Raymond James has reiterated an Outperform rating on CBRE Group (NYSE:CBRE) and maintained a $180.00 price target, reflecting roughly 42% upside from the current share price of $126.47. The firm’s stance comes amid growing debate over how artificial intelligence might change demand for commercial office space.
The Raymond James note addresses fears that AI-driven automation could displace white-collar roles and thereby weaken office leasing volumes. The firm does not classify such an outcome as an imminent drag on CBRE or as inevitable. Instead, the analyst emphasizes that office leasing comprises only about 10% of CBRE’s total net revenue, a relatively small slice of the company’s overall business.
That revenue diversification is a central theme in Raymond James’ assessment. The brokerage points to improving pipelines and utilization within the office sector and highlights CBRE’s 14.6% revenue expansion over the past twelve months, which brought trailing revenue to $39.3 billion. Those trends, in the firm’s view, reduce the risk that AI-related shifts in white-collar employment will meaningfully impair CBRE’s top line.
Rather than viewing AI solely as a threat, Raymond James frames it as a potential growth vector for parts of CBRE’s business. The firm anticipates that AI adoption could spur demand for data center transactions and bolster mandates for facilities management and project management. These areas could see heightened activity as companies adjust infrastructure and operations to accommodate evolving technology needs.
Concerning CBRE’s competitive position, Raymond James states it sees "near-zero risk" that artificial intelligence will disintermediate the company’s human brokers, its services businesses, or any sizeable portion of the corporate model. That assessment is offered alongside InvestingPro metrics showing CBRE’s financial health rated as "GOOD," with net income forecast to grow this year.
Analyst sentiment toward CBRE is varied but generally favorable. InvestingPro data cited by Raymond James indicates analysts’ price targets span from $127 to $212, and the stock is trading below its Fair Value according to that dataset. Raymond James’ $180 target sits within that range.
Recent quarterly results provide additional context for the bullish posture among some research houses. CBRE reported fourth-quarter 2025 earnings per share of $2.73, ahead of the $2.68 forecast. The company posted net revenue of $6,978 million, slightly under Jefferies’ projection of $7,014 million but above the consensus estimate of $6,925 million. Separately, a revenue figure of $11.6 billion was recorded that fell short of an expected $11.67 billion but still reflects a robust performance.
Other brokerages have maintained positive views. Barclays reaffirmed an Overweight rating with a $192 price target, calling out a 14% year-over-year increase in advisory services segment operating profit and a 20% rise in buildings operations & experience segment operating profit. Jefferies also reiterated a Buy rating with a $187 price target, referencing the company’s strong earnings showing.
Raymond James’ note therefore combines a reassessment of AI risk with an acknowledgment of CBRE’s recent growth and segment-level resilience. The firm highlights both the limited direct exposure of its revenue base to office leasing and the potential for AI-driven demand in adjacent service lines.
For investors seeking deeper valuation analysis and additional analytical notes, InvestingPro offers an extended Pro Research Report and related ProTips covering CBRE’s standing in the Real Estate Management sector.
Summary: Raymond James reaffirms Outperform on CBRE with a $180 target, contending AI is more likely to create opportunities in data centers and services than to materially weaken office leasing given CBRE’s diversified revenue base and recent revenue growth.