Cushman & Wakefield’s chief executive said the firm had an “excellent” start to the year in the face of “evolving” market conditions.
Over the three months to 31 March, the agency posted revenue of $2.3bn (£1.7bn), up by 5% year-on-year. That included an 11% rise in capital markets revenue, an 8% lift in leasing revenue and a 1% rise in valuation revenue. Services revenue was down by 1%. Adjusted EBITDA jumped by almost a quarter to $96.2m.
The agency highlighted leasing in the Americas and Asia-Pacific capital markets as notable areas of strength over the quarter. EMEA posted a relatively poor performance, with leasing revenue plunging by more than a quarter and adjusted EBITDA crashing by 78% to just $2m.
