CBRE 2026년 3분기 실적 발표회: 코어 EPS 28% 상승

핵심 요약

• CBRE의 2026년 3분기 매출은 전년 동기 대비 13% 증가했으며, 코어 EPS는 28% 상승했습니다. 리질리언트 부문과 트랜잭션 부문 모두 두 자릿수 성장을 달성했습니다.
• 핵심 인프라 서비스 매출은 데이터센터 솔루션에 대한 하이퍼스케일러의 수요와 피어스 인수 효과에 힘입어 80% 급증했습니다.
• 경영진은 2026년 코어 EPS 가이던스를 중간값 기준 23% 성장한 7.80달러~7.90달러로 유지했습니다.
• CBRE는 2027년에도 15%의 코어 EPS 성장을 달성할 수 있는 경로를 지속해서 확인하고 있습니다. 이러한 전망에는 오넥의 예상 기여도와 추가 M&A 가능성이 포함됩니다.
• 경영진은 핵심 인프라 서비스 매출이 2027년에 약 45억 달러에 달하고, 전체 인프라 서비스 매출은 2026년 수준보다 40% 이상 증가한 약 70억 달러에 이를 것으로 예상하고 있습니다.
• 높고 변동성이 큰 금리는 부동산 자본시장에 압박을 가하고 있습니다. CBRE는 자본시장 활동이 2026년 4분기와 2027년 상반기 내내 전반적으로 보합세를 보일 것으로 전망하고 있습니다.

핵심 재무 데이터

사업 및 운영 실적

자문 서비스(Advisory Services)

자문 서비스 매출은 11% 증가했으며, 부문 영업이익은 16% 증가했습니다.

글로벌 임대차 매출은 6% 성장했습니다. 영국에 힘입어 EMEA가 21% 성장하며 상승세를 이끌었습니다. 아시아 태평양(APAC)은 인도 및 태평양 지역의 호조가 동북아시아의 약세로 상쇄되면서 2% 증가했습니다. 미국 임대차 매출은 4% 증가했으며, 산업용 임대차는 16% 늘어난 반면 오피스 임대차는 2% 감소했습니다.

경영진은 미국 오피스 실적 부진의 이유로 대형 거래의 4분기 이월과 전년 동기의 높은 기저효과를 들었습니다. 경영진은 글로벌 임대차 매출이 4분기에 10%대 초반 성장률을 기록한 뒤, 2027년에는 5%~9%대 성장률로 안정화될 것으로 예상하고 있습니다.

글로벌 부동산 매매 매출은 28% 증가했습니다. 미국 매출은 산업용 및 리테일 거래에 힘입어 37% 증가했습니다. EMEA는 영국의 33% 성장을 포함해 8% 증가했으며, APAC은 일본의 주도로 10% 증가했습니다.

모기지 주간 매출은 1% 증가했습니다. 사모 자본을 통한 두 자릿수 성장이 정부 기관 대출 감소로 상쇄되었습니다. 경영진은 장기 금리가 상승함에 따라 차입자들이 사모 대출 펀드 및 보험사의 변동금리 구조를 선호했다고 설명했습니다.

빌딩 운영 및 익스피리언스(Building Operations and Experience)

빌딩 운영 및 익스피리언스 매출은 17% 성장했으며, 부문 영업이익은 21% 증가했습니다.

핵심 인프라 서비스 매출은 하이퍼스케일러 수요와 피어스 인수를 반영하여 80% 급증했습니다. 시설 관리 매출은 테크, 금융 서비스, 에너지 고객사에 힘입어 13% 증가했습니다. 로컬 시설 관리는 미주 지역에서 25% 이상 성장했으며 아시아 태평양과 서유럽에서도 견조한 실적을 유지했습니다.

CBRE는 연말 무렵 오넥 인수 계약을 마무리지을 것으로 예상하고 있습니다. 오넥은 말레이시아, 북유럽, 호주 등의 시장에서 데이터센터 프로젝트 및 기술 서비스 입지를 넓혀주고 있습니다. 경영진은 이 사업 부문이 여전히 파편화되어 있으며 미국 및 해외 시장에서 추가 인수 기회가 존재한다고 밝혔습니다.

