Cushman & Wakefield plc (CWK): PESTLE Analysis [Nov-2025 Updated]

You're defintely right to question how Cushman & Wakefield plc (CWK) is navigating the late 2025 market. We're facing near-term stagflation and high capital costs, but the firm's full-year 2025 Adjusted EPS growth is forecast to be robust, between 30% and 35%, based on October guidance. This isn't a fluke; it's the result of two structural shifts: the intense 'flight-to-quality' in commercial real estate-evidenced by the record 10.0 million square feet of law firm leasing in H1 2025-and their early success in ESG, already achieving a 50% emissions reduction target six years early. So, the macro risks are real, but the opportunity lies in their service alignment with these high-value, sustainable, and tech-enabled properties.

Cushman & Wakefield plc (CWK) - PESTLE Analysis: Political factors

US Policy Shifts Create Near-Term Economic Uncertainty and Inflationary Pressure

The hard shift in US economic policy following the 2024 election has created a wave of near-term uncertainty, directly impacting commercial real estate (CRE) valuations and transaction volumes. Cushman & Wakefield's own analysis forecasts a period of short-term stagflation-slower economic growth coupled with accelerating inflation-for the remainder of 2025. This environment is largely driven by the renewed focus on trade policy.

Specifically, the high likelihood of new and increased tariffs on foreign-made construction materials, such as steel and lumber, is a major concern. These tariffs will push up development costs, potentially delaying new projects and shrinking profit margins for developers. This inflationary pressure is compounded by the persistent high cost of capital, with the 10-year Treasury rate expected to remain in the 4% to 5% range for the foreseeable future. Honestly, the market needs clarity on the economic outlook more than anything else before a sturdier recovery takes hold.

Potential Deregulation Could Boost Space Demand from Key Sectors

On the opportunity side, the new administration is actively advocating for deregulation across various industries, which is a clear positive for CRE. This pro-business stance is expected to manifest through a streamlining of regulatory processes and expedited permitting for construction projects, which directly reduces development timelines and costs.

We are also seeing a renewed push for tax policies favorable to real estate investment, including the elimination of threats to the crucial 1031 Exchange (a tax-deferral mechanism for property sales). This regulatory relief is expected to boost space demand from sectors like financial services and energy, which benefit significantly from reduced red tape. Plus, the emphasis on reshoring and onshoring manufacturing will continue to drive demand for industrial and logistics properties, a sector already benefiting from structural demand drivers like e-commerce expansion.

• Deregulation means faster project approvals.
• Tax clarity encourages large-scale investment.
• Onshoring policies bolster industrial real estate demand.

Geopolitical Tensions Increase Real Estate Risk in Emerging Markets

For a global firm like Cushman & Wakefield, which reported LTM Q2'25 fee revenue of $4.8 billion from the Americas, $0.8 billion from EMEA, and $1.1 billion from APAC, geopolitical risk is a defining force. It's not just a peripheral factor anymore; real estate leaders globally have placed geopolitics in the top three issues affecting global investment in 2025.

Geopolitical instability, including ongoing global conflicts and trade friction, is restricting capital flows and demanding enhanced security and due diligence (DD) in emerging markets. This uncertainty leads many investors to adopt a 'wait-and-see' approach, which can delay major capital markets transactions. However, there are pockets of opportunity: the Asia Pacific (APAC) economy is forecast to grow at 3.7% in 2025, with India leading at 6.4%. This regional divergence requires a highly nuanced, market-by-market risk-adjusted strategy.

Global Footprint Exposes Firm to Varied Political Stability Risks

The firm's massive global nature, operating from approximately 400 offices in 60 countries, means its revenue streams are inherently exposed to varied political stability risks. What happens in one region's political landscape can quickly impact the investment appetite in another.

To be fair, the US political environment itself presents a risk, with an elevated threat level from civil unrest and politically motivated violence, which requires enhanced security measures for high-profile assets and personnel. Cushman & Wakefield must manage a complex matrix of risks, from sanctions compliance in Europe to political violence in the US, plus the ongoing threat of cyberattacks, which FINMA (the Swiss financial regulator) has flagged as a growing non-financial risk in 2025.

