UPDATE 2-CB Richard Ellis profit misses forecasts

* Q3 share ex items $0.08 vs $0.10 expected

* Q3 revenues $1.02 bln

* Sales and leasing markets still under pressure

(Adds detail on sales estimates, cost cuts, CEO comment on markets)

NEW YORK, Oct 28 (Reuters) - CB Richard Ellis Group Inc (CBG.N), one of the world's largest commercial real estate service companies, posted a 69 percent drop in third-quarter profit, missing wall Street forecasts and said global sales and leasing markets remain under pressure.

Net profit fell to $12.4 million, or 4 cents per share, from $40.4 million, or 19 cents per share, a year ago.

Excluding one-time charges, the company earned 8 cents per share, which was 2 cents below Wall Street estimates, according to Thomson Reuters I/B/E/S.

Sales fell to $1.02 billion from $1.3 billion, compared with analysts' average forecast of $1.04 million.

Tight credit and recession have savaged the global commercial property market as retailers close stores and businesses cut jobs and scale back on space. This has hurt the company's most profitable business, leasing and sales.

Sales and leasing will remain under pressure until credit markets and the global economy recover, the company said.

"We are beginning to see signs that market conditions in some parts of the world and in some business segments -- like the broader economy -- are starting to stabilize," said Chief Executive Brett White in a statement.

Sales in the America's segment, the company's biggest, fell 21 percent, slightly faster than the pace of cuts to operating costs.

The company said it is on track to cut overall operating costs by $600 million a year.

CB Richard Ellis shares closed down 6.5 percent, or 79 cents, at $11.46 on the New York Stock Exchange on Wednesday. (Reporting by Nick Zieminski; editing by Andre Grenon)