CBRE Group

CBRE’s moat stems from multi‑pronged advantages: (1) intangible brand and reputation in complex, high‑stakes transactions and global occupier outsourcing; (2) switching costs in multi‑year facilities/property management and project/program management mandates; (3) cost advantages from global scale, data and vendor networks; (4) efficient scale in capital markets and loan servicing; and (5) moderate network effects as liquidity and intelligence attract clients and deals.

Evidence includes persistent #1 global share in investment sales (22 percent in 2024 across all regions) and leadership across core service lines.

Component scores and weights: Intangible assets 85/100 (20 percent), Switching costs 80/100 (30 percent), Cost advantage 75/100 (20 percent), Efficient scale 78/100 (15 percent), Network effects 62/100 (15 percent) for a weighted 77. Risks to durability include tech‑enabled disintermediation of simple transactions, AI‑driven valuation compression, and cyclical downturns that can pressure incentives/co‑investments, though CBRE’s breadth and contractual revenues mitigate these risks.