Cushman & Wakefield is one of the three largest global commercial real estate (CRE) services firms, operating across nearly 60 countries alongside CBRE and JLL. The firm provides advisory, brokerage, and property management services to two core customer groups: occupiers (corporations leasing space) and investors (property owners and buyers/sellers). Cushman & Wakefield does not own real estate — it is a purely asset-light services business. The firm operates through three geographic segments: Americas (~73% of revenue), APAC (~17%), and EMEA (~10%). Within each segment, Cushman & Wakefield offers four service lines: Services (property and facilities management, largely recurring contractual revenue), Leasing (tenant and owner representation brokerage, commission-based), Capital Markets (buy/sell advisory and financing arrangement, highly cyclical), and Valuation. Services is the largest segment by revenue, though fee revenue — which strips out pass-through costs billed to clients — is the more meaningful profitability metric. Leasing commissions are earned as a percentage of total lease value at signing, while Capital Markets fees are earned at deal close as a percentage of deal value, making Capital Markets the most interest-rate-sensitive part of the business. Cushman & Wakefield's key growth priorities include recruiting experienced brokers, cross-selling across service lines, and targeting high-growth asset classes like data centers. The firm is also focused on reducing net leverage toward ~2.0x by 2028.