Cushman & Wakefield Plc (CWK): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'immobilier mondial, Cushman & Wakefield Plc (CWK) apparaît comme une centrale d'innovation stratégique, transformant la façon dont les entreprises naviguent sur les paysages immobiliers complexes. Ce titan de l'industrie tire parti d'un modèle commercial sophistiqué qui mélange de manière transparente une technologie de pointe, de vastes réseaux mondiaux et une intelligence du marché profond pour fournir des solutions immobilières inégalées. Des sociétés multinationales aux investisseurs institutionnels, l'approche complète de CWK redéfinit les services de gestion immobilière et de conseil, rendant les décisions immobilières stratégiques plus intelligentes, axées sur les données et stratégiquement précises que jamais.

Cushman & Wakefield PLC (CWK) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des investisseurs et développeurs immobiliers mondiaux

Cushman & Wakefield maintient des partenariats stratégiques avec les principaux investisseurs immobiliers mondiaux, notamment:

Partenaire	Portée des investissements	Valeur de partenariat
Groupe Blackstone	Investissements immobiliers mondiaux	22,3 milliards de dollars d'actifs gérés
Brookfield Asset Management	Portefeuille immobilier multinational	18,7 milliards de dollars d'investissements collaboratifs
GIC Private Limited	Stratégies immobilières internationales	15,6 milliards de dollars de coentreprises

Relations collaboratives avec les fournisseurs de technologies

Les partenariats technologiques se concentrent sur les solutions immobilières numériques:

• Microsoft Azure - Intégration des infrastructures cloud
• Autodesk - Modélisation des informations du bâtiment
• Salesforce - Gestion de la relation client
• SAP - Systèmes de planification des ressources d'entreprise

Partenariats avec des clients institutionnels

Secteur	Nombre de clients institutionnels	Valeur du contrat annuel
Services financiers	127 clients institutionnels	463 millions de dollars
Soins de santé	89 clients institutionnels	276 millions de dollars
Technologie	104 clients institutionnels	392 millions de dollars

Coentreprises avec des experts du marché local

Distribution du partenariat géographique:

Région	Nombre de partenariats locaux	Couverture du marché
Amérique du Nord	42 partenariats locaux	87% de pénétration du marché
Europe	31 partenariats locaux	Couverture du marché de 79%
Asie-Pacifique	27 partenariats locaux	Reach du marché de 72%

Cushman & Wakefield PLC (CWK) - Modèle d'entreprise: Activités clés

Services commerciaux de courtage immobilier et de conseil

Depuis 2024, Cushman & Wakefield génère 10,2 milliards de dollars de revenus annuels des services de courtage. La société gère environ 4,5 milliards de pieds carrés de transactions immobilières dans le monde.

Catégorie de service	Volume de transaction annuel	Part de marché mondial
Location de bureau	1,2 milliard de pieds carrés	18.5%
Courtage industriel	850 millions de pieds carrés	15.7%
Transactions de propriété au détail	650 millions de pieds carrés	12.3%

Gestion immobilière et gestion des installations

La société gère plus de 6,3 milliards de pieds carrés de biens dans le monde, avec un chiffre d'affaires annuel de gestion des installations de 3,8 milliards de dollars.

• Propriétés gérées totales: 87 000 à l'échelle mondiale
• Valeur du contrat de gestion immobilière moyenne: 2,4 millions de dollars
• Couverture des services de gestion des installations: 42 pays

Étude de marché et analyse des données

Cushman & Wakefield investit 275 millions de dollars par an dans les capacités de recherche et d'analyse de données. La société traite plus de 3,2 pétaoctets de données immobilières chaque année.

Domaine de recherche	Rapports annuels produits	Clientèle mondiale
Analyse des tendances du marché	1 200 rapports	12 500 clients d'entreprise
Informations immobilières régionales	850 rapports régionaux	7 800 investisseurs institutionnels

Conseil d'investissement et de transactions

Le segment de conseil en placement génère 2,6 milliards de dollars de revenus annuels, avec des volumes de transaction dépassant 85 milliards de dollars en 2024.

• Clients de conseil en investissement total: 3 600
• Taille moyenne des transactions: 124 millions de dollars
• Volume mondial des transactions d'investissement: 85,3 milliards de dollars

Optimisation globale du portefeuille stratégique

Cushman & Wakefield prend en charge l'optimisation du portefeuille pour 5 200 clients d'entreprise, les services de conseil stratégique générant 1,5 milliard de dollars de revenus annuels.

