Intrinsic value of CBRE Group - CBRE

Previous Close

$43.18

  Intrinsic Value

$125.57

stock screener

  Rating & Target

str. buy

+191%

Previous close

$43.18

 
Intrinsic value

$125.57

 
Up/down potential

+191%

 
Rating

str. buy

We calculate the intrinsic value of CBRE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 14.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.40
  14.36
  13.42
  12.58
  11.82
  11.14
  10.53
  9.97
  9.48
  9.03
  8.63
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
  5.75
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  16,398
  18,753
  21,270
  23,946
  26,777
  29,761
  32,894
  36,174
  39,603
  43,178
  46,903
  50,779
  54,809
  58,999
  63,352
  67,877
  72,579
  77,466
  82,549
  87,836
  93,338
  99,067
  105,035
  111,255
  117,741
  124,507
  131,569
  138,943
  146,647
  154,697
Variable operating expenses, $m
  12,686
  14,441
  16,317
  18,311
  20,421
  22,644
  24,979
  27,424
  29,979
  32,644
  34,954
  37,843
  40,847
  43,969
  47,213
  50,585
  54,089
  57,732
  61,519
  65,460
  69,560
  73,830
  78,277
  82,913
  87,746
  92,789
  98,052
  103,547
  109,288
  115,288
Fixed operating expenses, $m
  2,191
  2,239
  2,289
  2,339
  2,390
  2,443
  2,497
  2,552
  2,608
  2,665
  2,724
  2,784
  2,845
  2,908
  2,972
  3,037
  3,104
  3,172
  3,242
  3,313
  3,386
  3,461
  3,537
  3,614
  3,694
  3,775
  3,858
  3,943
  4,030
  4,119
Total operating expenses, $m
  14,877
  16,680
  18,606
  20,650
  22,811
  25,087
  27,476
  29,976
  32,587
  35,309
  37,678
  40,627
  43,692
  46,877
  50,185
  53,622
  57,193
  60,904
  64,761
  68,773
  72,946
  77,291
  81,814
  86,527
  91,440
  96,564
  101,910
  107,490
  113,318
  119,407
Operating income, $m
  1,521
  2,072
  2,665
  3,296
  3,966
  4,673
  5,418
  6,198
  7,016
  7,869
  9,225
  10,152
  11,118
  12,122
  13,168
  14,255
  15,386
  16,563
  17,788
  19,063
  20,392
  21,777
  23,221
  24,728
  26,301
  27,943
  29,659
  31,453
  33,329
  35,291
EBITDA, $m
  2,248
  2,837
  3,469
  4,143
  4,858
  5,613
  6,408
  7,241
  8,113
  9,023
  9,973
  10,962
  11,992
  13,064
  14,178
  15,337
  16,544
  17,798
  19,104
  20,464
  21,881
  23,357
  24,897
  26,503
  28,179
  29,929
  31,758
  33,669
  35,668
  37,759
Interest expense (income), $m
  0
  157
  220
  288
  361
  438
  520
  606
  697
  792
  891
  994
  1,102
  1,214
  1,330
  1,451
  1,577
  1,708
  1,843
  1,985
  2,132
  2,284
  2,443
  2,609
  2,781
  2,961
  3,148
  3,344
  3,548
  3,761
  3,983
Earnings before tax, $m
  1,364
  1,852
  2,376
  2,935
  3,527
  4,153
  4,811
  5,501
  6,224
  6,978
  8,231
  9,051
  9,904
  10,792
  11,716
  12,678
  13,678
  14,719
  15,803
  16,932
  18,108
  19,334
  20,612
  21,947
  23,340
  24,795
  26,315
  27,905
  29,568
  31,307
Tax expense, $m
  368
  500
  642
  792
  952
  1,121
  1,299
  1,485
  1,680
  1,884
  2,222
  2,444
  2,674
  2,914
  3,163
  3,423
  3,693
  3,974
  4,267
  4,572
  4,889
  5,220
  5,565
  5,926
  6,302
  6,695
  7,105
  7,534
  7,983
  8,453
Net income, $m
  995
  1,352
  1,735
  2,142
  2,575
  3,032
  3,512
  4,016
  4,543
  5,094
  6,008
  6,607
  7,230
  7,878
  8,553
  9,255
  9,985
  10,745
  11,536
  12,360
  13,219
  14,114
  15,047
  16,021
  17,038
  18,100
  19,210
  20,371
  21,584
  22,854

