SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported):  July 5, 2001

                        CB RICHARD ELLIS SERVICES, INC.
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             (Exact Name of Registrant as Specified in its Charter)


   DELAWARE                      001-12231                     52-1616016
- ----------------          ------------------------        --------------------
(State or Other           (Commission File Number)          (IRS Employer
 Jurisdiction of                                           Identification No.)
 Incorporation)

200 North Sepulveda Boulevard, El Segundo, California             90245
- -----------------------------------------------------           ----------
       (Address of Principal Executive Offices)                 (Zip Code)


                                (310) 563-8600
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              Registrant's Telephone Number, Including Area Code

                                      NA
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         (Former Name or Former Address, if Changed Since Last Report)


Item 9.     Regulation FD Disclosure

UPDATE OF FINANCIAL PERFORMANCE

     As a part of the financing of the proposed merger of CB Richard Ellis
Services, Inc. with BLUM CB Corp., a wholly owned subsidiary of CBRE Holding,
Inc., CBRE Holding, Inc. has offered in a private placement $65,000,000 of its
16% Senior Notes due July 20, 2011 and 339,820 shares of its Class A common
stock.  The related Offering Circular includes a "Recent Developments" update
with respect to CB Richard Ellis Services, Inc. as follows:

                              Recent Developments

     In the latter part of the first quarter of 2001, CB Richard Ellis Services
was adversely affected by a slowdown in the U.S. economy in general and certain
local and regional U.S. economies in particular which have led to deteriorating
commercial real estate market conditions.  While its revenue in the first
quarter of 2001 increased approximately 4% as compared to the first quarter of
2000, its revenues were below its expectations and its costs and expenses,
excluding depreciation and amortization, increased by approximately 7.2% from
the first quarter of 2000.  Please refer to the section captioned "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
included in this offering circular for a detailed discussion of CB Richard Ellis
Services' first quarter performance.

     CB Richard Ellis Services' first quarter results reflected a strong January
followed by a slowdown in its U.S. sales activities beginning in February and a
slowdown in its U.S. lease activities beginning in March, as well as lower than
expected revenues in Europe and Asia Pacific.  This weakness in sales and lease
activities continued into the second quarter.  Internal results indicate that CB
Richard Ellis Services' operating results for the second quarter of  2001 will
be considerably below its operating results for second quarter ending June 30,
2000.

     Following its last major cost reduction program in 1999, CB Richard Ellis
Services has continued to evaluate its operating expenses relative to its
performance.  In response to the continued weakness described above, CB Richard
Ellis Services formulated a new cost reduction program in May 2001 to reduce
operating expenses. CB Richard Ellis Services has begun to implement this
program with work force reductions expected to be completed during the third
quarter.  This program is expected to reduce budgeted expenses for the remainder
of the year 2001 by between approximately $35 to $40 million, excluding one-time
severance costs.  Expense reductions will occur in three areas with the
following estimated cost reductions for the remainder of 2001.

     .  a reduction in work force combined with a hiring freeze, which are
        expected to yield a savings of approximately $8 to $10 million;

     .  a reduction in the bonuses for senior managers worldwide, which is
        expected to yield a savings of approximately $20 million; and


     .  a reduction in other operating and back office expenses, which is
        expected to yield a savings of approximately $7 to $10 million.

     This release contains forward-looking statements concerning expectations
for future cost reductions and earnings performance.  These statements reflect
the company's current plans and expectations and are based on information
currently available to it.  They rely on a number of assumptions and estimates,
which could prove to be inaccurate, and which are subject to risks and
uncertainties that could cause the company's actual results to vary materially
from the results anticipated. CB Richard Ellis undertakes no obligation to
update publicly or revise any forward-looking statements.  These statements are
qualified by reference to the company's 2000 Annual Report on Form 10-K and its
quarterly reports on Form 10-Q.

     A registration statement with respect to securities of CBRE Holding, Inc
has been filed with the Securities and Exchange Commission but has not yet
become effective. Such securities may not be sold nor may offers to buy be
accepted prior to the time the registration statement becomes effective. This
release shall not constitute an offer to sell nor the solicitation of an offer
to buy nor shall there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.

                                   SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Date:  July 5, 2001                             CB RICHARD ELLIS SERVICES, INC.



                                                By:  /s/  Walter V. Stafford
                                                     -----------------------
                                                        Walter V. Stafford
                                                          General Counsel