA) | BofA, pricing
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Maximum Facility Size		$ 250,000,000	250,000,000
Carrying Value		$ 0	$ 0
Warehouse Agreement Borrowings | Bank of America (BofA) | BofA, pricing | Secured Overnight Financing Rate (SOFR) Overnight Index Swap
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)		1.25%
Warehouse Agreement Borrowings | Bank of America (BofA) | BofA, pricing | Secured Overnight Financing Rate (SOFR) Adjustment
Warehouse Receivables And Warehouse Lines Of Credit [Line Items]
Variable rate (as a percent)		0.10%

Variable Interest Entities (V_3

Variable Interest Entities (VIEs) (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Investments in unconsolidated subsidiaries	$ 190	$ 165
Co-investment commitments	39	58
Maximum exposure to loss	$ 229	$ 223

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated subsidiaries	$ 930	$ 997
Warehouse receivables	1,438	675
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	43	68
Equity securities	17	41
Investments in unconsolidated subsidiaries	546	645
Warehouse receivables	1,438	675
Other assets	37	16
Total assets at fair value	2,081	1,445
Contingent consideration	37	36
Other liabilities	14	5
Total liabilities at fair value	51	41
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	3	12
Equity securities	17	41
Investments in unconsolidated subsidiaries	78	168
Warehouse receivables	0	0
Other assets	0	0
Total assets at fair value	98	221
Contingent consideration	0	0
Other liabilities	0	0
Total liabilities at fair value	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	40	56
Equity securities	0	0
Investments in unconsolidated subsidiaries	0	0
Warehouse receivables	1,438	675
Other assets	0	0
Total assets at fair value	1,478	731
Contingent consideration	0	0
Other liabilities	14	5
Total liabilities at fair value	14	5
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Equity securities	0	0
Investments in unconsolidated subsidiaries	468	477
Warehouse receivables	0	0
Other assets	37	16
Total assets at fair value	505	493
Contingent consideration	37	36
Other liabilities	0	0
Total liabilities at fair value	37	36
Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	3	12
Recurring | U.S. treasury securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	3	12
Recurring | U.S. treasury securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Recurring | U.S. treasury securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Recurring | Debt securities issued by U.S. federal agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		11
Recurring | Debt securities issued by U.S. federal agencies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		0
Recurring | Debt securities issued by U.S. federal agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		11
Recurring | Debt securities issued by U.S. federal agencies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities		0
Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	33	44
Recurring | Corporate debt securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Recurring | Corporate debt securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	33	44
Recurring | Corporate debt securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	7	1
Recurring | Asset-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Recurring | Asset-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	7	1
Recurring | Asset-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in unconsolidated subsidiaries, fair value	$ 384		$ 384		$ 352
Asset impairments	9	$ 0	9	$ 0
Total long-term debt	3,325		3,325		2,824
Fair Value Measured at Net Asset Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments In Unconsolidated Subsidiaries, Fair Value					19
Fair Value Measured at Net Asset Value | Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments In Unconsolidated Subsidiaries, Fair Value	20		20
2.500% senior notes | Carrying Value | Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total long-term debt	182		182		124
Non-Marketable Equity Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital investments	$ 143		$ 143		$ 143

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Reconciliation for Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Investment in Unconsolidated Subsidiaries
Investment in Unconsolidated Subsidiaries
Beginning balance	$ 457	$ 477
Transfer in (out)	0	0
Net change in fair value	11	(9)
Purchases / Additions	0	0
Sales / Payments	0	0
Ending balance	468	468
Other Assets
Other Assets
Beginning balance	31	16
Transfer in (out)	0	0
Net change in fair value	2	12
Purchases / Additions	4	9
Sales / Payments	0	0
Ending balance	37	37
Contingent Consideration
Contingent Consideration
Beginning balance	40	36
Transfer in (out)	0	0
Net change in fair value	1	(2)
Purchases / Additions	0	9
Sales / Payments	(4)	(6)
Ending balance	$ 37	$ 37

