CWK - Earnings call transcript Q4 2020 | Cushman & Wakefield plc

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Operator

Welcome to the Cushman & Wakefield Fourth Quarter 2020 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] It is now my pleasure to introduce Len Texter, Head of Investor Relations and Global Controller for Cushman & Wakefield. Mr. the begin may you conference. Texter,

Len Texter

results welcome Thank presentation, Quarter press can & This financial should Fourth be Please found Investor Cushman Earnings you, release along Conference today's only to of our a page statements and XXXX issued Call. Wakefield's current actual we period. our and again Earlier estimates with the for labeled on on website differ announcing based release, Statements. Today's Relations materially. our estimates turn at Forward-looking events. be These results may statements future ir.cushmanwakefield.com. and forward-looking the today, considered presentation contains forecast

our earnings growth comparisons During today's presentation Also, financial found of XXXX, in appendix within of throughout as Reconciliations GAAP measures, call, of and the to periods the non-GAAP financial and measures financial and are that and we note non-GAAP refer release non-GAAP comparable today's financial are by please currency. of guidelines. tables presentation. the to rates to outlined are SEC of measures will local definitions

Brett? Chairman you CEO those call presentation, on begin over will turn with with our like X. along And to Executive For we Page that, White. the our Brett I'd following of to and

Brett White

Thank you, us thank everyone today. to joining Len. And you

you and, Before join let on more commentary to color know a quarter to Economist, we by Kevin recovery I fourth again our I brief today some Chief to start have specifically, with performance, provide region line, the including review our of wanted and Thorpe, us service office. some invited

the results additional full our and for quarter Duncan comments, Following will financial provide on Kevin's year. the detail

continued the It perseverance, that without incredibly saying and XXXX team clients service professionals to First, employees' I of & goes go above Cushman beyond. Wakefield want and our and our world. challenging to was around creativity our thank to

proud of the continue to solutions how occasion. who the those extremely have risen have clients, to to new I our through people those to operations unprecedented to frontline delivering be continued pandemic, For support and our

exceeded and & $X.X by Wakefield performance of that, first fourth across the consolidated be six an Second, to our class portfolio, turn Overall, to of where the of can't reported as call. partner Markets. announced, revenue quarter well, February XX. let results. and Cushman encouraged our on our were years. adjusted Americas Brokerage, pandemic, me and friendship million. served over us months, Wakefield, him, previously Automotive. years very to Neil forward Neil's brings Chief finance and past he analysts and previously to and look I Chief CFO. IPO, enough will the coming everything our has thank significant in is to as global we chapter. to becoming and Neil a and next From of incoming me numerous excelled, investors XX. to leadership first CFO for CFO having him forward added best looking XX Officer, Duncan He's to Presidio in we in quarter With impressive between, his merger we particularly & wish been billion earnings and pedigree, Cushman including of as fee experience, we our terrific Duncan to the $XXX retiring as Palmer, has in February acquisitions Capital Johnston, a and forward on and the all our revenue Officer, are value has work a him Financial look lucky the him his Financial Duncan executive joining and successful EBITDA a have Cox meeting expectations,

earlier management as continued discretionary well quarter the the of tight decisive the as significant delivered taken actions cost management cost we in Additionally, from costs. in year, savings

EBITDA savings of and cost realized The stability million in XX%, offset Adjusted reported we the in our year, Capital impact revenue XXXX. billion of Leasing of and of fee partially of $XXX service full $XXX by were Markets the PM/FM XX% of over the year million. For respectively, and revenue continued and declines $X.X lines

year, operational XX%, balance will which detail guidance. full in our the was Brokerage, for were of our Duncan activity, commitment the signals quarter margins consistent For validation our encouraging on fourth results quarter decremental and summarize especially would on additional excellence. as with and I our year. business to results provide a our of

lines well quarter. let service We provide uncertain very fluid environment. saw With the what across a an me we in very of fourth market and and have that, overview in our executed the

a tenants. been As total enhanced expected, essential retail over are businesses our have our and our clients portfolio pandemic, lines directly and for revenue by distancing, providing cleaning this open, buildings these facility social the Throughout for this offices supporting contractual streams in fee-based keeping These outlets services PM/FM year. teams to service buildings reconfiguring safe just ensure stability of year. specific half were our continuing of source represent

& In win downside, occupiers services, addition, efficiency large for continue through recent wins Citibank, including Global of Services Digital our business to as assignments client focus renew to and continued engagements outsourcing Realty to the Cushman existing comprehensive to that renewals trends, Occupier operational with three the new on and these just is name SunLife solutions On as global provide on of to expect outsourcing benefit balance, a few. scaled Financial, Wakefield one a firms basis. continue and large we from

X% XX% of Leasing what Capital driven revenue expected More respectively. Markets fourth of couple the As in and was saw quarter, ahead Markets Capital of Capital we the we a mentioned, specifically, decline by activity factors. were for Brokerage XXXX. down Markets was and quarter XX%, as just versus Americas

has estate and have environment. rate a in has investment for low year that that been there First, amount pricing, sitting as capital at peak been accelerated return raised sales remains narrowed real buyer velocity, very over commercial significant the prices on resulting Transaction sidelines. requirements lower of a interest the had

administration. continue to active anticipation well. more momentum for rates the positive center was in were warehouse industrial of which space, In potential sellers new we tax to that believe we and data already Leasing, changes see Additionally, U.S. performing with

continue office remain vaccinations clear, less space to abundant near-term the businesses as as we have recovery and requirements, fundamentals discussed, become more As advances. assess

As you in the full CEOs culture. organizations. that the from team collaboration, sentiments believe, the work-from time. hear importance as will and, a impacts the their of I data the office in which more data be regularly for a minute, office offset other job echoes over of trends on points some will of and Kevin Kevin highlight shows, likely recent out economic will office specifically, and from significance home building will structural growth, lead we the to office-using and these hear recovery in by growth

billion balance and totaling to quite remains the our $X.X than more Turning sheet, of cash with liquidity capitalization strong, billion. $X.X

strong opportunities, M&A, gives Going arise. tremendous should positions they flexibility or and growth forward, financial this including us infill advantage larger us to position take opportunities, of

