Among those who have reported quarterly results in recent daysare CB Richard Ellis, Thomas Properties Group Inc., Douglas EmmettInc. and Pacific Office Properties Trust. While all are publiclyheld companies, Emmett and Pacific Office are REITs, but CBRE andThomas are not.

While CBRE reported comparable revenue versus last year's thirdquarter, the company's net income dropped to $40.4 million and 19cents per share compared to nearly $115 million and 48 cents pershare. Although CBRE's management team noted a significant portionof the decline resulted from one-time charges, the company'sprepared statement regarding its quarterly performance summarizedthe forces that are vexing commercial real estate around the globe."Results during the quarter were impacted by weak sales activitycaused by the global credit market turmoil, and soft leasingperformance reflecting weaker economic conditions, particularly inthe US and the U.K. Constraints in the capital markets alsoadversely affected the achievement of incentive-based revenues bythe global investment management business," according to therelease.

Despite these forces, CBRE continued to generate significantgrowth in its fee-based services during the quarter. Revenue fromthe business line rose by 30% in the third quarter and accountedfor more than one-third of global revenue, a figure that was upfrom about 23% since Q3 2007.