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details)	Sep. 30, 2024
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input	0.21
Contingent consideration, weighted average, measurement input	0%
Volatility | Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average, measurement input	37%
Volatility | Minimum | Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated subsidiaries, measurement input	0.35
Volatility | Maximum | Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated subsidiaries, measurement input	0.61
Discount rate | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated subsidiaries, measurement input	0.17
Weighted average, measurement input	0%
Other assets, measurement input	0.17
Other assets, weighted average, measurement input	0%
Contingent consideration, weighted average, measurement input	6%
Discount rate | Monte Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated subsidiaries, measurement input	0.25
Weighted average, measurement input	0%
Contingent consideration measurement input	0.05
Contingent consideration, weighted average, measurement input	0%
Discount rate | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input	0.05
Discount rate | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration measurement input	0.06

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 3,325	$ 2,824
Estimated Fair Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	748	746
Carrying Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 756	752
5.950% senior notes | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate	5.95%
5.950% senior notes | Estimated Fair Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 1,073	1,049
5.950% senior notes | Carrying Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 975	974
4.875% senior notes | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate	4.875%
Total long-term debt	$ 599	599
4.875% senior notes | Estimated Fair Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	603	600
4.875% senior notes | Carrying Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 598	597
5.500% senior notes | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate	5.50%
Total long-term debt	$ 496	0
5.500% senior notes | Estimated Fair Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	522	0
5.500% senior notes | Carrying Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 495	0
2.500% senior notes | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate	2.50%
Total long-term debt	$ 495	494
2.500% senior notes | Estimated Fair Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	437	424
2.500% senior notes | Carrying Value | Senior Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total long-term debt	$ 491	$ 490

Investments in Unconsolidated_3

Investments in Unconsolidated Subsidiaries - Narrative (Details) - Ownership Percentage	Sep. 30, 2024
Minimum
Schedule of Equity Method Investments [Line Items]
Equity method investments in unconsolidated subsidiaries, variations in ownership percentage	1%
Maximum
Schedule of Equity Method Investments [Line Items]
Equity method investments in unconsolidated subsidiaries, variations in ownership percentage	50%

Investments in Unconsolidated_4

Investments in Unconsolidated Subsidiaries - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	$ 1,334		$ 1,374
Alignment shares, relevant measurement period following merger (in years)	7 years
Real Estate Investments (in projects and funds)
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	$ 705		661
Altus Power, Inc.
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	$ 87		$ 224
Alignment shares converted (in shares)		201,250
Shares converted to Class A common stock (in shares)		2,011
Altus Power, Inc. | Class A common stock
Schedule of Equity Method Investments [Line Items]
Common stock shares (in shares)	24,557,823		24,556,012
Ownership percentage	15.40%
Altus Power, Inc. | Parent Company | Class A common stock
Schedule of Equity Method Investments [Line Items]
Shares converted to Class A common stock (in shares)		1,811
Class A common stock
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	$ 78		$ 168
Alignment shares
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	9		56
Other
Schedule of Equity Method Investments [Line Items]
Total investment in unconsolidated subsidiaries	$ 542		$ 489

Investments in Unconsolidated_5

Investments in Unconsolidated Subsidiaries - Schedule of Condensed Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Revenue	$ 9,036,000	$ 7,868,000	$ 25,363,000	$ 22,999,000
Net income (loss)	245,000	201,000	535,000	532,000
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenue	797,000	786,000	2,760,000	5,443,000
Operating income	243,000	242,000	898,000	3,810,000
Net income (loss)	$ 1,000	$ (464,000)	$ (1,235,000)	$ 107,000

