CUSHMAN & WAKEFIELD COMPANY OVERVIEW MARCH 2026 Cushman & Wakefield 1 CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation other than historical facts are forward-looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside the control of the Cushman & Wakefield Ltd. (the "Company"). Such factors include, but are not limited to, disruptions in gener ...

Key Takeaways JLL benefits from outsourcing trends, with EBITDA seen rising 11% in 2026 and 12.8% in 2027.CBRE gains from diversification, strong outsourcing pipeline and growth in its facilities management segment.CWK offers leasing, valuation and management services, with earnings expected to grow 18% this year.The Zacks-defined Real Estate Operations industry keeps facing pressures from geopolitical instability, macroeconomic uncertainties and policy changes. Moreover, clients remain focused on cost mana ...

Cushman & Wakefield Limited (NYSE:CWK) is one of the 10 Must-Buy Real Estate Stocks to Invest In. On March 13, 2026, Barclays analyst Brendan Lynch lowered the price target on Cushman & Wakefield Limited (NYSE:CWK) to $15 from $19 and maintained an Equal Weight rating, citing weaker investor sentiment across the commercial real estate services group. On February 27, 2026, Goldman Sachs lowered its price target on Cushman & Wakefield Limited (NYSE:CWK) to $19.50 from $22.25 and maintained a Buy rating. B ...

Core Insights - Large-format industrial leasing has significantly rebounded, with demand for warehouses over 500,000 square feet increasing by 32% year-over-year in the second half of 2025, indicating a strong recovery in big-box leasing activity after a slowdown in 2023 and 2024 [1][1][1] Group 1: Market Trends - The report indicates that third-party logistics providers (3PLs) and manufacturers accounted for nearly two-thirds of the large-format leasing activity, with a total of 113 million square feet of net absorption in newer, larger warehouse and logistics facilities, representing 64% of the nationwide total [1][1][1] - Companies are consolidating operations and upgrading to higher-quality facilities, leading to a "flight to quality" trend, where many occupiers are moving from smaller, outdated buildings to modern Class A facilities [1][1][1] Group 2: Development and Leasing Activity - Build-to-suit development rose by 11% in 2025, with nearly 20% of all leasing activity above 500,000 square feet tied to build-to-suit projects, which are expected to drive net absorption in 2026 [1][1][1] - Large build-to-suit projects currently underway increased by 14% year-over-year, highlighting their importance in the market [1][1][1] Group 3: Cost Sensitivity and Market Selection - Cost sensitivity is influencing market selection, with 71% of the 104 large leases signed in 2025 occurring in markets priced below the national average rent, and nearly two-thirds in markets at least 20% cheaper than the U.S. average [1][1][1] - This shift is leading to increased demand in inland and lower-cost markets, moving away from higher-priced coastal and port-adjacent locations [1][1][1] Group 4: Implications for Occupiers and Investors - Vacancy rates for large warehouses declined by 140 basis points year-over-year, while user-purchase activity reached 36.7 million square feet in 2025, the highest level of the decade [1][1][1] - The report suggests that improving occupancy and future rent growth are likely, particularly for high-quality assets, as fewer large speculative projects are in the pipeline [1][1][1] - Rising interest in well-located, modern industrial properties is supporting increased capital deployment and healthy net operating income growth, especially in key distribution markets [1][1][1] Group 5: Future Outlook - Cushman & Wakefield anticipates continued momentum in the industrial sector into 2026, particularly for newer, larger logistics facilities, driven by the resurgence of large-format leasing and accelerating build-to-suit development [1][1][1]

Core Insights - Cushman & Wakefield has successfully arranged $72 million in acquisition financing for a seven-asset industrial portfolio located in Maryland [1] Group 1 - The financing will support the acquisition of a diverse industrial portfolio, indicating strong investor interest in industrial real estate [1] - The transaction highlights the ongoing demand for industrial properties, particularly in strategic locations like Maryland [1] - This acquisition financing reflects the broader trend of increasing investment in the industrial sector, driven by e-commerce and supply chain needs [1]

Core Insights - Cushman & Wakefield has been recognized as the No. 2 top real estate brand by The Lipsey Company, which has been conducting its annual Top 25 Brand Survey since 2002 [1][2] Company Overview - Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across over 350 offices in nearly 60 countries [4] - In 2025, the firm reported revenue of $10.3 billion from its core service lines, which include Services, Leasing, Capital Markets, and Valuation and other [4] - The company emphasizes a culture of excellence, reflected in numerous industry accolades and its commitment to solving complex challenges for clients [2][4]

