Cushman & Wakefield plc Ordinary Shares - CWK STOCK NEWS

Cushman & Wakefield (NYSE:CWK) reports that U.S. industrial vacancy rates increased by 20 basis points to 6.7% in Q4, while quarterly net absorption rose 10.5% to 36.8 msf from Q3's 33.3 msf. However, this represents a 20% year-over-year decline.

Key highlights include:

• New leasing activity reached 130 msf in Q4, down 15.7% year-over-year
• Projects under construction decreased 36% to 290.5 msf
• New construction deliveries fell 48% year-over-year to 85.3 msf in Q4
• Asking rents increased 1% quarterly to $10.13 psf, with a 4.5% annual growth

The Inland Empire and Dallas/Fort Worth markets exceeded 45 msf in new leasing activity for 2024. The South and West regions dominated completions, accounting for 50% and 29% of the 2024 annual total, respectively.

Cushman & Wakefield has strengthened its Atlanta Office Agency Leasing team with three new additions: Stephen Clifton and Zach Wooten as Executive Directors, and Payton Maxheimer as an Associate. The trio, previously with Transwestern's Atlanta office, will focus on representing landlords in marketing and leasing buildings throughout the metro area.

The team will work closely with the firm's property management, capital markets, and project management divisions to provide comprehensive solutions. They bring experience in developing strategies for owners and investors to maximize property value, having worked with local operators, institutional groups, and REITs.

This expansion reinforces Cushman & Wakefield's presence in Atlanta, where they have operated since 1977 and currently employ over 750 professionals across various services.

Cushman & Wakefield (NYSE: CWK) has achieved notable recognition for its military-focused initiatives, ranking fifth among 2025 Military Friendly® Employers with revenue over $5 billion. The firm secured this Top 10 position for the third consecutive year and has maintained Military Friendly® Employer status for seven years running. Additionally, the company ranked eighth as a 2025 Military Friendly® Spouse Employer, marking its third consecutive Top 10 placement in this category.

The company's Military & Veterans Program, led by U.S. Marine Corps veteran Matt Disher, focuses on recruiting, retaining, and developing military talent. The program has shared best practices with over 100 companies, demonstrating leadership in military employment initiatives. This recognition highlights the firm's commitment to creating sustainable benefits for active duty personnel, reserves, guard members, veterans, and their spouses.

Cushman & Wakefield (NYSE: CWK) reported Q3 2024 financial results with revenue of $2.3 billion, up 3% from Q3 2023. Global leasing revenue grew 13%, driven by industrial and office leasing in Americas and APAC. Net income was $33.7 million, improving from a $33.9 million loss in Q3 2023. Adjusted EBITDA was $142.5 million, down 5% with margin at 8.7%. The company fully repaid its 2025 term loan and improved free cash flow by over $140 million year-to-date. Services and Capital markets revenue declined by 2% and 4% respectively.

Cushman & Wakefield (NYSE: CWK) has successfully repriced approximately $1.0 billion of its Term Loan due 2030, reducing the interest rate by 50 basis points from Term SOFR plus 3.75% to Term SOFR plus 3.25%. The maturity and other terms remain substantially unchanged.

Additionally, the company has fully extinguished its 2025 Term Loan through prepayments, including a $48 million payment on October 1, 2024, and a $50 million payment in August 2024. This brings the total debt repayment for the year to $200 million.

With these actions, Cushman & Wakefield now has no funded debt maturities until 2028, positioning the company to capitalize on market growth opportunities as the commercial real estate market recovers.

Cushman & Wakefield (NYSE: CWK) has announced the release of its third quarter 2024 financial results on Monday, November 4, 2024, after the close of trading at 4:05 p.m. ET. The company will host a conference call at 5:00 p.m. ET on the same day to discuss the financial results. Investors and interested parties can access the call through various methods:

1. Dial-in: 1-844-825-9789 (domestic) or 1-412-317-5180 (international)
2. Webcast: Available through Cushman & Wakefield's IR website
3. Audio replay: Accessible on the company's IR website after the call

The passcode for the conference call is 3755792. This announcement provides shareholders and analysts with the opportunity to review and discuss Cushman & Wakefield's financial performance for the third quarter of 2024.

Cushman & Wakefield (NYSE: CWK) released a research report highlighting a 3% vacancy rate in data centers across the Americas, with over 80% of new constructions pre-leased. AI and cloud data center demand surged in early 2024, pushing lease rates higher. Despite expanding supply, demand outpaces availability, leading to declining vacancy rates. Developers are exploring rural markets for power options due to power availability concerns. The report notes growth in markets like Virginia (13.2GW), Atlanta (3.8GW), and Phoenix (2.9GW). Operators are collaborating with power companies for alternative energy solutions, including wind, solar, and battery storage. The trend towards rural expansion is expected to continue as AI data centers and hyperscale facilities grow.

CoStar Group, a leading provider of online real estate marketplaces and analytics, has announced an agreement with Cushman & Wakefield to be its primary commercial real estate information provider in Canada. This partnership will give Cushman & Wakefield's 600 Canada-based employees access to CoStar's comprehensive data and analytics platform, covering properties across various sectors in major Canadian cities.

The collaboration aims to enhance Cushman & Wakefield's research capabilities, helping brokers better serve clients, close more deals, and increase commissions. CoStar's platform offers direct access to property data, enabling quick outputs for professionals and clients. The partnership aligns Cushman & Wakefield's Canadian professionals with their U.S. counterparts, who have been using CoStar's services for over two decades.

CoStar Group maintains a strong presence in Canada, tracking data on over 300,000 properties with a team of 80+ dedicated researchers. This agreement further solidifies CoStar's position as the preferred data source among leading commercial real estate brokerage firms in Canada.

Cushman & Wakefield (NYSE: CWK) has released a comprehensive report titled 'Reimagining Cities: Disrupting the Urban Doom Loop', analyzing 15 U.S. cities to identify their current real estate portfolios and optimal product mix for future success. The study, developed with Places Platform, , reveals that cities, especially downtowns, have violated portfolio theory in real estate markets, with 70% of square footage dedicated to offices.

Key findings include:

• The optimal real estate mix for most cities is 42% Work, 32% Live, and 26% Play
• Walkable urban areas account for 3% of city landmass but 37% of tax revenues and 57% of GDP
• Four strategies to revitalize cities: decrease Work space, increase Live space, boost for-sale housing, and enhance Play components

The report emphasizes the need for action to prevent urban doom loops and proposes solutions for creating more balanced, sustainable urban environments.