CBRE, the world's largest commercial real estate services company, reported record earnings for Q4 2024, with revenues reaching $10 billion and a 60% increase in cash flow. The company noted that commercial real estate lending momentum accelerated, supported by a substantial wall of capital and strong fundamentals across most sectors. Maturing debt is expected to drive further improvement in 2025. Office leasing has surged for a second consecutive quarter, indicating potential added demand for office properties into 2025. Despite the positive outlook, experts warn of headwinds ahead, suggesting an uneven recovery path for the U.S. office market, which showed signs of stabilizing with less space returned in 2024. Additionally, industry analysts predict a shift in the market with price growth normalizing, particularly in the luxury real estate segment, which is outperforming the broader market.