프로젝트 관리(Project Management)

프로젝트 관리 매출은 3% 증가한 반면, 경유 비용은 4% 감소했습니다. 순매출 기준으로는 11% 성장했습니다.

부문 영업이익은 9% 증가했습니다. 고객사 채무 불이행과 관련된 APAC의 일회성 비용으로 인해 공시된 성장률이 6%포인트 낮아졌으며, 해당 프로젝트 상각을 제외하면 영업이익 성장률은 15%였다고 경영진은 설명했습니다.

일부 테크 및 헬스케어 고객사를 포함해 기업의 상업용 부동산 자본 지출이 둔화되었습니다. 하지만 인프라 관련 작업이 이러한 부진을 상쇄하고도 남았습니다.

부동산 투자(Real Estate Investments)

부동산 투자 부문의 영업이익은 데이터센터 부지 매각 및 기타 자산의 현금화에 힘입어 전년 동기 7,300만 달러에서 1억 6,600만 달러로 증가했습니다.

CBRE는 데이터센터 용도로 매각될 가능성이 있는 20개 이상의 부지를 보유하고 있습니다. 경영진은 이를 반복적으로 발생하지만 불균일성이 매우 큰 사업으로 설명하며, 매각 시기는 주로 하이퍼스케일러 수요, 인허가, 전력 접근성에 좌우된다고 덧붙였습니다.

투자관리 부문의 영업이익은 12% 감소했습니다. 경상 자산관리 수수료 수입 증가가 공동투자 수익 감소로 상쇄되었습니다.

경영진 가이던스

CBRE는 2026년 코어 EPS 가이던스를 7.80달러~7.90달러로 유지했습니다. 중간값 기준 23% 성장을 의미합니다.

경영진은 2027년에도 15%의 코어 EPS 성장 경로를 계속해서 목표로 설정하고 있습니다. 이 전망은 인프라 부문의 탁월한 지속 성장, 오넥의 긍정적 기여, 추가 M&A 가능성을 전제로 하며, 부동산 자본시장 사업의 성장 둔화도 함께 반영하고 있습니다.

2027년에 경영진은 핵심 인프라 서비스 매출이 45억 달러에 육박할 것으로 예상합니다. 전체 인프라 서비스 매출은 2026년보다 40% 이상 증가한 약 70억 달러에 달할 것으로 전망됩니다. 개발 사업 내 잠재적 데이터센터 부지 매각은 해당 매출 추정치에서 제외됩니다.

회사는 연간 잉여현금흐름 전환율이 목표 범위인 75%~85% 내에 형성되고 연말 순레버리지는 1배를 약간 상회할 것으로 전망하고 있습니다.

리스크 및 주시 영역

• 고금리와 금리 불확실성으로 인해 거래 가격 재조정, 지연, 자산 매각 대신 리파이낸싱 선택 등의 현상이 나타나고 있으며, 투자 매각, 모기지 주간, 개발 및 투자관리 전반에서 활동이 약화되고 있습니다.
• 경영진은 자본시장 활동이 2026년 4분기와 2027년 상반기 동안 전반적으로 보합세를 유지할 것으로 예상하고 있습니다. 2027년 하반기 개선 전망은 금리의 추가적인 안정성에 달려 있습니다.
• 대형 기업 시설 관리 계약 2건이 구조조정을 필요로 함에 따라 4분기 해당 부문 실적을 압박할 예정입니다. 경영진은 이 문제가 전체 포트폴리오를 대표하기보다는 해당 계약에 특화된 이슈라고 밝혔습니다.
• 기업들의 신중한 행보로 인해 임대차 및 전통적인 부동산 자본 지출이 영향을 받고 있습니다. 일부 테크 고객사는 지출 방향을 데이터센터 및 기타 핵심 인프라로 전환하고 있습니다.
• 부채 비용 상승은 신규 데이터센터 건설을 둔화시킬 수 있습니다. 경영진은 정치적 상황 역시 잠재적 제약 요인으로 지적했으나, 기존 부지의 개보수 및 미국 외 시장에서는 기회가 지속될 것으로 기대하고 있습니다.
• 데이터센터 부지 매각 이익은 분기별 또는 연도별로 예측하기 어려우며 부동산 투자 부문의 실적에 상당한 변동성을 가져올 수 있습니다.

