<PAGE>
 
     As filed with the Securities and Exchange Commission on April 23, 1998
                                                 Registration No. 333-
-------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                 ______________

                                    FORM S-8
                             REGISTRATION STATEMENT
                                     UNDER
                           THE SECURITIES ACT OF 1933
                                 ______________

                 CB COMMERCIAL REAL ESTATE SERVICES GROUP, INC.
             (Exact name of registrant as specified in its charter)


            Delaware                                       52-1616016
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                        Identification Number)

      533 South Fremont Avenue                              90071-1712
      Los Angeles, California                               (Zip Code)
(Address of Principal Executive Offices)

CB COMMERCIAL REAL ESTATE SERVICES GROUP, INC. REI ACQUISITION STOCK OPTION PLAN
CB COMMERCIAL REAL ESTATE SERVICES GROUP, INC. NCMC ACQUISITION STOCK OPTION 
PLAN

                           (Full Title of the Plans)
                           __________________________

                               Walter V. Stafford
              Senior Executive Vice President and General Counsel
                 CB Commercial Real Estate Services Group, Inc.
                            533 South Fremont Avenue
                       Los Angeles, California 90017-1712
                                 (213) 613-3588
                 (Name, Address and Telephone Number, including
                        area code, of agent for service)


 
                        CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
Title of               Amount        Proposed Maximum         Proposed           Amount of
Securities to          to be          Offering Price      Maximum Aggregate    Registration
be Registered        Registered        Per Share(1)        Offering Price         Fee(2)
----------------   --------------   -------------------   -----------------   ---------------
<S>                <C>              <C>                   <C>                 <C>
 
Common Stock       525,000 shares             $38.13            $20,015,625      $5,904.61
_____________________________________________________________________________________________
</TABLE>

(1)         The offering price per share is calculated on the average high and
            low prices reported in the consolidated reporting system for the New
            York Stock Exchange on April 17, 1998.
(2)         The registration fee has been calculated pursuant to Rule 457(h)(1).

                                      -1-
<PAGE>
 
                                     PART I

              INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS

Item 1.   Plan Information.*
------    ----------------  

Item 2.   Registrant Information and Employee Plan Annual Information.*
------    -----------------------------------------------------------  

*    Information required by Part I to be contained in the Section 10(a)
     prospectus is omitted from this Registration Statement in accordance with
     Rule 428 under the Securities Act of 1933 and the Note to Part I of Form 
     S-8.


                                    PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.   Incorporation of Documents by Reference.
------    --------------------------------------- 

          The following documents, filed with the Securities and Exchange
Commission (the "Commission") by the Registrant, are hereby incorporated by
reference in this Registration Statement:

          1.   The Registrant's Annual Report on Form 10-K for the year ended
     December 31, 1997.

          2.   The Registrant's Current Reports on Form 8-K dated January 28,
     1998, February 10, 1998 and April 21, 1998.

          3.   The information with regard to the Registrant's Common Stock
     contained in the Form 8-A filed with the Commission, File No. 001-12231,
     pursuant to section 12 of the Securities and Exchange Act of 1934,
     including any subsequent amendments or reports filed for the purpose of
     updating such information.


          All documents subsequently filed by the Registrant pursuant to
sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934,
prior to the filing of a post-effective amendment which indicates that all
securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the date
of filing of such documents.

Item 4.   Description of Securities.
------    ------------------------- 

          Not applicable.

Item 5.   Interests of Named Experts and Counsel.
------    -------------------------------------- 

                                      -2-
<PAGE>
 
          Not applicable.

Item 6.   Indemnification of Officers and Directors.
------    ----------------------------------------- 

          Section 145 of the Delaware General Corporation Law (the "DGCL")
empowers a  corporation to indemnify its directors, officers, employees and
agents under certain circumstances.  Article Sixth of the Registrant's Fourth
Restated Certificate of Incorporation provides that the Registrant shall
indemnify, to the fullest extent permitted by applicable law as it presently
exists or may be amended, all directors and officers of the Registrant.  Article
Fifth of the Fourth Restated Certificate of Incorporation further provides that
no director of the Registrant shall be liable to the Registrant or its
stockholders for monetary damages for any breach of fiduciary duty as a
director, except to the extent such exemption from liability or limitation
thereof is not permitted under the DGCL as it presently exists or may be
amended.

          Additionally, the Registrant maintains a policy of liability insurance
to insure its officers and directors against losses resulting from wrongful acts
committed by them in their capacities as officers and directors of the
Registrant, including liabilities arising under applicable securities laws.

