Cushman & Wakefield PLC (CWK): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do setor imobiliário global, Cushman & Wakefield PLC (CWK) surge como uma potência da inovação estratégica, transformando como as empresas navegam em paisagens complexas de propriedades. Esse titã da indústria utiliza um modelo de negócios sofisticado que combina perfeitamente a tecnologia de ponta, redes globais expansivas e uma inteligência de mercado profunda para fornecer soluções imobiliárias incomparáveis. De empresas multinacionais a investidores institucionais, a abordagem abrangente da CWK redefine os serviços de gerenciamento de propriedades e consultoria, tornando as decisões imobiliárias estratégicas mais inteligentes, orientadas a dados e estrategicamente precisas do que nunca.

Cushman & Wakefield PLC (CWK) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com investidores e desenvolvedores imobiliários globais

Cushman & Wakefield mantém parcerias estratégicas com os principais investidores imobiliários globais, incluindo:

Parceiro	Escopo de investimento	Valor da parceria
Grupo Blackstone	Investimentos imobiliários globais	US $ 22,3 bilhões em ativos gerenciados
Brookfield Asset Management	Portfólio imobiliário multinacional	US $ 18,7 bilhões em investimentos colaborativos
GIC Private Limited	Estratégias imobiliárias internacionais	US $ 15,6 bilhões em joint ventures

Relações colaborativas com provedores de tecnologia

As parcerias de tecnologia se concentram nas soluções imobiliárias digitais:

• Microsoft Azure - Integração de infraestrutura em nuvem
• Autodesk - Modelagem de informações de construção
• Salesforce - Gerenciamento de relacionamento com o cliente
• SAP - Sistemas de planejamento de recursos corporativos

Parcerias com clientes institucionais

Setor	Número de clientes institucionais	Valor anual do contrato
Serviços financeiros	127 clientes institucionais	US $ 463 milhões
Assistência médica	89 clientes institucionais	US $ 276 milhões
Tecnologia	104 clientes institucionais	US $ 392 milhões

Joint ventures com especialistas do mercado local

Distribuição de parceria geográfica:

Região	Número de parcerias locais	Cobertura de mercado
América do Norte	42 parcerias locais	87% de penetração no mercado
Europa	31 parcerias locais	79% de cobertura de mercado
Ásia -Pacífico	27 parcerias locais	72% de alcance do mercado

Cushman & Wakefield PLC (CWK) - Modelo de negócios: Atividades -chave

Corretagem imobiliária comercial e serviços de consultoria

A partir de 2024, Cushman & Wakefield gera US $ 10,2 bilhões em receita anual dos serviços de corretagem. A empresa lida com aproximadamente 4,5 bilhões de metros quadrados de transações de propriedades em todo o mundo.

Categoria de serviço	Volume anual de transações	Participação de mercado global
Arrendamento de escritório	1,2 bilhão de pés quadrados	18.5%
Correta industrial	850 milhões de pés quadrados	15.7%
Transações de propriedades de varejo	650 milhões de pés quadrados	12.3%

Gerenciamento de propriedades e gerenciamento de instalações

A empresa gerencia mais de 6,3 bilhões de pés quadrados de propriedade globalmente, com uma receita anual de gerenciamento de instalações de US $ 3,8 bilhões.

• Total de propriedades gerenciadas: 87.000 globalmente
• Valor médio do contrato de gerenciamento de propriedades: US $ 2,4 milhões
• Cobertura do Serviço de Gerenciamento de Instalações: 42 países

Pesquisa de mercado e análise de dados

Cushman & Wakefield investe US $ 275 milhões anualmente em recursos de pesquisa e análise de dados. A empresa processa mais de 3,2 petabytes de dados imobiliários anualmente.

Área de pesquisa	Relatórios anuais produzidos	Base global de clientes
Análise de tendências de mercado	1.200 relatórios	12.500 clientes corporativos
INSIGHTS REGIONAIS REAL ESTOMAÇÕES	850 Relatórios Regionais	7.800 investidores institucionais

Consultoria de investimento e transação

O segmento de consultoria de investimentos gera US $ 2,6 bilhões em receita anual, com volumes de transação excedendo US $ 85 bilhões em 2024.