Long-Term Debt and Short-Term_3

Long-Term Debt and Short-Term Borrowings - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 3,325	$ 2,824
Less: current maturities of long-term debt	38	9
Less: unamortized debt issuance costs	10	11
Long-term debt, net of current maturities	3,277	2,804
Senior Secured Term Loans
Debt Instrument [Line Items]
Total long-term debt	$ 758	755
5.950% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate	5.95%
Total long-term debt	$ 977	976
4.875% senior notes | Senior Notes
Debt Instrument [Line Items]
Interest rate	4.875%
Total long-term debt	$ 599	599
5.500% senior notes | Senior Notes
Debt Instrument [Line Items]
Interest rate	5.50%
Total long-term debt	$ 496	0
2.500% senior notes | Senior Notes
Debt Instrument [Line Items]
Interest rate	2.50%
Total long-term debt	$ 495	$ 494

Long-Term Debt and Short-Term_4

Long-Term Debt and Short-Term Borrowings - Narrative (Details) £ in Millions

9 Months Ended

Feb. 23, 2024 USD ($)

Jul. 10, 2023 USD ($)

Jun. 23, 2023 USD ($)

Aug. 05, 2022 USD ($)

Mar. 18, 2021 USD ($)

Aug. 13, 2015 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2024 EUR (€)

Dec. 31, 2023 USD ($)

Dec. 31, 2023 GBP (£)

Jul. 10, 2023 EUR (€)

Mar. 31, 2022 EUR (€)

Debt Instrument [Line Items]

Total long-term debt

$ 3,325,000,000

$ 2,824,000,000

Letters of credit outstanding amount

269,000,000

Revolving credit facility

683,000,000

0

2023 Credit Agreement with Wells Fargo

Debt Instrument [Line Items]

Interest rate

0.10%

0.10%

Minimum coverage ratio of EBITDA to total interest expense expressed in percentage

2%

Maximum leverage ratio of total debt less available cash to EBITDA expressed in percentage

4.25%

Maximum leverage ratio during first four quarter that qualified acquisition is consummated

4.75%

2023 Credit Agreement with Wells Fargo | Euro Term Loan Facility

Debt Instrument [Line Items]

Total long-term debt

408,000,000

2023 Credit Agreement with Wells Fargo | U.S. Dollar Term Loan

Debt Instrument [Line Items]

Total long-term debt

$ 348,000,000

2023 Credit Agreement with Wells Fargo | Secured Overnight Financing Rate (SOFR) Overnight Index Swap

Debt Instrument [Line Items]

Variable rate (as a percent)

1%

2023 Credit Agreement with Wells Fargo | Secured Overnight Financing Rate (SOFR) Overnight Index Swap | U.S. Dollar Term Loan | Minimum

Debt Instrument [Line Items]

Interest rate

1.25%

1.25%

2023 Credit Agreement with Wells Fargo | Europe Interbank Offered Rate (EURIBOR) | Euro Term Loan Facility | Minimum

Debt Instrument [Line Items]

Interest rate

1.25%

1.25%

2023 Credit Agreement with Wells Fargo | Fed Funds Effective Rate Overnight Index Swap Rate

Debt Instrument [Line Items]

Variable rate (as a percent)

0.50%

2023 Credit Agreement with Wells Fargo | Unsecured Debt

Debt Instrument [Line Items]

Debt agreement term

5 years

2023 Credit Agreement with Wells Fargo, Tranche A Euro Denominated Term Loan | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal amount | €

€ 367,000,000

2023 Credit Agreement with Wells Fargo, Tranche A, US Dollar Denominated Term Loan | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal amount

$ 350,000,000

Revolving Credit Agreement | Senior Notes

Debt Instrument [Line Items]

Minimum coverage ratio of EBITDA to total interest expense expressed in percentage

2%

Maximum leverage ratio of total debt less available cash to EBITDA expressed in percentage

4.25%

Maximum leverage ratio during first four quarter that qualified acquisition is consummated

4.75%

Revolving Credit Agreement | Revolving Credit Facility

Debt Instrument [Line Items]

Debt agreement term

5 years

Interest rate

0.10%

Amounts available to borrow under credit agreement

$ 3,500,000,000

Revolving Credit Agreement | Revolving Credit Facility | Line of Credit

Debt Instrument [Line Items]