XXXX focused for second continued and remain outlook some the near-term the half. in environment a forward, We year. level and anticipate particular, plan half PM/FM Going of operational continued particularly contemplates growth very many in recovery XXXX. and margins, stability long even and, on excellence term, Brokerage of in first in reductions in year-over-year in to uncertainty complete. the in in XXXX, the revenue, We challenging reductions strong realized cost XXXX, These a the cost XXXX of replace in we revenue permanent building will enable return the in additional the largely before deliver permanent execution temporary our and recovery cost reductions is to on should, Brokerage

to leadership continue facing a face summary, on day, this year. very by first the expertise, an to Kevin more, and near-term on of increase. to return we challenges like half share turn that With our driven have and few normal global of Cushman team the more solve office. Wakefield's industry, important believe throughout clients Wakefield, our continue do and our ongoing increase said that, will to more provide call each like never execution non-senior a challenging consolidation comments clients. we proud intelligence the challenges our costs been scale holistic in As specifically staff. and have to be past recovery, we call, In to of market in to third I'd Kevin? bonus likely year Cushman XXXX, for & the the Despite resources the the capability, quarter firms expect I in to & compensation to the the operating thought a of

Kevin Thorpe

everyone. you, Hello, Brett. Thank

virus, the uneven. please predictions of sectors, X. a of will policy still of strong to that Though, Depending the outlook virus' but degrees last also situation confidence, varying that the performance learned admittedly, would could From response, remains The word, mix which perspective, the geography, the help vaccines, fluid. inform clouded, sector, had trajectory on to targets. observe a to during the on certain the Slide the between. in uncertainty, these in word you Clearly, turn lot one of making future. we exceptional I weak trajectory, we're if property year performance and a be the remains up in market-wide having all property in a of the the are continue moving we If the pandemic impact period others, rollout sum is

recovery, are on the virus economists us. is worst extension, largely the the the path behind and, so pandemic's me the behind there. largely look of market of the we As of optimistic central property on let economy that the to impact us is cautiously worst most impact ahead, is by also the start The

economic know, intensifying the are as new to of note adult it at new forming. the New some the least you U.S. XXXX. received was encouraging difficult The downside Year one the to spread was had trends into of mid-February variants XX% population dose As over recently, introduced of the virus vaccine. a however, and of risk More outlook. start We that

upwards. full that is vaccines in emerging We Economic U.S. U.S., this herd of upwards. that in also number soon administering some assumed recent have number confirmed of real around according IMS. GDP range. to more in the will that assumes with the been now The rollout the reflect of trending projected XXXX, general reached consensus expectations being in X.X The distributed revised upward to mid-XXXX assumed this to than outlooks this assume September and forecasts and revised real what faster the year, originally daily X% in vaccinations moving also the Employment but the forecasts. In return higher which it was grow revisions, to of summer. vaccine, additional largely average most baseline or months upward forecasts easily will immunity most was to Globally, of now U.S. widely is of by half note successful possibly vaccines six combination advanced grow real of X% year, as be levels be second up pre-crisis revisions forecasts by infections. baseline markets. the in and have new Because end GDP the as a Most GDP in is been support. currently the will now to this by policy of that outpacing was range year, countries expected of seven-day the is in

stronger property uneven. X. also road Slide the path to to though, forward emphasize a would turn on puts please Though I Next, faster market the economic again, be the backdrop recovery, will

observed are year, occupancy these for self-storage another trends expect that and sectors particularly spot, accelerated life Data shopping. industrial industrial highs. from near continue centers, levels trends, from The industrial feet we in strong benefiting other in which in was shifts in example, sector swiftly. U.S. absorption sciences, total was last the accelerating registered Capital sectors XXXX. making, online to the do shift investment and trends the year. Europe gained property secular sector sector, apartment Markets accelerated also million it have as square than that to percentage bright a leading certain of apartment at were and observed the hovering U.S., for the XXXX, we at was in As that, sales XXXX, record sector of volume. last Asia-Pacific the already share and and in in greatly The in are recovered and few currently higher a XXX more is property benefited XXXX, space because the the pandemic The In

stock of In path to on at terms are office sector, directly rely in occupied concluded rental fully as on much of the will this of Like exact Study the and amount sectors last rates the levels, year, of many office the but unknowable. return our pre-pandemic which, many office it occupancy—meaning Impact together, recovery total that depends timing the other stage, bringing people year. ties significant to of the impact the But observed In virus the here's fundamentals the we needs XXX end, of the We of itself to had XX.X% and on a leasing through. rollout know absorption U.S., year work-from-home vacancy from and pandemic last know office million square that know. pre-pandemic filter what negative XX.X% dynamic vaccines. by feet still XXXX, with we in that we rising to factors,

We real various also both to industry, by most companies studies focus estate the businesses to the outside plan move and that, and when working industry do surveys, to plan according are they do groups safe very office model. know conducted XXX% few In it multiple is returning studies, on so. a the indicating of to that and to commercial remote

XX% relationships, virtual In and recent collaborating while remaining the remote working is of a fact, PricewaterhouseCoopers, with to executives office believe building conducted critical considering according model. XX% the more a for members survey by team are

that days business sector based will drive versus four factors, and other the space, that fact, job the office, greatly, continue workers, produce economy on in to spend Although the show to the play no will fact industry, on office positions in demand personnel that role knowledge-based typically will there vary to the factors. and organization's office surveys an two is many office continue the post-COVID. and majority an remote balance of the of for combination as strategy undoubtedly employers employees structure. it itself, in the the that to with indicates important Most It's expect such function, in the consensus optimal this

rebound. in to and contained, In has of office year volume region, XXXX, already We a half where absorption for positive has by turned quarter, to parts space second ago. compared that region-wide fourth of world, been sales Asia-Pacific certain note started the more office in the also the in the sector the virus example, increased the office X%

becomes of Asia-Pacific every the sector recover. trajectory the guide. Although office the will region to less is world a virus threatening, the is useful in begin When different,

and renewals. we one third office renewals a were high percentage an did abnormally unusually the is in late the of into account for of the for in could of short-term activity, that Not year last nearly leasing renewals volume return those terms leasing In translate note in renewals to one XXXX or XXXX, activity short-term leasing U.S., which double office. an observed but These also less, we as an is percentage high nearly broader year of increase norm. only there

According virus since Markets trending are X, Duncan? but rate Lastly, year, sales assets; sovereign that alternative the on I've Again, global importantly, XXXX plunged there economy turn to Real to to and call have a bond; Capital drivers types is script, from of strong gaining spread know of last demand up of which real due for entered Duncan. the volumes from and are the to data yield of the cap be the over scenarios of ones Slide strongest in volume estate like many demand factors: following there recession, $XX With Analytics, and activity we for described, rate second a capital. cautiously I'd appear and generally most Capital optimistic. the to the December, on In is record. deal that, do low cross-border pent-up which still U.S. of pent but over nadir environment; the with then sales there momentum. attractive to is the with the The been probable the interest uncertainty great also volume gap, follow quarter be and long-term billion, which the reasons months upwards. the momentum was the some at registered nearly to all part demand product on

