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NEW YORK, Feb 5 (Reuters) - CB Richard Ellis Group Inc (CBG.N: Quote, Profile, Research), the world's largest commercial real estate brokerage, said on Tuesday its fourth-quarter net income fell 2.2 percent due in part to a softer U.S. commercial real estate market.

Net income declined to $122.4 million, or 54 cents per share, from $125.1 million, or 53 cents per share, in the year-earlier quarter.

Excluding items, Los Angeles-based CB Richard Ellis posted profit of $144.3 million, or 63 cents per share, trailing the average analysts' expectation of 71 cents per share, according to Reuters Estimates.

Revenue rose 30.4 percent to $1.84 billion, ahead of the average analyst target of $1.63 billion, according to Reuters Estimates.

Troubles in the residential mortgage market have shaken investors and lenders in the commercial real estate industry, despite the higher rents and occupancy rates the commercial market continues to command.

"Fourth-quarter results were impacted by the softer investment sales environment brought about by the continuing difficulties in the credit markets, as well as a reduced rate of growth for leasing due to the weaker economies in the U.S. and the U.K.," Brett White, the chief executive, said in a statement.

In October, White predicted the credit crisis would hurt sales and leasing during the fourth quarter.

The company's Global Investment Management unit, which manages funds for institutional investors, said quarterly revenue fell 39 percent to $79.4 million as incentive fees were booked earlier in the year.