Item 7.   Exemption from Registration Claimed.
------    ----------------------------------- 

          Not applicable.

Item 8.   Exhibits.
------    -------- 

     Ex. No.                   Description
     -------                   -----------

     4.1       Specimen form of certificate for the Registrant's Common Stock
               filed as Exhibit 4.1 to Amendment No. 2 to the Registrant's Form
               S-1 Registration Statement, File No. 333-12757

     5         Opinion of Counsel

     23        Consent of Arthur Andersen LLP

     24        Power of Attorney (reference is hereby made to page 5)

Item 9.   Undertakings.
------    ------------ 

          (a) The undersigned Registrant hereby undertakes:

          (1) To file, during any period in which offers or sales are being made
     of the securities registered hereby, a post-effective amendment to this
     Registration Statement:

               (i)  To include any prospectus required by section 10(a)(3) of
          the Securities Act of 1933;

                                      -3-
<PAGE>
 
              (ii)  To reflect in the prospectus any facts or events arising
          after the effective date of this Registration Statement (or the most
          recent post-effective amendment thereof) which, individually or in the
          aggregate, represent a fundamental change in the information set forth
          in this Registration Statement;

              (iii) To include any material information with respect to the
          plan of distribution not previously disclosed in this Registration
          Statement or any material change to such information in this
          Registration Statement;

     provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
     the information required to be included in a post-effective amendment by
     those paragraphs is contained in periodic reports filed by the Registrant
     pursuant to section 13 or section 15(d) of the Securities Exchange Act of
     1934 that are incorporated by reference in this Registration Statement.

          (2) That, for the purpose of determining any liability under the
     Securities Act of 1933, each such post-effective amendment shall be deemed
     to be a new registration statement relating to the securities offered
     therein, and the offering of such securities at that time shall be deemed
     to be the initial bona fide offering thereof.

          (3) To remove from registration by means of a post-effective amendment
     any of the securities being registered which remain unsold at the
     termination of the offering.

          (b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

          (c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers, and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable.  In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.

                                      -4-
<PAGE>
 
                               POWER OF ATTORNEY

     Each person whose signature appears below constitutes and appoints James J.
Didion, John C. Haeckel, Walter V. Stafford and Ronald J. Platisha his or her
true and lawful attorneys-in-fact and agents, each acting alone, with full
powers of substitution and resubstitution, for him or her and in his or her
name, place and stead, in any and all capacities, to sign any or all Amendments
(including Post-Effective Amendments) to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, each acting alone, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming all that said attorneys-
in-fact and agents, each acting alone, or his or her substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.


                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Los Angeles, State of California, on this 22nd
day of April, 1998.

                              CB COMMERCIAL REAL ESTATE SERVICES 
                              GROUP, INC.


                              By:   /s/ James J. Didion
                                 --------------------------------
                                        James J. Didion
                                        Chairman of the Board and Chief
                                        Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement on Form S-8 has been signed below by the following persons in the
capacities and on the date indicated:
<TABLE>
<CAPTION>
 
          Signature                          Title                     Date
          ---------                          -----                     ----   
<S>                                     <C>                         <C>
                                     
       /s/ James J. Didion             Chairman of the Board,
---------------------------------      Chief Executive Officer
           James J. Didion                 and Director             April 22, 1998
 

                                     
       /s/ John C. Haeckel             Senior Executive Vice
---------------------------------      President and Chief
           John C. Haeckel               Financial Officer         April 22, 1998
 
</TABLE>

                                      -5-
<PAGE>
 
<TABLE> 
<S>                                   <C>                        <C> 
                                       
       /s/ Ronald J. Platisha          Executive Vice President
---------------------------------      and Principal Accounting                       
           Ronald J. Platisha            Officer                   April 22, 1998


---------------------------------          
           Stanton D. Anderson           Director                  April ___, 1998


       /s/ Gary J. Beban
---------------------------------
           Gary J. Beban                 Director                  April 22, 1998


       /s/ Richard C. Blum
---------------------------------
           Richard C. Blum               Director                  April 22, 1998


       /s/ Daniel A. D'Aniello
  ------------------------------- 
           Daniel A. D'Aniello           Director                  April 22, 1998


       /s/ Bradford M. Freeman
------------------------------
           Bradford M. Freeman           Director                  April 22, 1998


       /s/ Hiroaki Hoshino
---------------------------------
           Hiroaki Hoshino               Director                  April 22, 1998


