Cushman & Wakefield has posted its highest growth in global leasing revenue since the second quarter of 2022, in a set of results that its chief executive described as a “turning point”.
In third-quarter results, the agency said revenue from leasing was up by 13% year-on-year at $492.7m (£379m). Capital markets revenue dropped by 4% to $169.5m, while services revenue was down 2% at $865.2m. Valuation and other revenues rose by 8% to $105.2m.
Total revenue came in at $2.3bn, a 3% uplift. The agency turned around its loss from a year ago to post a profit of $33.7m.
The Americas and Asia-Pacific regions were responsible for the rise in leasing. In EMEA, all business lines other than valuations posted year-on-year falls in revenue: services by 21% to $78.2m, leasing by 6% to $50.7m and capital markets by 3% to $20.2m. Valuation revenues rose by 5% to $42m.
The region posted a $13.5m loss, the only one of the agency’s three regions to land in the red.
Chief executive Michelle MacKay said: “This quarter marked an important turning point. We reported the highest quarter of global leasing revenue growth and the first quarter of Americas capital markets revenue growth since the second quarter of 2022.
“We also continued to generate strong free cash flow, which facilitated the recent full repayment of our term loan due in 2025 well ahead of schedule. The strategic work we have completed over the past year has created meaningful growth opportunities for our business and we are energised to deliver on these priorities in the years ahead.”
The third-quarter results left nine-month revenue at $6.8bn, 2% behind a year ago. Services and capital markets revenues are still trailing their nine-month performance from 2023, although leasing is ahead by 7% and valuations by 2%. The agency is back in the black, with an $18.4m profit so far this year, with Americas and Asia-Pacific offsetting a nine-month loss in EMEA.
Photo by Roberto Machado Noa/Shutterstock (11918937ep)
Send feedback to Tim Burke
Follow Estates Gazette