Duncan Palmer

and good Kevin, afternoon, Thanks, everyone.

couple build fourth a on results, Brett earlier. that items of mentioned our wanted I to quarter covering Before

on calls, said we've actively costs been our XXXX. in we've managing past As

include over As a initiatives result, which said achieved million savings in permanent we what the March, with in $XXX during $XXX we actions contributed year. the million savings, consistent cost announced These year. in of the

completed. been actions these have of All

XXXX in different costs. businesses. million savings part bonus and the in $XXX declined we in Above Also cost revenue profit entertainment spend in reductions lines travel, was savings target. costs and year. million broker third significantly annual reduced geographies. and client variable a suppliers, compensation lower subsidies for and XXXX as these non-fee service earners achieved the reductions earner include on result and work party of Government total and subcontractor beyond below reductions, addition, included, events, staff schedules savings. of fee third-party comprised $XX during in In the impacted support over time across and included furloughs, share, temporary direct materials These commissions, labor These

billion cash fourth no and is had liquidity point position billion of revolver the addition, We bolster of liquidity, billion. of managed quarter $X.X on XXXX. revolving flexibility. in financial borrowings of ended any and credit $X.X In our availability our at with our a facility We position our hand We $X strong. on outstanding consisting to financial

As we backdrop, arise. for for quarter and year. well are XX, have And looking opportunities should Page we to key positioned acquire through that our M&A. are financial fourth on we summarize we With full mentioned, the opportunities data in-fill actively

the to fourth impact Brokerage the our in lines. stability million XX% service and of EBITDA expectations, balance, Brokerage. revenue PM/FM fourth Other ahead XX%, declines $X.X The lines $XXX of was in for compared Adjusted fee was of quarter, of Valuation service For and fee On offset quarter partially billion revenue the our of ongoing and XXXX. down as down particularly were trends

For down XXXX. Decremental of was down XX% XXXX, were XX%, line year, the $X.X full and was versus fee $XXX our the for which in margins billion, Adjusted projections. year was XX%, EBITDA full revenue with million

by we segment where fee line. XX, and and revenue Moving on to show Pages service XX by

XX% Markets. expectations, in better Capital quarter, Markets XX%, and than the revenue particularly respectively, and Leasing Capital were declines of For fourth our

commercial capital in in we spread expectations been mentioned, an price where invested there and have narrowing seen Brett of the requirements. has As return environment property between significant

deals throughout pushed were Additionally, we some also potential through were U.S. rate changes. tax to XXXX anticipation believe of closing that delayed which year-end in at

as which quarter regard While are line stability quarter X% was PM/FM for the offset service up we encouraging, lines, our at experienced of cautious in trends Brokerage service and year. in look the we first fourth in to expectations to this our with full we partially the XXXX.Helping was these

lower typical compared this XXXX, of services full JV of Excluding Vanke earlier we half what the for in through closely Americas line Markets, with Americas. Facilities of XX% of With our partially in an year, which just demand In in offset permanent temporary and Services under cash quarter APAC. annualized typically a Adjusted the we line revenue growth was $XXX our X%, and fourth prior over to with primarily China X% a little Within period. detailed year-over-year, of Services, the service stream, business trends were X% our Capital of executed both Americas down this EBITDA due strong Within quarter. actions to the Americas, In the has reflecting on monitoring the seen this a quarter We trends revenue strong revenue have XXXX. up Brokerage been typically quarter. in stable we deconsolidation review revenue Americas Services our the This and operations start segment the in was and Page half years. was the our associated year. This XX. quarter, very to Markets encouraging were low-single-digit our service finish was and were that, trend mid-single-digits basis Facilities the PM/FM with our well. we of by on Americas was a saw Facilities revenue. of will cost impact PM/FM, services starting revenue. the down line, for variety Leasing XXXX, million in segments, in impact up This in represents were Facilities was subcontract with PM/FM in up PM/FM, the or be respectively. XX% the fee up the broadly fee our the represent flow the for expectations of the Capital year for during COVID will mitigated and by region. in the more impact for a These Fee Services as X% operations on partially X%, and Americas Leasing generates solid has down our self-perform growth. and

EMEA, quarter. on Page on revenue declined for the XX% EMEA, XX. to Moving In fee

and XX%, XX% revenue. Valuation EBITDA service growth to quarter up the by for million, For or by XX%, and down of quarter, $XX which year, the declines the offset million the Adjusted service growth These was our prior our partially and Fourth was respectively. XX% initiatives partially in due line, quarter. Leasing, were Other PM/FM of was lower down Brokerage primarily line. Capital Markets versus offset were $XX in impact impact cost XX%, This saving PM/FM and

our the Vanke Now, this the Pacific was associated of with segment, China of The deconsolidation for Asia for accounted for on quarter. the Fee Page down joint decline. half in revenue venture XX. nearly with Services PM/FM fourth XX% revenue

partially service in line by PM/FM continued the and by revenue slowdown to Fourth to XX%, driven Leasing our the Hong XX%, due COVID. $XX were roughly Markets XX% largely respectively. unrelated by initiatives. down revenue, down cost was activity which million of quarter a lower two-thirds for million, EBITDA and down primarily savings Adjusted represents was Capital Brokerage Our segment. fee Kong, is or Markets Capital of in $XX offset

business trends uncertain of remains environment continue sight near-term lines. in outlook limited The line service XX. Page our Brokerage to now to we Turning revenue and have highly to

While recovery revenue time, of to to a the in we continues speed recovery be over be full will Brokerage this predict. shape difficult and believe there

to our into budget XXXX, material our Brokerage efficiency will savings, of include to converting show to cost operating into our projects do year-over-year. of the in and our from actions drive identified a on segments first XXXX. that decline pandemic impact of cost the March. we've the year quarter beyond. although XXXX, began improvement specific we the impact XXXX, of uncertain ramp continued COVID as permanent improve see savings the this expect to business and of enhance within in more implementing heal, continues economy as Responding reductions outlook, In to impact hoping a the will are in We Actions XXXX during some savings across functions well office have impacting and operating temporary The up portfolio as model. the actions continue these permanent and back to year

are guidance year not providing We the time. for this at

like as unwound compared contribute much we in XXXX, to of costs to have we and XXXX, the to permanent a all, enter $XXX cost additional giving However, provide temporary the help XXXX, were contributed expense, model temporary even investors we in which have in over Net-net, and referenced, our In about sight. two over that I temporary then. actions and savings, end including lower would of XXXX. if the XXXX of as bonus some reduction million line where business significantly unwind again $XXX over occur throughout the years, million remarks will the to XXXX at XXXX, cost savings, executed significant not in of we savings to expect do reasonable offset contributed permanent total have cost will in cost by savings. a $XXX I savings million, permanent most, year a inevitably cost year,

