即时价格走势非常剧烈：CBRE Group 和 Jones Lang LaSalle 在周三交易中各下跌 12%，而 Cushman & Wakefield 下跌 14%。对 CBRE 和 Cushman 而言，这是自 2020 年 Covid 时期市场压力以来最大的 1-day 跌幅。分析师将此走势归因于投资组合从被视为可被 AI 颠覆的模式中轮动撤出，并指出类似的去风险化在仅仅超过 1 week 的时间内已扩散到软体、私募信贷、财富管理与保险经纪领域。在前一周 Anthropic 发布针对法律与金融研究流程的新任务自动化工具后，市场焦虑进一步加剧。
多位分析师认为其幅度可能超过近期基本面：Barclays 表示鉴于当天新闻流有限，这波走弱看起来过度；KBW 则将长期影响定义为「观望」，而不是复杂交易被立即取代。Jefferies 估计，对租赁与资本市场中介的威胁有限，因为既有业者在大型租约与大额交易的数据、人脉关系与执行方面仍保有规模优势。关键统计信号是短期内严重回撤（1 day 内 12% 到 14%），对比移动较慢的结构性风险，这意味著如果 AI 驱动的就业与空间使用需求破坏未以相近速度出现，可能存在过度反应风险。
On 2026-02-12, real estate services stocks were hit by the latest “AI scare trade,” with investors reassessing how exposed high-fee, labor-intensive brokerage and advisory models are to automation. The selloff comes as commercial real estate is still recovering from post-pandemic office weakness and higher interest rates, even though AI demand has supported niches like data centers and premium office leasing. The move reflects a broader repricing of businesses perceived as vulnerable to rapid AI deployment rather than a company-specific earnings shock.
The immediate price action was sharp: CBRE Group and Jones Lang LaSalle each fell 12%, while Cushman & Wakefield dropped 14% in Wednesday trading. For CBRE and Cushman, it was the largest 1-day decline since 2020 during the Covid-era market stress. Analysts tied the move to portfolio rotation out of models viewed as AI-disruptable, and noted that similar de-risking had spread across software, private credit, wealth management, and insurance brokers over a span of just over 1 week. The anxiety intensified after Anthropic released new task-automation tools in the prior week targeting workflows in legal and financial research.
Several analysts argued the magnitude may exceed near-term fundamentals: Barclays said the weakness looked excessive given limited same-day news flow, and KBW framed the long-run effect as “wait-and-see” rather than immediate displacement of complex transactions. Jefferies estimated the threat to leasing and capital-markets intermediation as limited because incumbents retain scale advantages in data, relationships, and execution for large leases and large-ticket deals. The key statistical signal is a severe short-horizon drawdown (12% to 14% in 1 day) versus slower-moving structural risk, implying potential overreaction risk if AI-driven demand destruction in jobs and space use does not materialize at comparable speed.