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  13,518
  15,460
  17,535
  19,741
  22,075
  24,535
  27,117
  29,822
  32,648
  35,596
  38,667
  41,862
  45,185
  48,639
  52,228
  55,958
  59,834
  63,863
  68,053
  72,412
  76,948
  81,671
  86,591
  91,719
  97,066
  102,644
  108,466
  114,545
  120,896
  127,533
Adjusted assets (=assets-cash), $m
  13,518
  15,460
  17,535
  19,741
  22,075
  24,535
  27,117
  29,822
  32,648
  35,596
  38,667
  41,862
  45,185
  48,639
  52,228
  55,958
  59,834
  63,863
  68,053
  72,412
  76,948
  81,671
  86,591
  91,719
  97,066
  102,644
  108,466
  114,545
  120,896
  127,533
Revenue / Adjusted assets
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
  1.213
Average production assets, $m
  3,296
  3,769
  4,275
  4,813
  5,382
  5,982
  6,612
  7,271
  7,960
  8,679
  9,428
  10,207
  11,017
  11,859
  12,734
  13,643
  14,588
  15,571
  16,592
  17,655
  18,761
  19,913
  21,112
  22,362
  23,666
  25,026
  26,445
  27,928
  29,476
  31,094
Working capital, $m
  1,164
  1,331
  1,510
  1,700
  1,901
  2,113
  2,335
  2,568
  2,812
  3,066
  3,330
  3,605
  3,891
  4,189
  4,498
  4,819
  5,153
  5,500
  5,861
  6,236
  6,627
  7,034
  7,458
  7,899
  8,360
  8,840
  9,341
  9,865
  10,412
  10,984
Total debt, $m
  4,080
  5,340
  6,687
  8,119
  9,633
  11,230
  12,906
  14,661
  16,495
  18,409
  20,401
  22,475
  24,632
  26,873
  29,202
  31,623
  34,139
  36,754
  39,473
  42,302
  45,246
  48,311
  51,504
  54,832
  58,302
  61,922
  65,701
  69,646
  73,768
  78,075
Total liabilities, $m
  8,773
  10,033
  11,380
  12,812
  14,327
  15,923
  17,599
  19,355
  21,189
  23,102
  25,095
  27,169
  29,325
  31,567
  33,896
  36,317
  38,832
  41,447
  44,167
  46,996
  49,939
  53,005
  56,198
  59,526
  62,996
  66,616
  70,394
  74,340
  78,461
  82,769
Total equity, $m
  4,745
  5,426
  6,155
  6,929
  7,748
  8,612
  9,518
  10,468
  11,460
  12,494
  13,572
  14,694
  15,860
  17,072
  18,332
  19,641
  21,002
  22,416
  23,887
  25,417
  27,009
  28,667
  30,394
  32,193
  34,070
  36,028
  38,072
  40,205
  42,434
  44,764
Total liabilities and equity, $m
  13,518
  15,459
  17,535
  19,741
  22,075
  24,535
  27,117
  29,823
  32,649
  35,596
  38,667
  41,863
  45,185
  48,639
  52,228
  55,958
  59,834
  63,863
  68,054
  72,413
  76,948
  81,672
  86,592
  91,719
  97,066
  102,644
  108,466
  114,545
  120,895
  127,533
Debt-to-equity ratio
  0.860
  0.980
  1.090
  1.170
  1.240
  1.300
  1.360
  1.400
  1.440
  1.470
  1.500
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.640
  1.650
  1.660
  1.680
  1.690
  1.690
  1.700
  1.710
  1.720
  1.730
  1.730
  1.740
  1.740
Adjusted equity ratio
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  995
  1,352
  1,735
  2,142
  2,575
  3,032
  3,512
  4,016
  4,543
  5,094
  6,008
  6,607
  7,230
  7,878
  8,553
  9,255
  9,985
  10,745
  11,536
  12,360
  13,219
  14,114
  15,047
  16,021
  17,038
  18,100
  19,210
  20,371
  21,584
  22,854
Depreciation, amort., depletion, $m
  727
  765
  805
  847
  893
  940
  990
  1,042
  1,097
  1,154
  748
  810
  874
  941
  1,011
  1,083
  1,158
  1,236
  1,317
  1,401
  1,489
  1,580
  1,676
  1,775
  1,878
  1,986
  2,099
  2,216
  2,339
  2,468
Funds from operations, $m
  1,722
  2,117
  2,539
  2,990
  3,467
  3,972
  4,502
  5,059
  5,641
  6,248
  6,757
  7,417
  8,104
  8,820
  9,564
  10,338
  11,143
  11,981