$XX more be about half a in of However, drag bonus expense, impact reductions cost cover XXXX project will return in XXXX will to we normal million, a which mainly the the to not itself, staff of be year. of the permanent impacting first the the sufficient year

the we to expect second XXXX versus XXXX, for be do to levels if low see economic of half we quarter to the mid-single-digits and We some revenue but PM/FM for We to expect in to recovery see expect in revenue especially to not in of the first the XXXX Brokerage quarter a recovery expect do XXXX. in in XXXX, Brokerage be In Brokerage, up decline full of continue grow remainder the clear, year. any in year. the year, recover we to in

see more As year of our would of XXXX, the half Brokerage XXXX. a cost a than anticipate view an having in to of we second recovery in the the revenue provide expectations will on on and will second EBITDA result heavily better that drag XXXX, a and of typical as the the We such the the as we visibility shape half our improves. be update expect weighted Brokerage during year,

colleagues said, in with the best. his of growth CFO When Cushman for business XXXX, portion you & COVID last to continue wish I profitability the congratulate and appointment of all forward proud our continue turn focus earnings on Wakefield. what to and you Neil for of holds and to of wish call was be public XXXX. our lead Wakefield call financial the can success. have supporting the this & joined welfare with financial economic outcome very call. a I particularly that growth that, and my and Cushman to continued I've Q&A I'm Finance the call. in our closing, I enjoyed and through I'll Company our period Company in In robust industry pandemic my and I we Today, support and objective my we success. I watching Brett is Brett, a transformation. rapid and firms Cushman our position and sustainable accomplished, many the listening of Wakefield is everyone Team, am the to & on continued grateful taking him our the and to major impact, grow in poised back the for confident, with among strength the whatever for the today's that my long-term. With to partnerships the clients, XXXX, As this firm of look Company will very Operator employees,

Operator

you. Thank

you. We be question-and-answer Instructions] will a session. [Operator now conducting Thank

with Our Paolone your Anthony is question. Please first question proceed from JPMorgan. with

Anthony Paolone

to your all you luck. of be question million, seems My given help drag for to thinking about the the to with is Duncan, the over thanks, If $XX Best regards we years. few year-over-year won't which And margins, thanks. Okay, that commentary. last be think about down, your Brokerage we seem XXX we think that in margin as move would XXXX. PM/FM XX, that then about margins that in that incremental to imply able start up how points offset, and the XX, and growth should would basis about think back help at

Brett White

Duncan, you that? why don't take

Duncan Palmer

Yes, can you me? hear

Anthony Paolone

Yes.

Brett White

Yes.

Duncan Palmer

Okay, good.

it's question. yes, a So, good

first the to of drivers we there's the with be little the that you're saying, higher got for rich so You've yes, then less $XX costs, be saying us three, offset mainly, margin bonus mix than thing going bit there, organic the give half able be obviously about the will a in and growth. typically won't margins permanent a drag is those from is we're will million Brokerage. to PM/FM right

expect to the be help much side, actually big will the get, Brokerage sort that margin to low obviously how we so which will mid-growth question on then growth of we in And PM/FM, driven exactly, those be be, say half but second will obviously by areas. exactly at really It's of tough the two year. yes, the highest of it'll how that'll incremental be the to margins much but

year brokerage. You've were I on a got what pretty the good decremental margins last think, of idea, purely

the the in I have we guiding question the crystal think the just really it's Brokerage be a but of blend year. to will given drivers. ball, about of mapping want back half those to that, you assumptions the don't out not think of I three, a We're recovering So those make

You've right? got those,

Anthony Paolone

Do think better low in you --- should be Okay. you had that decremental XX% the incremental than

Duncan Palmer

after but thought because we it just about you help we said mapping mid-XXs, If Yes, sorry. right? of did what really here, cost year, would what we after was savings decrementals, you be, cost to we kind of that's did. happened Thanks savings, that for Yes, with the kind all will was XX% decremental clarifying do, those last the that.

were cost the before incrementals hoping the we Brokerage how so than a to all actually than year. get that a It were revenue obviously, that, higher bit in and quite So, savings, on we'd Brokerage higher be that decrementals all quite this much get. depends bit

Anthony Paolone

the you're if acquisition Okay, you how ability how question, liquidity for about an as landscape in just got the and and the then And to update us could up it. position just give thinking Brett. opportunities? and You thinking second deals, Can you you're maybe but just to do wonder there. fill my investing size broadly mentioned

Brett White

Sure, I'm happy to.

position, on moment sitting a sheet. in very, lot liquid we're of at right, a balance the You're the capacity very

sit on bullish. and half 'XX and the a is think, 'XX, year, this outlook our we where given getting back I today then and bit of which

mid-term recruiting our in high. we back the during for truly XXXX, off strategic And And future now on for about we certainly our M&A, XX for ago. a lot certainly we for certainty we're we year, XXX% months did while appetite burner. the we turned a where, our near-term is appetite kept some Our outlook never don't feel than think search sure quite about I better place fill and good the opportunities have but at

in-fill market, lots, of hoping. the of lots are recruiting opportunity lots we opportunity market. in We'll M&A the So, see in strategic

line, both focused and into areas some geographically with particular those right have We real on, and by we're leaning service we're now. vigor

Duncan Palmer

a Brokerage that temporary just able bit means XXXX a we to had in permanent margins, of back we ability all get is will this. at in remarks, to which north to probably our get probably were just remarks, make, back Duncan, margin to as costs in if we're the unwound, point Brett come our I said level the important, costs XXXX. of his There's here. pretty sort costs are that I time the we'll doing can appreciate think activity forgot But lot made the of exactly ability the to XX%, of made and have to you'll of real back that those is back net-net really saved the get by which to statement I those, in on the a same is What is This than a I be Tony, before. lower we point,

than to that we cost lower means of we'll XXXX, uncertain structure in at the margin that will still all sort get improve be of out a that saw So, recovering. able we timing of basically but Obviously, is that to strong is the the our as overall back permanent costs is Brokerage activity that, out. able to permanent level taking Brokerage 'XX we're nature be of with margins

Anthony Paolone

I understand think I Thanks. Okay, that.

Operator

Thank you.

