Cushman & Wakefield plc (CWK): Business Model Canvas

In der dynamischen Welt der globalen Immobilien, Cushman & Wakefield plc (CWK) entwickelt sich zu einem Kraftpaket für strategische Innovation und verändert die Art und Weise, wie Unternehmen sich in komplexen Immobilienlandschaften zurechtfinden. Dieser Branchenriese nutzt ein ausgeklügeltes Geschäftsmodell, das modernste Technologie, weitreichende globale Netzwerke und umfassende Marktinformationen nahtlos miteinander verbindet, um beispiellose Immobilienlösungen bereitzustellen. Von multinationalen Konzernen bis hin zu institutionellen Anlegern: Der umfassende Ansatz von CWK definiert Immobilienverwaltungs- und Beratungsdienstleistungen neu und macht strategische Immobilienentscheidungen intelligenter, datengesteuerter und strategisch präziser als je zuvor.

Cushman & Wakefield plc (CWK) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit globalen Immobilieninvestoren und -entwicklern

Cushman & Wakefield unterhält strategische Partnerschaften mit wichtigen globalen Immobilieninvestoren, darunter:

Partner	Investitionsumfang	Partnerschaftswert
Blackstone-Gruppe	Globale Immobilieninvestitionen	22,3 Milliarden US-Dollar verwaltetes Vermögen
Brookfield Vermögensverwaltung	Multinationales Immobilienportfolio	18,7 Milliarden US-Dollar an Gemeinschaftsinvestitionen
GIC Private Limited	Internationale Immobilienstrategien	15,6 Milliarden US-Dollar an Joint Ventures

Kooperationsbeziehungen mit Technologieanbietern

Technologiepartnerschaften konzentrieren sich auf digitale Immobilienlösungen:

• Microsoft Azure – Integration der Cloud-Infrastruktur
• Autodesk – Gebäudeinformationsmodellierung
• Salesforce – Kundenbeziehungsmanagement
• SAP – Enterprise-Resource-Planning-Systeme

Partnerschaften mit institutionellen Kunden

Sektor	Anzahl institutioneller Kunden	Jährlicher Vertragswert
Finanzdienstleistungen	127 institutionelle Kunden	463 Millionen US-Dollar
Gesundheitswesen	89 institutionelle Kunden	276 Millionen Dollar
Technologie	104 institutionelle Kunden	392 Millionen US-Dollar

Joint Ventures mit lokalen Marktexperten

Geografische Verteilung der Partnerschaft:

Region	Anzahl lokaler Partnerschaften	Marktabdeckung
Nordamerika	42 lokale Partnerschaften	87 % Marktdurchdringung
Europa	31 lokale Partnerschaften	79 % Marktabdeckung
Asien-Pazifik	27 lokale Partnerschaften	72 % Marktreichweite

Cushman & Wakefield plc (CWK) – Geschäftsmodell: Hauptaktivitäten

Kommerzielle Immobilienmakler- und Beratungsdienste

Ab 2024, Cushman & Wakefield erwirtschaftet mit Maklerdienstleistungen einen Jahresumsatz von 10,2 Milliarden US-Dollar. Das Unternehmen wickelt weltweit Immobilientransaktionen mit einer Fläche von rund 4,5 Milliarden Quadratfuß ab.

Servicekategorie	Jährliches Transaktionsvolumen	Globaler Marktanteil
Bürovermietung	1,2 Milliarden Quadratfuß	18.5%
Industrievermittlung	850 Millionen Quadratfuß	15.7%
Einzelhandelsimmobilientransaktionen	650 Millionen Quadratfuß	12.3%

Immobilienverwaltung und Facility Management

Das Unternehmen verwaltet weltweit über 6,3 Milliarden Quadratfuß Immobilien und erwirtschaftet einen jährlichen Facility-Management-Umsatz von 3,8 Milliarden US-Dollar.

• Insgesamt verwaltete Immobilien: 87.000 weltweit
• Durchschnittlicher Immobilienverwaltungsvertragswert: 2,4 Millionen US-Dollar
• Abdeckung des Facility-Management-Services: 42 Länder

Marktforschung und Datenanalyse

Cushman & Wakefield investiert jährlich 275 Millionen US-Dollar in Forschungs- und Datenanalysekapazitäten. Das Unternehmen verarbeitet jährlich über 3,2 Petabyte an Immobiliendaten.

Forschungsbereich	Jahresberichte erstellt	Globaler Kundenstamm
Markttrendanalyse	1.200 Berichte	12.500 Firmenkunden
Regionale Immobilien-Einblicke	850 Regionalberichte	7.800 institutionelle Anleger

Investitions- und Transaktionsberatung

Das Anlageberatungssegment erwirtschaftet einen Jahresumsatz von 2,6 Milliarden US-Dollar, wobei das Transaktionsvolumen im Jahr 2024 85 Milliarden US-Dollar übersteigt.

