Oct 23 (Reuters) - Real estate services firm CBRE CBRE.N on Thursday raised its full-year profit forecast, citing stronger demand for leasing and facilities management.
Shares of the Dallas, Texas-based company rose 2.6% in premarket trading.
Leasing activity, particularly in the U.S., has gained momentum as more companies return to offices and expand workspace, benefiting firms such as CBRE.
The Federal Reserve's expected rate cut this month could provide an additional boost for commercial real estate activity, including leasing and property sales, which are key growth drivers for the sector.
CBRE now expects 2025 core earnings per share of $6.25 to $6.35, up from $6.10 to $6.20.
Revenue from the building operations and experience segment rose 12.6% to $5.79 billion during the quarter.
For the third quarter, CBRE reported net income of $363 million, or earnings per share of $1.21, compared with $225 million, or 73 cents per share, a year ago.
Total revenue for the quarter rose 13.5% to $10.26 billion from $9.04 billion in the prior year.
(Reporting by Apratim Sarkar; Editing by Tasim Zahid)
((Apratim.Sarkar@thomsonreuters.com;))