Here are 1-3 brief analogies for Cushman & Wakefield (CWK):

• Like McKinsey & Company, but exclusively for commercial real estate strategy and transactions.
• Similar to one of the 'Big Four' accounting firms (Deloitte, PwC, etc.), but providing a full suite of services for commercial properties instead of financial audits.

• Leasing Services: Represents both landlords and tenants in the leasing of commercial properties, including office, industrial, and retail spaces.
• Capital Markets: Advises clients on the acquisition, disposition, and financing of commercial real estate investments across various asset classes.
• Property Management: Manages the daily operations, maintenance, and financial performance of commercial properties for owners.
• Facilities Management: Provides integrated services for managing and maintaining corporate facilities and workplaces for occupiers globally.
• Valuation & Advisory: Offers independent property valuation, appraisal management, and strategic real estate consulting services.
• Project & Development Services: Oversees and manages real estate development and construction projects from inception to completion for clients.

Cushman & Wakefield (CWK) primarily sells its services to other companies and organizations.

Due to the nature of its commercial real estate services business, Cushman & Wakefield serves a highly diverse and extensive client base globally. As is typical for firms in this sector, it does not publicly disclose a few specific "major customers" by name, as no single client generally accounts for a material portion of its overall revenue. Instead, its customer base consists of a broad range of corporate, institutional, and private entities.

The major *categories* of customers that Cushman & Wakefield serves include:

• Institutional Investors and Property Owners: These clients include pension funds, sovereign wealth funds, private equity firms specializing in real estate (e.g., Blackstone Real Estate - BX, Brookfield Asset Management - BAM), real estate investment trusts (REITs) (e.g., Simon Property Group - SPG, Prologis - PLD), and other private or public entities that own, develop, or invest in commercial real estate. They utilize CWK's services for capital markets transactions, property management, valuation, and advisory.
• Corporate Occupiers and Tenants: This category encompasses businesses of all sizes, from large multinational corporations to smaller enterprises, across various industries (e.g., technology, finance, healthcare, retail, industrial). These companies use CWK's services for tenant representation, facilities management, project management, workplace strategy, and strategic consulting related to their real estate portfolios and operational spaces.
• Financial Institutions: Banks, insurance companies, and other lending institutions that require real estate valuation services for loan underwriting, asset management of real estate portfolios, or disposition of distressed assets.

Michelle MacKay Global Chief Executive Officer

Michelle MacKay became Cushman & Wakefield's Chief Executive Officer in July 2023, having previously served as President and Chief Operating Officer, a role she assumed in 2020. She initially joined the company's Board of Directors in 2018. Before her tenure at Cushman & Wakefield, Ms. MacKay accumulated over 30 years of experience in real estate finance, holding leadership positions such as Executive Vice President, Investments & Head of Capital Markets at iStar, Inc.; Executive Director, Commercial Real Estate at UBS; Vice President, Fixed Income at J.P. Morgan; and Assistant Vice President, Real Estate and Fixed Income at The Hartford Financial Services Group, Inc.

Neil Johnston Global Chief Financial Officer

Neil Johnston joined Cushman & Wakefield as Executive Vice President and Chief Financial Officer in 2021. He is a finance veteran with 30 years of executive leadership experience. Prior to Cushman & Wakefield, Mr. Johnston served as EVP and CFO of Presidio, an IT solutions provider. For two decades before Presidio, he held various finance leadership roles at Cox Enterprises, a privately held global conglomerate, including EVP and CFO of Cox Automotive, EVP of Strategy and Digital Innovation of Cox Media Group (CMG), and CFO of CMG. His earlier career included roles at Coca-Cola Enterprises and Deloitte. Mr. Johnston is a certified public accountant and a chartered accountant.

