Business Description

Cushman & Wakefield Ltd. (together with its subsidiaries, “Cushman & Wakefield,” “the Company,” “we,” “ours” and “us”) is a leading global commercial real estate services firm driven to solve complex problems for real estate occupiers and investors. Led by an experienced executive team, our approximately 53,000 employees in over 350 offices and nearly 60 countries provide exceptional problem-solving, advisory and execution across the built environment, and manage approximately 6.5 billion square feet of commercial real estate globally. Our business is focused on meeting the increasing demands of our clients through comprehensive global offerings including (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other services. In 2025, 2024 and 2023, we generated revenues of $10.3 billion, $9.4 billion and $9.5 billion, respectively. Since 2014, we have built a company with the scale and global footprint to effectively serve our multinational and local clients’ needs. Today, Cushman & Wakefield is one of the top three real estate services providers as measured by revenue and workforce. We have gained third-party recognition as a provider and employer of choice, having consistently been named in the top four in our industry’s leading brand study, the Lipsey Company’s Top 25 Commercial Real Estate Brands, and a leading global outsourcing service provider by the International Association of Outsourcing Professionals. We are a firm built around the belief that Better never settles. As an organization and as individuals, we will never settle for the world that’s been built, but relentlessly drive it forward for our clients, colleagues and communities. Our core values (Driven, Resilient, Inclusive, Visionary and Entrepreneurial) drive our business, create inspiration and help us provide value-added services to the built environment every day. We have built an integrated and scalable platform that we believe is well positioned to support our growth strategy by focusing on providing effective problem solving through quality advice and execution, continuing to operate with rigor, investing in advanced technologies and innovative practices, and recruiting, developing and retaining top talent. Our Principal Services and Regions of Operation Our global presence and integrated platform enable us to provide a broad base of services across geographies. This global footprint, complemented by a full suite of service offerings, positions us as one of a small number of firms able to provide solutions to complex global mandates from large multinational occupiers and investors. Our business is organized, and we report our operating results, through three geographic segments: the Americas; Europe, Middle East and Africa (“EMEA”); and Asia Pacific (“APAC”) representing 73%, 10% and 17% of our 2025 total revenue and 71%, 13% and 16% of our 2025 service line fee revenue, respectively. We operate the following service lines within each of our segments: (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other, representing 66%, 21%, 8% and 5% of our 2025 revenue, respectively, and 51%, 30%, 12% and 7% of our 2025 service line fee revenue, respectively. By revenue, our largest country was the United States, representing 69%, 71% and 72% of revenue in the years ended December 31, 2025, 2024 and 2023, respectively, followed by Australia, representing 5% of revenue in each of the years ended December 31, 2025, 2024 and 2023, respectively. Our Service Lines Services . Our largest service line based on revenue includes property management, facilities management, facilities services and project management services. Revenues in this service line are generally recurring in nature, many through multi-year contracts with relatively high switching costs. For real estate occupiers, we offer integrated facilities management, portfolio administration, transaction management and strategic consulting. These services are offered individually or through our global occupier services offering, which provides a comprehensive range of bundled services resulting in consistent quality of service and cost savings.…