TacticScaleWhat Cushman & Wakefield Does & How It Makes Money (CWK)
Updated October 2026 · reflects Cushman & Wakefield's latest reported financials
Global commercial real estate services firm for property owners and occupiers. It earns fees and commissions from managing properties and facilities, from arranging leases and property sales or financing, and from valuation and advisory work.
How Cushman & Wakefield makes money
It earns fees and commissions from managing properties and facilities, from arranging leases and property sales or financing, and from valuation and advisory work. In 2024 revenue was about $9.4 billion.
What Cushman & Wakefield does
Cushman & Wakefield is one of the world's leading commercial real estate services firms, serving both property owners and the companies that occupy their space. Founded in 1784 and headquartered in Chicago, it operates in 60 countries with roughly 52,000 employees in nearly 400 offices. Its business has four core service lines: Services (managing properties and facilities), Leasing, Capital markets, and Valuation and others. In 2024 the firm reported about $9.4 billion in revenue. Recurring management work provides steady income, while leasing and capital markets fees rise and fall with deal activity in commercial property.
Products & services
- Property & facility services
- Leasing (tenant & landlord representation)
- Capital markets (property sales & financing)
- Valuation & advisory
What is Cushman & Wakefield worth?
On an owner-earnings DCF, Cushman & Wakefield's most-likely value is about $38 versus a recent price near $12 (231% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$20) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $12 is below even the no-growth floor ($20); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -7.0%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
CBRE (CBRE) · Colliers International (CIGI) · Cinda Real Estate (600657.SS) · Marcus & Millichap (MMI)