Geographic Segment (LTM Q2'25 Fee Revenue)	Fee Revenue (USD)	% of Total Fee Revenue	Primary Political Risk/Opportunity
Americas	$4.8 billion	72%	US Tariffs & Stagflation Risk, Deregulation Opportunity
APAC (Asia Pacific)	$1.1 billion	16%	Geopolitical Tensions, Strong Regional GDP Growth (India at 6.4%)
EMEA (Europe, Middle East, Africa)	$0.8 billion	12%	Sanctions Compliance, European Political Instability
Total LTM Fee Revenue	$6.7 billion	100%	Global Policy Uncertainty

The action here is clear: The Global Risk Management team needs to defintely draft a three-scenario policy impact model by the end of Q1 2026, mapping tariff-related cost increases against deregulation-driven demand growth.

Cushman & Wakefield plc (CWK) - PESTLE Analysis: Economic factors

The base case for late 2025 is short-term stagflation: slow economic growth with sticky inflation.

You need to plan for a challenging macroeconomic environment characterized by slow growth and persistent inflation, a scenario often called stagflation (stagnation + inflation). The U.S. economy is defintely slowing down, with the consensus forecast for full-year 2025 Real GDP growth sitting in the tight range of 1.4% to 1.8%. That's a significant deceleration from prior years, but it avoids a recession, which is a key distinction.

This slow growth is paired with sticky inflation. Despite the Federal Reserve's efforts, inflation remains above the target 2% goal. Forecasts for the 2025 year-end Core Personal Consumption Expenditures (PCE) inflation, a key Fed metric, hover around 2.4% when accounting for tariff effects. This combination of modest growth and elevated prices pressures corporate profit margins and dampens consumer confidence, which, in turn, impacts commercial real estate (CRE) leasing and investment velocity.

Capital markets are thawing, but investment activity remains below historical averages, pressuring Capital Markets revenue.

While the commercial real estate capital markets are showing signs of thawing, overall investment activity remains significantly constrained. Transaction volumes in 2024 saw only modest improvements from 2023 and are still well below their historical averages. This is primarily due to the high cost of debt and the ongoing repricing of assets, especially in the office sector where national vacancy rates climbed to 20.8% in the second quarter of 2025.

However, Cushman & Wakefield plc is showing strong resilience, which is a clear opportunity. They reported a 21% increase in Capital Markets revenue in Q3 2025, driven by strong performance across all asset classes and deal sizes in the Americas. Management expects full-year 2025 Capital Markets revenue to grow in the mid- to high teens, suggesting they are taking market share in a difficult environment. This is a firm where strategic execution is overcoming market headwinds.

Here is a quick snapshot of the 2025 economic forecasts and CWK's performance against them:

Metric	2025 Consensus Forecast (Late Q4)	Impact on CWK
US Real GDP Growth (Full-Year)	1.4% to 1.8% (Slow Growth)	Dampens occupier demand; supports stable Services revenue.
US Core PCE Inflation (Year-End)	2.4% (Sticky Inflation)	Increases operating costs; supports higher rent growth in high-demand industrial/multifamily sectors.
Fed Funds Rate (Year-End)	3.75% to 4.00% (Elevated)	Keeps cost of capital high, limiting CRE transaction volumes.
CWK Capital Markets Revenue Growth (FY 2025 Guidance)	Mid- to High Teens	Indicates strong market share gain despite low overall transaction volume.

The Federal Reserve is expected to deliver at most two interest rate cuts in 2025, keeping the cost of capital elevated.

The Federal Reserve's monetary policy remains the single most important factor for CRE capital markets. The Fed has already delivered two 25-basis-point cuts in 2025, in September and October, bringing the Federal Funds Rate to a range of 3.75% to 4.00%. While some analysts, like Goldman Sachs Research, still anticipate a third cut in December, the prevailing market sentiment in mid-November suggests the Fed will pause due to resilient job data, keeping the total number of cuts at two for the year.

This reality means the cost of capital will remain elevated, which is a direct headwind for transactional revenue. For property owners, the looming $1.2 trillion in commercial real estate loans set to mature by the end of 2025 presents a major refinancing challenge. This pressure creates a need for CWK's advisory and valuation services, even as it constrains large-scale investment sales.

• High rates force asset repricing.
• Refinancing challenges drive demand for advisory.
• Debt costs limit new development starts.

CWK's full-year 2025 Adjusted EPS growth is forecast to be robust, between 30% and 35%, based on October 2025 guidance.

Despite the choppy economic waters, Cushman & Wakefield plc's financial outlook for 2025 is exceptionally strong. Following the October 30, 2025, earnings release, management raised its full-year 2025 Adjusted Earnings Per Share (EPS) growth guidance to a range of 30% to 35%. This is an increase from the prior forecast and signals management's confidence in their operational leverage and strategic focus.

