- Cushman & Wakefield posted nearly $2M in Q1 profit, reversing a loss from the same period last year, as revenue rose 5% to $2.3B.
- Leasing revenue jumped 9% globally, with double-digit growth in both the Americas and Asia-Pacific markets.
- CEO Michelle MacKay said most clients are “moving through the noise” of tariff concerns, in contrast to more cautious outlooks from competitors like CBRE.
Cushman & Wakefield showed strong leasing momentum in Q1 2025, even as the commercial real estate sector faces heightened macroeconomic risk from new US tariffs announced on April 2, as reported by CoStar. The company posted a $2M profit, compared to a $28.8M loss in Q1 2024.
Steady Demand
Leasing revenue rose 9% globally, driven by a 14% increase in the Americas and 16% in Asia-Pacific, per CoStar. Office leasing demand was especially solid, with tenants committing to long-term workplace strategies despite the uncertain economic outlook.
CEO’s Outlook
CEO Michelle MacKay said that fewer than 5% of clients are delaying decisions and noted that “what we are not witnessing is a freeze in decision-making.” Cushman’s forecast remains intact, with CFO Neil Johnston reaffirming mid-single-digit revenue growth for 2025.
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Contrast with CBRE
While CBRE CEO Bob Sulentic noted increased market uncertainty and the potential for a recession, Cushman leaders struck a more confident tone. Still, they emphasized the importance of staying flexible amid evolving economic conditions.
Why It Matters
Cushman’s performance suggests that corporate real estate users are adapting to short-term volatility and continuing to invest in their physical footprints. The divergence in tone between Cushman and its peers also underscores varying interpretations of tariff impacts across the brokerage sector.
What’s Next
Investors will be watching earnings from other top brokerages — including Newmark, JLL, Colliers, and Marcus & Millichap — for further insight into how the industry is navigating tariff-related headwinds.