Letters of credit outstanding amount

$ 300,000,000

Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap | Revolving Credit Facility

Debt Instrument [Line Items]

Variable rate (as a percent)

1%

Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap | Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Variable rate (as a percent)

0.63%

Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap | Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Variable rate (as a percent)

1.10%

Revolving Credit Agreement | Base Rate | Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Variable rate (as a percent)

0%

Revolving Credit Agreement | Base Rate | Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Variable rate (as a percent)

0.10%

Revolving Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate | Revolving Credit Facility

Debt Instrument [Line Items]

Variable rate (as a percent)

0.50%

5.950% senior notes | Senior Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 1,000,000,000

Interest rate

5.95%

5.95%

Percentage of face value

98.174%

5.950% senior notes | Senior Notes | On Or After January 1, 2031

Debt Instrument [Line Items]

Redemption price percentage

100%

5.950% senior notes | Senior Notes | US Treasury (UST) Interest Rate

Debt Instrument [Line Items]

Semi-annual basis adjustment (basis points)

0.40%

5.500% senior notes | Senior Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 500,000,000

Interest rate

5.50%

5.50%

Total long-term debt

$ 496,000,000

0

Percentage of face value

99.837%

5.500% senior notes | Senior Notes | On Or After January 1, 2031

Debt Instrument [Line Items]

Redemption price percentage

100%

5.500% senior notes | Senior Notes | US Treasury (UST) Interest Rate

Debt Instrument [Line Items]

Semi-annual basis adjustment (basis points)

0.20%

2.500% senior notes | Senior Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 500,000,000

Interest rate

2.50%

2.50%

Total long-term debt

$ 495,000,000

494,000,000

Percentage of face value

98.451%

4.875% senior notes | Senior Notes

Debt Instrument [Line Items]

Aggregate principal amount

$ 600,000,000

Interest rate

4.875%

4.875%

Total long-term debt

$ 599,000,000

599,000,000

Redemption price percentage

99.24%

2019 Credit Agreement | Revolving Credit Facility

Debt Instrument [Line Items]

Revolving credit facility

683,000,000

0

2019 Credit Agreement | Revolving Credit Facility | Line of Credit

Debt Instrument [Line Items]

Letters of credit outstanding amount

10,000,000

2027 Credit Agreement | Revolving Credit Facility | Turner & Townsend

Debt Instrument [Line Items]

Amounts available to borrow under credit agreement | €

€ 120,000,000

Revolving credit facility

$ 0

Additional accordion option | €

€ 20,000,000

Two Point Five Percent Senior Notes | Senior Notes

Debt Instrument [Line Items]

Adjustment to treasury rate

0.20%

Two Point Five Percent Senior Notes | Senior Notes | On Or After January 1, 2031

Debt Instrument [Line Items]

Redemption price percentage

100%

Four Point Eight Seven Five Senior Notes | Senior Notes

Debt Instrument [Line Items]

Percentage of long term debt available for redemption

100%

Redemption price percentage, following change in control

101%

Revolving Credit Facility, Maturity Date January 31, 2024 | Revolving Credit Facility | Turner & Townsend

Debt Instrument [Line Items]

Revolving credit facility

$ 10,000,000

£ 8

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Operating	$ 1,122	$ 1,030
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net	Other assets, net
Financing	$ 231	$ 210
Total leased assets	1,353	1,240
Current:
Operating	$ 229	$ 242
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Financing	$ 41	$ 36
Non-current:
Operating	$ 1,205	$ 1,089
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Financing	$ 88	$ 72
Total lease liabilities	$ 1,563	$ 1,439