Here's the quick math: This robust growth is not solely dependent on a full-blown CRE market recovery. It is driven by:

• Leasing revenue growth toward the high end of the 6% to 8% range.
• Capital Markets growth in the mid- to high teens.
• Disciplined debt management, including $500 million in cumulative debt prepayments over two years.

This performance suggests the firm is successfully navigating the cycle by focusing on resilient sectors like industrial and high-quality office, plus gaining market share through strategic talent acquisition.

Cushman & Wakefield plc (CWK) - PESTLE Analysis: Social factors

The 'flight-to-quality' trend is intense, with newer, highly-amenitized office buildings commanding a disproportionate share of leasing activity.

You're seeing a clear bifurcation in the office market right now, which is a direct social response to hybrid work. Tenants are not just leasing space; they are buying an experience to drive staff back to the office. This is the 'flight-to-quality' trend, and it's intense. In Central London, for example, a record-high 80% of total office take-up in Q2 2025 was for Grade A space, the newest and best-amenitized properties. This demand for premium space is pushing rents up significantly, even as older buildings struggle.

Here's the quick math: Prime rents in the City of London rose to £88.50 per square foot, a 7% increase over the previous 12 months. In the West End, prime rents hit £162.50 per square foot, a massive 16% jump. This shows occupiers are defintely willing to pay a premium for the best-in-class assets that serve as a competitive advantage for talent retention and client engagement.

Stronger return-to-office mandates drive demand for flexible lease terms and fully-fitted space from landlords.

As more companies solidify their hybrid work policies, stronger return-to-office mandates-often three or four days a week-are becoming the norm. This shift creates a need for office space that is less about sheer volume and more about immediate usability and flexibility. Occupiers are increasingly focused on securing pre-fitted space from landlords to avoid the high capital expenditure (capex) of a new fit-out.

We're seeing landlords adapt quickly. In the Manchester market, for instance, a significant 23% of the entire take-up in 2024 was for fitted space, and that momentum is continuing into 2025. Landlords are increasing their flexible workspace portfolios and delivering space on a managed basis. This demand for 'plug-and-play' offices is a direct social factor influencing the leasing structure, requiring more flexible lease negotiations, like rights of first offer or built-in break options.

Demographic shifts support high demand for alternative real estate sectors like senior housing and data centers.

The biggest social drivers for Cushman & Wakefield's alternative real estate sectors are the aging population and the digital transformation. These are structural, long-term trends, not cyclical blips. The 'Silver Tsunami' of Baby Boomers means 10,000 people turn 65 every day, and by 2050, nearly 90 million Americans will be 65 or older. This demographic powerhouse is fueling a surge in demand for senior housing, which is performing as a resilient and profitable asset class in 2025, with rising occupancy and rental rates.

On the flip side, the rapid adoption of Artificial Intelligence (AI) and cloud computing is intensifying demand for digital infrastructure. The need for data centers is surging, with projections suggesting supply may need to more than triple by 2030 to keep up. For a diversified real estate services firm like Cushman & Wakefield, these sectors-senior housing and data centers-represent a crucial opportunity to balance the risks in the traditional office market.

• Seniors Housing: Driven by 10,000 Baby Boomers turning 65 daily.
• Data Centers: Fueled by AI and cloud, supply may need to triple by 2030.

Law firm leasing activity is a major bright spot, hitting a record 10.0 million square feet in H1 2025.

The legal sector is a significant outlier in the office market, showing a strong commitment to physical space. Law firm leasing activity hit a record 10.0 million square feet (msf) in the first half of 2025, making it the strongest start to a year on record, and up 15% from last year. This is a huge positive signal, especially considering that the broader office sector is still recovering. Law firms are highly 'office-centric,' with 56% of firms expecting attorneys to be in the office at least three days per week, far surpassing the in-office expectations in the tech (26%) or finance (39%) sectors.

The data shows this is not just renewal activity; it's growth. Nearly three-quarters of law firm leases in H1 2025 were either expansions (33%) or showed negligible changes in size (40%). Plus, the number of large deals (over 25,000 square feet) is on track to surpass 2024's volume by more than 20%. This sustained momentum is a key social factor supporting the high-end office market.