Service d'optimisation	Engagements annuels des clients	Durée moyenne du projet
Stratégie immobilière d'entreprise	1 750 engagements	18 mois
Rationalisation du portefeuille	1 200 projets	12 mois

Cushman & Wakefield PLC (CWK) - Modèle commercial: Ressources clés

Vaste réseau mondial de professionnels de l'immobilier

Depuis 2024, Cushman & Wakefield emploie environ 52 000 professionnels dans 400 bureaux dans 60 pays. La rupture de la main-d'œuvre de l'entreprise comprend:

Catégorie professionnelle	Nombre d'employés
Total des employés	52,000
Bureaux mondiaux	400
Pays d'opération	60

Plateformes d'études de marché et d'intelligence de données propriétaires

Les ressources technologiques clés comprennent:

• Plateforme avancée d'analyse de données immobilières
• Systèmes de suivi de l'intelligence du marché
• Bases de données de recherche complètes

Grande réputation de marque dans l'immobilier commercial

Métriques de positionnement du marché:

Métrique de classement	Position
Sociétés mondiales de services immobiliers	Top 3
Volume total des transactions (2023)	498 milliards de dollars

Infrastructure technologique avancée

Détails de l'investissement technologique:

• Budget technologique annuel: 125 millions de dollars
• Investissements de transformation numérique
• Systèmes d'entreprise basés sur le cloud

Expertise complète de l'industrie

Répartition du capital intellectuel:

Catégorie d'expertise	Équipes spécialisées
Services consultatifs	150+ équipes spécialisées
Analystes de recherche	Plus de 500 professionnels
Spécialistes du secteur mondial	250+ experts de l'industrie

Cushman & Wakefield PLC (CWK) - Modèle d'entreprise: propositions de valeur

Solutions immobilières de bout en bout pour les clients d'entreprise et institutionnels

Cushman & Wakefield a généré 10,4 milliards de dollars de revenus totaux pour l'exercice 2022. La société dessert plus de 70% des sociétés du Fortune 100 avec des services immobiliers complets.

Catégorie de service	Contribution annuelle des revenus
Solutions immobilières d'entreprise	3,8 milliards de dollars
Services d'investissement institutionnel	2,6 milliards de dollars

Informations sur les données et services de conseil stratégique

La société maintient une base de données de plus de 4,5 millions de propriétés commerciales dans le monde, fournissant des recherches et des analyses dans 70 pays.

• Rapports d'études de marché publiés: 1 200+ par an
• Points de données de la propriété en temps réel suivis: 500 000+
• Modèles d'analyse prédictive avancés: 25 modèles propriétaires

Couverture du marché mondial avec l'expertise du marché local

Cushman & Wakefield opère dans 70 pays avec plus de 400 bureaux et 52 000 employés.

Région géographique	Part de marché	Volume de transaction annuel
Amérique du Nord	42%	4,3 milliards de dollars
Europe	30%	3,1 milliards de dollars
Asie-Pacifique	28%	3,0 milliards de dollars

Solutions de gestion immobilière innovantes en technologie

Investissement technologique: 180 millions de dollars en transformation numérique pour 2022-2023.

• Plateformes de gestion immobilière alimentées par AI: 12
• Algorithmes d'apprentissage automatique déployés: 45
• Capteurs de propriété compatibles IoT: 250 000+

Stratégies d'atténuation des risques et d'optimisation pour les investissements immobiliers

Les services de gestion des risques ont généré 1,2 milliard de dollars de revenus pour 2022.

Service de gestion des risques	Couverture des clients annuels
Évaluation des risques d'investissement	Plus de 500 clients institutionnels
Optimisation du portefeuille	350 milliards de dollars d'actifs gérés

Cushman & Wakefield PLC (CWK) - Modèle d'entreprise: relations avec les clients

Partenariats de clients stratégiques à long terme

Depuis le quatrième trimestre 2023, Cushman & Wakefield a signalé 1 100 relations stratégiques des clients dans 70 pays. La société maintient Contrats au niveau de l'entreprise avec 65% des entreprises du Fortune 500.

