CBRE is the world's largest commercial real estate services firm, operating across more than 100 countries and serving nearly 90% of Fortune 100 companies. CBRE operates through four segments. Advisory Services is the profit engine: brokers earn transaction commissions helping occupiers lease space and helping investors buy, sell, and finance properties, while loan servicing and valuations provide a more stable recurring base. Building Operations & Experience (BOE) manages buildings and facilities under multi-year outsourcing contracts for large corporations and property owners, including flexible workplace solutions through Industrious. Project Management, operated ~70% through Turner & Townsend, provides fee-for-service program and project management for real estate, infrastructure, and data center construction. Real Estate Investments includes CBRE Investment Management (~$155B AUM), which earns recurring management fees and incentive fees investing on behalf of institutional clients, and Trammell Crow, one of the largest U.S. commercial real estate developers with over $29.5B in its in-process and pipeline portfolio. A key theme across all four segments is data center exposure — leasing, financing, managing, building, and developing data center assets. Management estimates data center and digital infrastructure work accounted for ~14% of core EBITDA in FY25. CBRE distinguishes its businesses as "resilient" (facilities management, loan servicing, recurring investment management fees) vs. "transactional" (leasing, property sales, carried interest), with resilient businesses now accounting for roughly 60% of segment operating profit, up from ~20% at the time of the 2008-09 financial crisis.