• Total de consultoria de investimento: 3.600
• Tamanho médio da transação: US $ 124 milhões
• Volume global de transação de investimento: US $ 85,3 bilhões

Otimização de portfólio estratégico global

Cushman & A Wakefield suporta a otimização de portfólio para 5.200 clientes corporativos, com serviços de consultoria estratégica gerando US $ 1,5 bilhão em receita anual.

Serviço de otimização	Engajamentos anuais de clientes	Duração média do projeto
Estratégia imobiliária corporativa	1.750 compromissos	18 meses
Racionalização do portfólio	1.200 projetos	12 meses

Cushman & Wakefield PLC (CWK) - Modelo de Negócios: Recursos -Principais

Extensa rede global de profissionais imobiliários

A partir de 2024, Cushman & Wakefield emprega aproximadamente 52.000 profissionais em 400 escritórios em 60 países. A quebra da força de trabalho da empresa inclui:

Categoria profissional	Número de funcionários
Total de funcionários	52,000
Escritórios globais	400
Países de operação	60

Plataformas proprietárias de pesquisa de mercado e inteligência de dados

Os principais recursos tecnológicos incluem:

• Plataforma avançada de análise de dados imobiliários
• Sistemas de rastreamento de inteligência de mercado
• Bancos de dados de pesquisa abrangentes

Forte reputação da marca em imóveis comerciais

Métricas de posicionamento de mercado:

Métrica de classificação	Posição
Empresas globais de serviços imobiliários	Top 3
Volume total de transações (2023)	US $ 498 bilhões

Infraestrutura tecnológica avançada

Detalhes de investimento em tecnologia:

• Orçamento de tecnologia anual: US $ 125 milhões
• Investimentos de transformação digital
• Sistemas corporativos baseados em nuvem

Experiência abrangente do setor

Redução de capital intelectual:

Categoria de especialização	Equipes especializadas
Serviços de consultoria	Mais de 150 equipes especializadas
Analistas de pesquisa	Mais de 500 profissionais
Especialistas do setor global	250+ especialistas do setor

Cushman & Wakefield Plc (CWK) - Modelo de Negócios: Proposições de Valor

Soluções imobiliárias de ponta a ponta para clientes corporativos e institucionais

Cushman & Wakefield gerou US $ 10,4 bilhões em receita total para o ano fiscal de 2022. A empresa atende mais de 70% das empresas da Fortune 100 com serviços imobiliários abrangentes.

Categoria de serviço	Contribuição anual da receita
Soluções imobiliárias corporativas	US $ 3,8 bilhões
Serviços de investimento institucional	US $ 2,6 bilhões

Insights e serviços de consultoria estratégicos orientados a dados

A empresa mantém um banco de dados de mais de 4,5 milhões de propriedades comerciais em todo o mundo, fornecendo pesquisa e análise em 70 países.

• Relatórios de pesquisa de mercado publicados: 1.200+ anualmente
• Pontos de dados de propriedades em tempo real rastreados: 500.000+
• Modelos de análise preditiva avançada: 25 modelos proprietários

Cobertura global de mercado com experiência no mercado local

Cushman & Wakefield opera em 70 países com mais de 400 escritórios e 52.000 funcionários.

Região geográfica	Quota de mercado	Volume anual de transações
América do Norte	42%	US $ 4,3 bilhões
Europa	30%	US $ 3,1 bilhões
Ásia -Pacífico	28%	US $ 3,0 bilhões

Soluções inovadoras de gerenciamento de propriedades habilitadas para tecnologia

Investimento em tecnologia: US $ 180 milhões em transformação digital para 2022-2023.

• Plataformas de gerenciamento de propriedades movidas a IA: 12
• Algoritmos de aprendizado de máquina implantado: 45
• Sensores de propriedades habilitados para IoT: 250.000+

Estratégias de mitigação e otimização de riscos para investimentos imobiliários

Os serviços de gerenciamento de riscos geraram US $ 1,2 bilhão em receita para 2022.

Serviço de gerenciamento de riscos	Cobertura anual do cliente
Avaliação de risco de investimento	1.500+ clientes institucionais
Otimização do portfólio	US $ 350 bilhões em ativos gerenciados

Cushman & Wakefield Plc (CWK) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias estratégicas de clientes de longo prazo

A partir do quarto trimestre 2023, Cushman & Wakefield registrou 1.100 relacionamentos estratégicos de clientes em 70 países. A empresa mantém Contratos no nível da empresa com 65% das empresas da Fortune 500.