애널리스트 Q&A 주요 내용

애널리스트들은 CBRE의 2027년 성장 목표 지속 가능성에 초점을 맞췄습니다. 경영진은 리질리언트 사업, 특히 데이터센터와 인프라 서비스가 자본시장 활동 둔화를 상쇄할 수 있다고 말했습니다. 15%의 코어 EPS 성장 경로에는 오넥이 포함되어 있으며 추가 인수도 전제하고 있는 것으로 보입니다.

M&A와 관련해 CBRE는 최소 15%의 수익률을 목표로 하며 즉각적인 이익 증대를 가져오는 거래에 집중하고 있다고 밝혔습니다. 오넥이 성과 연동 대가를 전액 수령할 경우 어른아웃 금액은 10억 달러를 약간 상회할 것입니다. 경영진은 해당 금액을 달성하려면 강력한 성장이 필요할 것이라고 전했습니다.

CBRE는 M&A가 자본 배분의 최우선 순위로 유지될 것으로 예상합니다. 자사주 매입은 오넥 거래를 앞두고 3분기에 둔화되었으며, 인수 파이프라인이 견조하게 유지되는 동안 유의미하게 감소할 것으로 보입니다.

경영진은 또한 기업 시설 관리 부문의 부진이 구조조정이 필요한 2건의 대형 복합 계약에서 비롯되었다고 명확히 했습니다. 로컬 시설 관리 사업은 계약 구조가 다르며, 엔지니어링 주도 서비스와 소규모 프로젝트 기회를 통해 계속해서 이익을 얻고 있습니다.

실적발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Greetings, and welcome to the Third Quarter 2026 CBRE Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chandni Luthra. Thank you. You may begin.

Chandni Luthra

Good morning, everyone, and welcome to CBRE's Third Quarter 2026 Earnings Conference Call. Earlier today, we posted a presentation deck on our website that you can use to follow along with our prepared remarks and an Excel file that contains additional supplemental materials. Today's presentation contains forward-looking statements, including, without limitation, statements concerning our business outlook, business plans, capital allocation strategy as well as our earnings, net leverage and free cash flow outlook. .

These statements involve risks and uncertainties that may cause actual results and trends to differ materially. For a full discussion of the risks and other factors that may impact these statements, please refer to this morning's earnings release and our other SEC filings. We've provided reconciliations of the non-GAAP financial measures discussed on our call to the most directly comparable GAAP measures, together with explanations of these measures in our presentation deck appendix.

Throughout our remarks, when we cite financial performance relative to our expectations, we are referring to actual results against the outlook we provided on our second quarter 2026 earnings call in July, unless otherwise noted. All growth rates we cite are in U.S. dollars, unless otherwise noted. Also, as a reminder, our resilient businesses include facilities management, critical infrastructure services, property management, project management, loan servicing, valuations, other portfolio services and recurring investment management fee. Our transactional businesses are comprised of property sales, leasing, mortgage origination, carried interest and incentive fee in the investment management business and development fees.

I'm joined on today's call by Bob Sulentic, our Chair and CEO; and Emma Giamartino, our Chief Financial Officer. Now please turn to Slide 3 as I turn the call over to Bob.

Robert Sulentic

Thank you, Chandni, and good morning, everyone. CBRE produced another quarter of strong financial results and continued to make strategic gains in targeted areas of our business. Financially, core EPS improved 28% on a 13% revenue increase with both resilient and transactional businesses growing by double digits. Strategically, we continue to advance both our Critical Infrastructure Services business line, which operates as part of the BOE segment as well as the broader infrastructure services work we perform across the company.