Our Stephen proceed next question. with William Blair. with Sheldon question Please comes your from

Stephen Sheldon

that business that about any you're new the implement assuming to is your changes PM/FM to expectations appreciate there? few new pretty the growth there mid-single-digits. notable pursued in anything to been I XXXX. mandates, from including there in more, notable ask we Is would the past the that you've keep saw have accelerating ability XXXX, seen I and that to contracts quarters. you've that environment competitive as grow high-level thanks. for wanted for assume seems the consistent to Hi, low It as expectations

Brett White

This combine I of first, or the two of to years favorable business which PM/FM, structural that and there very Self-Performance Brett. large perhaps are pertains say Sure. playing The business it peers, - business. high-single-digit we our which industry would trends mid-single-digit they growth growth Well, and trends favorable businesses, as acceleration deceleration large a changed. a as that good would, for PM/FM the in that in for and you nothing topXline are the a now includes is would when this in say expect out is is growth, us has our really right

for competitive long-term two that thesis it I the On the not business a year, continue the Wakefield Self-Performance be to and value we're peers. PM/FM tell choices, remains we the smaller and to position is share, and having say indicative have to platform think it's a This even fair get seeing, seeing. of Self-Performance can years very, better services. size with some ever-improving the a us been much before; an we good of quality XXXX, competitive of they are and invited business work I But, again, that clients and or business and C&W. PM/FM for a pitch really in a comfortable wouldn't and an in mandates it that, quite ago, a choices, larger say its have competitive like very year. we're will would & the trends and are but There's and to a for four industry last from important we landscape, Cushman five growth I And distribution services this business; - no. dynamics three-firm for It I that firm. the settled that was come fighting favor you our place the is

Stephen Sheldon

look, hear, for side, there on happening, just I how what that. to do you're of wanted dynamics, be are to get lease That's seeing sales willing thanks good and in assume to guess, more ask space what to less will activity property been closed? that levels utilized, terms it. assume deals for have Got the about office the terms recover? to or that cetera office I appear et specifically, do pricing, And in maybe buyers more to office office of willing property leasing fully deals buyers

Brett White

in rental buildings. and the certainly In not a in call XXXX, given marquee there's years, among mid-term compared few with the markets let's Class and of to A comfortable are that the relatively turmoil that's market we and think market underlying rates the assets. I real a it's and where rates the among we There fewer of I believe trades, quality it occupancy and I large geography mixed the saw office prior as bifurcation think the in dynamics size marketplace, the surprising buyers very seeing - are around and bag. fundamental

strongly are let's you the in that late you moment, out data At and or absorption we're consider at we forecasting - for positive that peak forecasts the there in begin 'XX, and rent positive the see these to XXXX, move start growth If moment. that a 'XX. moving in vacancies look to

long-term better not a a is in a say they're the underwriting rollover with bit office at sanguine do right lot couple year the looking vacancy going is long-term, first that around much A term. to is probably mid-term are that us in and the Class one building a even months pretty sure with like it recession. of a right the Kevin nine I give moment, look about this if going lot buyer of said, investor their say not building, sound, years, it's tenant, high-quality how high-quality any locations, fundamentally at lot would Class long It's times to aligned B interesting rough really high-quality prospects I more say, that's a the mid-term now, completely market now. high-credit believe general a space, generally, long-term I but what with is which question. good But signaling A office in is for than, assets next of building at investment the the for a of But community So in answered would Class yet.

see it's office a this we severe the short-term capital behaving investing the year, people much saw office that in the differently in You last other to But it any same we not happening trades expect saw fairly year. sector, of number than real recession. sector;

versus that I three - someone same or might or around that renew footprint really now. the store unanswered are people now office think are questions years right lease from today occupier what two

footage. next employment. maybe footprint the longer, would would growth and is in square a it by signing they if to they over today office today, say less the their they'd were occupiers, a large and get be fair renewing say three shorter But, bit think maybe dynamic think about a I lease Kevin that a bit years, try or that work-from-home new today, most as bit said, that the office dynamic, as mitigated

office prospects office be at the and the sector, although long-term going we an and for as look for we of investible asset couple rocky years. the sector look an it, to we are mid-term class, class, believe, as So, it's at next investment and the positive,

Stephen Sheldon

Got it, for one me. really Last helpful.

On see you to the the expect differences a can Markets? you any Leasing you between Brokerage to Capital first Brokerage guidance, Duncan, think, high it be quarter said level I for materially, and frame at down,

Brett White

you ahead, got say Duncan. ahead, just Go would --- it. Go I

Duncan Palmer

say simply - to Well, in sort of I really, through was COVID just the math hallway last that is going year. just March kicked

driven see that, right. expect decline And sort some by so year-over-year, to of we'd

the as So and to that between I mix point a don't of really have Leasing view specific Markets. Capital

think, Markets, of I do way something to saw different Leasing add that a be through Brett about and in maybe we're that that that view do a don't but specific unusually minute, I what QX. Brett think in talking will Markets. alluded expected, be think, thing we I the reasons have a Capital we to, expect we will and see, trend that the happened all for that the much Brett? general QX necessarily we trend between What was QX that we we strong of don't that to particular XXXX. had versus as which think this think did in the Capital in what sort But you

Brett White

or attractive. estate, environment, Yes, goes are concerns low it's in hard with a assets, feet interest means around and very a a the like when how much it released back already I XXXX be of been Right lot market by the way, this in absorption commercial and office rates, now, the bit everyone to real mixed market is space is balanced ultimately going of negative of That, already the in million XXX square of net not. market, is think, to awash by And into again, has work story. space what system. course, liquidity, in released the

happened than it's XXXX. liquidity. are environment. the but we had days we different which less is not recovery, a Markets, of this GFC, in in awash we liquidity, a XXXX, last Capital other Markets that through recession bit expect leading clearly, crisis are Capital Today, We issues. more GFC, now in in the early of dealing recovery, but and what saw with

occupiers they Leasing said, fair it's kick for an the their a than probably, down to can So, a have for they as they to something you year lease year, the real with XX - up would expected. say, better do of coming had think months markets, need awful if to Capital commercial Last estate lot lease. or today in had we needed road. renewal, I The shape Markets is Kevin

that do can't forever. You

looking as footage and augers live if partially this as do. we year. Leasing would rather said, typically recovery wondering of But, than a square again, the next and folks is at bit early in end less, perhaps more, Kevin a for they back year bit get also stronger bit their As with mitigated that they by that can to a

positive that this Capital there's And fall At the I his days be certainly say believe, Markets, of lot right see place early for things very in end a in general curtailed is as that have referenced was to pleasant positive signals. in active, a here. and dealt as environment, moment, a been get that a do to as be So, all of thing. Capital of comments, surprise. early, to year. in activity, the going that's the A good way. of in a get Kevin and did to Markets, in in Duncan back are we're fourth during recovery shutdown, that going herd we immunity, we this quarter, the pent-up some of we has probably post-COVID his, to with to a to get demand need leasing to strong

Stephen Sheldon

Great, thank you.