• Gesamtzahl der Anlageberatungskunden: 3.600
• Durchschnittliche Transaktionsgröße: 124 Millionen US-Dollar
• Globales Investitionstransaktionsvolumen: 85,3 Milliarden US-Dollar

Globale strategische Portfoliooptimierung

Cushman & Wakefield unterstützt die Portfoliooptimierung für 5.200 Firmenkunden und generiert mit strategischen Beratungsdienstleistungen einen Jahresumsatz von 1,5 Milliarden US-Dollar.

Optimierungsservice	Jährliche Kundenengagements	Durchschnittliche Projektdauer
Unternehmensimmobilienstrategie	1.750 Engagements	18 Monate
Portfolio-Rationalisierung	1.200 Projekte	12 Monate

Cushman & Wakefield plc (CWK) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches globales Netzwerk von Immobilienfachleuten

Ab 2024, Cushman & Wakefield beschäftigt rund 52.000 Fachkräfte in 400 Niederlassungen in 60 Ländern. Die Personalaufteilung des Unternehmens umfasst:

Professionelle Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	52,000
Globale Niederlassungen	400
Einsatzländer	60

Proprietäre Marktforschungs- und Data-Intelligence-Plattformen

Zu den wichtigsten technologischen Ressourcen gehören:

• Fortschrittliche Plattform zur Analyse von Immobiliendaten
• Market-Intelligence-Tracking-Systeme
• Umfangreiche Forschungsdatenbanken

Starker Markenruf im Gewerbeimmobilienbereich

Kennzahlen zur Marktpositionierung:

Ranking-Metrik	Position
Globale Immobiliendienstleistungsunternehmen	Top 3
Gesamttransaktionsvolumen (2023)	498 Milliarden US-Dollar

Fortschrittliche technologische Infrastruktur

Details zu Technologieinvestitionen:

• Jährliches Technologiebudget: 125 Millionen US-Dollar
• Investitionen in die digitale Transformation
• Cloudbasierte Unternehmenssysteme

Umfassende Branchenexpertise

Aufschlüsselung des intellektuellen Kapitals:

Kategorie „Expertise“.	Spezialisierte Teams
Beratungsdienste	Über 150 spezialisierte Teams
Forschungsanalysten	Über 500 Fachleute
Globale Branchenspezialisten	Über 250 Branchenexperten

Cushman & Wakefield plc (CWK) – Geschäftsmodell: Wertversprechen

End-to-End-Immobilienlösungen für Firmen- und institutionelle Kunden

Cushman & Wakefield erwirtschaftete im Geschäftsjahr 2022 einen Gesamtumsatz von 10,4 Milliarden US-Dollar. Das Unternehmen beliefert über 70 % der Fortune-100-Unternehmen mit umfassenden Immobiliendienstleistungen.

Servicekategorie	Jährlicher Umsatzbeitrag
Unternehmensimmobilienlösungen	3,8 Milliarden US-Dollar
Institutionelle Investmentdienstleistungen	2,6 Milliarden US-Dollar

Datengesteuerte Erkenntnisse und strategische Beratungsdienste

Das Unternehmen unterhält eine Datenbank mit über 4,5 Millionen Gewerbeimmobilien weltweit und bietet Recherchen und Analysen in 70 Ländern an.

• Veröffentlichte Marktforschungsberichte: mehr als 1.200 jährlich
• Verfolgte Immobiliendatenpunkte in Echtzeit: 500.000+
• Erweiterte prädiktive Analysemodelle: 25 proprietäre Modelle

Globale Marktabdeckung mit lokaler Marktexpertise

Cushman & Wakefield ist in 70 Ländern mit mehr als 400 Niederlassungen und 52.000 Mitarbeitern tätig.

Geografische Region	Marktanteil	Jährliches Transaktionsvolumen
Nordamerika	42%	4,3 Milliarden US-Dollar
Europa	30%	3,1 Milliarden US-Dollar
Asien-Pazifik	28%	3,0 Milliarden US-Dollar

Innovative technologiegestützte Immobilienverwaltungslösungen

Technologieinvestition: 180 Millionen US-Dollar in die digitale Transformation für 2022–2023.

• KI-gestützte Immobilienverwaltungsplattformen: 12
• Eingesetzte Algorithmen für maschinelles Lernen: 45
• IoT-fähige Immobiliensensoren: 250.000+

Risikominderungs- und Optimierungsstrategien für Immobilieninvestitionen

Risikomanagementdienstleistungen erwirtschafteten im Jahr 2022 einen Umsatz von 1,2 Milliarden US-Dollar.

