Cushman & Wakefield plc

Marcus & Millichap reported second-quarter revenues of $202.9 million, up 17.8% year on year and exceeding analysts' expectations by 4.4%, in what was a stunning quarter for the commercial real estate investment sales and advisory firm. The company also beat analysts' EPS and EBITDA estimates, though its stock is down 8.9% since reporting and currently trades at $28.45. The results came as the 13 consumer discretionary real estate services stocks tracked reported a mixed quarter, with revenues as a group beating consensus estimates by 11.5% while next quarter's revenue guidance came in 4.4% below. Among peers, Howard Hughes Holdings posted the group's biggest analyst estimate beat and fastest revenue growth, with revenues of $1.12 billion, up 330% year on year, while Offerpad delivered the weakest performance, with revenues of $77.65 million, down 51.6% year on year. Cushman & Wakefield reported revenues of $2.76 billion, up 11.2% year on year, and Newmark reported revenues of $888.4 million, up 17% year on year.

Cushman & Wakefield revealed that the Don Mueang area has been elevated to one of the most complete infrastructure hubs in northern Bangkok. This has led to an average annual increase in assessed land prices of 11%, and rental yields for low-rise projects as high as 7%. There are three main buyer groups: Local Wealth & Relocation, accounting for 50-60%; High-Earning Professionals & Parents, 30-40%; and Regional Wealth, 20%. Meanwhile, the new city plan change from yellow to orange in the area opposite Don Mueang Airport will enhance long-term land use potential. Recently, Sansiri launched the SETHSIRI Great Don Mueang project, featuring single detached houses priced between 15 and 40 million baht, located just 400 meters from the Don Mueang station on the Red Line. Pre-sales are scheduled for September 12-13, 2026.

Cushman & Wakefield announced that Drew Morris has joined the firm as Executive Managing Director in its Houston office tenant representation group. Morris brings nearly 30 years of commercial real estate experience, having closed more than 500 transactions on over 11 million square feet of commercial space in Houston and across Texas. He joins from Savills, where he was an Executive Managing Director, and previously served as President of the Houston Office Leasing Brokers Association. Travis Overall, Cushman & Wakefield Houston Managing Principal, said Morris is an ideal addition to the firm's occupier-advisory business.

Cushman & Wakefield has replaced SL Green as property manager of the nearly 2 million square foot Worldwide Plaza in Midtown Manhattan amid a court-supervised receivership. The 49-story office tower was just 51% occupied in June, with monthly net operating income running negative $484,000, according to the receiver. The management change stems from a foreclosure action filed in January 2026 by Goldman Sachs, Deutsche Bank and a trustee representing holders of the building's $940 million senior CMBS mortgage. A judge approved the transfer of management away from SL Green by July 1, after Hilco Global was appointed temporary receiver in March. The ownership dispute extends beyond the senior mortgage, as Extell Development acquired the building's $190 million senior mezzanine loan in October 2025 and scheduled a UCC foreclosure auction, while SL Green and RXR have appealed a court decision declining to block that auction.

Cushman & Wakefield reported record second-quarter total revenue of $2.8 billion, up 11% year-over-year in local currency, and raised its full-year 2026 outlook. The company now expects revenue growth at the mid- to high end of its 6% to 8% guidance range and increased its adjusted EPS growth target to 18% to 23% from 15% to 20%. Leasing revenue surged 27% globally, with Americas leasing up 35%, while services revenue grew 7% and project management rose 20%. Adjusted EBITDA reached $184 million, a 13% increase, and adjusted EPS of $0.35 rose 17%, marking the sixth consecutive quarter of double-digit adjusted EPS growth. The company also reduced net leverage to 3x from 3.7x a year ago and paid down an additional $150 million of debt, bringing cumulative repayments to approximately $650 million since the start of 2024.

Cushman & Wakefield reported second-quarter 2026 revenue of $2.76 billion, beating analyst estimates of $2.67 billion and growing 11.2% year on year, while adjusted earnings per share of $0.35 met consensus. Adjusted EBITDA reached $183.6 million, exceeding the $174.5 million forecast, and the company raised its full-year outlook, citing broad-based organic growth across its global platform. Leasing revenue in the Americas saw double-digit gains across deal sizes and major markets, and project management revenue grew over 20%, aided by new leadership and proprietary AI tools. Data center-related revenue surged 83% year-to-date, with integrated facilities management now seeing 25% of its pipeline tied to data center projects, a segment management views as a durable long-term growth driver. Capital markets revenue declined modestly due to softness in office and mid-sized multifamily transactions, but the company expects improvement as recent hires ramp up, while reduced leverage and high free cash flow conversion provide flexibility for organic investments, M&A, or shareholder returns.

Cushman & Wakefield reports rapid growth in data center and logistics real estate activity in India, with the market emerging as a key hub for these asset classes. The company highlights expanding demand for office space across Asia Pacific, pointing to increased business activity in major regional cities. Cushman & Wakefield is advising on new developments tied to global digital infrastructure and supply chain requirements in these markets.

Rubicon Point Partners has acquired Wolfe Square, a 117,795-square-foot Class A office and medical campus in Cupertino, California. The property is located directly adjacent to Apple's global headquarters and steps from Main Street Cupertino, serving a diverse mix of healthcare, technology, and professional services tenants with consistently high occupancy. Rubicon Point Partners plans to bring its UnCommon hospitality platform to the property to elevate the tenant experience. JLL represented the seller in the transaction, while Cushman & Wakefield serves as the leasing brokers.

Cushman & Wakefield released its 2025 Sustainability Report, highlighting progress across its global operations. The firm provided sustainability services for 82,812 buildings totaling approximately 1.2 billion square feet globally. It achieved a 54.1% reduction in Scope 1 and 2 greenhouse gas emissions since 2019, with a 4.9% reduction in 2025 specifically. Renewable coverage increased by 8.7% to 95.5% of corporate office electricity. The report also notes a 22.7% greenhouse gas emissions reduction per square foot of managed area for clients since 2019, delivery of 646,846 hours of skills-related training, a 16.5% decrease in total recordable incident rate, and support for approximately 11,300 jobs across its supply chain and supplier communities.

Cushman & Wakefield has appointed Josh Cullen as Head of Capital Markets for Asia Pacific and Gordon Marsden as Head of Global Capital for APAC and EMEA, effective June 1. Josh Cullen, based in Sydney, brings over 20 years of real estate experience and will focus on deepening ties with institutional investors and driving revenue growth across the region. Gordon Marsden, with more than 25 years in the industry, will strengthen engagement with top-tier institutional investors and advance the firm's global capital intelligence capabilities. The appointments are part of the firm's strategy to accelerate cross-border capital growth and capture increasing capital flows across APAC, EMEA, and beyond.

Cushman & Wakefield released its 2026 Vital Signs report showing continued strength in the U.S. medical outpatient building sector. First-quarter 2026 absorption reached 3.8 million square feet, up 71% year-over-year, pushing occupancy to 92.5% across the top 50 U.S. markets. Average rents rose 1.9% to $26.64 per square foot, while new construction declined 10% and represents just 2.2% of existing inventory. Investment sales totaled $1.8 billion in the first quarter, a 36% increase, with rolling four-quarter volume reaching $9.8 billion, up 49%. Cap rates have stabilized around 6.7%, and MOB total returns are outperforming other real estate sectors.