CBRE, JLL weakness on AI fears ‘missing forest for the trees,’ says Jefferies

Jefferies notes that commercial real estate services firms including CBRE Group (CBRE), JLL (JLL) and Cushman & Wakefield (CWK) sold off following coverage of a new AI-enabled product, Fore Real, that resurfaced AI disruption concerns. The firm, which argues that the product does not replace the core value proposition of a scaled CRE services firm, sees the worries as “missing the forest for the trees” and reiterates Buy ratings on CBRE and JLL along with a Hold rating on Cushman & Wakefield.