J P M O R G A N North America Equity Research 23 May 2025 CRE Services Companies Updated Models With Numbers Moving Back Up Some We updated our four CRE service company models (CBRE, CIGI, CWK, JLL) to reflect our latest views on the macro backdrop and 1Q earnings results. On average, our top-line revenue forecasts for 2025 are up 3%, to 9% y/y growth, EBITDA forecasts are up 4%, to 12% y/y growth, and bottom-line EPS estimates are up 7%, to 19% y/y growth. Our EBITDA estimates are generally in line with th ...