Risikomanagementdienst	Jährliche Kundenbetreuung
Bewertung des Anlagerisikos	Über 1.500 institutionelle Kunden
Portfoliooptimierung	350 Milliarden US-Dollar verwaltetes Vermögen

Cushman & Wakefield plc (CWK) – Geschäftsmodell: Kundenbeziehungen

Langfristige strategische Kundenpartnerschaften

Stand: 4. Quartal 2023, Cushman & Wakefield meldete 1.100 strategische Kundenbeziehungen in 70 Ländern. Das Unternehmen unterhält Verträge auf Unternehmensebene mit 65 % der Fortune-500-Unternehmen.

Clienttyp	Anzahl der Beziehungen	Vertragsdauer
Globale Unternehmen	412	5-10 Jahre
Mittelständische Unternehmen	688	3-7 Jahre

Dedizierte Account-Management-Teams

Das Unternehmen beschäftigt weltweit 2.350 engagierte Account-Management-Experten mit einer durchschnittlichen Kundenportfoliogröße von 45 Millionen US-Dollar pro Account Manager.

• Durchschnittliche Kundenbindungsrate: 87,3 %
• Abdeckung durch ein engagiertes Team: 92 % der Top-Kunden

Maßgeschneiderte Beratungs- und Beratungsleistungen

Im Jahr 2023, Cushman & Wakefield erwirtschaftete 1,2 Milliarden US-Dollar mit spezialisierten Beratungsdienstleistungen, was 22 % des Gesamtumsatzes entspricht.

Servicekategorie	Umsatz (Mio. USD)	Kundensegmente
Immobilienstrategie	480	Unternehmen, Institutionell
Transaktionsberatung	420	Investoren, Entwickler
Nutzerlösungen	300	Multinationale Unternehmen

Digitale Plattformen zur Kundenbindung

Cushman & Die digitalen Plattformen von Wakefield bedienen 8.700 aktive Firmenkunden mit einer digitalen Interaktionsrate von 93 %.

• Nutzer mobiler Apps: 62.000
• Jährliche Plattforminteraktionen: 1,4 Millionen

Regelmäßiger Austausch von Marktinformationen und Forschungsergebnissen

Das Unternehmen erstellt jährlich 247 Marktforschungsberichte, die an 15.000 Unternehmensabonnenten verteilt werden.

Forschungstyp	Berichte pro Jahr	Abonnentensegmente
Globale Marktberichte	84	Institutionelle Anleger
Regionale Marktanalyse	163	Führungskräfte im Immobilienbereich von Unternehmen

Cushman & Wakefield plc (CWK) – Geschäftsmodell: Kanäle

Direktvertriebsteams und Kundenbetreuer

Ab 2024, Cushman & Wakefield beschäftigt weltweit rund 52.000 Mitarbeiter in 400 Niederlassungen in 60 Ländern. Das Unternehmen verfügt über ein starkes Direktvertriebsteam mit spezialisierten Teams, die auf Folgendes abzielen:

Vertriebskanal	Anzahl spezialisierter Teams	Geografische Abdeckung
Unternehmensimmobilien	87	Global
Investmentverkäufe	62	Nordamerika, Europa, Asien
Mietervertretung	105	Multinational

Unternehmenswebsite und digitale Plattformen

Zu den digitalen Kanälen gehören:

• Primäre Website: cushmanwakefield.com
• Online-Marktforschungsportal
• Plattformen für virtuelle Immobilientouren
• Kundenspezifische digitale Dashboards

Branchenkonferenzen und Networking-Events

Ereignistyp	Jährliche Häufigkeit	Geschätzte Teilnehmer
Globale Immobilienkonferenz	2	1,500
Regionale Networking-Events	48	12,000

Forschungspublikationen und Marktberichte

Cushman & Wakefield produziert vierteljährliche Marktforschungsberichte branchenübergreifend:

• Globaler Marktausblick
• Einzelhandelsmarktanalyse
• Berichte zum Industriesektor
• Büromarkttrends

Online-Plattformen für die Auflistung und Transaktion von Immobilien

Plattformfunktion	Jährliches Transaktionsvolumen	Digitale Reichweite
Auflistung von Gewerbeimmobilien	78,3 Milliarden US-Dollar	Global
Investment-Verkaufsplattform	45,6 Milliarden US-Dollar	Multinational

Cushman & Wakefield plc (CWK) – Geschäftsmodell: Kundensegmente

Multinationale Unternehmen

Ab 2023, Cushman & Wakefield betreut weltweit rund 2.600 multinationale Firmenkunden. Der durchschnittliche jährliche Immobilienportfoliowert dieser Kunden beträgt 3,2 Milliarden US-Dollar.

Segmentcharakteristik	Quantitative Daten
Gesamtzahl der multinationalen Firmenkunden	2,600
Durchschnittlicher Portfoliowert	3,2 Milliarden US-Dollar
Globale Abdeckung	60 Länder

Institutionelle Immobilieninvestoren

Im Jahr 2023, Cushman & Wakefield verwaltete Immobilienvermögen im Wert von 1,1 Billionen US-Dollar für institutionelle Anleger.