       /s/ George J. Kallis
---------------------------------
           George J. Kallis              Director                  April 22, 1998


       /s/ Ricardo Koenigsberger
---------------------------------
           Ricardo Koenigsberger         Director                  April 22, 1998


        /s/ Takayuki Kohri
---------------------------------
            Takayuki Kohri               Director                  April 22, 1998


        /s/ Donald M. Koll
-----------------------------------
            Donald M. Koll               Director                  April 22, 1998

</TABLE> 

                                      -6-
<PAGE>
 
<TABLE> 
<S>                                     <C>                      <FN> 
        /s/ Paul C. Leach             
---------------------------------
            Paul C. Leach                Director                  April 22, 1998


        /s/ Frederic V. Malek
---------------------------------
            Frederic V. Malek            Director                  April 22, 1998


        /s/ Lawrence J. Melody
---------------------------------
            Lawrence J. Melody           Director                  April 22, 1998


        /s/ Peter V. Ueberroth
---------------------------------
            Peter V. Ueberroth           Director                  April 22, 1998


      /s/ Ray Elizabeth Uttenhove
---------------------------------
          Ray Elizabeth Uttenhove        Director                  April 22, 1998


        /s/ Gary L. Wilson
---------------------------------
            Gary L. Wilson               Director                  April 22, 1998


        /s/ Raymond E. Wirta
---------------------------------
            Raymond E. Wirta             Director                  April 22, 1998
</TABLE> 

                                      -7-
<PAGE>
 
                 CB COMMERCIAL REAL ESTATE SERVICES GROUP, INC.

                               INDEX TO EXHIBITS


Ex. No.                  Description
-------                  -----------

4.1* Specimen form of certificate for the Registrant's Common Stock filed as
     Exhibit 4.1 to Amendment No. 2 to the Registrant's Form S-1 Registration
     Statement, File No. 333-12757

5    Opinion of Counsel

23   Consent of Arthur Andersen LLP

24   Power of Attorney (reference is hereby made to page 5)

_______________________
* Incorporated by reference.
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 17521}]
{"company-data": {"conformed-name": "CB COMMERCIAL REAL ESTATE SERVICES GROUP INC", "cik": "0000852203", "assigned-sic": "6500", "irs-number": "521616016", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-50765", "film-number": "98599170"}, "business-address": {"street1": "533 S FREMONT AVE", "city": "LOS ANGELES", "state": "CA", "zip": "90071-1798", "phone": "2136133123"}, "mail-address": {"street1": "533 S FREMONT AVE", "city": "LOS ANGELES", "state": "CA", "zip": "90071-1798"}, "former-company": [{"former-conformed-name": "CB COMMERCIAL HOLDINGS INC", "date-changed": "19920703"}, {"former-conformed-name": "CB ACQUISITION CORP", "date-changed": "19890731"}]}
As filed with the Securities and Exchange Commission on April 23, 1998
                                                 Registration No. 333-
-------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                 ______________

                                    FORM S-8
                             REGISTRATION STATEMENT
                                     UNDER
                           THE SECURITIES ACT OF 1933
                                 ______________

                 CB COMMERCIAL REAL ESTATE SERVICES GROUP, INC.
             (Exact name of registrant as specified in its charter)

            Delaware                                       52-1616016
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                        Identification Number)

      533 South Fremont Avenue                              90071-1712
      Los Angeles, California                               (Zip Code)
(Address of Principal Executive Offices)

CB COMMERCIAL REAL ESTATE SERVICES GROUP, INC. REI ACQUISITION STOCK OPTION PLAN
CB COMMERCIAL REAL ESTATE SERVICES GROUP, INC. NCMC ACQUISITION STOCK OPTION 
PLAN

                           (Full Title of the Plans)
                           __________________________

                               Walter V. Stafford
              Senior Executive Vice President and General Counsel
                 CB Commercial Real Estate Services Group, Inc.
                            533 South Fremont Avenue
                       Los Angeles, California 90017-1712
                                 (213) 613-3588
                 (Name, Address and Telephone Number, including
                        area code, of agent for service)

 
                        CALCULATION OF REGISTRATION FEE
---------------------------------------------------------------------------------------------
Title of               Amount        Proposed Maximum         Proposed           Amount of
Securities to          to be          Offering Price      Maximum Aggregate    Registration
be Registered        Registered        Per Share(1)        Offering Price         Fee(2)
----------------   --------------   -------------------   -----------------   ---------------
Common Stock       525,000 shares             $38.13            $20,015,625      $5,904.61
_____________________________________________________________________________________________
(1)         The offering price per share is calculated on the average high and
            low prices reported in the consolidated reporting system for the New
            York Stock Exchange on April 17, 1998.
(2)         The registration fee has been calculated pursuant to Rule 457(h)(1).

