CBRE Group, Inc.

CBRE is no longer a bet on the property cycle. Three straight quarters of raised guidance now rest on a data center and infrastructure services business management says reaches $10 billion by 2030 — and on land sales it cannot time. How much of the $10 billion target is services, not land sales?

• Data centers went from a service line to the growth engine.

  Infrastructure services revenue hit nearly $1.2 billion in Q2 FY2026, and management guides to about 25% a year for the next five years. Over half that work is operating data centers already standing, so it outlives the building boom. What share of data center revenue is recurring work?

• Management raised its profit target at every report this year.

  Guidance went up again at each of the last three reports, and CBRE has beaten the analyst estimate seven quarters running. It also committed to 15% more profit in 2027 — a claim about how long this lasts, not how good one quarter was.

• The profit range's swing factor is land sales nobody can time.

  Management says the low end of its guidance assumes almost none of its data center land pipeline sells, because power and permits are slow. About $900 million of gains sit in those sites, so the demand is not in question — the timing is. How much of the $900 million could convert in 2027?