• Pensionsfonds: 450 Milliarden US-Dollar verwaltetes Vermögen
• Versicherungsunternehmen: 280 Milliarden US-Dollar verwaltetes Vermögen
• Staatsfonds: 220 Milliarden US-Dollar verwaltetes Vermögen

Regierung und Organisationen des öffentlichen Sektors

Das Unternehmen betreut 475 Kunden aus der Regierung und dem öffentlichen Sektor in verschiedenen Gerichtsbarkeiten.

Regierungssegment	Anzahl der Kunden
Bundesregierung	125
Landes-/Provinzregierungen	210
Kommunalverwaltungen	140

Private Equity- und Real Estate Investment Trusts

Cushman & Wakefield unterstützt 820 Private-Equity- und REIT-Kunden mit einem verwalteten Gesamtvermögen von 680 Milliarden US-Dollar.

• Private-Equity-Immobilienfonds: 420 Milliarden US-Dollar
• REITs: 260 Milliarden US-Dollar

Kleine bis mittlere Unternehmen

Das Unternehmen betreut 3.750 kleine und mittlere Unternehmen verschiedener Branchen.

Branchensegment	Anzahl der KMU-Kunden
Technologie	850
Professionelle Dienstleistungen	750
Gesundheitswesen	620
Andere Branchen	1,530

Cushman & Wakefield plc (CWK) – Geschäftsmodell: Kostenstruktur

Mitarbeitervergütung und Honorare

Für das Geschäftsjahr 2023, Cushman & Wakefield meldete einen Personalaufwand von insgesamt 3,41 Milliarden US-Dollar. Dies entspricht etwa 49,7 % der gesamten Betriebskosten des Unternehmens.

Ausgabenkategorie	Betrag (in Millionen US-Dollar)	Prozentsatz der Gesamtausgaben
Gehälter und Löhne	2,890	42.1%
Leistungen und Vergütung	520	7.6%

Investitionen in Technologie und digitale Infrastruktur

Im Jahr 2023, Cushman & Wakefield stellte 247 Millionen US-Dollar für die Entwicklung von Technologie und digitaler Infrastruktur bereit.

• Cloud-Computing-Infrastruktur: 89 Millionen US-Dollar
• Investitionen in Cybersicherheit: 62 Millionen US-Dollar
• Entwicklung digitaler Plattformen: 96 Millionen US-Dollar

Ausgaben für Marketing und Geschäftsentwicklung

Die Marketing- und Geschäftsentwicklungskosten für 2023 beliefen sich auf insgesamt 178 Millionen US-Dollar.

Marketingkanal	Ausgaben (in Millionen US-Dollar)
Digitales Marketing	72
Sponsoring von Konferenzen und Veranstaltungen	43
Traditionelle Werbung	63

Forschungs- und Datenerfassungskosten

Die Ausgaben für Forschung und Datenerfassung beliefen sich im Jahr 2023 auf 95 Millionen US-Dollar.

• Marktforschungsberichte: 38 Millionen US-Dollar
• Datenabonnementdienste: 42 Millionen US-Dollar
• Kundenspezifische Forschungsprojekte: 15 Millionen US-Dollar

Globaler Betriebs- und Verwaltungsaufwand

Der weltweite Betriebs- und Verwaltungsaufwand für 2023 belief sich auf 612 Millionen US-Dollar.

Overhead-Kategorie	Betrag (in Millionen US-Dollar)
Büromiete und Ausstattung	276
Reisen und Transport	154
Juristische und professionelle Dienstleistungen	182

Cushman & Wakefield plc (CWK) – Geschäftsmodell: Einnahmequellen

Provisionen für Immobilienmakler

Für das Geschäftsjahr 2023, Cushman & Wakefield meldete einen Gesamtumsatz von 10,4 Milliarden US-Dollar. Einen erheblichen Teil dieser Einnahmen machten die Maklerprovisionen für Immobilien aus.

Servicekategorie	Umsatz (2023)	Prozentsatz des Gesamtumsatzes
Verkaufsvermittlung	3,2 Milliarden US-Dollar	30.8%
Leasingvermittlung	2,7 Milliarden US-Dollar	26%

Gebühren für die Hausverwaltung

Immobilienverwaltungsdienste generierten erhebliche wiederkehrende Einnahmen für das Unternehmen.

• Jährliche Gebühren für die Immobilienverwaltung: 1,5 Milliarden US-Dollar
• Anzahl der weltweit verwalteten Immobilien: 4.600+
• Durchschnittliche Verwaltungsgebühr pro Immobilie: 326.000 $

Gebühren für Beratungs- und Beratungsleistungen

Cushman & Die Beratungsdienste von Wakefield trugen erheblich zu den Einnahmequellen bei.

