**Strong Financial Performance**: CBRE reported its second-highest core earnings per share for Q3, with a significant 67% year-over-year increase. This growth was driven by all three business segments, with resilient businesses generating $3.6 billion in revenue, a notable 18% increase compared to Q3 2023. The company raised its full-year core EPS guidance to $4.95 - $5.05, up from $4.70 - $4.90 previously.
**Transaction Recovery and Office Leasing**: The capital markets segment is experiencing an early-stage recovery, with expectations for a steady achievement of growth rather than a sharp bounce-back. Global office leasing revenue surged 26%, marking the highest for any Q3, indicating strong demand in the office space while also positively impacting leasing-related transactions. However, the overall leasing performance in industrial space is lagging compared to office rental growth, as companies work through existing vacancies.
**Resilient Businesses Outlook**: The proportion of earnings from resilient businesses has grown significantly from ~32% post-global financial crisis to around 60% today, showing greater earnings stability. This segment is expected to continue delivering double-digit organic growth, supplemented by potential M&A opportunities, thus reducing volatility compared to traditional transactional revenues.