Cushman & Wakefield Reports Positive Leasing and Revenues to Kick Off 2025

Cushman & Wakefield (CWK)  reported revenue of $2.3 billion during Tuesday’s earnings call, an increase of 5 percent compared to the first quarter of 2024, and noted that leasing revenue of $412.5 million increased by 8 percent, mainly due to the strength of the firm’s office and industrial leasing verticals. 

Moreover, C&W reported a net income of $1.9 million in the first quarter of 2025, a noticeable difference from the $28.8 million loss it reported in the first quarter of 2024. The company also reported that its EBITDA — a measure of profitability from earnings before major expenses — came out to $96.2 million on the quarter, a 23 percent increase from the opening three months of 2024. 

“This quarter marks true momentum in our growth strategy in numbers, mindset and operations,” Michelle MacKay, C&W’s CEO, said during the call. “For the past 18 months we focused on building the strength to fuel long-term growth, and today we’re seeing that strategy come to life.” 

Cushman & Wakefield’s positive earnings is a marked change from early 2024 and late 2023, when the firm seemed mired in a post-COVID funk. During the second quarter of 2024, C&W posted an annual revenue decline of 5 percent, following a 3 percent drop in the first quarter and a 6 percent drop in the final quarter of 2023, as Commercial Observer previously reported.

Things look different today. MacKay reported that C&W’s pipeline of large capital markets deals in the Americas is now two times larger than where it was one year ago; request for proposals (RFPs) in the firm’s multimarket leasing group across the Americas are up 35 percent; and valuations volumes are 30 percent higher in the first quarter, as well.  

“We built a strong growth engine which is now powering us forward across every part of the business,” said MacKay. “We’re leaning in with clear purpose, excellent market positioning, and a stronger foundation.” 

Neil Johnston, C&W’s executive vice president and chief financial officer, noted that the firm’s brokerage business, consisting of leasing and capital markets, grew by 8 percent and 11 percent, respectively, on the quarter, while C&W’s fee revenue of $1.5 billion grew 4 percent in the first quarter compared to last year. 

Much of the positive financial volumes came out of strong leasing metrics. C&W saw its leasing revenues grow from $381.7 million in the first quarter of 2024 to $412.5 million in the first quarter of 2025, mainly due to a renewed demand for U.S. office space and industrial properties. Leasing in the Americas increased by 14 percent in the first quarter, the firm’s third consecutive quarter of double-digit growth in that sector. 

“For the full year, we expect leasing growth in the mid-single digits, and we expect capital markets growth to exceed 2024 mid-single-digit growth rate,” said Johnston. “We are very pleased with our performance in this quarter and remain confident in our path ahead.” 

Fiscal stewardship is one of the main engines for C&W’s recovery. MacKay noted that since she took over as CEO in July 2023, the firm has paid down $230 million in debt and has successfully refinanced and repriced its debt five times to reduce its annual cash interest burden. To this end, the firm paid down $25 million in debt in the first quarter of 2025, she said. 

“We are delivering results ahead of schedule, entering new phases of expansion and building momentum, positioning ourselves to win through the cycle,” she said. “Our disciplined investments have not only stabilized the business but have unlocked new areas of organic growth.”

Brian Pascus can be reached at bpascus@commercialobserver.com