The firm’s percentage of leasing revenues overshadowed its strong investment sales business during the first quarter. A full 38 percent of CB Richard Ellis’s revenues — or $205.5 million — were generated through leasing transactions during the first quarter, a 7 percent increase over the $138.7 million in leasing transactions recorded during the same period a year ago.
Investment sales accounted for 34 percent of the firm’s first-quarter revenues and continued at a brisk pace. Revenues from investment sales rose 31 percent in the 12-month period ending March 31. The firm posted investment sales-related revenues of $182.1 during the first quarter this year, vs. $138.7 million in the first quarter of 2004. Several large deals, including a $440 million industrial property sale in Atlanta in which CB Richard Ellis represented the seller, helped bring the firm’s investment sales earnings up.
Legal and financial services firms were responsible for much of the leasing activity in markets such as New York and Washington, D.C. Meanwhile, CB Richard Ellis reports that sublease space continues to be leased or re-absorbed by existing tenants.
The European investment market also helped. According to White, the firm’s EMEA (Europe Middle East Africa) business posted a 27.9 percent revenue increase. The EMEA component — which is concentrated in Europe — brought in revenues of $79.8 million in the first quarter 2004. By comparison, these markets generated $102.1 million during the first quarter.