Law Firm Leasing Metric	H1 2025 Data	Significance
Total Leasing Volume (H1 2025)	10.0 million square feet	Strongest first half on record
Year-over-Year Increase (H1 2025)	15%	Reflects accelerating demand
Leasing Activity vs. 2019 (Past Four Quarters)	38% above 2019 levels	Indicates long-term commitment to office
Firms Requiring 3+ Days In-Office	56%	Higher than Tech (26%) and Finance (39%)
Lease Size Changes (H1 2025)	33% Expansions, 40% Stable	Growth and stability, not downsizing

Cushman & Wakefield plc (CWK) - PESTLE Analysis: Technological factors

Investment in PropTech is Crucial for Competitive Advantage

You know that in commercial real estate, access to the best data is the new location, location, location. So, Cushman & Wakefield's (CWK) technology strategy, or PropTech (property technology), isn't just a cost center; it's a core competitive differentiator. The firm is not trying to build every tool internally. Instead, it focuses on a hybrid approach: building proprietary platforms where the data is unique and partnering for best-in-class solutions elsewhere. This focus is paying off in the financials. For the nine months ended September 30, 2025, CWK reported revenue of $7.4 billion, an 8% increase year-over-year, which shows the financial muscle supporting this digital push. This investment strategy directly supports client delivery and is a key reason why the firm's Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin improved by 69 basis points for the same period.

CWK Launched Athena to Forecast Risk for Clients

Honesty, a broker's gut feeling is no longer enough. You need to see the risk mapped out. That's why CWK launched its proprietary data visualization platform, 'Athena,' on June 6, 2025. This interactive mapping tool is a game-changer because it blends multiple, complex data layers-like fiber optic networks, power substation locations, and environmental risk assessments-into a single, visual interface. It was initially deployed with a specific focus on the highly technical data center asset class in the U.S. and EMEA. The platform lets advisors assess the market in real time and forecast anticipated risk, including climate risk, helping clients make optimal real estate decisions. It defintely elevates the client conversation from simply buying a property to solving a business problem.

Proprietary Technology Platform	Launch/Strategy Date	Primary Function & Focus	Quantifiable Impact
Athena	June 6, 2025	Interactive mapping for site selection; Blends infrastructure and environmental risk data. Initial focus: Data Centers.	Saves time and puts hard-to-find information right at the fingertips of brokers.
AI+ Strategy	November 2023 (Launch)	Embeds Generative AI across the CRE transaction lifecycle to boost productivity and client delivery.	Earlier AI efforts resulted in an 80% material reduction in operational cycle time.

Strategic Partnerships Accelerate Adoption of Disruptive Technologies

We can't be everywhere, so we partner with the best venture capital (VC) firms to get an early look at what's coming. CWK's strategic partnerships with PropTech-focused VCs like Fifth Wall and MetaProp NYC allow the firm to accelerate the adoption of new, disruptive technologies without needing to build everything from scratch. This gives clients an edge. Fifth Wall, for example, is the largest asset manager investing at the intersection of real estate and technology, with approximately $3 billion in commitments and capital under management as of January 2025. CWK is a strategic Limited Partner (LP) in Fifth Wall's technology and retail funds. This relationship is critical because it de-risks the adoption process: the firm gets to evaluate and implement technology solutions that have already been vetted by a top-tier PropTech investor. Plus, it brings the innovation directly to our clients faster.

AI and Automation Streamline Property Management and Operations

The firm's AI+ digital transformation strategy is focused on using Artificial Intelligence (AI) to drive efficiency and better client outcomes. This isn't just about client-facing tools; it's about streamlining the back office, too. The goal is to use AI and automation to embed intelligence across the entire commercial real estate transaction lifecycle. The results of this digital push are tangible and directly impact the bottom line. For instance, digital transformation initiatives, including automation in back-office operations, have helped boost margins from 9% to 13% over a five-year period. That's a clear return on investment. The firm's earlier AI work, which began in 2018, has already led to an 80% reduction in operational cycle time for some processes, showing the power of automation to cut costs and speed up service delivery.

Cushman & Wakefield plc (CWK) - PESTLE Analysis: Legal factors

Changes to US immigration policy could slow labor force growth, potentially raising construction and labor costs.

You're looking at development and project management margins, and honestly, the legal risk here comes straight from Washington D.C. and its effect on the labor pool. Tighter US immigration enforcement and increased visa scrutiny in 2025 are directly shrinking the available workforce for construction and property services. Immigrant workers make up a massive chunk of the US construction sector-about 25% of all construction labor nationwide.