  12,853
  13,761
  14,708
  15,694
  16,723
  17,796
  18,916
  20,086
  21,309
  22,587
  23,924
  25,322
Change in working capital, $m
  155
  167
  179
  190
  201
  212
  222
  233
  243
  254
  264
  275
  286
  297
  309
  321
  334
  347
  361
  375
  391
  407
  424
  442
  460
  480
  501
  524
  547
  572
Cash from operations, $m
  1,567
  1,949
  2,361
  2,800
  3,266
  3,760
  4,280
  4,826
  5,397
  5,995
  6,492
  7,142
  7,818
  8,522
  9,254
  10,016
  10,809
  11,634
  12,492
  13,386
  14,317
  15,287
  16,299
  17,354
  18,456
  19,606
  20,808
  22,064
  23,377
  24,751
Maintenance CAPEX, $m
  -226
  -262
  -299
  -339
  -382
  -427
  -475
  -525
  -577
  -632
  -689
  -748
  -810
  -874
  -941
  -1,011
  -1,083
  -1,158
  -1,236
  -1,317
  -1,401
  -1,489
  -1,580
  -1,676
  -1,775
  -1,878
  -1,986
  -2,099
  -2,216
  -2,339
New CAPEX, $m
  -445
  -473
  -506
  -538
  -569
  -600
  -630
  -659
  -689
  -719
  -749
  -779
  -810
  -842
  -875
  -909
  -945
  -982
  -1,022
  -1,063
  -1,106
  -1,152
  -1,200
  -1,250
  -1,304
  -1,360
  -1,419
  -1,482
  -1,548
  -1,618
Cash from investing activities, $m
  -671
  -735
  -805
  -877
  -951
  -1,027
  -1,105
  -1,184
  -1,266
  -1,351
  -1,438
  -1,527
  -1,620
  -1,716
  -1,816
  -1,920
  -2,028
  -2,140
  -2,258
  -2,380
  -2,507
  -2,641
  -2,780
  -2,926
  -3,079
  -3,238
  -3,405
  -3,581
  -3,764
  -3,957
Free cash flow, $m
  896
  1,215
  1,555
  1,923
  2,315
  2,733
  3,175
  3,641
  4,131
  4,644
  5,055
  5,614
  6,198
  6,806
  7,438
  8,096
  8,781
  9,493
  10,235
  11,006
  11,810
  12,647
  13,519
  14,429
  15,377
  16,368
  17,402
  18,482
  19,612
  20,793
Issuance/(repayment) of debt, $m
  1,170
  1,260
  1,347
  1,432
  1,515
  1,596
  1,676
  1,755
  1,834
  1,913
  1,993
  2,074
  2,156
  2,241
  2,329
  2,421
  2,516
  2,615
  2,719
  2,829
  2,944
  3,065
  3,193
  3,328
  3,470
  3,620
  3,778
  3,945
  4,122
  4,307
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,170
  1,260
  1,347
  1,432
  1,515
  1,596
  1,676
  1,755
  1,834
  1,913
  1,993
  2,074
  2,156
  2,241
  2,329
  2,421
  2,516
  2,615
  2,719
  2,829
  2,944
  3,065
  3,193
  3,328
  3,470
  3,620
  3,778
  3,945
  4,122
  4,307
Total cash flow (excl. dividends), $m
  2,065
  2,474
  2,902
  3,354
  3,830
  4,329
  4,852
  5,397
  5,965
  6,557
  7,048
  7,688
  8,354
  9,047
  9,768
  10,517
  11,297
  12,109
  12,954
  13,835
  14,754
  15,712
  16,712
  17,756
  18,847
  19,988
  21,180
  22,428
  23,734
  25,100
Retained Cash Flow (-), $m
  -630
  -681
  -728
  -774
  -819
  -863
  -907
  -949
  -992
  -1,035
  -1,078
  -1,122
  -1,166
  -1,212
  -1,260
  -1,309
  -1,361
  -1,414
  -1,471
  -1,530
  -1,592
  -1,658
  -1,727
  -1,800
  -1,877
  -1,958
  -2,043
  -2,134
  -2,229
  -2,330
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,435
  1,793
  2,174
  2,580
  3,011
  3,466
  3,945
  4,447
  4,973
  5,523
  5,970
  6,567
  7,188
  7,835
  8,508
  9,208
  9,936
  10,694
  11,483
  12,305
  13,162
  14,054
  14,985
  15,957
  16,971
  18,030
  19,137
  20,294
  21,504
  22,771
Discount rate, %
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
  1,363
  1,609
  1,833
  2,033
  2,204
  2,340
  2,440
  2,502
  2,523
  2,506
  2,401
  2,318
  2,204
  2,065
  1,904
  1,729
  1,545
  1,358
  1,173
  996
  830
  679
  544
  427
  328
  247
  181
  129
  90
  61
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

