Cushman & Wakefield Holds Up Relatively Well in Q3 Amid a Difficult Environment; FVE Down to $20

No-moat Cushman & Wakefield held up relatively well in the third quarter amid a difficult environment with rising interest rates and a slowing economy. As per JLL research, global direct investment volumes in commercial real estate were down 18% in the third quarter across all regions, with the Americas down 21%, Asia-Pacific down 17%, and EMEA down 13%. Lower transaction volumes had an impact on Cushman & Wakefield’s margins in the current quarter given the operating leverage in the business. We expect investment volumes to remain under significant pressure given high interest rates and relatively lower liquidity in the market. We think that things will get much worse for real estate brokers in the upcoming quarters.