Andrew McDonald Global President and Chief Operating Officer

Andrew McDonald is the Global President and Chief Operating Officer of Cushman & Wakefield, overseeing all commercial service lines and geographic regions. He also leads the firm's global Marketing, Communications & Research functions. Mr. McDonald began his career at ASIMCO, a Beijing-based private equity firm that was acquired by Bain Capital. In 1999, he joined Cushman Realty Corporation, which later merged with Cushman & Wakefield in 2001. He has held numerous leadership positions within Cushman & Wakefield, including President of the Americas and Asia Pacific regions, and Chief Executive Officer of the Americas region.

Noelle Perkins Executive Vice President, Chief Legal Officer & Corporate Secretary

Noelle Perkins serves as Cushman & Wakefield's Executive Vice President, Chief Legal Officer & Corporate Secretary.

Holly Tyson Chief People Officer

Holly Tyson is the Chief People Officer at Cushman & Wakefield.

The key risks to Cushman & Wakefield's business include its significant debt burden, the cyclical nature of the commercial real estate market and broader macroeconomic conditions, and intense competition within the industry.

1. High Debt and Financial Leverage: Cushman & Wakefield carries a notable amount of debt, with its debt-to-equity ratio standing at 1.59 as of the third quarter of 2025, which is considered high compared to industry averages. Furthermore, the company's Altman Z-Score of 1.79 places it in the 'distress zone,' indicating potential financial risk. Its net debt-to-EBITDA ratio has also been significantly higher than that of its peers, and its liabilities outweigh its cash and near-term receivables, exceeding the company's market capitalization. This high leverage increases the company's vulnerability, especially in a fluctuating commercial real estate market, and could impact its available cash flow.

2. Cyclicality of the Commercial Real Estate Market and Macroeconomic Conditions: The demand for Cushman & Wakefield's services is heavily reliant on the strength of global and regional commercial real estate markets, which are inherently cyclical and highly sensitive to general macroeconomic conditions. Elevated inflation, increased interest rate volatility, and overall macroeconomic uncertainty have negatively impacted the business, causing delays in real estate transaction decisions and leading to volatility in capital and credit markets. A downturn in commercial real estate activity poses a significant near-term risk, potentially pressuring transactional fees and impacting key service lines like Capital Markets.

3. Intense Competition: Cushman & Wakefield operates in a highly competitive global commercial real estate services industry. The company faces strong competition from both large multinational firms and smaller local or regional firms. As a relatively smaller player compared to major competitors like CBRE and JLL, there is a risk that Cushman & Wakefield could lose market share. The ability to attract and retain clients is crucial in this environment.

The rapid emergence and increasing sophistication of AI-driven PropTech platforms. These platforms, leveraging big data and artificial intelligence, are designed to automate and streamline many of the services traditionally provided by firms like Cushman & Wakefield. This includes intelligent platforms for tenant-property matching and lease negotiation, advanced Automated Valuation Models (AVMs) for commercial properties, and AI-powered solutions for predictive property and facilities management. Similar to how Uber's platform disintermediated traditional taxi services by offering a more efficient and technology-driven matching and transaction process, these PropTech innovations have the potential to reduce the reliance on human brokers, appraisers, and property managers in various segments of the commercial real estate market, potentially compressing margins and eroding traditional revenue streams for established service providers.

Cushman & Wakefield (CWK) operates in several large addressable markets within the global commercial real estate services industry. Below are the estimated market sizes for their main products and services:

