Downgrading CBRE and JLL Moat Ratings to Narrow After Taking a Fresh Look at Real Estate Services
After taking a fresh look at the real estate services industry, we are downgrading our moat ratings for CBRE and Jones Lang LaSalle from wide to narrow. We still believe these companies have robust competitive advantages because of their reputation-based intangible assets and switching costs, but we are no longer confident that excess returns will persist for 20 years. Both companies operate in a cyclical industry that is rapidly consolidating, raising the prospect that they will compete more di...CBRE Group is a holding company. Through its subsidiaries, the company is a commercial real estate services and investment firm. The company's segments include: Advisory Services, which provides a range of services globally, including property leasing and capital markets; Global Workplace Solutions, which provides a suite of integrated, contractually-based outsourcing services globally for occupiers of real estate; and Real Estate Investments, which is comprised of investment management services provided globally, development services in the United States and United Kingdom and a service designed to help property occupiers and owners meet the demand for flexible office space solutions on a global basis.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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