As a reminder, our Critical Infrastructure Services business line primarily entails network infrastructure services, MEP projects and facilities management for data centers. Our acquisition of Onnec, which we announced on Tuesday, fits within this line of business. We expect critical infrastructure services to generate nearly $4.5 billion of revenue in 2027. Outside of the Critical Infrastructure Services business line, our infrastructure services work consists primarily of overseeing the construction of transportation and energy assets, along with data centers within Project Management and arranging the sales, leasing and financing of data centers and advisory services.

Taking this work into account, we expect our total infrastructure services revenue to reach nearly $7 billion in 2027, growing more than 40% from this year. Any data center land sales in our development business would be in addition to this revenue. Looking ahead, 2 significant competing dynamics are impacting our business and are offsetting each other. First, we should see continued outsized growth and investment in our infrastructure services businesses. Second, given the interest rate environment, we are expecting downward pressure in our businesses that are driven by the real estate capital markets.

And now I'll turn the call over to Emma.

Emma Giamartino

Thank you, Bob, and good morning, everyone. I will begin by providing detail on our segment results. Overall Advisory Services revenue rose 11%. Global Leasing revenue grew 6% with mixed results across regions. EMEA led leasing revenue with 21% growth where the U.K. was a standout. APAC grew 2% with strength in India and the Pacific, offset by softness in North Asia. In the U.S., leasing revenue rose 4%, supported by industrial up 16%, while office leasing dipped 2%. We have strong pipelines and expect global leasing revenue to grow at a low double-digit rate in the fourth quarter. .

Global property sales revenue increased 28%, led by the U.S., up 37%, driven by accelerated growth in industrial and retail. Outside the U.S., sales revenue grew 8% in EMEA with particularly strong growth in the U.K., up 33% and 10% in Asia Pacific, led by solid growth in Japan. Mortgage origination revenue rose 1% as a double-digit increase from private capital sources was offset by a decline in government agency lending. Private capital activity was driven by debt funds and insurance companies as borrowers preferred floating rate structures in a rising rate environment. The agencies have a hard time competing in a market environment with higher long-term rates.

Advisory SOP grew 16%. Turning to Building Operations and Experience. Revenue increased 17%. Growth continues to be led by Critical Infrastructure Services, where revenue increased 80%. The drivers were strong hyperscaler demand for our data center services solutions as well as contributions from last November's Pearce acquisition. As Bob mentioned, we have agreed to acquire Onnec and expect to close the acquisition around the end of the year. If Onnec were included, the Critical Infrastructure Services business line would have generated approximately at least $3 billion of revenue over the past 12 months.

Facilities Management revenue grew 13%. Enterprise Facilities Management was led by technology, financial services and energy clients, while local facilities management was paced by more than 25% growth in the Americas as well as continued strength in Asia Pacific and Western Europe. BOE SOP grew 21%. In Project Management, revenue grew 3%, while pass-through costs declined 4%. We saw a slowdown in real estate capital spending by corporates. This was significantly offset by strong growth in infrastructure revenue. Project Management SOP grew 9% despite a onetime cost in APAC related to a client default, which lowered the growth rate by 6 percentage points.

In Real Estate Investments, segment operating profit rose to $166 million from $73 million in the prior year quarter. The improved performance was driven by data center land sales as well as the monetization of other assets. We believe the embedded gains in our development portfolio now total about $800 million, adjusting the value for the recent increase in interest rates. Any data center land sales would generate additional profits over and above the $800 million.

In Investment Management, operating profit declined 12% as higher recurring asset management fees were offset by lower co-investment returns. We ended the quarter with more than $155 billion of AUM and raised approximately $2 billion of new capital, up from $1.6 billion in the second quarter. Now I'll turn to free cash flow and capital allocation. Free cash flow totaled $1.8 billion on a trailing 12-month basis. For the full year, we remain on track to achieve free cash flow conversion within our target range of 75% to 85% and expect to end the year with slightly above 1 turn of net leverage.