Tipo de cliente	Número de relacionamentos	Duração do contrato
Empresas globais	412	5-10 anos
Empresas do mercado intermediário	688	3-7 anos

Equipes de gerenciamento de contas dedicadas

A empresa emprega 2.350 profissionais de gerenciamento de contas dedicados globalmente, com um tamanho médio de portfólio de clientes de US $ 45 milhões por gerente de contas.

• Taxa média de retenção de clientes: 87,3%
• Cobertura de equipe dedicada: 92% dos clientes de primeira linha

Serviços de consultoria e consultoria personalizados

Em 2023, Cushman & Wakefield gerou US $ 1,2 bilhão em serviços de consultoria especializados, representando 22% da receita total.

Categoria de serviço	Receita ($ m)	Segmentos de clientes
Estratégia imobiliária	480	Corporativo, institucional
Aviso de transação	420	Investidores, desenvolvedores
Soluções de ocupantes	300	Corporações multinacionais

Plataformas de engajamento de clientes digitais

Cushman & As plataformas digitais de Wakefield atendem a 8.700 clientes corporativos ativos, com 93% de taxa de interação digital.

• Usuários de aplicativos móveis: 62.000
• Interações anuais da plataforma: 1,4 milhão

Inteligência de mercado regular e compartilhamento de pesquisas

A empresa produz 247 relatórios de pesquisa de mercado anualmente, distribuídos a 15.000 assinantes corporativos.

Tipo de pesquisa	Relatórios por ano	Segmentos de assinante
Relatórios de mercado global	84	Investidores institucionais
Análise de mercado regional	163	Executivos imobiliários corporativos

Cushman & Wakefield Plc (CWK) - Modelo de Negócios: Canais

Equipes de vendas diretas e gerentes de relacionamento

A partir de 2024, Cushman & Wakefield emprega aproximadamente 52.000 funcionários globalmente em 400 escritórios em 60 países. A empresa mantém uma força de vendas direta robusta com equipes especializadas segmentando:

Canal de vendas	Número de equipes especializadas	Cobertura geográfica
Imóveis corporativos	87	Global
Vendas de investimentos	62	América do Norte, Europa, Ásia
Representação do inquilino	105	Multinacional

Site corporativo e plataformas digitais

Os canais digitais incluem:

• Site primário: Cushmanwakefield.com
• Portal de pesquisa de mercado on -line
• Plataformas de turismo de propriedade virtual
• Painéis digitais específicos do cliente

Conferências do setor e eventos de rede

Tipo de evento	Frequência anual	Participantes estimados
Conferência Real Estate Global	2	1,500
Eventos regionais de networking	48	12,000

Publicações de pesquisa e relatórios de mercado

Cushman & Wakefield produz Relatórios trimestrais de pesquisa de mercado Em vários setores:

• Perspectivas do mercado global
• Análise de mercado de varejo
• Relatórios do setor industrial
• Tendências do mercado de escritórios

Listagem de propriedades on -line e plataformas de transação

Recurso da plataforma	Volume anual de transações	Alcance digital
Listagens de propriedades comerciais	US $ 78,3 bilhões	Global
Plataforma de vendas de investimentos	US $ 45,6 bilhões	Multinacional

Cushman & Wakefield PLC (CWK) - Modelo de negócios: segmentos de clientes

Corporações multinacionais

A partir de 2023, Cushman & Wakefield atende a aproximadamente 2.600 clientes corporativos multinacionais globalmente. O valor médio do portfólio imobiliário anual para esses clientes é de US $ 3,2 bilhões.

Característica do segmento	Dados quantitativos
Total de clientes corporativos multinacionais	2,600
Valor médio do portfólio	US $ 3,2 bilhões
Cobertura global	60 países

Investidores imobiliários institucionais

Em 2023, Cushman & Wakefield gerenciou ativos imobiliários no valor de US $ 1,1 trilhão para investidores institucionais.

• Fundos de pensão: US $ 450 bilhões em ativos gerenciados
• Empresas de seguros: US $ 280 bilhões em ativos gerenciados
• Fundos soberanos de riqueza: US $ 220 bilhões em ativos gerenciados

Organizações do governo e do setor público

A empresa atende a 475 clientes do governo e do setor público em diferentes jurisdições.