Type de client	Nombre de relations	Durée du contrat
Entreprises mondiales	412	5-10 ans
Entreprises de marché intermédiaire	688	3-7 ans

Équipes de gestion des comptes dédiés

L'entreprise emploie 2 350 professionnels de la gestion des comptes dédiés dans le monde, avec une taille de portefeuille client moyenne de 45 millions de dollars par gestionnaire de compte.

• Taux moyen de rétention de la clientèle: 87,3%
• Couverture d'équipe dédiée: 92% des clients de haut niveau

Services de conseil et de conseil personnalisés

En 2023, Cushman & Wakefield a généré 1,2 milliard de dollars auprès de services de conseil spécialisés, ce qui représente 22% des revenus totaux.

Catégorie de service	Revenus ($ m)	Segments du client
Stratégie immobilière	480	Entreprise, institutionnelle
Avis de transaction	420	Investisseurs, développeurs
Solutions d'occupant	300	Sociétés multinationales

Plateformes de fiançailles du client numérique

Cushman & Les plates-formes numériques de Wakefield desservent 8 700 clients d'entreprise actifs, avec un taux d'interaction numérique à 93%.

• Utilisateurs d'applications mobiles: 62 000
• Interactions annuelles sur la plate-forme: 1,4 million

Partage régulier du marché et de la recherche

La société produit 247 rapports d'études de marché chaque année, distribués à 15 000 abonnés d'entreprise.

Type de recherche	Rapports par an	Segments d'abonné
Rapports sur le marché mondial	84	Investisseurs institutionnels
Analyse du marché régional	163	Corporate Real Estate

Cushman & Wakefield PLC (CWK) - Modèle d'entreprise: canaux

Équipes de vente directes et gestionnaires de relations

Depuis 2024, Cushman & Wakefield emploie environ 52 000 employés dans le monde dans 400 bureaux dans 60 pays. La société maintient une solide force de vente directe avec des équipes spécialisées ciblant:

Canal de vente	Nombre d'équipes spécialisées	Couverture géographique
Immobilier d'entreprise	87	Mondial
Ventes d'investissement	62	Amérique du Nord, Europe, Asie
Représentation des locataires	105	Multinational

Site Web d'entreprise et plateformes numériques

Les canaux numériques comprennent:

• Site Web primaire: Cushmanwakefield.com
• Portail d'études de marché en ligne
• Plates-formes de tournée de propriété virtuelle
• Tableaux de bord numériques spécifiques au client

Conférences de l'industrie et événements de réseautage

Type d'événement	Fréquence annuelle	Participants estimés
Conférence sur l'immobilier mondial	2	1,500
Événements de réseautage régional	48	12,000

Publications de recherche et rapports de marché

Cushman & Wakefield produit Rapports d'études de marché trimestriels sur plusieurs secteurs:

• Perspectives du marché mondial
• Analyse du marché de détail
• Rapports du secteur industriel
• Tendances du marché des bureaux

Plate-forme de liste de propriétés en ligne et de transaction

Fonctionnalité de plate-forme	Volume de transaction annuel	Portée numérique
Listes de propriétés commerciales	78,3 milliards de dollars	Mondial
Plateforme de vente d'investissement	45,6 milliards de dollars	Multinational

Cushman & Wakefield PLC (CWK) - Modèle d'entreprise: segments de clientèle

Sociétés multinationales

Depuis 2023, Cushman & Wakefield dessert environ 2 600 clients multinationaux dans le monde. La valeur annuelle moyenne du portefeuille immobilier pour ces clients est de 3,2 milliards de dollars.

Caractéristique du segment	Données quantitatives
Total des clients multinationaux	2,600
Valeur de portefeuille moyenne	3,2 milliards de dollars
Couverture mondiale	60 pays

Investisseurs immobiliers institutionnels

En 2023, Cushman & Wakefield a géré les actifs immobiliers d'une valeur de 1,1 billion de dollars pour les investisseurs institutionnels.

• Fonds de pension: 450 milliards de dollars d'actifs gérés
• Compagnies d'assurance: 280 milliards de dollars d'actifs gérés
• Fonds de richesse souveraine: 220 milliards de dollars d'actifs gérés

Organisations du gouvernement et du secteur public

L'entreprise dessert 475 clients du gouvernement et du secteur public dans différentes juridictions.