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 89	$ 116
Right-of-use assets obtained in exchange for new financing lease liabilities	58	37
Other non-cash increases (decreases) in operating lease right-of-use assets	132	(7)
Other non-cash decrease in financing lease right-of-use assets	$ (9)	$ (2)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Funded loans unpaid principal	$ 43,800	$ 43,800
Letters of credit outstanding	269	269
Accrued loan loss	61	61	$ 67
Assets available for recourse	2,400	2,400
Guarantees total	236	236
Recognized revenue included in contract liability	16	206
Contingent deferred consideration		(285)	(266)
Reserves for sales and use taxes	25	25	3
Commitments to investment in future real estate investment	154	$ 154
Commitments to investment in future real estate investment		0.50
Commitment to investment in consolidated projects	153	$ 153
Commitments to investment in unconsolidated real estate subsidiary	51	51
Accounts Payable, Accrued Expenses and Long-term Deferred and Contingent Consideration
Loss Contingencies [Line Items]
Recognized revenue included in contract liability		(283)	(264)
Performance Guarantee
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	788	788	242
Warehouse Receivable
Loss Contingencies [Line Items]
Warehouse receivables	786	786
Funded Loan Subject to Loss Sharing Arrangements
Loss Contingencies [Line Items]
Funded loans unpaid principal	40,400	40,400
Letters of credit outstanding	160	160	140
SBL Program
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 5	$ 5	$ 5
Percentage of maximum original principal amount loan loss	10%	10%
Funded Loan Not Subject to Loss Sharing Arrangements
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 165	$ 165

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 67	$ 31	$ 70	$ 114
Increase (decrease) in income taxes	$ 36		$ (44)
Effective tax rate	21.50%	13.20%	11.60%	17.60%
Unrecognized tax benefits	$ 348		$ 348		$ 413
Increase (decrease) in unrecognized tax benefits			$ (65)

Income Per Share and Stockhol_3

Income Per Share and Stockholders' Equity - Schedule of Calculations of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic Income Per Share
Net income attributable to CBRE Group, Inc. stockholders	$ 225	$ 191	$ 481	$ 509
Weighted average shares outstanding for basic income per share (in shares)	306,253,811	307,854,518	306,269,264	309,716,456
Basic income per share attributable to CBRE Group, Inc. stockholders (in dollars per share)	$ 0.73	$ 0.62	$ 1.57	$ 1.64
Diluted Income Per Share
Net income attributable to CBRE Group, Inc. stockholders	$ 225	$ 191	$ 481	$ 509
Weighted average shares outstanding for basic income per share (in shares)	306,253,811	307,854,518	306,269,264	309,716,456
Dilutive effect of contingently issuable shares (in shares)	2,051,202	4,366,615	2,011,847	4,228,399
Weighted average shares outstanding for diluted income per share (in shares)	308,305,013	312,221,133	308,281,111	313,944,855
Diluted income per share attributable to CBRE Group, Inc. stockholders (in dollars per share)	$ 0.73	$ 0.61	$ 1.56	$ 1.62

Income Per Share and Stockhol_4

Income Per Share and Stockholders' Equity - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Nov. 19, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 18, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares repurchased during the period, value		$ 62,000,000	$ 516,000,000	$ 110,000,000	$ 630,000,000
Capacity remaining under current stock repurchase programs		1,400,000,000		1,400,000,000
November 2021 Repurchase Program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Authorized share repurchase amount	$ 2,000,000,000					$ 4,000,000,000
Authorized share repurchase term	5 years
Additional authorized amount						$ 2,000,000,000
Shares repurchased during the period, value		$ 62,000,000	$ 516,000,000	$ 110,000,000	$ 630,000,000
Shares repurchased during the period (in shares)		567,209	6,213,921	1,121,950	7,582,094
Average price per share (in dollars per share)		$ 109.20		$ 98.35
Contingently Issuable Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded in computation of diluted income per share (in shares)		5,875	326,762	238,815	345,108