FINANCIAL RATIOS  of  CBRE Group (CBRE)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CBRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBRE stock intrinsic value calculation we used $14209.608 million for the last fiscal year's total revenue generated by CBRE Group. The default revenue input number comes from 0001 income statement of CBRE Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CBRE stock valuation model: a) initial revenue growth rate of 15.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.3%, whose default value for CBRE is calculated based on our internal credit rating of CBRE Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CBRE Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CBRE stock the variable cost ratio is equal to 77.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2144 million in the base year in the intrinsic value calculation for CBRE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for CBRE Group.

Corporate tax rate of 27% is the nominal tax rate for CBRE Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CBRE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CBRE are equal to 20.1%.

Life of production assets of 12.6 years is the average useful life of capital assets used in CBRE Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CBRE is equal to 7.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4114.496 million for CBRE Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 339.798 million for CBRE Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CBRE Group at the current share price and the inputted number of shares is $14.7 billion.

COMPANY NEWS

▶ Reginald Gilyard Joins CBRE Group, Inc. Board of Directors   [Nov-19-18 08:30AM  Business Wire]
▶ Why Denver law offices are getting smaller and moving to LoDo   [Nov-16-18 07:00AM  American City Business Journals]
▶ 40 Under Forty: CBRE's Heather Lamb   [Nov-15-18 03:45PM  American City Business Journals]
▶ Valley industrial construction surges, but absorption keeping up   [Nov-09-18 03:02PM  American City Business Journals]
▶ Long-term prospects for downtown Orlando building look 'positive,' expert says   [Nov-08-18 11:19AM  American City Business Journals]
▶ How Class A office rates are evolving in the Triangle   [08:26AM  American City Business Journals]
▶ Renovations slated for Lake Mary office complex   [Nov-01-18 05:09PM  American City Business Journals]
▶ CBRE: 3Q Earnings Snapshot   [07:14AM  Associated Press]
▶ Colliers investment sales team jumps to CBRE   [06:19AM  American City Business Journals]
▶ Top Houston landlord broker: 'Weve seen a shift from the bottom'   [Oct-31-18 03:50PM  American City Business Journals]
▶ Unicorp's Chuck Whittall to add apartment towers to I-Drive project   [01:47PM  American City Business Journals]
▶ Tempe again a top office submarket for tech companies   [09:50AM  American City Business Journals]
▶ [$$] CBRE moves into flexible office sector   [07:01AM  Financial Times]
▶ Houston developer's health care-focused subsidiary has up to $200M in purchasing power   [Oct-29-18 09:07AM  American City Business Journals]