We continue to prioritize M&A in areas benefiting from secular tailwinds with a particular focus on data centers and infrastructure. You've seen this in the Onnec acquisition. Turning to our outlook. We are maintaining our previously stated 2026 core EPS guidance in the range of $7.80 to $7.90, reflecting 23% growth at the midpoint. As Bob indicated, we are seeing competing dynamics in our business. We expect to see continued outsized growth in our infrastructure businesses. This will be somewhat offset by lower growth in our real estate capital markets-driven businesses. As a result, we continue to see a path to 15% core EPS growth in 2027.

With that, operator, we will open the line for questions.

Operator

[Operator Instructions] Our first question comes from the line of Anthony Paolone with JPMorgan.

질의응답

Anthony Paolone

My first question is with regards to the path to 2027 growth. What do you think most likely gets you there now in comparison to maybe what you thought the components were a few months ago? And can you maybe get into a little bit of the context on what may need to happen or just how at risk is that 15%.

Emma Giamartino

Yes. Thanks, Tony. So as both Bob and I mentioned in our remarks, we are seeing some competing dynamics across our business. Of course, we're seeing pressure on our real estate capital markets business, but that is being offset in a big way by outsized growth in our resilient businesses, notably infrastructure services and data centers. And I want to reiterate a number that we put in our press release around Onnec. Next year in 2027, we're expecting our critical infrastructure services revenue to reach $4.5 billion and our infrastructure revenue to reach $7 billion.

So there's a tremendous amount of growth there. Walking a high level through the segments, starting with the easy segments, BOE and Project Management, we expect them to grow consistently with how they've grown historically. Advisory will moderate somewhat more than what we expected 90 days ago, as you'd expect with slowing capital markets but it will grow next year. And then within REI, our Investment Management business will be roughly flat, and we expect to monetize development assets, including data center land sales, but there is a wide range of outcomes there.

We'll also likely have more M&A. We have a strong pipeline, particularly in the data center space, and we expect to do more in 2027. So if you put that all together, we are confident in our path to 15%. And I do want to say this is a great example of how our business model is working the way we've intended and the way we've shaped it, even in an environment where our capital markets business are slowing, our resilient businesses are able to offset that and deliver double-digit growth.

Anthony Paolone

Got it. And then just my follow-up is on BOE and just the enterprise facilities business there being under a bit of pressure. I guess what's changed? And what are you really seeing there, especially considering how recurring that business seems to be, and it's 3 quarters into the year, I guess, what's changed?

Robert Sulentic

Yes, Tony, what's going on there that's notable is that we have a couple of accounts that are problematic that we've decided to take on and work out and get resolved. That -- and in doing that, it's putting some downward pressure on our earnings, particularly in the fourth quarter in that business. That's happened from time to time over the years. It's a little bit like brokerage recruiting. The market gets frothy, it gets more and more competitive and you end up with some circumstances, you end up with some broker hires or for -- some outsourcing or enterprise accounts that don't have the characteristics you would want.

We have decided to really take that on now and try to change that circumstance going forward. So we're going to in a marketing sense, in particular, in a solutioning sense, we're going to approach it a little differently than we have in the past to try to get that out of our system kind of permanently. We'll never get it totally out of there, but we are to going to be subject to the impact of restructuring a couple of those accounts in the fourth quarter, and that's what you're seeing there.

Operator

Our next question comes from the line of Stephen Sheldon with William Blair.

Stephen Sheldon

First, just on capital markets. Can you just maybe dig into more on what you're seeing out there later in the third quarter and into the last few weeks or kind of early in the fourth quarter. And specifically, are you starting to see any delays or cancellations in transactions. And then maybe tied into last -- I guess, how wide of a range of outcomes could there be for capital markets looking into next year, assuming a somewhat similar environment to the one we're in right now. I guess how are you thinking about that?

