How the AI data center boom is transforming CBRE, the world's largest commercial real estate company

CBRE, recognized as the largest commercial real estate services firm globally, has traditionally been linked to brokerage, facilities management, and investment sales. However, this century-old organization—established in the wake of the catastrophic 1906 San Francisco earthquake—is now undergoing significant transformation driven by the burgeoning AI data center sector.

The advent of generative AI has ignited an extraordinary surge in data center construction as companies strive to secure the computational resources essential for training and deploying expansive AI models. As hyperscalers endeavor to acquire land, power, and water for substantial AI infrastructure initiatives, CBRE, headquartered in Dallas, has discreetly emerged as a pivotal player in this dynamic environment.

The firm reports having secured “dozens” of prospective data center sites nationwide and is collaborating closely with major technology companies on various matters ranging from land entitlements to securing power and water access. Distinct from traditional brokerage firms or construction contractors, CBRE increasingly occupies multiple roles within the AI infrastructure development spectrum.

According to CBRE president and CEO Bob Sulentic, the company's venture into critical infrastructure and data center services "is going to be at least as profound as our move into outsourcing in the 1990s and early 2000s, and much faster." During the earnings call on April 23, where the company disclosed a 19% year-over-year revenue increase, this statement underscored the magnitude of the shift.

The implications of this transformation are already evident in CBRE's operations. The company achieved over $3 billion in infrastructure-related revenue in 2025, with nearly $950 million generated in the first quarter alone. In response to this growth, CBRE established a specialized "critical infrastructure services" unit dedicated to data centers, telecommunications, and power infrastructure, with projected growth exceeding 60% this year. Additionally, the firm's data center leasing revenue saw a more than tripling year-over-year in the first quarter.

In a letter to shareholders in April, CBRE disclosed that its critical infrastructure activities, which encompass data center operations and the Pearce Services business, contributed approximately 14% of core EBITDA in 2025, a notable increase from about 3% in 2021. The firm expressed optimism regarding "considerable opportunities ahead."

A company representative indicated that CBRE currently manages around 1,300 data centers worldwide, acts as project manager for about 150 facilities, provides sales, leasing, and financing solutions for approximately 250 data centers, and controls over 30 development sites.

Stephen Sheldon, a financial analyst and partner at William Blair, noted that CBRE possesses the greatest exposure in the data center sector and has demonstrated greater proactivity compared to its competitors, including JLL, Cushman & Wakefield, and Colliers.

"I don't think there's going to be any slowdown anytime soon," he affirmed. "There will certainly be friction points and bottlenecks in the coming five-plus years, but it is undeniable that this will represent a significant long-term investment area for CBRE."

CBRE's foray into data centers originated through acquisition

In a dialogue with Fortune, Sulentic, who has held the CEO position since 2012, explained that CBRE's entry into the data center domain commenced years prior as the firm expanded its building management and project oversight capabilities through acquisitions.

"We began performing work for data center clients," Sulentic recounted. "As a result, we started managing data centers, and due to our scale, we rapidly increased our involvement in that sector."

Such scale—operating in over 100 countries and collaborating with 90 of the Fortune 100 companies—positioned CBRE to grow in tandem with the AI infrastructure boom as hyperscalers swiftly expanded their data center presence.

"Once data centers emerged and their growth accelerated, we adjusted our pace accordingly," Sulentic observed.

As the enterprise expanded, CBRE increasingly recognized data centers and critical infrastructure as vital areas for growth. Sulentic emphasized that acquisitions have historically been integral to the company's development strategy.

In November 2025, CBRE pursued the acquisition of technical infrastructure maintenance firm Pearce Services for $1.2 billion in cash to bolster its digital and critical power infrastructure footprint. This acquisition followed CBRE's June 2024 purchase of Direct Line Global, which specializes in technical and installation services for data centers.

Sulentic noted that the sheer scale of anticipated AI infrastructure spending over the next five years appears nearly unprecedented. Owing to CBRE's close collaboration with hyperscalers, the company possesses insights into their long-term capital expenditure plans and development objectives—projections that carry substantial relevance as CBRE actively participates in executing many associated projects.

Sheldon highlighted CBRE's distinctive position, noting that the firm is not only offering consultancy and services related to data centers but is also investing in them through its development division.

"They have successfully procured a considerable amount of land," he reported. "I believe they leveraged their insights to identify land that might become attractive for data center development in the future, taking into account infrastructure and power grid considerations." He cautioned, however, that Wall Street's current expectations for CBRE do not rely heavily on significant gains from these land acquisitions, implying that any notable appreciation would likely be viewed as an incremental benefit—an "icing on the cake" rather than a foundational element in forecasts.

Challenges include labor expertise and community pushback

The primary challenges have evolved over time. Sheldon previously indicated that securing power for sites was the most daunting issue a year ago; now, however, the critical challenge lies in sourcing adequately qualified technical labor, which he characterized as "really, really tough."

To address this skilled labor deficit, CBRE partnered with Facebook's parent company, Meta, to announce the establishment of several training centers across the U.S., aimed at preparing thousands of technicians and skilled trades workers for the construction and maintenance of advanced data centers. The first two training centers are slated to open this summer near airports in Ohio and Indianapolis.

CBRE is not alone among real estate service providers facing the challenge of labor shortages tied to data center construction and operations. Rival JLL is also striving to cultivate a direct pipeline of skilled trade workers, including electricians, HVAC technicians, and plumbers, in response to the escalating demand for AI infrastructure.

Sulentic further acknowledged that community opposition to data centers has intensified alongside the rapid growth of the AI infrastructure sector. Localities in states such as Louisiana, Arizona, Michigan, and Texas have voiced concerns regarding water consumption, energy demands, noise levels, and land utilization.

Nevertheless, he asserts that, over time, projects will gravitate toward locations that are most advantageous concerning power, water, and infrastructure.

"It's akin to water finding its level," he explained. "Eventually, data centers will settle in locations that are more suitable than others. We will need to discover optimal sources of water and energy as the industry progresses."

Sulentic expressed that public criticism of data centers is sometimes amplified for political reasons and contested the notion that hyperscalers are indifferent to the communities where they establish operations.

"There exists a perception that corporations lack concern for individuals," he remarked. "This is far from the truth. From my insider perspective as a provider, I can attest that they are earnestly working to address these challenges."

He concluded by stating that CBRE anticipates sustained demand for its data center-related services in tandem with the overall expansion of the AI infrastructure market.

"The entire segment is growing at a commendable pace," Sulentic said. "I believe this component of our business will outpace the overall company for an extended period."