asset servicing, business growth currency. our of loan of in which and property quarter. entire Global Solutions investment lines XX% consist resilient Thanks, revenue saw rise continued the constant our the of Workplace net Bob. of businesses, business, management component On during Together, management management, basis, a valuation consolidated these
Please turn against by discuss had a a year capital Advisory comparison when challenging our more revenue advisory prior versus Slide pronounced XXXX. markets XX% Weakness effect net net in results. Services business. than X I grew QX fell Advisory as XX% revenue to on the
Our capital property revenue businesses, quarter. saw and a loan versus origination markets together the second XX% prior fell increase in sales XX% year
than expectations. fell property In the credit sales and seller between Americas, and availability limited revenue buyer more XX% expected, gap the reflecting
where modest year. double beginning embedded rent our leverage are uptick of in $XX appetite deals negative half the the has volumes sold to in buyers In over to the We U.S. assets accept due multifamily gains the market, investor the for of see currently significant CBRE first several billion in years. an industrial will than past more
fell revenue local XX% APAC, in in both Sales XX% and currency. EMEA in
We most XX% overseas as leasing local down are quarter. performed was versus Japan year Notably, in with line growth APAC. and revenue has XX% expectations in Markets, in increased by with in outside this markets increasingly EMEA advisory decline become the in our profitable year-to-date, our well revenue XX% second grew currency has contrast APAC currency. increased the by prior U.S. local leasing In Capital positioned Leasing with and in revenue Americas. combined The driven the in market X%
while declined year. office servicing prepayment only fees significant and U.S., year prior revenues with Among down the against weakest X% was types challenging was to due revenue XX% XX%, property Industrial in the in Loan comparison. the down prior
loan significantly of the Excluding headwind last prepayment fees fell servicing the by beginning diminish third going Prepayment prepayments, X%. should quarter forward. increased in so year, revenue
declined in In financial in down for investors Property we revenue largely significant investment Asia. work estate. currency, management with business the a revenue our as in X% Valuation pulled commercial of volume notable from rose local This has quarter business. real net slowed across geographies back U.S., Continental year institutions. Southeast most in currency, local and perform increasing X% driven by the into this Europe strength U.S.
continued X% of in SOP local our and quarter, the Demand led services exceeding services. driven for reach Growth expansion and the in scope where by by business our U.S. remained on management our Townsend increased grew UK our by FM Turning GWS XX% business strong, to X. both into expectations. clients revenue Net and the business. Slide slightly & strength Turner of we the project and an our enterprise the increased was geographic also
through should with balance in year these we slightly line with from continued second due declined SOP the investments year, support year with expected though full continue as the OpEx the expect margins well Even the businesses, recent SOP year’s than higher be better expansion to prior we geographic associated acquisitions. local level. quarter last investments to of as to costs our integrating margin
opportunity, Norland to to account U.S., which net by revenue the grown tremendous of over has net expected in just is XXXX. It this business grow XX% XX% this its year. and UK represents lines year. is business a this particularly began local significantly growth from late the acquisition revenue in with expected focus This for Our business original
pipeline are more the estate driven on Our is QX focused outsourcers lowering by pipeline first-generation above the elevated, than remained real The that XX% large XXXX level. growth costs.
our to Turning REI X. Slide segment on
the from expected, a As prior was versus SOP record down SOP year when this segment. generated we significantly
second co-investment all driven by losses Investment of the was year’s quarter. the incentive modest profit in decline last at and lower versus fees nearly Management co-investment gains operating Looking business,
remains and driven by plus gains healthy, on market fees return fell lower core management and base assets we The X% valuations. under earns our to of and conditions foundation commercial expect broader incentive market IM core real which co-investment improve. when by estate Assets fees business,
realized We development. to loss. Turning operating a modest
particular versus business we any the at look before, quarter. it this is have long over As discussed term important to
can highly yield Our to future. allows on flexible assets mind. financing And returns believe better in the that completed in structure evaluate we portfolio to continually we us they our hold if with
year, to operating million months, development in performance. On a the million over asset prior the of monetizations a the Due compared full in than profits to of trailing for we $XX $XXX XX-month QX profit expect we trailing period. we XX-month basis, operating period year generated higher realized anticipated record in and this XX
to industrial projects. As into well-located and capital favoring selectively development, Bob begun have mentioned, residential deploy investors
for during positioning Our pipeline well increased recovery. slightly us market the a quarter,
discussion a management our Please capital of balance and turn sheet. X to Slide for
quarter During loan. more and upsizing now to of We we maintaining term million capacity investment-grade through from unsecured $XXX raised while and a additional offering capital the we even an shortly invest senior euro sheet. balance our refinancing an end, quarter, $X have after billion bond raised
the We have opportunities of $X a in robust range billion. multiple M&A pipeline are and evaluating
expect We in shareholder shares completed, will if drive but QX, million value. of meaningful these $XXX repurchase not investments, We any repurchased shares month-to-date. have did
in to just $XXX generate we Looking billion figure $X We this $XXX cash over main closer to reasons. at to originally now two be for million million expect XXXX. free to had expected flow,
cash to First, our a expectation earnings has impact noted, which has as declined, flow. for direct
sheet balance Crow Second, developments the of cash broker free as as costs Trammell consolidated our run recruitment Company flow. are well that on cost
targeted future and make acquisitions seeing two last in to development are We anticipate areas in more we now investments these investing quarter. both attractive expectation land versus and our recruiting, opportunities broker for
I’ll on XXXX outlook end for with Slide XX. updated our
As mid-double-digit year’s Bob we last record low level, decline to the from noted, expect decline greater now EPS we XX% discussed. to XX% core to than previously
SOP a a nearly of in Our outlook in development profit. produced when year decline and million anticipated operating original REI coming low decline SOP, XX% a our SOP low a teens off business double-digit increase advisory GWS $XXX in
will until that the in next primarily recover our outlook revised view The year. incremental is decline our by markets driven capital not
and loan and than investment result, gains origination in a ago expect days and extended development As sales we both revenue line an lower investment XX time to realize we anticipated management.
than better been each net we billion previously anticipating. the approximately in SOP segment, to slightly XXXX Looking we to expect decline on with line or than decline year advisory In greater for the growth, XX% $X had SOP over reach now expect we we GWS, with by margin level. expected, double-digit revenue low-to-mid for full a the now year, at
low reflecting XX% development than now slightly we range, incentive anticipated previously lower full primary The co-investment in decline the is investment fewer as worse driver $XXX SOP In in REI, gains. XX% million well fees expected. as to and than we expect gains management year a
the heavily second EPS We in expect fourth core the weighted to quarter. half be to
development we seasonality, half place making the and GWS benefit sales will the growth have most an increasing we’re through the year. QX, of second take the of normal business anticipate the investments in in Beyond will
fourth expect quarters we represent nearly second of the such, core to half EPS. As three quarter
questions. we’ll for operator, the call that, With open