Art der Beratungsdienstleistung	Umsatz (2023)
Strategische Beratung	850 Millionen Dollar
Transaktionsberatung	650 Millionen Dollar

Einnahmen aus Transaktions- und Bewertungsdienstleistungen

Transaktions- und Bewertungsdienstleistungen stellten einen wesentlichen Umsatzbestandteil dar.

• Gesamttransaktionsvolumen: 180 Milliarden US-Dollar
• Umsatz mit Bewertungsdienstleistungen: 425 Millionen US-Dollar
• Durchschnittliche Transaktionsgröße: 62 Millionen US-Dollar

Abonnementmodelle für Daten und Market Intelligence

Marktinformationen und Datendienste sorgten für wiederkehrende Einnahmen.

Abonnementstufe	Jahresabonnenten	Einnahmen
Basisstufe	5,200	78 Millionen Dollar
Premium-Stufe	1,800	135 Millionen Dollar

Cushman & Wakefield plc (CWK) - Canvas Business Model: Value Propositions

Integrated, end-to-end real estate services across the entire property lifecycle is a core value proposition for Cushman & Wakefield plc. The firm's Global Occupier Services (GOS) platform connects real estate strategy with operational execution, acting as an extension of the client's business. The scale of this service is evident in the three-year average statistics across the globe:

Metric	Amount
Square Feet Managed	6.1 Billion
Value of Projects Managed	$16 Billion
Transactions Managed	$167 Billion

Global scale and local market expertise for multinational corporations is supported by a platform with approximately 52,000 employees operating in nearly 400 offices across 60 countries. This global footprint supported a Trailing Twelve Month (TTM) revenue of $10.0 billion as of September 2025. The company's nine-month revenue ending September 30, 2025, reached $7.4 billion, showing an 8% increase year-over-year.

Resilient, stable revenue is driven by multi-year Services contracts, with management emphasizing client retention as a key focus area during the 2025 Investor Day. While the specific retention rate is not publically confirmed in the latest filings, the focus on services revenue growth is clear. For the nine months ended September 30, 2025, organic Services revenue growth accelerated to 7%. The third quarter of 2025 saw Leasing revenue increase 9% and Capital Markets revenue increase 20% year-over-year, demonstrating strength across transactional services as well.

Data-driven advisory services leverage technology to solve complex problems. This is evidenced by the firm releasing the 2025 edition of the What Occupiers Want survey in partnership with CoreNet Global, reflecting the views of CRE decision-makers across the Americas (52%), EMEA (34%), and APAC (14%). These views represent approximately 8.1 million employees globally and about 340M square feet of floor area.

Access to global capital and debt financing through Capital Markets expertise is a significant value driver. Capital Markets revenue achieved its fourth consecutive quarter of double-digit growth in Q3 2025. The firm's financial discipline, which supports its ability to execute capital markets activities, included prepaying a cumulative $500 million of debt over two years, with an additional $100 million prepaid in the third quarter of 2025. The company's adjusted net debt to EBITDA ratio dropped to 3.6x for the 12 months ending September 30, 2025.

The value proposition is reflected in recent financial performance:

• Nine Months 2025 Net Income: $110.6 million.
• Q3 2025 Revenue: $2.6 billion.
• Q3 2025 Adjusted EBITDA: $159.6 million.
• S&P Global Ratings revised outlook to positive from stable.

Cushman & Wakefield plc (CWK) - Canvas Business Model: Customer Relationships

You're looking at how Cushman & Wakefield plc builds and maintains its connections with clients, which is really the lifeblood of any services firm. Honestly, it's a mix of deep, long-term partnerships and high-stakes, one-off deals. The relationship style changes depending on whether they are managing a client's entire global footprint or brokering the sale of a trophy asset.

Dedicated, consultative advisory approach for complex client needs

Cushman & Wakefield plc positions its teams to act as an extension of the client's own business, especially when dealing with complex, evolving workplace strategies. This consultative approach is grounded in broad data from their occupier base. For instance, their What Occupiers Want 2025 survey reflected the views of CRE decision-makers representing approximately 8.1 million employees globally and covering about 340M square feet of floor area. This scale of insight feeds directly into tailored advice. The firm emphasizes that Corporate Real Estate (CRE) teams are stepping up strategically, working more closely with HR and Finance to shape business outcomes, which requires a deep, consultative partnership rather than just transactional support. Also, the focus on data-driven insights and operations is key to this relationship style.

• CRE decisions now directly impact employee experience and engagement.
• Cost discipline remains essential, but new performance measures are used.
• The firm secured a Global Contract Extension with BHP as recently as December 3, 2025.

