CBRE Group Inc., the world's largest commercial real estate brokerage, said revenue rose 25% in the fourth quarter as businesses took on more space with the improving economy.
The Los Angeles company said Wednesday that growth in all three of its global regions helped boost worldwide revenue to $2.8 billion, compared with $2.2 billion a year earlier. That beat Wall Street's expectations of an increase to $2.6 billion, according to FactSet.
Leasing revenue climbed 20%, the sixth straight quarter of double-digit growth in leasing. In the Americas region, leasing revenue shot up 25%.
Real estate management services that CBRE undertakes for corporations also posted strong gains, with revenue climbing 59%.
CBRE reported net income of $204.3 million, or 61 cents a share, compared with $114.6 million, or 34 cents, a year earlier. Earnings during the fourth quarter in 2013 were negatively affected by a $106.6-million write-down, mostly on the decreased value of European investment pools.
Excluding one-time charges, earnings last quarter were 68 cents a share, just shy of the 69 cents Wall Street expected, according to FactSet.