Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2024

The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions):


	Year Ended December 31, 2024
	Advisory Services		Global Workplace Solutions		Real Estate Investments		Corporate, other and eliminations		Consolidated
Topic 606 Revenue:
Facilities management	$	—	$	17,227	$	—	$	—	$	17,227
Project management	—		7,913		—		—		7,913
Advisory leasing	3,932		—		—		—		3,932
Advisory sales	1,774		—		—		—		1,774
Property management	2,222		—		—		(17)		2,205
Valuation	751		—		—		—		751
Commercial mortgage origination (1)	196		—		—		—		196
Loan servicing (2)	82		—		—		—		82
Investment management	—		—		650		—		650
Development services	—		—		373		—		373
Topic 606 Revenue	8,957		25,140		1,023		(17)		35,103
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination	400		—		—		—		400
Loan servicing	249		—		—		—		249
Development services (3)	—		—		15		—		15
Total Out of Scope of Topic 606 Revenue	649		—		15		—		664
Total Revenue	$	9,606	$	25,140	$	1,038	$	(17)	$	35,767


	Year Ended December 31, 2023
	Advisory Services		Global Workplace Solutions		Real Estate Investments		Corporate, other and eliminations		Consolidated
Topic 606 Revenue:
Facilities management	$	—	$	15,205	$	—	$	—	$	15,205
Project management	—		7,310		—		—		7,310
Advisory leasing	3,503		—		—		3		3,506
Advisory sales	1,611		—		—		—		1,611
Property management	1,928		—		—		(20)		1,908
Valuation	716		—		—		—		716
Commercial mortgage origination (1)	138		—		—		—		138
Loan servicing (2)	73		—		—		—		73
Investment management	—		—		592		—		592
Development services	—		—		345		—		345
Topic 606 Revenue	7,969		22,515		937		(17)		31,404
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination	286		—		—		—		286
Loan servicing	244		—		—		—		244
Development services (3)	—		—		15		—		15
Total Out of Scope of Topic 606 Revenue	530		—		15		—		545
Total Revenue	$	8,499	$	22,515	$	952	$	(17)	$	31,949


	Year Ended December 31, 2022
	Advisory Services		Global Workplace Solutions		Real Estate Investments		Corporate, other and eliminations		Consolidated
Topic 606 Revenue:
Facilities management	$	—	$	15,201	$	—	$	—	$	15,201
Project management	—		4,650		—		—		4,650
Advisory leasing	3,872		—		—		3		3,875
Advisory sales	2,523		—		—		—		2,523
Property management	1,849		—		—		(19)		1,830
Valuation	765		—		—		—		765
Commercial mortgage origination (1)	274		—		—		—		274
Loan servicing (2)	57		—		—		—		57
Investment management	—		—		595		—		595
Development services	—		—		404		—		404
Topic 606 Revenue	9,340		19,851		999		(16)		30,174
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination	289		—		—		—		289
Loan servicing	254		—		—		—		254
Development services (3)	—		—		111		—		111
Total Out of Scope of Topic 606 Revenue	543		—		111		—		654
Total Revenue	$	9,883	$	19,851	$	1,110	$	(16)	$	30,828

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(1)We earn fees for arranging financing for borrowers with third-party lender contacts. Such fees are in scope of Topic 606.

(2)Loan servicing fees earned from servicing contracts for which we do not hold mortgage servicing rights are in scope of Topic 606.

(3)Out of scope revenue for development services represents selling profit from transfers of sales-type leases in the scope of Topic 842.