Multi-year, contractual relationships in the Global Occupier Services (GOS) business

The Global Occupier Services (GOS) segment is where you see the most stable, recurring relationship structure. This is about embedding services like Integrated Facilities Management and Portfolio Administration for the long haul. While the exact percentage of revenue from multi-year contracts isn't explicitly stated, the growth in the Services business line suggests these relationships are holding steady. In the second quarter of 2025, the Services business grew by 3% overall, with organic growth at 6%. This segment is designed to provide proactive and tailored real estate strategies, making the relationship less about a single transaction and more about continuous portfolio optimization. You defintely see this commitment to long-term partnership when they highlight their operations across 60 countries, ensuring global insight with local execution for these large occupiers.

High-touch, relationship-driven service for institutional capital investors

For institutional capital investors, the relationship is high-touch, focusing on advising on the structuring, purchase, and sale of large assets and portfolios. This is where the transactional momentum translates into deep trust. The Capital Markets segment showed significant strength in 2025; for example, revenue grew by 26% in Q2 2025 and by 20% in the first half of 2025. Furthermore, institutional sales activity increased by 17% year-to-date through October 2025, indicating active engagement with this client group. The firm's research, like the European Living Investor Survey 2025, is built on insights from institutional investors managing over €1.4 trillion in global real estate assets, showing the depth of their engagement with this specific customer segment.

Here's a quick look at how the transactional service lines performed in Q2 2025, which directly reflects the activity level with capital investors and leasing clients:

Service Line	Q2 2025 Fee Revenue Growth (YoY)	H1 2025 Fee Revenue Growth (YoY)
Capital Markets	26%	20%
Leasing	8%	8%
Services (Overall)	3%	1%

Broker-led, transactional relationships for leasing and investment sales

These relationships are built on execution and market expertise, often culminating in a fee based on the transaction value. Leasing remains a core driver, with Q1 2025 leasing revenue hitting $412.5 million, an 8% increase year-over-year. Management expects full-year 2025 leasing growth in the 6-8% range. For investment sales, the market is clearly heating up; Cushman & Wakefield anticipates an 8% increase in commercial real estate investment volume for 2025 (with a specific estimate of €2.56 billion in Portugal). The firm is seeing direct results from this transactional focus, noting that request for proposals (RFPs) in the multimarket leasing group across the Americas are up 35% compared to a year prior, and valuations volumes were 30% higher in Q1 2025. These numbers show you the high volume of interactions driving these broker-led relationships.

Finance: draft 13-week cash view by Friday.

Cushman & Wakefield plc (CWK) - Canvas Business Model: Channels

You're looking at how Cushman & Wakefield plc gets its services to the market, which is a mix of old-school presence and new-tech muscle. It's not just one path; it's a multi-pronged approach to reach occupiers and investors globally.

Global network of 400 physical offices and local brokerage teams.

The physical footprint remains a core channel, giving them local market penetration. As of the reports around mid-2025, Cushman & Wakefield plc operates with approximately 52,000 employees spread across nearly 400 offices in about 60 countries.

This network supports the local brokerage teams that are the frontline for many transactions and advisory services. This physical presence is key for relationship-driven business, especially in complex, high-value deals.

Digital platforms and client portals for data and workflow access.

The digital channel is rapidly evolving to support the physical one. Cushman & Wakefield plc is pushing a digital transformation strategy aimed at full digital enablement by the end of 2028.

A central piece of this is the internal technology platform, Athena, which blends various data layers-like parcel data, fiber optic lines, and environmental risk assessments-into a single visual interface for brokers to use with clients.

• Athena is currently broker-focused, but a client-facing version is a possibility.
• The firm's AI strategy is designed to deliver digital transformation at scale.
• The goal is to magnify the impact of secure, well-planned digital transformations.

This digital layer helps speed up decision-making, moving the conversation from just property to solving broader business problems for clients.

Specialized service lines (e.g., Capital Markets, Valuation) acting as distinct channels.

The service lines themselves function as specialized channels, each attracting different client needs and generating distinct revenue streams. For the nine months ended September 30, 2025, total revenue reached $7.4 billion.

Here's how the performance of these key channels looked through the third quarter of 2025:

Service Line Channel	Q3 2025 Year-over-Year Growth	Nine Months Ended Sept 30, 2025 Year-over-Year Growth
Leasing Revenue	9%	9%
Capital Markets Revenue	21%	20%
Services Revenue (Organic)	7%	Not explicitly stated for organic YTD, but total Services revenue was up in Q1 and Q2.

The Capital Markets channel showed significant momentum, marking its fourth consecutive quarter of double-digit year-over-year revenue growth.

Direct engagement through senior leadership and dedicated account teams.

High-touch, direct engagement remains a critical channel for major accounts and strategic mandates. This involves senior leadership, like CEO Michelle MacKay, directly communicating the firm's vision and performance to the market.

