CBRE reported higher quarterly revenue and profit, partly thanks to better-than-expected office leasing globally as its United States business had its only solid leasing growth in six quarters.

In results for the first quarter, the world's largest brokerage said leasing had outperformed expectations, driven by the increased office demand across most geographies.

Chairman and CEO Bob Sulentic said this reflected a "resilient economy and companies making progress on bringing their employees back" to offices.

The earnings come as the Dallas-based brokerage has been cutting costs and jobs while coping with elevated interest rates, disruptions in capital markets and what had been reduced leasing. The brokerage said it had underperforming property sales, joining Colliers, the Toronto-based brokerage that reported Thursday that deal results had declined.

“Our global workplace solutions segment again delivered double-digit net revenue growth, even as margins fell short of expectations," he said, adding that the business had "initiated actions to bring our costs in this segment quickly back into line" with where revenue is headed.

During the first quarter, CBRE’s revenue rose 8% for its so-called resilient businesses and 1% for its transactional businesses. Resilient businesses includes the entire global workplace solutions segment, property management, loan servicing, asset management fees in the investment management business, and valuations. Transactional businesses includes sales, leasing, mortgage origination, carried interest and incentive fees in the investment management business, and development fees.

Looking ahead, CBRE confirmed its projection of generating core earnings per share in the range of $4.25 to $4.65 in 2024. It doesn't anticipate a return to its peak earnings-per-share until 2025.

“Our confidence in achieving our earnings outlook is underpinned by our resilient businesses’ continued strong performance, our rapid actions on costs, and the fact that the advisory segment remains on track to achieve its growth target for the year, despite a more uncertain economic outlook," Sulentic said.

CBRE's business breaks back to advisory services, workplace solutions and investment management at 24%, 73.2% and 2.9% of revenue respectively.

In its advisory services segment, CBRE reported global leasing revenue rose 4%. The Americas leasing revenue rose 4%, with the United States achieving solid growth for the first time in six quarters.

Asia-Pacific grew most at 9%, led by Australia, India and South Korea. Japan leasing revenue grew modestly.

Leasing revenue increased 4% in Europe, Middle East and Africa driven by Continental Europe, notably France and Spain.

Globally, office leasing grew by double digits, as continued economic resilience and progress on return-to-office plans "emboldened tenants" to make occupancy decisions, CBRE said.

Investment-wise, sales activity remained under pressure from high interest rates and tight credit conditions, CBRE explained. Global sales revenue declined 11% slightly more than expected, it added.

EMEA bucked that trend with sales revenue up 8% driven by the United Kingdom, where CBRE says property values have made the most progress toward resetting, as well as Spain.

Sales revenue fell 15% in the Americas and 14% in APAC, though Japan continued to perform well.

CBRE said globally, office sales had the least pronounced decline followed by multifamily. Mortgage origination revenue jumped 34%, thanks to higher loan fees and interest earnings on escrow balances.

In its other advisory business lines, loan servicing revenue rose 5% while property management net revenue increased 7%, with strength in all regions around the world. Valuations revenue was up 1%.

Candace Carlisle contributed to this report.