Robert Sulentic

Yes, Stephen, this is Bob. I'll comment and then I'll let Emma comment. So we're seeing exactly what you would expect to see. The cap rates have gone up, deals that were under contract are getting retraded, deals that might have otherwise gone under contract aren't happening. We're seeing refinancings in some places that we thought would we'd see sales. All of the stuff you typically see when the capital markets are both uncertain and interest rates go up. Our view is that part of what's going on here isn't just the interest rate situation and what interest rates are, but what the uncertainty around interest rates.

It's our view that, that could settle out in the back half of next year and be helpful. Of course, none of us know what's going to happen. As a result, though, in investment sales, mortgage origination, development, investment management, we're seeing an impact, and that's baked into what Emma described in terms of our outlook for the business for the rest of this year and into next year. And Emma, you may want to add on to that.

Emma Giamartino

Yes. I'll just add that throughout the third quarter, as you'd expect, we saw a slowdown in our Capital Markets business, particularly in September. And going into Q4, we expect Capital Markets overall to be roughly flat and that to extend into, as Bob said, the first half of next year. What we really need is for rates to stabilize. The volatility and the uncertainty is what's driving a pause or a hold or even delaying deals to 2027. And we expect that stability to come in the back half of next year. And then, of course, if that doesn't come or things change, the results will be different.

Stephen Sheldon

Got it. That's really helpful. And then on project management, and I apologize if I missed some detail on this, but I think you called out in the presentation that the growth was tempered by weaker corporate capital spending. Just I guess, any detail on where you're seeing that and kind of maybe timing-wise when that started to slow down a little bit? Just any detail there.

Robert Sulentic

Yes. I think it's been a little slower throughout the year. You have all kinds of things going on. You do have some uncertainty in the economy, which causes corporates to be a little more conservative. You have some -- we have -- we do a lot of work for, as you know, big tech clients that have moved their spending away from kind of traditional legacy real estate type investment into infrastructure, critical infrastructure, data centers, I think you're seeing some of that. We saw I think a little bit of concentration and slowdown in health care. So it was a mixture of things. And I think we weren't that surprised by that. Emma, do you have something you want to add to that?

Emma Giamartino

Yes. I just want to add and reinforce that on a net revenue basis, our project management business grew 11% and our SOP, if you take out that one project that we wrote down was 15% growth. So it is doing what we expect it to do, and we expect that to continue through the year. So all of that growth in infrastructure, which is a very large part of our Project Management business is more than offsetting the slowdown in real estate.

Operator

Our next question comes from the line of Steve Sakwa with Evercore ISI.

Steve Sakwa

I was wondering if you could just comment a little bit more about the office leasing being down 2%. I don't know maybe -- I mean, you made some comments around region. That seems to be a little bit counter to maybe what we're seeing out of the REIT portfolios just from an activity level. So any color on U.S. office leasing would be great.

Robert Sulentic

Yes. I think, Steve, it is a little counter to broadly what we see going on in leasing. It had a couple of situations for us in Q3. We had some big deals that are going to slip into Q4, which is why we have confidence, in part why we have confidence that we'll see double-digit growth in leasing in Q4.

We also had a pretty tough compare last year. I will say that we're prominent in the bigger markets around the U.S. And I think everybody knows, if you go back to the comments you made on the REITs, if you look at the REITs and their best assets in the biggest markets, we're running out of space to lease, and that's having an impact on the business as well. It's good for the value of those assets, but that's having an impact as well. We think that, as I said, we're going to see double-digit growth in leasing in Q4, and then we think we're going to settle out in the mid- to high single digits next year in leasing.

Steve Sakwa

Great. And maybe just a follow-up on the Onnec's acquisition. Could you maybe just talk about kind of pricing. I think if we did the math right, it was about 9x EBITDA. How are you thinking about pricing? And how did you think about maybe change in pricing given just the overall capital markets environment and how do you size that up?

