Cushman & Wakefield made a €47.3m (£42.1m) loss in the first quarter of 2009, according to the accounts of its Italian majority shareholder Exor.
The loss is almost double the €24.1m the company lost in the first quarter of 2008.
Overall in 2008, Cushman made a €20m loss.
The company is in negotiations with Exor, which also owns stakes in the Fiat car company and Juventus Football Club, over a €50m debt facility.
The loss by Cushman compares to a $61m first quarter loss by Jones Lang LaSalle, and a $37m loss made by CB Richard Ellis.