Operator

Thank you.

Our next from question comes with Vikram with Malhotra your proceed Please question. Morgan Stanley.

Vikram Malhotra

taking for questions. the Thanks

we difficult know what about that visibility wearing the the is just the know from sort anything is several Is different given But say recessions visibility? talking there I'm indicators that's pace how different? worse? better, feel recovery, Is predict, today wondering, prior sort of versus but you to I'm of different. today, Brokerage visibility recession. leading every because similar, seen of recession I and not hats, industry is in You've the

Brett White

years, we would reason. say the into forecasts concrete, pipeline for we be and we're from Every today and look in growth is gets the pace positive. getting at last better. and like recession, that, to with look were because or the here, are eight number think question. office that long-term carefully, better year leases seven forecasting of we repeating made long-term today, in certainly, to will how the 'XX measuring positive. better negatives would we've a do to instead are are visibility. GDP about and all and how I think points that, a certainly estate. renewed first space. It's behave, job how of data the the to 'XX Those of data. a occupancy better, nature in complexion, do say and do terms talked that but us to very of forward about. watching than are Well, potentially XXXX visibility bit have move for data and good we of translate as of has the been the there has into a using we've research number higher year XX real today, mid-term what of with The our firms function technology activity just as year, we with all, this were visibility will of year and of and more the and The for the feel here we all you negatives they that it those I might have client industry Q&A, in quality it it And and might behave examining, forward, immunization, last what commercial we're this from what are has lot We're When or

for As that's say going change, we that good made, to is about better the But we're and look moment about want think could and in we've as is data could you what a in to year, to the visibility you environment, and we change at comments pretty decent, 'XX it that add data the about that the of the Duncan, that 'XX pipeline watching right far that? tone, pressure. term moment. we that lot it and so said, than But about feel you've the the there feel But to there comments this our that that's some in variables the careful like ago. very say, I Kevin carefully. in as But forecasting back I we heard did good it, months are and 'XX, out could year is now. it take quickly. end made and would move. anything are our of many X-X and because And I'd at I'll that Duncan good a that shape being we're long We're guidance, reason, say short that's term shape, would not providing under providing

Duncan Palmer

obviously, event a natural know kind of around, where time this this that is, and sort because agreeing find you've bottom. trough, and disaster, you, We we're 'XX aftermath sort the thing a mean, recessionary of as I to Yes, was it, being dealing of second of so I got it to quarter much the the with very of really waiting Brett. now of event potentially sort with recovery from just bottom was. opposed was

the predict, Now, tough we're of we're of about no talking to recovery, of recovery, patchiness nature sector, just but the the longer recovery by find to speed trying bottom.

Capital the sort Markets. So different this it's It around when the leader was looks it thing obviously more maybe of than was and it like GFC. lagging much in time judging recovery, stronger a very that's is other

Vikram Malhotra

That's interesting.

Brett White

'XX, asked how compared you about if and model you about question, 'XX, 'XX, GFC, of think coming you thing shaping this, Vikram, The as you're thinking from one the the the the to about out is, this, do a trough year couple much healthier Markets just and situation, are than there's of right a of much this are GFC, variables now that healthier. One different. Capital were they in model

different generally variables fairly recovery, office The rest here. second should are and for that is way that healthier couple demand and I recovery, it'll than a traditional think, environment, of office. a Capital pretty Those and then is the question probably utilization here two, a variable. of space is and work, speaking, have U.S. wildly economies be potential in The are other recessionary lot general, the is are of it recessions question Markets liquidity, around The the so the mark last different of been it that The the economy the just through. the pace type around negative modeling. thinking unique of variables

Vikram Malhotra

really good That's interesting and color.

they're office start to to you, Brett, shorter-term many maybe or on year as expiration. or Just last renewals Kevin. of they prior building but negotiations look I especially you tend year year, two for for to this leases, a that years the comment, larger know beyond, and

any would they to - potentially So, I look think want comment seek, if or just look or paraphrasing, conversations made. or that Is your you're based I'm tenants slightly they just differences less bit tenants get there high-level on to if on can many what by small Are renew on may, that years, get they space. they to comment or two large renew if more sector? between hearing? you a color

Brett White

Kevin still of Unfortunately Kevin—first all, I - and don't line? know is the on if

Kevin Thorpe

to happy swing. a take I'm Yes,

Brett White

color and when Yes, Kevin, why I'll add just first ball don't hit done? you're any this

Kevin Thorpe

Sure.

think - likely on and a typical pent-up and some I whether of there's half the - think that's the second in the that's idea way use I'll this numbers. 'XX, occurs in into to or about future, it In demand be In that's a is million year of here's, year to it. leasing XXX the think, about think track. way that on that typical of this U.S., office we about year, square XX and executed I there's the markets based feet

significant includes the square feet. to feet was So, which market-wide, just that a businesses lease only millions means leases, so about completed businesses year, about there renewals, renewing market new leasing that's XXX million their so square That's That's all-in coming Last XXX It all lease. leases. to of space. drop. was

didn't know is inference companies the what there do. So to

out of was of tracking had shows of do and and have a we'll expire, more short—let's number just for space, the So once it next home our the figure of them certainty. that's this some We'll figure And businesses them renewals a renew that it, leases many that out that many for let's double said, in renewal stopped, were businesses said, let's short-term go renewals we expire, some looking market year. year. that And norm. let's a

that the So, was environment.

well, they for this up dynamic, space, there's the likely who now high, they lease. booking where pandemic we demand businesses XX last what us. this which the three look and have? for space, very they behind Well, pent-up that months, and Now, again stopped find signs start year, do renewed fast-forward they space, to that is will Businesses for showing it's to say, year was

lease. productive team, it a space again, to sign okay longer-term lease. the We Let's let's they'll way for okay say, back forward a and year, just need who of home for will some And that said, get a but go some wasn't sign some businesses be everyone. to go and well, have for

will So, the then of I maybe is maybe good pent-up I maybe think that sort will XXXX, will, even probably it modelling in and that's that think it think captured, going to activity, and when way forward, about a demand XXXX. it stronger get of portion again,

So, that's sort it, of on my Brett. read

Brett White

office this I like to were the add the of people the XX%, you the is, can the a to Yes, market of none or and I'll - again find pandemic, use this so in cut Kevin, would to well we're when I'd said, thing early way. days and our going many and by example. there give CEOs never specific far least, a now about were right the at lot we'll of I talking by that only add --well, as rash footprint really, about, rhetoric happened.

going take footage late less might before. going that'll hard had to they're say he have had that One of redone would HQ I told renewed I This could summer We space same a of exactly about more almost business. that you lot last what and because others take was the they as up to using same back. the but try had growing we We space changed they we long less could find with have that a near-term of in the a cut them said, the they really square they're to or they have mentioned, lot just been reasons. could take of And able our buildings. ended I space. And in not can would differently, for they year. any competitors, conversation CEOs a at ago, they location. it renewed get They and getting space, he tell me We me they and weren't the added. have told that their were had, to have

I is situation. this think, very unfortunately, a fluid

rhetoric lot the mean with pointing the will Kevin, way rhetoric the of of us, considered lot not that ultimately view, a probably in the there's to land directions, necessarily for does that place think on actions data I is be a Again, is this seen, taken. in best but market his he's different though.

