「英中对照」CBRE三季度设施管理收入增13%，CEO称市场存在经济观望情绪

Dive Brief:摘要：

• CBRE’s facilities management revenue rose 13% year-over-year in the third quarter of 2026,  driven by growth in both its enterprise and local business segments. It also benefitted from an 80% surge in critical infrastructure services, which helped to boost its building operations and experience segment revenue 17%, the firm reported Thursday. 世邦魏理仕（CBRE）的设施管理收入在 2026 年第三季度同比增长 13%，  这得益于其企业和本地业务板块的双重增长。该公司还受益于关键基础设施服务 80% 的激增，这推动其楼宇运营与体验板块收入增长 17%，该公司于周四公布。 
• Local facilities management revenue grew more than 25% in the Americas, while technology, financial services and energy clients led enterprise facilities growth, CBRE CFO Emma Giamartino said on the company’s earnings call. Leasing revenue in the U.S. was up 4%, reflecting a small dip in office leasing. 世邦魏理仕首席财务官 Emma Giamartino 在公司财报电话会议上表示，美洲地区本地设施管理收入增长超过 25%，而科技、金融服务和能源客户引领了企业设施业务的增长。美国租赁收入增长 4%，反映出写字楼租赁的小幅下滑。 
•  The company expects its building operations and project management segments to maintain consistent growth, but its capital markets and leasing businesses could cool as a result of elevated interest rates. “When companies are nervous about the economic outlook, they’re a little more cautious,” CEO Bob Sulentic said on the call. “It’s hard to quantify, but there probably has been some pressure in leasing [from] that economic uncertainty.”  该公司预计其楼宇运营和项目管理板块将保持稳定增长，但受利率高企影响，其资本市场和租赁业务可能降温。首席执行官 Bob Sulentic 在电话会议上表示：“当企业对经济前景感到担忧时，它们会变得更加谨慎。”“这很难量化，但租赁业务可能确实因这种经济不确定性而承受了一些压力。”

Dive Insight:深度解读：

CBRE’s revenue grew 13% year over year to $11.5 billion, the company reported. On a net revenue basis, its project management business grew 11%, driven in part by growth in infrastructure projects. That segment “is a very large part of our project management business [and] more than [offsets] the slowdown in real estate,” Giamartino said. 世邦魏理仕的收入同比增长 13%，达到 115 亿美元，该公司公布称。按净收入计算，其项目管理业务增长 11%，部分得益于基础设施项目的增长。Giamartino 表示，该板块“是我们项目管理业务中非常重要的一部分，完全[抵消]了房地产市场的放缓”。 

CBRE’s critical infrastructure services business — which includes network infrastructure, mechanical, engineering and plumbing projects and facilities management for data centers — is expected to generate nearly $4.5 billion of revenue in 2027, according to Sulentic. 据 Sulentic 称，世邦魏理仕的关键基础设施服务业务——包括网络基础设施、机械、工程和管道项目以及数据中心设施管理——预计将在 2027 年创造近 45 亿美元的收入。 

Its acquisition of a global IT infrastructure company, Onnec Group Limited, will help drive the growth, said Sulentic, adding that even if data center growth in the U.S. eases, growth is expected to increase in other countries. Sulentic 表示，其收购全球 IT 基础设施公司 Onnec Group Limited 将有助于推动这一增长，并补充说，即使美国数据中心增长放缓，其他国家的增长预计也将加快。 

“Our acquisition of Onnec, which we announced today, fits within this line of business,” Sulentic said. Sulentic 表示：“我们今天宣布的对 Onnec 的收购，正属于这一业务范畴。” 

The $610 million cash deal provides CBRE with technical capabilities related to design, deployment and maintenance of network, fiber and data center infrastructure, a specialty area that’s critical to data centers, per a release Tuesday. 这笔6.1亿美元的现金交易使世邦魏理仕（CBRE）获得了与网络、光纤和数据中心基础设施的设计、部署和维护相关的技术能力，这是一个对数据中心至关重要的专业领域，据周二发布的新闻稿。 

If the business achieves the entirety of the deal’s earn-outs, the deal will end up costing CBRE a little over $1 billion, which the firm is using as an incentive to continue to generate strong growth, Giamartino said. 贾马蒂诺表示，如果该业务实现交易中的所有盈利支付目标，这笔交易最终将使CBRE支付略高于10亿美元，该公司正以此作为激励，以继续推动强劲增长。 

The firm expects to close the acquisition by the end of the year, said Giamartino, noting that if the acquisition were included, the firm’s critical infrastructure services business would have generated approximately $3 billion in revenue over the past 12 months. 贾马蒂诺表示，该公司预计将在年底前完成此次收购，并指出，如果将此次收购计算在内，该公司的关键基础设施服务业务在过去12个月将产生约30亿美元的收入。 