Robert Sulentic

Yes. Well, I'm going to make some comments on it, and then I'm going to let Emma comment. Emma was more involved in the pricing. So first of all, what Onnec does, they do outside the U.S. in some really important markets in Malaysia, in the Nordics, in Australia, and that rounds out our business, and that is a very valuable business, both to us and to other people that would want to acquire that business because of the position that we've put ourselves in on M&A in general, but specifically on M&A for these smaller data center type businesses, we're able to bring these companies on board, create an environment for them where they could be more successful with us than they could outside of us. And so we make an upfront payment that's reasonable, but then we give them the chance to have a substantial earn-out downstream. I think if they fully achieve their earn-out, the multiple will actually go up a little, but the outcome for us will be spectacular.

And Emma, you may want to comment on that.

Emma Giamartino

Yes. For -- if they earn the entirety of the earn-out, that would be a little over $1 billion. And as Bob said, we use that to incentivize to continue to generate really strong growth. These are businesses that have experienced rapid growth over the past 2 years, just as we've seen in our direct line business. So it's difficult to put a multiple on an upfront earnings number. And so if they earn the earn-out, and we're very confident that they will, we're going to have extraordinary growth in this business. .

Operator

Our next question comes from the line of Brendan Lynch with Barclays.

Annabelle Ayer

This is Annabelle on for Brendan. Maybe just a follow-up on Onnec. Are there any capabilities or geographies for critical infrastructure that are kind of still missing? And how much more M&A do you think is needed to fully build out this business?

Robert Sulentic

So Annabelle, we have a good global footprint now. This is something we were really after. We managed a lot of data centers overseas, but we didn't have the project capability built out the way we wanted to have it there, the white space technical services work. This does build that footprint out. But there is a lot of room to go in terms of the magnitude of our business around the world. This is a super fragmented business. .

We've now become very large relative to most players in this segment, but still very small relative to the size of the opportunity. And we do believe there'll be considerable M&A targets, both here in the U.S. and around the world that we can go after to continue to build this business. And we are an attractive home for those companies. We're getting inbound requests to talk to us about people selling their businesses to us. So we think that the kind of the perimeters of the footprint geographically are well built out, but there's a lot of infill to be done.

Operator

Our next question comes from the line of Jade Rahmani with KBW.

Jade Rahmani

Are you seeing any spillover effects from higher interest rates into other areas of the business beyond Capital Markets? For example, in office leasing, is there any reduction in confidence in other areas such as BOE, enterprise facilities management, any slowdown, any pause. And in Project Management, corporates, any pause on CapEx?

Robert Sulentic

Yes. I think in reality, Jade, it's all impacted by that, right? When companies are nervous about the economic outlook, they're a little more cautious. So it's hard to quantify, but there probably has been some pressure in leasing from that economic uncertainty. For sure, one thing we're anticipating is that there could be some impact on the data center build around the world because of the cost of debt.

If you look at our business, one of the things we really loved about Onnec is that if things slow down here for data centers in the U.S., either because of the interest rate environment or because of the political environment, et cetera, we think the growth is going to accelerate outside the U.S. And Onnec puts us in a great position to take care of that. We think that in data centers, you're going to see potentially some pressure on the amount of new build, which is crazy right now, as everybody knows. There will be a lot of pressure on that and still have it be enormous. And then what's happening, and we're already seeing it is a lot of refit of existing data centers, which a big chunk of our business is in that area now. So you're going to see -- when you have higher interest rates, economic uncertainty, you're going to see impacts all across the business.

Jade Rahmani

And your comments on data center potential slowdown actually addressed a second question I had. Just wanted to ask about the data center land site sales. Just in quantum, could you give any context as to how much is remaining? And in terms of activities, are you replenishing those? Is the plan to have that be a recurring business? Or is there sort of a set pipeline, and once it's monetized, that will be it?

Robert Sulentic

It's a recurring business, Jade, but it is not a ratable business, right? We can't sit here and say so much is going to happen every quarter. We could have 6 or 9 months where nothing happened and then in 1 quarter, we could have a lot happen. It's driven by the underlying demand mostly of hyperscalers, our businesses. We've got more than 20 sites that we have under control that could end up being sold as data center sites. We're active.