When that labor supply tightens, the cost of the remaining labor rises fast. Cushman & Wakefield's own 2025 reports confirm that labor costs continue to climb, a major headwind for our Project & Development Services. This labor scarcity forces contractors to raise bid prices and owners to pad contingencies, which translates to higher all-in costs for your clients. It's a simple supply-and-demand squeeze, but the policy is the lever.

Here's the quick math on the pressure points:

• Labor Dependency: Immigrant workers account for roughly one in four construction laborers in the US.
• Enforcement Impact (Jan 2025): Approximately 28% of construction firms reported direct effects from intensified federal on-site enforcement.
• Cost Effect: Rising labor costs are expected to continue into 2025, alongside material price pressure from new tariffs.

Regulatory reforms, like the review of collective sales regimes in Singapore, can create opportunities for urban redevelopment projects.

Legal changes aren't just about risk; they can unlock massive opportunities, especially in dense, high-value markets like Singapore. The government there is actively reviewing its collective sale (or 'en bloc') regime under the Land Titles (Strata) Act to spur urban rejuvenation.

The current law requires at least 80% consent from owners of older properties (over 10 years) for a collective sale to proceed. Industry players are pushing to lower that threshold, maybe to 70%, which would immediately make hundreds of aging developments viable for redevelopment.

A lower threshold means more deals, more land transactions, and more project management work for Cushman & Wakefield. The market has been muted-only four deals in 2024-but a single major transaction, like the S$810 million sale of Thomson View in July 2025, shows the scale of the value waiting to be unlocked. That's a huge pipeline of potential work if the law changes.

Increased focus on data privacy and cybersecurity regulations globally impacts how client and property data must be managed and secured.

In a global services business like ours, data is an asset, but also a significant legal liability. The march of data privacy laws is relentless, and it's a non-negotiable compliance cost. We are operating under the shadow of the EU's General Data Protection Regulation (GDPR) and the US's California Consumer Privacy Act (CCPA), plus new laws in over a dozen US states.

The stakes are incredibly high. For a major violation, a GDPR fine can be up to €20 million or 4% of annual global revenue, whichever is higher. Plus, the global average cost of a data breach in 2023 was already $4.45 million, not even counting the reputational damage. We defintely have to invest heavily in data governance, security technology, and compliance staff to manage client, tenant, and employee data across all jurisdictions.

The complexity is in managing multi-jurisdictional compliance, especially with new global data transfer restrictions tightening in 2025.

New building codes and zoning laws often mandate higher energy efficiency standards, directly impacting new development and retrofitting costs.

The legal push toward sustainability is now a hard cost in real estate development. Governments are increasingly tying financing and permits to stringent green building codes, driving up the initial capital expenditure for new projects and major renovations.

In the US, new federal rules effective May 2025 require new construction financed by the Department of Housing and Urban Development (HUD) to meet the 2021 International Energy Conservation Code (IECC). This directly impacts development costs. In the private sector, to attract tenants to older buildings, landlords are having to invest more in upgrades.

Look at the office sector: to accommodate higher fit-out costs driven by these standards and general inflation, Class A office landlords increased tenant improvement (TI) allowances by 7% year-over-year on average, with some markets seeing a 20% increase in TI allowances in 2025. This is a direct legal and market-driven cost translation.

The future is electric-ready and highly efficient. For example, California's 2025 Energy Code, taking effect January 1, 2026, mandates updates like electric-ready commercial kitchens and strengthened solar/storage requirements for high-rise buildings. While projected to save $4.8 billion in energy costs over its lifetime, the upfront cost is a hurdle you must budget for today.

The table below summarizes the financial impact of these legal mandates on the construction and fit-out costs that Cushman & Wakefield manages for its clients:

Legal/Regulatory Mandate	Impact on Cost/Timeline (2025 Data)	Cushman & Wakefield Service Line Impact
Tighter US Immigration Enforcement	Rising labor costs; 92% of contractors report difficulty finding qualified workers.	Project & Development Services; Valuation & Advisory
GDPR/CCPA Non-Compliance Fines	Up to €20 million or 4% of annual global revenue.	Corporate Services; Data & Technology Management
Class A Office TI Allowances (YOY Increase)	Increased by 7% on average; up to 20% in some markets.	Leasing; Project & Development Services
New Industrial Large Project Costs	Increased slightly, ticking up 2.0% from 2024 to $77 per square foot (psf).	Capital Markets; Project & Development Services
Singapore En Bloc Threshold Review	Potential to unlock major deals, like the S$810 million Thomson View sale in July 2025.	Capital Markets; Project & Development Services

