Cbre Group Inc · NYSE:CBRE
Cbre — Q2 2026 Earnings Presentation
13 slides from Cbre's earnings presentation, July 2026
Slide 1: Leasing demand accelerates as investment volume sets new first-half record
FIGURES | CHINA | Q2 2026 FIGURES | CHINA | Q2 2026 Leasing demand accelerates as investment volume sets new first-half record +4.7% +1.3% -5.7% GDP Retail Sales Fixed Asset Investment (H1 2026, Y-o-Y) (H1 2026, Y-o-Y) (H1 2026, Y-o-Y) Source: National Municipal Statistics Bureau, CBRE Research, J u
Slide 2: Economy
FIGURES | CHINA | Q2 2026 Economy FIGURE 2: China GDP Growth (%, -Yo-Y) 10% China's GDP grew by 4.7% -o-y y in H1 2026, remaining within expectations. Q2 2026 growth 9% slowed to 4.3% -yo-y and 0.9% q-o-q, however, as the economy continued to face structural 8% headwinds from supply -demand imbalanc
Slide 3: Office: Rental decline narrows amid sustained recovery in leasing demand
FIGURES | CHINA | Q2 2026 Net Absorption Vacancy Rent Office -7% y-o-y +1.2 pps. y-o-y -9.0% y-o-y FIGURE 4: China Office New Supply, Net Absorption and Vacancy Rate Rental decline narrows amid sustained recovery in leasing demand New Supply (LHS) Net Absorption (LHS) Vacancy Rate (RHS) 10,000 30% N
Slide 4: Office leasing by industry
FIGURES | CHINA | Q2 2026 Finance ranked second with 18% of quarterly leasing volume. The proportion of incremental 2 FIGURE 6: Proportion of Leased Office Space by Industry transactions rose 10-pps. q-o-q to 29%, driven primarily by insurance and fund companies. Leasing volume contributed by quanti
Slide 5: Retail: Rental decline to persist amid ongoing brand consolidation
FIGURES | CHINA | Q2 2026 Net Absorption Vacancy Rent Retail -15%y-o-y +0 .1pps y-o-y -2.2% y-o-y FIGURE 8: China Retail New Supply, Net Absorption and Vacancy Rate 6,000 New Supply (LHS) Net Absorption (LHS) Vacancy Rate (RHS) 12.0% Rental decline to persist amid ongoing brand consolidation 5,000 1
Slide 6: Retail new store opening momentum
FIGURES | CHINA | Q2 2026 FIGURE 10: New Store Opening Momentum by Trade Category Retailers accounted for 38% of new openings this quarter. Highlights included domestic womenswear labelsW.Management , Rico Vea andMuhuaxiangopening multiple new stores in major F&B cities. Also in Q2 2026, U.S. design
Slide 7: Logistics: Lower rents activate upgrade-driven demand
FIGURES | CHINA | Q2 2026 Net Absorption Vacancy Rents Logistics +11.9%y-o-y -0.9% y-o-y -10.5% y-o-y FIGURE 12: China Logistics New Supply, Net Absorption and Vacancy Rate Lower rents activate upgrade-driven demand New Supply (LHS) Net Absorption (LHS) Vacancy Rate (RHS) 24% 12 Nationwide logistics
Slide 8: South China continues to dominate new supply
FIGURES | CHINA | Q2 2026 South China continues to dominate new supply FIGURE 14: Proportion of Leased Logistics Space by Industry Nationwide new supply remained elevated at 2.13 million sq. m. this quarter. H1 2026 supply totalled 4.7 54.2% million sq. m., up 19.3%-o-y y but down 15% -o-q. q New st
Slide 9: Investment: Buoyant sentiment pushes first half volume to record high
FIGURES | CHINA | Q2 2026 Investment Turnover Investment Turnover Investment +26.5% y-o-y +39.2% q-o-q 5 FIGURE 16: Transaction Volume by Market RMB bn Buoyant sentiment pushes first half investment volume to record high Shanghai Beijing A total of 109 commercial real estate investment transactions
Slide 10: Cap rates broadly stable at elevated levels
FIGURES | CHINA | Q2 2026 In the securitisationmarket, 10 commercial real estate REITs were approved in Q2 2026, with a FIGURE 18:Tier I Cities Average Net Yields targeted fundraising scale of RMB 37.6 billion. This was the highest single -quarter total since the public REIT pilot launched in 2021.
Slide 11: Outlook
FIGURES | CHINA | Q2 2026 Outlook OFFICE LOGISTICS Preliminary results from CBRE's 2026 China Office Occupier Survey reveal slightly positive net Approximately 5 millionsq.m. of new supply is expected to enter the market in H2, largely concentrated expansionary intentions over the next three years,
Slide 12: Rental Cycle
FIGURES | CHINA | Q2 2026 Rental Cycle FIGURE 19: China Office Rental Cycle Q2 2026 FIGURE 20: China Retail Rental Cycle Q2 2026 FIGURE 21: China Logistics Rental Cycle Q2 2026 Tianjin, Nanjing Guangzhou, Chengdu Tianjin, Hangzhou Rents at Peak Rents at Peak Rents at Peak Shenzhen Beijing, Dongguan
Slide 13: CBRE Research
FIGURES | CHINA | Q2 2026 CBRE Research China Research Global and Asia Pacific Research Shirley Hu Henry Chin, Ph.D. Sam Xie Senior Director, China Research Global Head of Research Head of Research, China e: [email protected] [email protected] [email protected] Molly Hu Faye Qiao Associate Direct