CB Richard Ellis and Jones Lang LaSalle saw their shares plunge in early trading in New York in response to poor second quarter figures.

CBRE’s shares were down 18% to $15.25, their lowest level for three years, while JLL’s slid 9% to $51.69, their lowest price since December 2005.

The share price falls came after both firms missed analysts’ forecasts. CBRE’s second-quarter net profits, excluding one-off charges, were $33.2m (£16.6m), or 16 cents a share, far from the 44 cents analysts on average had expected.

Jones Lang LaSalle trailed estimates of 99 cents a share, by reporting a 69% drop in profits to $24.5m (£12.2m), or 73 cents a share.