Core Argument - The lawsuit filed against Cushman & Wakefield raises the question of whether employers have a responsibility to protect employees' 401(k) accounts from climate-related financial risks, highlighting the economic implications of climate change on retirement savings [1][2][3] Group 1: Lawsuit Details - A former employee of Cushman & Wakefield alleges that the company breached its fiduciary duties under the Employee Retirement Income Security Act (ERISA) by not safeguarding workers' 401(k) savings from climate risks [2] - The case, Kvek v. Cushman & Wakefield, could significantly impact the $12 trillion U.S. retirement market by establishing that employers and asset managers must consider climate-related economic risks in their investment strategies [3][4] Group 2: Financial Implications of Climate Risks - Climate-related disasters can disrupt supply chains, damage infrastructure, and devalue investments, particularly in fossil fuels, which are heavily represented in retirement savings [5] - An estimated one-fifth of U.S. fossil fuel stocks are held within Americans' retirement accounts, indicating a substantial exposure to climate risks [5] - Thousands of oil and gas assets may become stranded due to future climate policies, potentially leading to significant losses in retirement savings for employees invested in these sectors [6] Group 3: Potential Gains from Decarbonization - A report by As You Sow indicates that over two million employees from major tech companies could have collectively earned an additional $5.1 billion in returns if their retirement plans had been decarbonized a decade ago [7]

Core Viewpoint - The analysis presents a positive outlook on Cushman & Wakefield (CWK), emphasizing its stable demand and long-term growth potential in the investment landscape [1]. Company Analysis - Cushman & Wakefield is identified as a company that is expected to maintain stable demand, making it an attractive investment opportunity [1]. - The investment strategy focuses on acquiring quality companies at a discount to their intrinsic value, with an emphasis on long-term growth and compounding returns for shareholders [1].

Core Viewpoint - A class-action lawsuit has been filed against Cushman & Wakefield U.S. Inc. for allegedly breaching its fiduciary duties under ERISA by failing to protect employees' 401(k) savings from climate-related financial risks, which could lead to significant changes in risk management across the $12 trillion U.S. retirement market [1][6]. Group 1: Allegations Against Cushman & Wakefield - The lawsuit claims that Cushman & Wakefield did not adequately evaluate, monitor, or remove the Westwood Quality SmallCap Fund, which poses high climate-related financial risks and has underperformed while charging excessive fees [2][3]. - The Westwood Quality SmallCap Fund reportedly disclaims climate risk analysis and lagged behind benchmarks by 17% in 2025, while its fees were significantly higher than those of comparable funds [3]. - There is an alleged inconsistency between Cushman & Wakefield's corporate risk management practices and its management of employee retirement funds, as the company recognizes climate change as a financial risk but did not apply similar analysis to its 401(k) plan [4]. Group 2: Implications of the Lawsuit - The lawsuit could set a legal precedent that mandates climate risk management as part of fiduciary duty, potentially impacting the management of the $12 trillion in retirement savings held in 401(k)-style plans [6]. - The case signals to the financial industry that fiduciaries must acknowledge climate change as an economic reality and cannot ignore it without facing potential liability [6]. Group 3: Statements from Plaintiffs and Legal Experts - The lead plaintiff expressed disappointment over the exposure of retirement savings to climate-related risks, emphasizing the expectation that employers ensure the soundness of retirement options [7]. - Legal experts highlighted that climate risk is a significant economic risk, and failing to address it undermines the fiduciary responsibility of financial managers [8].

Core Insights - Cushman & Wakefield has recruited the NAI Southcoast and JSA teams in Florida to enhance its service offerings and expand its market presence [1] Company Developments - The recruitment of NAI Southcoast and JSA teams is part of Cushman & Wakefield's strategy to strengthen its operations in Florida [1] - This move is expected to leverage the expertise of the newly acquired teams to better serve clients and improve overall service delivery [1] Industry Impact - The addition of these teams may indicate a growing trend of consolidation within the commercial real estate sector, as firms seek to enhance their competitive edge [1] - This recruitment aligns with broader industry movements aimed at increasing operational efficiency and market reach in key regions like Florida [1]