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	$ 8,850	$ 7,730	$ 24,903	$ 22,632
Total Out of Scope of Topic 606 Revenue	186	138	460	367
Total Revenue	9,036	7,868	25,363	22,999
Corporate, other and eliminations
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	(7)	(4)	(16)	(12)
Total Out of Scope of Topic 606 Revenue	0	0	0	0
Total Revenue	(7)	(4)	(16)	(12)
Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	2,211	1,882	6,064	5,552
Total Out of Scope of Topic 606 Revenue	184	131	454	356
Total Revenue	2,395	2,013	6,518	5,908
Global Workplace Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	6,346	5,649	18,099	16,413
Total Out of Scope of Topic 606 Revenue	0	0	0	0
Total Revenue	6,346	5,649	18,099	16,413
Real Estate Investments | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	300	203	756	679
Total Out of Scope of Topic 606 Revenue	2	7	6	11
Total Revenue	302	210	762	690
Facilities management
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	4,370	3,844	12,563	11,210
Facilities management | Global Workplace Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	4,370	3,844	12,563	11,210
Project management
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	1,976	1,805	5,536	5,203
Project management | Global Workplace Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	1,976	1,805	5,536	5,203
Advisory leasing
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	984	827	2,607	2,350
Advisory leasing | Corporate, other and eliminations
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	0	0	0	0
Advisory leasing | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	984	827	2,607	2,350
Advisory sales
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	422	370	1,133	1,135
Advisory sales | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	422	370	1,133	1,135
Property management
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	560	461	1,604	1,397
Property management | Corporate, other and eliminations
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	(7)	(4)	(16)	(12)
Property management | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	567	465	1,620	1,409
Valuation
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	178	163	528	508
Valuation | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	178	163	528	508
Commercial mortgage origination
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	44	37	117	94
Total Out of Scope of Topic 606 Revenue	119	70	266	174
Commercial mortgage origination | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	44	37	117	94
Total Out of Scope of Topic 606 Revenue	119	70	266	174
Loan servicing
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	16	20	59	56
Total Out of Scope of Topic 606 Revenue	65	61	188	182
Loan servicing | Advisory Services | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	16	20	59	56
Total Out of Scope of Topic 606 Revenue	65	61	188	182
Investment management
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	196	137	494	436
Investment management | Real Estate Investments | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	196	137	494	436
Development services
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	104	66	262	243
Total Out of Scope of Topic 606 Revenue	2	7	6	11
Development services | Real Estate Investments | Operating Segments
Disaggregation of Revenue [Line Items]
Topic 606 Revenue	104	66	262	243
Total Out of Scope of Topic 606 Revenue	$ 2	$ 7	$ 6	$ 11

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 592	$ 592	$ 517
Contract assets, current	496	496	443
Contract liabilities	329	329	304
Contract liabilities, current	329	329	$ 298
Recognized revenue included in contract liability	$ (16)	$ (206)

Segments - Schedule of Summariz

Segments - Schedule of Summarized Financial Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 9,036	$ 7,868	$ 25,363	$ 22,999
Operating income	368	269	819	613
Operating Segments
Segment Reporting Information [Line Items]
Operating income	799	535	1,939	1,747
Operating Segments | Advisory Services
Segment Reporting Information [Line Items]
Revenue	2,395	2,013	6,518	5,908
Operating income	414	277	1,020	862
Operating Segments | Global Workplace Solutions
Segment Reporting Information [Line Items]
Revenue	6,346	5,649	18,099	16,413
Operating income	318	251	808	714
Operating Segments | Real Estate Investments
Segment Reporting Information [Line Items]
Revenue	302	210	762	690
Operating income	67	7	111	171
Corporate, other and eliminations
Segment Reporting Information [Line Items]
Revenue	(7)	(4)	(16)	(12)
Operating income	$ 119	$ 111	$ 412	$ 319