Vikram Malhotra

Fair enough.

Just last one.

two and talk of changes On across to are given post-pandemic climate climate in in specific the focus the then post-pandemic, business does increasing change, on for just and terms one just PM/FM can and of to drivers, just leaning meaningful - board, business, anything that the security kind just you line, the ESG the revenue change-related, PM/FM? eventually add

Brett White

in owners, say our industry, for for think Cushman is all certainly ESG, carbon, and a whether revenue a and in for in quite firms, are event. or and design firms I are us services open us of people potential building building whether all revenue that'll like going a YXK receiving gathering, be be others, an remains of & the engineering - or that to adjacent work verticals, and analysis revenue be material big space, focused likely would the the our the around work It doing. business seen in PM/FM area. the now there's moment that around such be some work space, energy line at in future services Certainly, Certainly, that a consulting retrofit as I for building money needle work opportunities to other they're forth. right mover issue, all in bit paying on lot a so tenants, the a it's from line a question. particular data or it's and Building peer will and firms providers us this retrofit, this of Wakefield group, or and of like is lot and around but

for to I emerging think I'd industry. fairly and opportunity it describe likely the and as an best material

Vikram Malhotra

so thanks much. Great,

Operator

you. Thank

from next your Our of Funk America. question. proceed Bank Mike comes Please from with question

Michael Funk

funnel pulled tax the 'XX? you much I Duncan, about thank changes And you 'XX new potential question. luck administration. help. the property into to in being got In pulled of forward for how remarks, to in the for you and prepared of much Can sales you, XQ, you very with could. close best the talked funnel you quarter again A about some thank of Yes, the into the if few, of your rates talked quantify you in fourth expected

Brett White

know, take I at anecdotally. shot really don't why a this, you we can't. least but, Yes, at don't No, Kevin,

Kevin Thorpe

Yes, along, and to of then larger so quarter. a that fourth demand I out, off really put helped the sort of parse sales in then a quarters, - having vaccine was activity. spike what of the saw but optimism debt largely number And of December, pandemic pent-up in it's in lack and markets, with true, mostly QX, volume. the is was the in preceding more think deals I of liquidity was My started in impression my think, in was that been due impossible there deal to that and that we combination factors, really

changes policy. change. to think Then so, some of incentive getting And But tax eliminated, combination the was change, so something likely the also there's XXXX throughout go-forward, was in fear on to factors. see economy to factors is it over it's the and think Markets go I And tend changes, dynamics, Tax as from bit changes that Capital I years. like be policy to the are adjusts just again, we there, and and phased a as as there's important study I there and time so for property is to a a rates strong it geopolitical phase-in there market to have if changes the that. every think other be December policy and forth. adjust, policy all history, tax long from how the will and interest When you the in, of

as are I sort think important there. gauging in trajectory of the future just

Michael Funk

try back for to appreciate Thank consensus half of if I slide property September it correlates office offices. with like expected types. you and repopulation around one that. piece recovery where of And year, the And kind in seems Brett I for show Kevin, the different the you by reopening could. of maybe

do of they space to terms in have place want leasing your you're after saying up then space is repopulation how try they they in the they are to is clients, the get that, recalibrate into before offices? the talking do and evaluate they that they Do of analyze they're the after or using expectation Do need, actually with back office, different? already that picks office the needs? And When plans So space? repopulation? people it

Brett White

Every great if everyone's is Look, lot on, companies of that get and is past we yes Day. more yes, and are we that - get offices. a around marker repopulation one's generalize, and probably that working no from we wait-and-see. but in there's see a until And marker home, aggressive and a answer think When It's yes. Labor question, we start offices thinking showing the many, going to when of the a on many different. to company I is up think I'm going

lots Certainly, really will and that my for past think, of them, when mid-term what there been companies is that companies, footprint. their plans are for I guess long-term of a that year. the is are to have begin consider lot their doing

talk or If but anecdotal. horribly I'm months. are, the types to be work, doing of likely That's at customers other the next we like generalize, firms than Gensler again, and footprint. these rather folks But, decisions few to they're lot a you on re-thinking with to are the that post-occupancy, I think that, as make generalizing, of

to data you to this got that either it? do. add Kevin's or on Kevin, better than want anything dispute I on Now,

Kevin Thorpe

I agree. No,

difficult office a very precision, return predict it's with full any moving the think to return, pieces. to force I of lot

roughly XX% appear of three get to say, next are as office, If two you look rush, access going on data. not based there of a into let's to in a months, that's certainly the at the [ph] and be capital it's And it to today, people doesn't employees rush back.

likely return, see hearing Brett. your people think full of a best more or There I I more to of But sort return from from really encouraging what return in employees agree office to gradually probably a administered clients to a year return significant is with be that's of see to there, the and but more timeframe. September be a will CEOs and will a the in employees more gradual guess, where gets majority we're occupiers we do general. encouraging - to the that people, to good office, My and assessment the full force our more this you force. there. vaccine pickup in return activity the As of

Brett White

this vast about time. it office of week. days in for that how decisions question If do be you an make a Kevin day long-term easy somewhat week, days us. of process three about how to It's to the of to the think aren't majority the that workers marketplace, a incremental be plays think companies rework think to majority a to going On But or office space? about ahead office footprint not in for is, are know the not out their to I the not company Certainly, try. everyone's be going some and we're don't the be might may two. in the going people a days week, your statistics I because the this office five It four gave, going be going for really quarters down of or

Michael Funk

XX% if XXX% the you're or of if would your before, said able it it willing peers be to. future, Yes, one was XX%, in

Brett White

- that. Kevin's projections almost yourself, they're Kevin, almost say you can it for are exactly

Kevin Thorpe

is is really made Sure. far really and will Surveys not so between ton X%, we've think, and of that just - in space, the modelled what's happened, conjecture far, it less not show What's occupied there's somewhere that's United on require range. of less about I that XX% interesting but total interesting a in States has that so by I amount that's the saying than what's declined is our space assumptions. businesses and XX% somewhere just topic or think generally that now insignificant.

space said, not there's now Brett feet is very XX%. but was pre-pandemic far It's X.X% leased from As square XXX that absorption, feels negative XX%, from empty. very very, million insignificant, and far so of

we're lot learn year, that I this more a think to just going yes.