Although the company’s enterprise facilities management posted solid growth, it’s facing pressure from a handful of problematic accounts. “That’s happened from time to time over the years,” Sulentic said. “The market gets frothy, it gets more and more competitive and you … end up with some broker hires or outsourcing or enterprise accounts that don’t have the characteristics you would want.”尽管该公司的企业设施管理业务实现了稳健增长，但它正面临一些棘手客户的压力。“这些年来这种情况时有发生，”苏伦蒂奇说。“市场变得过热，竞争越来越激烈，你最终……会招来一些经纪人，或者签下一些不具备你所希望特质的外包或企业客户。”

CBRE’s project management revenue slowed, up 3% year over year, as corporate clients acted more conservatively due to uncertainty in the economy, Sulentic said. 苏伦蒂奇表示，由于经济不确定性，企业客户的行动更加保守，CBRE的项目管理收入放缓，同比增长3%。 

“We do a lot of work for big tech clients that have moved their spending away from … traditional legacy real estate-type investment into infrastructure, critical infrastructure, data centers,” he said. “I think you’re seeing some of that.” The firm also saw “a little bit of concentration slowdown in healthcare,” he said.“我们为大型科技客户做了大量工作，这些客户已将支出从……传统的遗留房地产类投资转移到基础设施、关键基础设施和数据中心，”他说。“我想你正在看到其中的一些影响。”他说，该公司还看到“医疗保健领域出现了一些集中性放缓”。

80%

Increase in critical infrastructure services revenue, driven by strong hyperscaler demand for data center services solutions and contributions from CBRE's acquisition of Pierce last November.关键基础设施服务收入增长，受超大规模数据中心服务商对数据中心服务解决方案的强劲需求以及CBRE去年11月收购Pierre的贡献推动。

2%

Decrease in U.S. office leasing, offsetting a 16% gain in industrial. Overall leasing revenue was up 4% year over year.美国写字楼租赁下降，抵消了工业地产16%的增长。整体租赁收入同比增长4%。

25%

Increase in local facilities management revenue in the Americas.美洲地区本地设施管理收入增长。

“What we really need is for rates to stabilize,” Giamartino said. “The volatility and the uncertainty is what’s driving a pause or a hold or even delaying deals to 2027. We expect that stability to come in the back half of next year….  Of course, if that doesn’t come or things change, the results will be different.”“我们真正需要的是利率稳定下来，”贾马蒂诺说。“波动性和不确定性是导致交易暂停、搁置甚至推迟到2027年的原因。我们预计这种稳定将在明年下半年到来……当然，如果这种稳定没有到来或情况发生变化，结果将会不同。”

In the U.S., leasing revenue rose 4%, supported by industrial, which was up 16%,  while office leasing dipped 2%, Giamartino said. 贾马蒂诺表示，在美国，租赁收入增长4%，受工业地产增长16%的支撑，而写字楼租赁下降2%。 

This dip, which contrasts with a broader office recovery occurring in the market, is the result of some big deals that slipped into Q4, “which is in part why we have confidence that we’ll see double-digit growth in leasing in Q4.,” she said.  此次下滑与市场中更广泛的写字楼复苏形成对比，其原因是一些大型交易推迟到了第四季度。“这在一定程度上也是我们有信心第四季度租赁将实现两位数增长的原因，”她说。  

Despite the cautious economic outlook, Sulentic believes that even if things slow down in the U.S. — either because of the interest rate or political environment — CBRE believes growth will accelerate globally, especially in the data center sector. 尽管经济前景谨慎，Sulentic 认为，即使美国形势放缓——无论是由于利率还是政治环境——CBRE 仍认为全球增长将加速，尤其是在数据中心领域。 

“Onnec puts us in a great position to take care of that,” Sulentic said. Even if data center growth slows in the U.S., there should be plenty of business involving existing facilities. “We think that in data centers, you’re going to see potentially some pressure on the amount of new build,” he said. “And then what’s happening, and we’re already seeing it, is a lot of refit of existing data centers.”“Onnec 使我们处于非常有利的位置来应对这一问题，”Sulentic 说。即使美国数据中心增长放缓，涉及现有设施的业务仍应相当充足。“我们认为，在数据中心领域，新建规模可能会面临一些压力，”他说。“而正在发生、且我们已经看到的情况是，大量现有数据中心正在进行改造。”

Outside of its critical infrastructure business, CBRE’s infrastructure services work consists of overseeing the construction of transportation and energy assets along with data centers within project management, as well as sales, leasing and financing for data centers and advisory services. When taking this work into account, CBRE expects its total infrastructure services revenue to spike 40% from this year to $7 billion in 2027, Sulentic said.除关键基础设施业务外，CBRE 的基础设施服务工作还包括在项目管理范围内监督交通和能源资产以及数据中心的建设，以及数据中心的销售、租赁和融资及咨询服务。Sulentic 表示，计入这些工作后，CBRE 预计其基础设施服务总收入将从今年起激增 40%，到 2027 年达到 70 亿美元。