Segments - Schedule of Reconcil

Segments - Schedule of Reconciliation of Reportable Segment Operating Profit to Net Income (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net income attributable to CBRE Group, Inc.	$ 225		$ 191	$ 481	$ 509
Net income attributable to non-controlling interests	20		10	54	23
Net income	245		201	535	532
Adjustments to increase (decrease) net income:
Depreciation and amortization	178		149	497	465
Interest expense, net of interest income	64		38	163	110
Provision for income taxes	67		31	70	114
Costs associated with efficiency and cost-reduction initiatives	41		4	137	145
Charges related to indirect tax audit / settlement	25		0	39	0
Carried interest incentive compensation (reversal) expense to align with the timing of associated revenue	(4)		(8)	12	(2)
Costs incurred related to legal entity restructuring	0		4	2	4
Integration and other costs related to acquisitions	22		5	30	60
Provision associated with Telford’s fire safety remediation efforts	33		0	33	0
Impact of fair value non-cash adjustments related to unconsolidated equity investments	9		0	9	0
Total reportable segment operating profit	$ 368		$ 269	819	613
Environmental Remediation Expense, before Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total reportable segment operating profit		Total reportable segment operating profit
Transaction and business realignment costs		$ 18
Offset by reversal of over-accrued amount		$ 22
Corporate and other loss, including eliminations
Adjustments to increase (decrease) net income:
Total reportable segment operating profit	$ 119		$ 111	412	319
Operating Segments
Adjustments to increase (decrease) net income:
Total reportable segment operating profit	$ 799		$ 535	$ 1,939	$ 1,747

Segments - Schedule of Geograph

Segments - Schedule of Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 9,036	$ 7,868	$ 25,363	$ 22,999
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	5,210	4,274	14,302	12,630
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,257	1,100	3,537	3,152
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 2,569	$ 2,494	$ 7,524	$ 7,217

Segments - Narrative (Details)

Segments - Narrative (Details)	Jun. 24, 2024 segment
Segment Reporting [Abstract]
Global business segments	4

Telford Fire Safety Remediati_2

Telford Fire Safety Remediation (Details) - Telford Fire Safety Remediation - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Estimated environmental liability	$ 226	$ 192
Current portion of estimated environmental liability	$ 110	$ 82

Restructuring Activities - Sche

Restructuring Activities - Schedule of Expense Incurred By Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Mar. 31, 2023	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 147	$ 154
Efficiency And Cost Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 64		183
Efficiency And Cost Reduction | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	36		126
Efficiency And Cost Reduction | Advisory Services | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	13		13
Efficiency And Cost Reduction | Global Workplace Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	11		40
Efficiency And Cost Reduction | Real Estate Investments | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4		4
Employee separation benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges			112
Employee separation benefits | Efficiency And Cost Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges	32		112
Employee separation benefits | Efficiency And Cost Reduction | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4		55
Employee separation benefits | Efficiency And Cost Reduction | Advisory Services | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	13		13
Employee separation benefits | Efficiency And Cost Reduction | Global Workplace Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	11		40
Employee separation benefits | Efficiency And Cost Reduction | Real Estate Investments | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4		4
Professional fees and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges			58
Professional fees and other | Efficiency And Cost Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges	32		71
Professional fees and other | Efficiency And Cost Reduction | Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	32		71
Professional fees and other | Efficiency And Cost Reduction | Advisory Services | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		0
Professional fees and other | Efficiency And Cost Reduction | Global Workplace Solutions | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		0
Professional fees and other | Efficiency And Cost Reduction | Real Estate Investments | Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0		$ 0

Restructuring Activities - Narr

Restructuring Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 147	$ 154
Cost of Revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges		29
Operating, Administrative and Other Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 83

Restructuring Activities - Sc_2

Restructuring Activities - Schedule of Liability Balance Associated with Major Cash-based Charges (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Expense incurred	$ 147	$ 154
Employee separation benefits
Restructuring Cost and Reserve [Line Items]
Balance at December 31, 2023		13
Expense incurred		112
Payments made		(100)
Balance at September 30, 2024		25
Professional fees and other
Restructuring Cost and Reserve [Line Items]
Balance at December 31, 2023		0
Expense incurred		58
Payments made		(33)
Balance at September 30, 2024		$ 25