Capital markets revenue tumbled by 51% at Cushman & Wakefield during the first three months of 2023 to $142.8m (£113m).
The agent joins the growing list of firms reporting significant declines in transactionary revenue. CBRE reported a 41% decline in capital markets revenue last week, while this week JLL has posted revenue in its capital markets division of $357.1m, a 41% decline, and Colliers saw a 42% decline in capital markets revenue to $151.8m.
Total revenue across the whole of the C&W business was down by 4% to $2.2bn, with only its property, facilities and project management division reporting an increase in revenue – up by 7% to $896.8m.
Leasing revenue was down by 20% to $362.5m, with valuation revenue down by 15% to $101.9m.
Outgoing chief executive John Forrester said: “During the first quarter, our global diversified portfolio, especially in our recurring-revenue service lines, helped mitigate the impact of lower demand for transactional services in our industry.
“We are keenly focused on operating efficiency and strengthening our market position in the current environment. We remain well-positioned to execute on our strategic priorities given our strong balance sheet, liquidity and commitment to creating value for our clients and shareholders.”
The firm said it had generated $21m of cost savings over the first three months of the year and expected this to reach $90m by the end of 2023.
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