July 27, 2023

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Updated 2023 Outlook

Previous Outlook Updated Outlook

Core EPS Low-to-mid double digit Core EPS decline Core EPS to decline by 20% to 25%

Advisory Segment Outlook anticipated low-teens SOP decline Expect Advisory SOP to decline approximately 20%

GWS Segment Outlook anticipated low double-digit SOP growth Expect GWS SOP to increase low-to-mid double digits

Expect REI SOP in the low $300M range, reflecting a

REI Segment Outlook anticipated nearly 30% decline in REI SOP
35% to 40% decline

Reasonable path to achieve record Core EPS in 2024,

2024 2024 Core EPS should surpass prior record levels although reaching that goal more difficult with delay in
capital markets recovery

Majority of decline in 2023 Core EPS outlook due to the delayed capital markets recovery
Expect Core EPS in second half of 2023 to be nearly 3/4 weighted to 04 due to normal seasonality, development timing, and GWS
growth expectations

2023 CBRE, Inc. I 10

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Definitions
Core EBITDA: Core EBITDA represents earnings, inclusive of non-controlling interest, before net interest expense, write-off of financing costs on
extinguished debt, income taxes, depreciation and amortization, asset impairments, adjustments related to certain carried interest incentive
compensation expense (reversal) to align with the timing of associated revenue, fair value adjustments to real estate assets acquired in the Telford
acquisition (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, costs associated with efficiency and
cost-reduction initiatives, provisions associated with Telford fire safety remediation and integration and other costs related to acquisitions. It also
removes the fair value changes, on a pre-tax basis, of certain strategic non-core non-controlling equity investments that are not directly related to our
business segments (including venture capital "VC" related investments).

Core adjusted Earnings Per Diluted Share: adjusted earnings per diluted share less the fair value changes and related tax impact of certain strategic
non-core non-controlling equity investments that are not directly related to our business segments (including venture capital "VC" related investments).

Core adjusted Net Income: net income attributable to CBRE as adjusted less the fair value changes and related tax impact of certain strategic non-core
non-controlling equity investments that are not directly related to our business segments (including venture capital "VC" related investments).

Liquidity: includes cash available for company use, as well as availability under the Company's revolving credit facilities.

Net Debt (net cash): calculated as cash and cash equivalents less total debt (excluding non-recourse debt).

Net Revenue: gross revenue less costs largely associated with subcontracted vendor work performed for clients. These costs are reimbursable by
clients and generally have no margin.

Segment operating profit: Segment operating profit is the measure reported to the chief operating decision maker (CODM) for purposes of making
decisions about allocating resources to each segment and assessing performance of each segment. Segment operating profit represents earnings before
net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as
adjustments related to the following: certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue,
fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in the period, costs incurred related
to legal entity restructuring, costs associated with workforce optimization, transformation initiatives, costs associated with efficiency and cost-reduction
initiatives, provisions associated with Telford fire safety remediation and integration and other costs related to acquisitions.

Segment operating profit on revenue margin: represents segment operating profit divided by revenue.

Segment operating profit on net revenue margin: represents segment operating profit divided by net revenue.

Business line operating profit: contribution from each line of business to the respective reportable segment's operating profit.

2023 CBRE, Inc. I 18

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