Dedicated account teams serve as the primary relationship conduit, ensuring consistent service delivery across the firm's integrated platform. This personalized approach is what connects the global resources to the specific client workflow.

• The firm emphasizes breaking down internal silos to put the client outcome at the center of end-to-end workflows.
• This structure aims to deliver greater, better, and more consistent service to clients.

Finance: review the Q4 2025 revenue pipeline against the $7.4 billion YTD figure by next Tuesday.

Cushman & Wakefield plc (CWK) - Canvas Business Model: Customer Segments

You're looking at how Cushman & Wakefield plc serves its diverse client base as of late 2025. Honestly, the client segments map closely to their core service lines, which is how they structure their reporting, so we see a lot of overlap in the numbers.

The firm's overall revenue for the nine months ended September 30, 2025, hit $7.4 billion. This revenue base is supported by a global footprint of approximately 52,000 employees in nearly 400 offices across 60 countries as of 2024.

Global Institutional Investors and Property Owners

This group drives significant activity in the Capital Markets and parts of the Valuation and Other service lines. For the nine months ended September 30, 2025, Capital Markets revenue showed strong momentum, increasing by 20% year-over-year. To give you context on the 2024 split, Capital Markets accounted for 10% of Cushman & Wakefield plc's total service line fee revenue. We're seeing international capital return, too; for instance, in the German commercial market in Q1 2025, the participation of international investors rose by 14% compared to Q1 2024, totaling €2.22 billion.

Here's a snapshot of the revenue drivers from the latest reported periods:

Metric	Period	Value/Growth	Context
Total Revenue (YTD)	Nine Months Ended Sept 30, 2025	$7.4 billion	Overall company top line performance.
Capital Markets Revenue Growth	Q3 2025	21% (or 20% in local currency)	Driven by strong performance across all asset classes.
Leasing Revenue Growth	Q3 2025	9% (or 8% in local currency)	Primarily office and industrial leasing in the Americas.
International Investor Volume Share	Germany Q1 2025	36% of total volume	Up from 34% in Q1 2024.

Large Multinational Corporate Occupiers Requiring Integrated Facilities Management (GOS)

These occupiers rely heavily on the Services revenue line, which includes facilities management and Global Occupier Services (GOS). This revenue stream is valued for its recurring nature, often secured through multi-year contracts. In Q3 2025, Services revenue increased by 6% year-over-year. Back in 2024, the Services line was the largest component of fee revenue, making up 53% of the total. The stickiness of these relationships is key; for GOS and C&W Services in 2024, the multi-year contract retention rate was reported as 90%+.

Real Estate Developers and Lenders (e.g., through the Greystone JV)

The relationship with Greystone is specialized, focusing on multi-family lending and loan servicing solutions. Cushman & Wakefield plc management specifically noted that activity related to the Greystone JV is excluded from the calculation of Adjusted EBITDA starting in the second quarter of 2025, as it is non-cash in nature. Still, the underlying market they serve is active; the multifamily sector recorded over 102,000 net units absorbed in Q3 2025. For context on the broader residential investment market in Germany in 2024, the total transaction volume reached €9.25 billion.

Owners and Occupiers of Specialized Assets

This segment is served across all service lines, but performance is often highlighted by sector strength. For example, the Q3 2025 Capital Markets revenue growth was strong across all asset classes. Industrial leasing showed particular strength, contributing to the 9% growth in Leasing revenue year-to-date Q3 2025. For specialized residential assets like student housing in Germany in 2024, transaction activity, though low overall due to product shortage, rose by around 50% to reach €183 million. You see this focus reflected in the firm's stated high-growth areas, which include multi-market leasing and global institutional capital markets.

You should track the performance of the Leasing and Capital Markets segments, as they are showing the strongest top-line acceleration in 2025. Finance: draft 13-week cash view by Friday.

Cushman & Wakefield plc (CWK) - Canvas Business Model: Cost Structure

You're looking at the major drains on Cushman & Wakefield plc's cash flow, which is critical for understanding their operating leverage. Honestly, for a firm this size, the cost structure is dominated by its people and the contracts they service.

The most significant component is personnel costs. Cushman & Wakefield plc relied on approximately 52,000 employees worldwide as of December 31, 2024, to drive its global platform. These costs include salaries and the variable broker commissions tied directly to revenue generation. For instance, in the third quarter of 2024, employment costs within Costs of services rose by approximately $83.0 million compared to the prior year, driven by higher Leasing revenue and associated commissions. Conversely, cost savings initiatives led to a reduction in indirect and overhead employment costs of about $20.0 million for the full year 2024 versus 2023.

Fee-based operating expenses, which cover service delivery and Global Occupier Services (GOS) contracts, form the bulk of the Cost of Services line. For the nine months ended September 30, 2025, the Costs of services (exclusive of depreciation and amortization) hit $6,068.9 million, up from $5,619.1 million for the same period in 2024. To put that in perspective, total costs of services as a percentage of total revenue settled at 82% for the full year 2024.

