This report does not constitute a rating action. CBRE will maintain its robust performance in the coming quarters , supported by its scale (with over $25 billion of S&P Global Ratings-adjusted revenue) and diversified business model. We view larger, diversified companies as generally less prone to volatility during periods of economic stress. We expect CBRE's stable, recurring fee-based revenue will provide it with a buffer against potential volatility in its transactional revenue stemming from macroeconomic uncertainty and higher interest rates. Furthermore, we anticipate the company's diversification across sectors and geographies will likely support its continued expansion. Specifically, we expect strong demand for critical infrastructure services and data centers over the next few quarters may offset the softness in the capital
