Cushman & Wakefield’s Strong Q3 Earnings Follow Brisk Leasing Pace

Cushman & Wakefield (C&W) surpassed many of its earnings goals during the third quarter of 2025, especially on the leasing front.

The brokerage services giant reported that its third-quarter leasing revenue increased by 9 percent annually, which C&W credited to “a flight to quality” in the Americas’ office and industrial leasing sectors, according to a third-quarter earnings report released Thursday. That was compared to the 8 percent growth seen during the previous quarter.

“This is a real strong point for us leasing-wise, particularly with larger deals constituting a 40 percent increase year-over-year in the pipeline of what we’ve seen,” C&W CEO Michelle MacKay said during a Thursday morning earnings call.

“Leasing volume is really on track, very importantly, in both industrial logistics and office, and our clients are moving to better quality space,” MacKay added. “They are paying more rent for it, and we’ve seen a big valuation bump in those leases. It’s just a big area of strength for us.”

C&W recorded revenue of $2.6 billion for the third quarter, an increase of 11 percent from the same period last year and a bump above the $2.5 billion reported last quarter, the report shows.

C&W also reported a quarterly profit of 22 cents per share, compared to 14 cents during the same period last year and 25 cents during the second quarter, according to the report. The firm’s net income for the third quarter was $51.4 million, up $17.7 million from the third quarter of 2024 but down $5.9 million from last quarter.

MacKay said the plan is to keep the progress going in all aspects.

“We are definitely in ramp-up stages with regard to our ability to execute in the markets — in the capital markets in particular — and there’s a lot of runway in front of us,” MacKay said during the earnings call. “So we anticipate continued growth going into 2026.”

C&W has also been very active in one of the country’s hottest new sectors: data centers. The firm provides a full range of services for the data center industry, including site selection, leasing and sales, and financial and technical advisory services.

In June, C&W launched Athena, an interactive mapping tool that integrates infrastructure, environmental factors and research to help clients select data center sites. The tool provides a comprehensive view of locations, and allows clients to analyze factors such as networks and gas pipelines.

“We’ve been involved in data centers for a number of years, and expect it to become a bigger part of our business going forward,” MacKay said. “We see data centers as exciting and growing, so we’re scaling up our business quickly. It’s an asset class that touches so many of our business lines in ways that really speak to our particular strengths.”

Isabelle Durso can be reached at idurso@commercialobserver.com.