We have considerable skill at identifying and entitling and getting power to new sites. So we are in the market looking for new sites. And we think that, that will be an ongoing part of our business. But if you were to ask us to lay out exactly what's going to harvest quarter-by-quarter, or even year-by-year, we wouldn't be able to do that. And that's why when we talk about the profits and the revenues in our infrastructure-related businesses, we separate out data centers and comment that, that's in addition to the revenues that we're highlighting for you. When we talk about the profits embedded in our development business, we give you a number for that and then separate out data centers and suggest it'd be in addition to that. I can't remember over the years anything that we were involved in that had real promise that was also simultaneously more choppy than data center land sales are.

Operator

Our next question comes from the line of Seth Bergey with Citi.

Seth Bergey

I just wanted to kind of go back to the 2027 outlook and just understand how much of that kind of 15%, the path to 15%, does that include any benefit from Onnec that may not have been kind of in the outlook as of the second quarter call in the future M&A.

Emma Giamartino

Yes. It includes the benefit from Onnec, and it likely includes additional M&A on top of that. .

Seth Bergey

And then I guess just kind of on the additional M&A comment. Is that kind of how do you think about pricing? And should we kind of expect that to be -- what kind of size of the companies are you looking to acquire? Is there a size range or just kind of general comments you can make about what you're looking to underwrite?

Emma Giamartino

I think Onnec is a really good example of the types of deals that we're looking at in terms of size, multiple return. We look at all of our deals and are targeting a strong return at least 15%. And as you've seen with all of our recent deals, they're all highly accretive and immediately accretive. So we're focusing on delivering a strong return. We're creating value over the long term. So I think looking at something like Onnec is a good example. .

Operator

Our next question comes from the line of Ronald Kamdem with Morgan Stanley.

Ronald Kamdem

Two quick ones. Just going back to BOE and the enterprise facilities management. Can you just talk about what sort of catalyzed the change in -- that you mentioned with some of the tenants there? Was it rates? Was it something else? And how does that dynamic compare to what's happening with the sort of locals business? Is there any sort of correlations there?

Robert Sulentic

Yes. Ronald, this was 2 specific deals that -- the contracts and what we have to deliver under those contracts just doesn't work the way it's structured now. So we're having to restructure them. That work is underway. It's not indicative of the business more broadly. We are going to learn from it and change some things going forward. But those -- it's -- the thing to know about those contracts relative to the local business, those are very big, very complex contracts. They typically involve assets that are geographically spread maybe around the world, certainly over large geographies within parts of the world, many, many assets, sometimes multiple services, sometimes not. .

Local is very different. It can be a single asset. When it's a single asset, it can be quite big and quite complex or a group of assets within a specific geography. That business is very engineering-led, very small project led. We upsell a small projects. So it's very sales-led. It's not an RFP-driven sale process. It's a proactive driven sale process where we engage in the marketplace. So the characteristics around the way contracts are landed, the complexity of contracts, the work we do subject to those contracts is very different in those 2 businesses.

Ronald Kamdem

Great. That's helpful. And then just a second on just the capital allocation. I think you talked about sort of potential more M&A. How should we think about where you're comfortable running leverage? And does that probably sideline the buybacks from here?

Emma Giamartino

Yes. So we're always continuing to prioritize M&A. You saw that with Onnec. And you saw in Q3 that we did slow down our buyback somewhat in anticipation of this deal. And you should expect that to continue through the fourth quarter. We have a really strong pipeline of deals. I know I always say it's difficult to predict what will convert, but we have a great pipeline, and we do expect some of that to convert in 2027. So you should expect to see repurchases as long as that remains the same, repurchases decline pretty meaningfully. .

Operator

And we have reached the end of the question-and-answer session. I would like to turn the floor back to CEO, Bob Sulentic, for closing remarks.

Robert Sulentic

Thanks, everyone, for being with us, and we look forward to speaking with you again when we report our full year results.

Operator

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.