Cushman & Wakefield plc (CWK) - PESTLE Analysis: Environmental factors

Aggressive Decarbonization and Exceeded Internal Targets

You need to see where a company is putting its capital and its focus, and with Cushman & Wakefield plc (CWK), the environmental commitment is clear and backed by significant early wins. The firm has aggressively pursued its own operational footprint reduction (Scope 1 and 2 emissions), which are the direct emissions from their corporate offices and vehicle fleet. Here's the quick math: CWK achieved its initial 2030 Scope 1 and 2 emissions reduction target of 50% (from a 2019 baseline) six years ahead of schedule, according to their 2024 Sustainability Report released in July 2025.

That kind of over-performance is defintely a signal. As a result, they've already raised the bar, setting a renewed, more ambitious target to reduce absolute Scope 1 and 2 greenhouse gas emissions by 73.1% by 2034. This move positions CWK as a leader, not just a participant, in the race to net-zero, which is critical for attracting institutional investors focused on Environmental, Social, and Governance (ESG) criteria.

Client Engagement and Scope 3 Emissions Accountability

The real challenge in commercial real estate is Scope 3, which is the emissions from the properties CWK manages for its clients-this accounts for approximately 99% of the firm's total value chain emissions. The near-term focus for the 2025 fiscal year was on client influence: a key goal is to engage clients representing 70% of emissions at their managed properties to set their own science-based targets. As of May 2025, clients representing 32% of emissions had already set these targets, showing solid progress toward the 70% goal.

But the biggest shift is the new long-term accountability metric. They're moving beyond just engagement to a hard performance target, aiming for a 66.3% reduction in Scope 3 greenhouse gas emissions per square foot of managed area for clients by 2034. This replaces the old engagement-based commitment with a measurable, emissions-intensity metric, aligning their services directly with real decarbonization outcomes.

The Financial Premium of Sustainable Assets

Investor and occupier demand for green buildings and ESG-aligned real estate is rising fast, creating a tangible financial premium for sustainable assets. The market is increasingly penalizing non-certified properties with a 'brown discount,' so this isn't just about doing good; it's about asset value protection and growth. The global green building market is projected to reach $235.5 billion by the end of 2025.

For US commercial office space, the numbers are compelling:

• LEED-certified buildings command a rental premium of 7.1% to 11.6% over non-certified peers.
• Green-certified buildings enjoy a resale value premium of 5% to 15%.
• Operational costs are cut by 14% to 30% for certified properties, directly boosting Net Operating Income (NOI).
• Owners report an increased asset value of over 9% for new green buildings and renovations.

Integration of Climate Risk into Core Services

Climate risk assessment is no longer a niche consulting service; it's a core component of portfolio strategy, and CWK has integrated it into its proprietary technology. The Athena platform, an interactive mapping tool, now combines infrastructure and environmental data to help clients make informed decisions. This service is crucial for identifying anticipated climate risk in the future-things like chronic heat, flood, and wildfire exposure.

To be fair, this is a massive undertaking, but they've already completed physical climate risk assessments for over 8,500 logistics and industrial sites across the United States. This proactive approach not only helps clients align their assets with evolving standards like the EU Taxonomy but also helps mitigate the long-term risk of stranded assets, which is a major concern for institutional capital.

Environmental Metric	2025 Fiscal Year Status / Target	Financial/Quantifiable Data
CWK Scope 1 & 2 Emissions Reduction	Exceeded 2030 target (50% reduction from 2019 baseline) six years early.	New Target: 73.1% absolute reduction by 2034.
Client Engagement (Scope 3)	Key 2025 goal to engage clients representing 70% of managed property emissions to set science-based targets.	Progress: 32% of clients' emissions covered by science-based targets as of May 2025.
Green Building Rental Premium (US Office)	Rising occupier demand for certified spaces (LEED, Energy Star).	Rental premiums of 7.1% to 11.6% for certified assets.
Green Building Asset Value Premium	Sustainable assets are commanding higher sale prices and avoiding the 'brown discount.'	Increased asset value of over 9%; resale value premium of 5% to 15%.
Climate Risk Assessment Service	Integrated into the proprietary Athena platform for site selection and risk mitigation.	Over 8,500 logistics and industrial sites assessed for physical climate risk.