                                      -1-
PART I

              INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS

Item 1.   Plan Information.*
------    ----------------  

Item 2.   Registrant Information and Employee Plan Annual Information.*
------    -----------------------------------------------------------  

*    Information required by Part I to be contained in the Section 10(a)
     prospectus is omitted from this Registration Statement in accordance with
     Rule 428 under the Securities Act of 1933 and the Note to Part I of Form 
     S-8.

                                    PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.   Incorporation of Documents by Reference.
------    --------------------------------------- 

          The following documents, filed with the Securities and Exchange
Commission (the "Commission") by the Registrant, are hereby incorporated by
reference in this Registration Statement:

          1.   The Registrant's Annual Report on Form 10-K for the year ended
     December 31, 1997.

          2.   The Registrant's Current Reports on Form 8-K dated January 28,
     1998, February 10, 1998 and April 21, 1998.

          3.   The information with regard to the Registrant's Common Stock
     contained in the Form 8-A filed with the Commission, File No. 001-12231,
     pursuant to section 12 of the Securities and Exchange Act of 1934,
     including any subsequent amendments or reports filed for the purpose of
     updating such information.

          All documents subsequently filed by the Registrant pursuant to
sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934,
prior to the filing of a post-effective amendment which indicates that all
securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the date
of filing of such documents.

Item 4.   Description of Securities.
------    ------------------------- 

          Not applicable.

Item 5.   Interests of Named Experts and Counsel.
------    -------------------------------------- 

                                      -2-
Not applicable.

Item 6.   Indemnification of Officers and Directors.
------    ----------------------------------------- 

          Section 145 of the Delaware General Corporation Law (the "DGCL")
empowers a  corporation to indemnify its directors, officers, employees and
agents under certain circumstances.  Article Sixth of the Registrant's Fourth
Restated Certificate of Incorporation provides that the Registrant shall
indemnify, to the fullest extent permitted by applicable law as it presently
exists or may be amended, all directors and officers of the Registrant.  Article
Fifth of the Fourth Restated Certificate of Incorporation further provides that
no director of the Registrant shall be liable to the Registrant or its
stockholders for monetary damages for any breach of fiduciary duty as a
director, except to the extent such exemption from liability or limitation
thereof is not permitted under the DGCL as it presently exists or may be
amended.

          Additionally, the Registrant maintains a policy of liability insurance
to insure its officers and directors against losses resulting from wrongful acts
committed by them in their capacities as officers and directors of the
Registrant, including liabilities arising under applicable securities laws.

Item 7.   Exemption from Registration Claimed.
------    ----------------------------------- 

          Not applicable.

Item 8.   Exhibits.
------    -------- 

     Ex. No.                   Description
     -------                   -----------

     4.1       Specimen form of certificate for the Registrant's Common Stock
               filed as Exhibit 4.1 to Amendment No. 2 to the Registrant's Form
               S-1 Registration Statement, File No. 333-12757

     5         Opinion of Counsel

     23        Consent of Arthur Andersen LLP

     24        Power of Attorney (reference is hereby made to page 5)

Item 9.   Undertakings.
------    ------------ 

          (a) The undersigned Registrant hereby undertakes:

          (1) To file, during any period in which offers or sales are being made
     of the securities registered hereby, a post-effective amendment to this
     Registration Statement:

               (i)  To include any prospectus required by section 10(a)(3) of
          the Securities Act of 1933;

                                      -3-
(ii)  To reflect in the prospectus any facts or events arising
          after the effective date of this Registration Statement (or the most
          recent post-effective amendment thereof) which, individually or in the
          aggregate, represent a fundamental change in the information set forth
          in this Registration Statement;

              (iii) To include any material information with respect to the
          plan of distribution not previously disclosed in this Registration
          Statement or any material change to such information in this
          Registration Statement;

     provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
     the information required to be included in a post-effective amendment by
     those paragraphs is contained in periodic reports filed by the Registrant
     pursuant to section 13 or section 15(d) of the Securities Exchange Act of
     1934 that are incorporated by reference in this Registration Statement.

