Americas Real Estate: Early July Readings Continue to Indicate Healthy CRE Transactions

Research evidence excerpt

Equity Research

18 August 2026 | 11:53AM PDT

Americas Real Estate: Early July Readings Continue to Indicate Healthy

CRE Transactions

Refreshing our preliminary analysis of realtime July transaction volumes indicates an

even stronger start to 3Q26 than previously assumed. Our most recent look at the

data implies +20% to +30% YoY growth in US CRE transaction volumes in July

(assuming typical upwards revisions), a moderate improvement from our last

estimate of +10% to +25%. As mentioned previously, this data aligns with recent

commentary by the companies at earnings calls where the general tone was for

continued capital market strength evident in both activity levels and pipelines into

3Q26. We take this opportunity to increase select price targets after updating our

market relationships to company multiples.

Julien Blouin

+1(415)393-7638 |

Goldman Sachs & Co. LLC

Ryan Treais

Goldman Sachs & Co. LLC

Shikhar Gupta

+1(332)245-7974 |

Goldman Sachs India SPL

Price Targets & Risks

CBRE

Rating: We increase our CBRE (Buy) 12-month price target to $190 from $188 which

is based on a Q5-Q8 Adj. EPS multiple of 20.6x and an EV/EBITDA multiple of 13.3x

vs. 20.3x and 13.2x previously.

Downside risks: Lower transaction and leasing volumes, reduction in capital

availability, slower resilient business growth.

JLL

Rating: We increase our JLL (Buy) 12-month price target to $485 from $452 which is

now based on Q5-Q8 Adj. EPS and EV/EBITDA multiples of 18.1x and 10.9x (from

17.2x and 10.3x previously), respectively.

Downside risks: Less favorable capital allocation, lower equity earnings from real

estate ventures, weaker capital markets growth

CWK

Rating: We increase our CWK (Buy) 12-month price target to $19 from $18 which is

based on a Q5-Q8 Adj. EPS multiple of 11.2x and an EV/EBITDA multiple of 7.5x

from 10.6 and 7.1x previously.

Downside Risks: Transaction and leasing volumes lower than expected led by macro

and/or geopolitical issues, reduced capital availability and higher capital costs than

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