▶ What's driving Charlotte's red-hot industrial real estate market   [02:55PM  American City Business Journals]
▶ Expanded group prepares to develop prime site in Triad industrial park   [07:00AM  American City Business Journals]
▶ Slideshow: Why investors are flipping over Oakland office buildings   [Oct-23-18 09:43AM  American City Business Journals]
▶ These companies could benefit from Sears' big-box retail space in Houston   [Oct-18-18 09:09AM  American City Business Journals]
▶ Estimated $32M in new hotels planned near Disney's Flamingo Crossings development   [Oct-17-18 10:29AM  American City Business Journals]
▶ Building permit woes: CRE execs bemoan lengthy Orlando process   [09:26AM  American City Business Journals]
▶ Goodwill sells urban HQ campus for $38M   [Oct-16-18 03:57PM  American City Business Journals]
▶ Here's why San Francisco's convention business will set records in 2019   [Oct-11-18 03:49PM  American City Business Journals]
▶ Here's 25 of the top office leasing deals in Atlanta in 2018   [Oct-06-18 10:44PM  American City Business Journals]
▶ Houston's retail market may soon be due for a correction   [Oct-04-18 11:03AM  American City Business Journals]
▶ New investor kickstarts $38M building with Prudential, chases office deals   [Oct-03-18 02:22PM  American City Business Journals]
▶ Office tower in uptown gets new name, branding   [Oct-02-18 02:44PM  American City Business Journals]
▶ Orlando billionaires site near Disney offers coveted real estate   [Sep-26-18 03:17PM  American City Business Journals]
▶ Shoppers' paradise: Orlando's amount of retail construction ranks high statewide   [Sep-24-18 12:17PM  American City Business Journals]
▶ CBRE team brokers $65 million in Valley real estate sales   [Sep-23-18 04:00PM  American City Business Journals]
▶ Viking Cruises signs Tempe lease, plans to hire hundreds   [Sep-21-18 05:32PM  American City Business Journals]
▶ Exclusive: Timeshare king David Siegel to sell 50+ acres near Disney   [Sep-20-18 05:33PM  American City Business Journals]
▶ Lake Nona appears set to land big biotech facility   [09:25AM  American City Business Journals]
▶ Rumor: BOA may move into SunTrust Center in downtown Orlando   [Sep-19-18 04:58PM  American City Business Journals]
▶ Three top Seattle commercial real estate brokers change firms   [Sep-18-18 04:02PM  American City Business Journals]
▶ First phase of Norterra office sells, second planned for construction   [03:59PM  American City Business Journals]
▶ Bid alert: Winter Park apartment complex to undergo major renovations   [02:54PM  American City Business Journals]
▶ Dole sells headquarters to Hilton Foundation for $50M   [Sep-14-18 03:57PM  American City Business Journals]
▶ Arizona business, real estate leaders look to Mexico for growth, trade   [02:08PM  American City Business Journals]
▶ Triad apartment community sells for $34.8 million   [Sep-13-18 02:21PM  American City Business Journals]
▶ Here's latest on Disney-area Best Western GLo Hotel concept   [Sep-12-18 09:32AM  American City Business Journals]
▶ Massive downtown tower up for sale   [Sep-11-18 02:53PM  American City Business Journals]

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