• Commercial Real Estate Brokerage and Management: The global commercial real estate brokerage and management market size was valued at approximately USD 276.2 billion in 2024 and is projected to reach USD 476.4 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5.93% during 2025-2033. In the U.S. alone, the commercial real estate brokerage industry recorded approximately $112 billion in annual revenue.
• Property Management / Asset Services: The global property management market size was valued at USD 26.49 billion in 2024 and is projected to reach USD 42.78 billion by 2030, exhibiting a CAGR of 8.3% during the forecast period. Another estimate places the global property management market at USD 26.49 billion in 2024, with a projection to reach USD 50.87 billion by 2032, at a CAGR of 8.50%.
• Facility Services / Management: The global facility management market is estimated at USD 1.517 trillion in 2025 and is forecast to reach USD 1.943 trillion by 2030, reflecting a 5.08% CAGR over the period. Other reports indicate the global facility management market size was valued at USD 1.75 trillion in 2024, projected to reach USD 2.33 trillion by 2033, growing at a CAGR of 3.3% from 2025 to 2033.
• Valuation & Advisory: The global business valuation service market size was valued at approximately USD 203.7 billion in 2024 and is expected to reach USD 1,380.60 billion by 2033, growing at a CAGR of about 21% from 2025 to 2033. Another source estimates the global business valuation service market size was USD 203.7 billion in 2024 and is projected to reach USD 905.1 billion by 2032, growing at a CAGR of 20.16% from 2026-2032.
• Project & Development Services (Construction Project Management): The global construction project management service market size was USD 5.83 billion in 2023 and is projected to reach USD 11.37 billion by 2032, at a CAGR of 8.71% during the forecast period. Another report states the construction project management services market is projected to reach a market size of USD 18.0 billion by 2034, up from USD 8.0 billion in 2024, reflecting a robust CAGR of 8.40%. The broader construction and engineering project management market was valued at USD 16.1 billion in 2024 and is expected to grow to USD 25 billion by 2035, with a CAGR of around 4.1% during the forecast period (2025-2035).

Cushman & Wakefield (CWK) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Growth in Capital Markets Revenue: The company anticipates continued strong performance in its Capital Markets segment, fueled by improving market dynamics, increased investment sales activity, and strategic talent initiatives. Cushman & Wakefield reported a 21% increase in Capital Markets revenue in Q3 2025, primarily from strong performance across all asset classes and deal sizes in the Americas, and expects mid-to-high teens growth for the full year 2025. This follows a 26% growth in Q2 2025.
2. Growth in Leasing Revenue: Leasing revenue is a significant driver, with consistent growth expected, particularly in office and industrial leasing in the Americas. The company projects full-year leasing revenue growth to be towards the high end of its 6% to 8% guidance range.
3. Expansion of Services Revenue: Cushman & Wakefield's Services business is projected to achieve healthy mid-single-digit revenue growth. This growth is supported by ongoing investments in the platform and improved operational performance, with organic Services revenue increasing by 7% in Q3 2025.
4. Strategic Growth Investments and Talent Acquisition: The company is actively investing organically in growth, including developing its data and AI infrastructure. Furthermore, Cushman & Wakefield is expanding its global capital markets platform by onboarding new institutional capital markets advisors, having hired over 45 advisors in key markets with significantly higher average gross revenue than previous years.
5. Market Share Gains and Benefiting from Global Real Estate Trends: Cushman & Wakefield aims to increase its market share in a fragmented global market. The firm is positioned to benefit from long-term secular tailwinds that are driving market expansion and evolving institutional investment trends within the real estate sector.

Share Repurchases

• Cushman & Wakefield repurchased approximately $10.4 million and $8.1 million in shares for the payment of employee taxes on stock awards in the years ended December 31, 2024 and 2023, respectively.
• For the nine months ended September 30, 2025 and 2024, shares repurchased for payment of employee taxes on stock awards were approximately $10.9 million and $10.2 million, respectively.
• The company's capital allocation strategy includes retaining future earnings for potential share repurchases, though no cash dividends are intended for the foreseeable future.

Outbound Investments

• Cushman & Wakefield made acquisitions of businesses, net of cash acquired, of approximately $4.9 million for the nine months ended September 30, 2025.
• The company disposed of a non-core Services business on August 1, 2024, which reduced facilities management revenue by $57.1 million.
• For the year ended December 31, 2024, proceeds from the disposition of a business amounted to $122.6 million.

Capital Expenditures

• Capital expenditures, reflected as "Payment for property and equipment," were approximately $24.4 million for the nine months ended September 30, 2025, and $31.7 million for the nine months ended September 30, 2024.
• Cushman & Wakefield plans to prioritize strategic allocation of capital towards growth investments, including advanced technologies and innovative practices, from 2025 onwards.