Michael Funk

or If margin hike your time. wage for What I that? there, could, wage inflation through minimum just otherwise? any aware Duncan, are quick on either one PM/FM, thoughts potential impact in of Duncan, being more from on one

Duncan Palmer

recover not, because speaking, Generally most contracts, of able to were our that.

particularly way. impact a think So don't either it'll material be on I us

Michael Funk

for all you thank the Hey, great. time. Okay,

Operator

you. Thank

next Rick question. comes proceed Skidmore Goldman question your from Sachs. Our with Please with

Richard Skidmore

Good afternoon.

up follow question. a Just

Is from Asia-Pacific, you few better on at might leasing in that the up and would the expected and the your maybe the just seeing U.S. bit quarters Asia-Pacific's you would virus. office look have there is you're a market? that my follow Can assumption maybe returning around you As what a to Asia-Pacific into translate be, maybe business, as And in return Asia-Pacific that the and specifically, look on vaccinations Thank market? anything U.S. year-over-year. a office of ahead to little learn you. to they've then, elaborate at Asian be what done, to

Brett White

Sure.

Let just me start generally with speaking.

Asia-Pacific, our of the asset right, you're reasons at for speaking, recession, generally to geography. So, it coming different pertains in real commercial We look out estate. class a as and leader pandemic the as

jurisdictions was markets leasing because to comments coming are are think, I - - return seeing a leasing days I a many as in in Kevin, we leader, out Asia-Pacific in here. at these to they as early support mentioned, we're believe, your return in activity, the before

our As to they're still Kong. we is, down. very a imposed now. here. is lockdown property and through And very that it's it flowed Asia very negatives severe wants pertains markets, Hong a very Hong a locked There don't in Asia-Pacific, it's business, They has right business in are quarantine large in Basically, very, own what anyone positives that XX-day Kong to way. just business. diversified for a to come markets that anyone want saying that and

the China well 'XX. Mainland quite in for our And did same the in think in 'XX. PM/FM JV we'll Vanke On hand, other we do

days would say very again, Western the would a So, and don't, know positive to that, mixed bag a Kevin, comments a that of leading positive. you Asia-Pacific. want there. indicator that? bit add and just for U.S., early a speaking, of as that's, that, I We takeaways I you specifically, but Asia-Pacific, spend lot over time would in take be generally from Any Europe to a

Kevin Thorpe

more positive They're pretty an taking that China it. of covers that an think and absorbing is expanding increasing examples where region Mainland It space. of the world are much I a actually example. actually businesses absolute in is and number space, There's No, story.

you're some XX XXXX, actually region Shenzhen, the absorbed Korea. in in double second in of China, half markets, In that half it's Indian the just It office of all of year. what feet Beijing, Shanghai, seeing Mainland fact, it the of the positive. they in in of absorbed And was last world square second Seoul, not million space

number important across I is for of out accepted it's reasons, the of to less the work-from-home world dynamic region factors. reasons, other think point and a that cultural

in equally, can the we parts be think other of say followed is office a So what But, contained I is seeing I observing the snapback in you don't there, the dismiss can one fact the that of we're virus world. space. of for the that don't more world region more think same where that pattern will demand

Brett White

of in received XX% text just terms our less would Forrester in add I office to people the just he's headquarters from Trying need President, between who's that their use and - or X% very a seeing, less early I X% staff pointed out with is Yes, example that. at evening. your necessarily or I at XX% a for office It XX%, that XX% what be put and or if you way energy at space. forward John's definitely that at any correlation able may up London, the lot you just layout - it's in here or layman's in that XX%. well marketplace. many into just leave it the may very John to office competitor XX% X%, space. you that he's staying use the are days, our cut late can direct cut or this least mean, But not to what square to mentioning this seeing, footage space differently are going that's days you by going the early text rework doesn't XX%, and how XX% around not XX% least on space that by in going these your just day me people in forward or now. given home have People right permanently, to a by and they there's necessarily of less Company though,

I very point. a think it's good

Richard Skidmore

color. Great, for the thank you

Operator

Thank you.

James. with Our Raymond last with your Patrick Please question from question. O'Shaughnessy comes proceed

Patrick O'Shaughnessy

keep time, one evening. question. Hey, the In interest just good of it to I'll

So you with multifamily Company's are capabilities comfortable types, are and are now. and your pretty what aspirations How right industrial your hot further potentially build logistics those in those to obviously areas areas? in property

Brett White

sweet Yes, but great they're two it's and in right & Cushman logistics, those verticals, a multifamily question. We love Wakefield's industrial spot.

have very we're We capability, is made logistics some initiatives the on quite focused for significant ago Five U.S. multifamily on a parts industrial particularly for and time in Western a the us. vertical Europe, very we very, to a years in this Multifamily, that identified firm the like would acquisition deep of one Asia-Pacific, We as that we year. attractive Capital of in ago, logistics. up-weight multifamily in and quite the U.S. Market. industrial

those bullish You we Cushman management has that years industrial which been been here the always now business Pinnacle, on where on of We've is I two U.S. logistics domiciled in ago Wakefield. the - & Dallas. core in one strengths actually U.S., leading recall here going The property --, of may in both almost a verticals. the multifamily am business purchased

tremendous to the there's into that for as we both those Western mentioned, some that platform verticals, think can grow these white compelling recognizing logistics places as are a that is what do good already we have So news We our in business, is we quickly. to such us, intend to Europe, don't to startup and and recognize there. great have leverage I business where geographies, now do space we businesses now industrial

Patrick O'Shaughnessy

Thank you.

Brett White

You bet.

Operator

are further this for no There back I turn you. like at to floor questions Thank any closing time. to comments. Management would the

Brett White

Sure. this Well, the we evening. all questions appreciate

what you're another looks Thank well very about that curious is views economic And forward talking on some future call We quarter. look we tonight's Be of You our you. everyone's like. safe. views in you and to a hope situation, future. the the about fluid you can to that clarity gave everyone all tell when very in be

Operator

conference. today's concludes This

time. you at You have and your may a Thank for this disconnect participation evening. wonderful lines your

Cushman & Wakefield (CWK) 28 Feb 212020 Q4 Earnings call transcript