Revenues at CB Richard Ellis rose 1% in the fourth quarter of 2009 to $1.3bn, the first increase in seven quarters. Even more encouragingly for the company, it’s now predicting 6% to 8% annual growth, as it moves into what it calls a more “normal” business environment. There are some analyst comments in an LA Times article on the news.
Real estate brokerages are among the first to see changes in corporate bosses’ moods, analyst Craig Silvers said. CB Richard Ellis’ projection of more revenue suggests that companies the brokerage works for are starting to look for more space. “This shows things are starting to turn,” said Silvers, president of Bricks & Mortar Capital. “If corporations were in a hunker-down mode, they wouldn’t be looking for space.”