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CBRE Posts 16% Revenue Growth In Q2 As Data Center Business Shines
['Billy Wadsack', 'Dallas-Fort Worth']
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Sulentic said CBRE's infrastructure and data center services businesses are performing particularly well and provide an excellent forward-looking opportunity for the company.
Within that, data center services revenue rose nearly 30% to $700M, accounting for nearly 60% of the quarter’s total infrastructure services revenue.
By 2030, CBRE could have more than $1B in EBITDA related to infrastructure, driven by expected growth in the data center market.
Despite projected growth, Sulentic said the data center sector still faces headwinds, including NIMBYism, water and power issues, and challenges related to supply chain and talent.
During the second quarter, CBRE bought back more than $450M worth of shares, Chief Financial Officer Emma Giamartino said during the call.