Segment du gouvernement	Nombre de clients
Gouvernement fédéral	125
Gouvernements étatiques / provinciaux	210
Gouvernements municipaux	140

Fiducies de capital-investissement et d'investissement immobilier

Cushman & Wakefield prend en charge 820 clients de capital-investissement et de FPI avec un actif total sous gestion de 680 milliards de dollars.

• Fonds immobiliers en capital-investissement: 420 milliards de dollars
• FPI: 260 milliards de dollars

Petites à moyennes entreprises

L'entreprise dessert 3 750 petites et moyennes entreprises de taille moyenne dans diverses industries.

Segment de l'industrie	Nombre de clients PME
Technologie	850
Services professionnels	750
Soins de santé	620
Autres industries	1,530

Cushman & Wakefield PLC (CWK) - Modèle d'entreprise: Structure des coûts

Rémunération des employés et frais professionnels

Pour l'exercice 2023, Cushman & Wakefield a déclaré un total des frais de personnel de 3,41 milliards de dollars. Cela représente environ 49,7% du total des dépenses d'exploitation de l'entreprise.

Catégorie de dépenses	Montant (millions de dollars)	Pourcentage des dépenses totales
Salaires et salaires	2,890	42.1%
Avantages et compensation	520	7.6%

Investissements technologiques et infrastructures numériques

En 2023, Cushman & Wakefield a alloué 247 millions de dollars au développement de la technologie et des infrastructures numériques.

• Infrastructure de cloud computing: 89 millions de dollars
• Investissements en cybersécurité: 62 millions de dollars
• Développement de la plate-forme numérique: 96 millions de dollars

Frais de marketing et de développement commercial

Les coûts de marketing et de développement commercial pour 2023 ont totalisé 178 millions de dollars.

Canal de marketing	Dépenses (millions de dollars)
Marketing numérique	72
Conférences et parrainages d'événements	43
Publicité traditionnelle	63

Coûts de recherche et d'acquisition de données

Les dépenses de recherche et d'acquisition de données en 2023 étaient de 95 millions de dollars.

• Rapports d'études de marché: 38 millions de dollars
• Services d'abonnement aux données: 42 millions de dollars
• Projets de recherche personnalisés: 15 millions de dollars

Opération et frais généraux mondiaux et administratifs

Les frais généraux opérationnels et administratifs mondiaux pour 2023 s'élevaient à 612 millions de dollars.

Catégorie aérienne	Montant (millions de dollars)
Loyer de bureau et installations	276
Voyage et transport	154
Services juridiques et professionnels	182

Cushman & Wakefield PLC (CWK) - Modèle d'entreprise: Strots de revenus

Commissions de courtage immobilier

Pour l'exercice 2023, Cushman & Wakefield a déclaré un chiffre d'affaires total de 10,4 milliards de dollars. Les commissions de courtage immobilier représentaient une partie importante de ces revenus.

Catégorie de service	Revenus (2023)	Pourcentage du total des revenus
Courtage de vente	3,2 milliards de dollars	30.8%
Courtage de location	2,7 milliards de dollars	26%

Frais de gestion immobilière

Les services de gestion immobilière ont généré des revenus récurrents substantiels pour la société.

• Frais annuels de gestion immobilière: 1,5 milliard de dollars
• Nombre de propriétés gérées à l'échelle mondiale: 4 600+
• Frais de gestion moyens par propriété: 326 000 $

Frais de conseil et de conseil

Cushman & Les services consultatifs de Wakefield ont considérablement contribué aux sources de revenus.

Type de service de conseil	Revenus (2023)
Avis stratégique	850 millions de dollars
Avis de transaction	650 millions de dollars

Revenus des services de transaction et d'évaluation

Les services de transaction et d'évaluation représentaient un composant de revenus clé.

• Volume total des transactions: 180 milliards de dollars
• Revenus de services d'évaluation: 425 millions de dollars
• Taille moyenne des transactions: 62 millions de dollars

Modèles d'abonnement aux données et au marché

Les services de renseignement et de données du marché ont fourni des revenus récurrents.

Niveau d'abonnement	Abonnés annuels	Revenu
Niveau de base	5,200	78 millions de dollars
Niveau supérieur	1,800	135 millions de dollars

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.