Cushman & Wakefield's Margins Should Benefit From Brokerage Recovery

Cushman & Wakefield underwent a major business transformation after the combination of DTZ, Cassidy Turley, and Cushman & Wakefield in 2015. The combination of these three firms expanded its geographical presence, added incremental capabilities, and gave the company adequate scale to effectively compete with its larger rivals, CBRE and JLL, for lucrative global contracts from multinational clients. The company has benefited from the secular trends in the commercial real estate services industry and has grown strongly through organic growth opportunities, strategic infill acquisitions, and actively recruiting fee-earning teams. M&A is a strategic pillar in its quest to become a single-source provider for the full spectrum of real estate-related services on a global footprint, and the company has a record of successful integrations and broker onboarding.