General and administrative costs support the global office network and corporate functions. For the full year 2024, Operating, administrative and other expenses totaled $1.2 billion. Looking at a more recent quarter, the Operating, administrative and other expenses for the third quarter of 2024 were $314.2 million.

Debt servicing is another line item you need to watch. Interest expense, net of interest income, was reported as ($60.8 million) for the second quarter of 2024 and ($54.9 million) for the third quarter of 2024. The company has been actively managing this, announcing that its two-year cumulative debt prepayments reached $500 million as of the third quarter of 2025. This aggressive repayment strategy is intended to realize the stated goal of reducing annual interest expense by approximately $50 million from prepayments.

The investment in technology, data, and the digital transformation, often referred to as the AI+ strategy, is an ongoing commitment to maintain competitive scale. While a specific technology investment dollar amount isn't isolated in the latest filings, the overall focus on platform investment is clear, as Cushman & Wakefield plc built its scale through investment in its people and technology.

Here's a quick view of the key expense metrics we have for the recent periods:

Cost Component	Period	Amount
Costs of Services (excl. D&A)	Nine Months Ended Sep 30, 2025	$6,068.9 million
Costs of Services (excl. D&A)	Nine Months Ended Sep 30, 2024	$5,619.1 million
Operating, administrative and other expenses	Full Year Ended Dec 31, 2024	$1.2 billion
Operating, administrative and other expenses	Three Months Ended Sep 30, 2024	$314.2 million
Interest expense, net of interest income	Three Months Ended Jun 30, 2024	($60.8 million)
Interest expense, net of interest income	Three Months Ended Sep 30, 2024	($54.9 million)

You should also note the structure of their workforce, which directly impacts the largest cost pool:

• Total Employees (as of Dec 31, 2024): 52,000.
• Employee Distribution (as of Dec 31, 2024): Americas 69%, APAC 21%, EMEA 10%.
• Total Debt Prepayments (Cumulative as of Q3 2025): $500 million.

The cost structure is highly variable due to the commission-based nature of the business, meaning compensation scales with revenue, but the fixed overhead for the global office network and corporate staff remains substantial. Finance: draft 13-week cash view by Friday.

Cushman & Wakefield plc (CWK) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Cushman & Wakefield plc (CWK), specifically how the firm converts its global footprint and expertise into dollars, as of late 2025. The revenue streams are clearly segmented between transactional activity and more stable, recurring service contracts.

The transactional side saw significant upside through the first three quarters of 2025. Capital Markets revenue, which involves advising on buying and selling properties, was up a strong 20% year-to-date through Q3 2025. Leasing revenue, focused on finding tenants for space, also showed solid momentum, growing 9% year-to-date through Q3 2025.

The recurring, fee-based revenue from Services-covering Property, Facilities, and Project Management-provides a ballast against market volatility. For the third quarter of 2025, organic Services revenue growth accelerated to 7%. This segment is key for stability.

Advisory and appraisal fees, categorized under Valuation and Other services, also contributed positively, with that revenue stream seeing a 12% increase in the third quarter of 2025.

For the nine months ended September 30, 2025, the total revenue was $7.4 billion. Within this, the revenue component classified as Gross contract reimbursables, which reflects client costs with substantially no margin, increased by 18% in local currency year-to-date. While the specific figure you noted for this line item for the nine months ended September 30, 2025, was not confirmed in the latest filings, the full-year 2024 total for Gross contract reimbursables was $2,314.8 million.

Management's confidence in this diversified revenue performance is reflected in the outlook. Full-year 2025 Adjusted Earnings Per Share (Adjusted EPS) growth is projected to be in the 30% to 35% range.

Here's a quick look at how the key fee-based revenue drivers performed year-to-date through Q3 2025 compared to the prior year:

Revenue Stream	YTD Q3 2025 Growth Rate (vs. prior year)	Q3 2025 Growth Rate (vs. prior year)
Capital Markets (Transactional Fees)	20%	21%
Leasing (Transactional Fees)	9%	9%
Services (Organic Fee Growth)	Not specified YTD	7%
Valuation and Other (Revenue)	Not specified YTD	12%

The structure of the revenue generation relies on a mix of high-velocity transactional work and steady service contracts. You can see the emphasis on the fee-based components:

• Service line fee revenue for the nine months ended September 30, 2025, was $5.0 billion.
• Total revenue for the nine months ended September 30, 2025, was $7.4 billion.
• The firm's Services business generated 67% of total revenue in 2024, providing a stable base.
• The firm raised its full-year 2025 Adjusted EPS growth guidance to 30% to 35%.

Finance: draft 13-week cash view by Friday.