LOS ANGELES-Executives during CBRE Inc.'s Q1 2012 earnings conference call on April 24 reported favorable numbers: Revenue for the quarter totaled $1.35 billion (a 14% increase year over year from $1.2 million); an EBIDTA increase of 24% from the same quarter last year and net income per diluted share moving up from $40.6 million during Q1 2011 to $45.9 million during the just completed quarter. Even the selected charges of $18.9 million were viewed in a positive light, matched as they were to the ING Real Estate Investment Management acquisition, which CBRE spent much of 2011 completing.

But it wasn't all smiles among the presenting executives. Though CEO Brett White, Americas President Mike Lafitte and CFO Gil Borok said the Americas sector was performing well, they acknowledged a cooling in the European and Asia Pacific market. This led to White's prediction of continued strength in the company's outsourcing business, along with modest leasing growth, investment sales dependent on region and geographic fundamentals, and investment management services that would benefit from the ING REIM acquisition.

"The market is recovering, but at an incremental and uneven pace," White said. Even with the uneven pace, "If I'm describing a bumpy ride, and revenue's up 14% and we're still affirming guidance, I'll take that bumpy ride," White noted.