REITs and Real Estate
REITs and Real Estate Services
CBRE Annual Revenue
Largest public CRE services firm on 2025 revenue. Total revenue includes pass-throughs. This is not NOI.
CoStar Quarterly Revenue
$3.247B in 2025, up 19%. Q4 was $900M. The 59th consecutive double-digit quarter per the company.
Services Layer
CBRE sells labor into the buildings. CoStar sells data and traffic. Neither is a landlord REIT.
| Name | Ticker | 2025 print | Role |
|---|---|---|---|
| CBRE Group | CBRE | $40.55B revenue; +13.4% vs 2024 | Advisory, building operations, project management, and real-estate investments. More than 155,000 employees including Turner & Townsend. Largest public CRE services firm on 2025 revenue. |
| CoStar Group | CSGP | $3.247B revenue; +19% | CRE information and marketplaces. Commercial real estate $1.787B. Residential $1.460B. FY 2026 revenue guide $3.78B to $3.82B. |
| CoStar traffic | CSGP | 139 million site uniques; Homes.com network 108 million | Average monthly unique visitors in the FY 2025 highlights. Traffic is the product. It is not NOI. |
| CoStar earnings mix | CSGP | GAAP net income $7M; adj. EBITDA $442M | Acquisition costs from Matterport and Domain compressed GAAP earnings. Use both prints, not one. |