          (2) That, for the purpose of determining any liability under the
     Securities Act of 1933, each such post-effective amendment shall be deemed
     to be a new registration statement relating to the securities offered
     therein, and the offering of such securities at that time shall be deemed
     to be the initial bona fide offering thereof.

          (3) To remove from registration by means of a post-effective amendment
     any of the securities being registered which remain unsold at the
     termination of the offering.

          (b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

          (c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers, and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable.  In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.

                                      -4-
POWER OF ATTORNEY

     Each person whose signature appears below constitutes and appoints James J.
Didion, John C. Haeckel, Walter V. Stafford and Ronald J. Platisha his or her
true and lawful attorneys-in-fact and agents, each acting alone, with full
powers of substitution and resubstitution, for him or her and in his or her
name, place and stead, in any and all capacities, to sign any or all Amendments
(including Post-Effective Amendments) to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, each acting alone, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might
or could do in person, hereby ratifying and confirming all that said attorneys-
in-fact and agents, each acting alone, or his or her substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.

                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Los Angeles, State of California, on this 22nd
day of April, 1998.

                              CB COMMERCIAL REAL ESTATE SERVICES 
                              GROUP, INC.

                              By:   /s/ James J. Didion
                                 --------------------------------
                                        James J. Didion
                                        Chairman of the Board and Chief
                                        Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement on Form S-8 has been signed below by the following persons in the
capacities and on the date indicated:
Signature                          Title                     Date
          ---------                          -----                     ----
/s/ James J. Didion             Chairman of the Board,
---------------------------------      Chief Executive Officer
           James J. Didion                 and Director             April 22, 1998
 

                                     
       /s/ John C. Haeckel             Senior Executive Vice
---------------------------------      President and Chief
           John C. Haeckel               Financial Officer         April 22, 1998
-5-
/s/ Ronald J. Platisha          Executive Vice President
---------------------------------      and Principal Accounting                       
           Ronald J. Platisha            Officer                   April 22, 1998

---------------------------------          
           Stanton D. Anderson           Director                  April ___, 1998

       /s/ Gary J. Beban
---------------------------------
           Gary J. Beban                 Director                  April 22, 1998

       /s/ Richard C. Blum
---------------------------------
           Richard C. Blum               Director                  April 22, 1998

       /s/ Daniel A. D'Aniello
  ------------------------------- 
           Daniel A. D'Aniello           Director                  April 22, 1998

       /s/ Bradford M. Freeman
------------------------------
           Bradford M. Freeman           Director                  April 22, 1998

       /s/ Hiroaki Hoshino
---------------------------------
           Hiroaki Hoshino               Director                  April 22, 1998

       /s/ George J. Kallis
---------------------------------
           George J. Kallis              Director                  April 22, 1998

       /s/ Ricardo Koenigsberger
---------------------------------
           Ricardo Koenigsberger         Director                  April 22, 1998

        /s/ Takayuki Kohri
---------------------------------
            Takayuki Kohri               Director                  April 22, 1998

        /s/ Donald M. Koll
-----------------------------------
            Donald M. Koll               Director                  April 22, 1998
-6-
/s/ Paul C. Leach             
---------------------------------
            Paul C. Leach                Director                  April 22, 1998

        /s/ Frederic V. Malek
---------------------------------
            Frederic V. Malek            Director                  April 22, 1998

        /s/ Lawrence J. Melody
---------------------------------
            Lawrence J. Melody           Director                  April 22, 1998

        /s/ Peter V. Ueberroth
---------------------------------
            Peter V. Ueberroth           Director                  April 22, 1998

      /s/ Ray Elizabeth Uttenhove
---------------------------------
          Ray Elizabeth Uttenhove        Director                  April 22, 1998

        /s/ Gary L. Wilson
---------------------------------
            Gary L. Wilson               Director                  April 22, 1998

        /s/ Raymond E. Wirta
---------------------------------
            Raymond E. Wirta             Director                  April 22, 1998
-7-
CB COMMERCIAL REAL ESTATE SERVICES GROUP, INC.

                               INDEX TO EXHIBITS

Ex. No.                  Description
-------                  -----------

4.1* Specimen form of certificate for the Registrant's Common Stock filed as
     Exhibit 4.1 to Amendment No. 2 to the Registrant's Form S-1 Registration
     Statement, File No. 333-12757

5    Opinion of Counsel

23   Consent of Arthur Andersen LLP

24   Power of Attorney (reference is hereby made to page 5)

_______________________
* Incorporated by reference.