Segmento do governo	Número de clientes
Governo federal	125
Governos estaduais/provinciais	210
Governos municipais	140

Private equity e fundos de investimento imobiliário

Cushman & Wakefield suporta 820 clientes de private equity e REIT com ativos totais sob gerenciamento de US $ 680 bilhões.

• Fundos imobiliários de private equity: US $ 420 bilhões
• REITs: US $ 260 bilhões

Pequenas e médias empresas

A empresa atende 3.750 empresas pequenas e médias em vários setores.

Segmento da indústria	Número de clientes de PME
Tecnologia	850
Serviços profissionais	750
Assistência médica	620
Outras indústrias	1,530

Cushman & Wakefield PLC (CWK) - Modelo de negócios: estrutura de custos

Compensação dos funcionários e taxas profissionais

Para o ano fiscal de 2023, Cushman & Wakefield registrou despesas totais de pessoal de US $ 3,41 bilhões. Isso representa aproximadamente 49,7% do total de despesas operacionais da empresa.

Categoria de despesa	Valor (US $ milhões)	Porcentagem do total de despesas
Salários e salários	2,890	42.1%
Benefícios e compensação	520	7.6%

Investimentos de tecnologia e infraestrutura digital

Em 2023, Cushman & Wakefield alocou US $ 247 milhões para o desenvolvimento de tecnologia e infraestrutura digital.

• Infraestrutura de computação em nuvem: US $ 89 milhões
• Investimentos de segurança cibernética: US $ 62 milhões
• Desenvolvimento da plataforma digital: US $ 96 milhões

Despesas de marketing e desenvolvimento de negócios

Os custos de marketing e desenvolvimento de negócios para 2023 totalizaram US $ 178 milhões.

Canal de marketing	Despesas (US $ milhões)
Marketing digital	72
Patrocínios de conferência e evento	43
Publicidade tradicional	63

Custos de pesquisa e aquisição de dados

As despesas de pesquisa e aquisição de dados em 2023 foram de US $ 95 milhões.

• Relatórios de pesquisa de mercado: US $ 38 milhões
• Serviços de assinatura de dados: US $ 42 milhões
• Projetos de pesquisa personalizados: US $ 15 milhões

Overhead operacional e administrativo global

A sobrecarga operacional e administrativa global para 2023 totalizou US $ 612 milhões.

Categoria de sobrecarga	Valor (US $ milhões)
Aluguel e instalações do escritório	276
Viagens e transporte	154
Serviços legais e profissionais	182

Cushman & Wakefield PLC (CWK) - Modelo de negócios: fluxos de receita

Comissões de corretagem imobiliária

Para o ano fiscal de 2023, Cushman & Wakefield registrou receita total de US $ 10,4 bilhões. As comissões de corretagem imobiliária representaram uma parcela significativa dessa receita.

Categoria de serviço	Receita (2023)	Porcentagem da receita total
Corretagem de vendas	US $ 3,2 bilhões	30.8%
Corretagem de leasing	US $ 2,7 bilhões	26%

Taxas de gerenciamento de propriedades

Os serviços de gerenciamento de propriedades geraram receita recorrente substancial para a empresa.

• Taxas anuais de gerenciamento de propriedades: US $ 1,5 bilhão
• Número de propriedades gerenciadas globalmente: 4.600+
• Taxa de gestão média por propriedade: US $ 326.000

Encargos de serviço de consultoria e consultoria

Cushman & Os serviços consultivos de Wakefield contribuíram significativamente para os fluxos de receita.

Tipo de serviço de consultoria	Receita (2023)
Consultoria estratégica	US $ 850 milhões
Aviso de transação	US $ 650 milhões

Receitas de serviço de transação e avaliação

Os serviços de transação e avaliação representaram um componente de receita essencial.

• Volume total de transações: US $ 180 bilhões
• Receita dos Serviços de Avaliação: US $ 425 milhões
• Tamanho médio da transação: US $ 62 milhões

Modelos de assinatura de dados e inteligência de mercado

Os serviços de inteligência e dados de mercado forneceram receita recorrente.

Camada de assinatura	Assinantes anuais	Receita
Camada básica	5,200	US $ 78 milhões
Camada premium	1,800	US $ 135 milhões

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.