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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
We account for revenue with customers in accordance with FASB ASC Topic 606, “Revenue from Contracts with Customers” (Topic 606). Revenue is recognized when or as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to receive in exchange for those services.
Disaggregated Revenue
The following tables represent a disaggregation of revenue from contracts with customers by type of service and/or segment (dollars in millions):
Three Months Ended March 31, 2025
Advisory
Services		Building Operations & ExperienceProject ManagementReal Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $4,769 $— $— $— $4,769 
Project management— — 1,632 — — 1,632 
Advisory leasing862 — — — — 862 
Advisory sales360 — — — — 360 
Property management— 586 — — (4)582 
Valuation183 — — — — 183 
Other portfolio services81 — — — — 81 
Commercial mortgage origination (1)
43 — — — — 43 
Loan servicing (2)
23 — — — — 23 
Investment management— — — 154 — 154 
Development services— — — 74 — 74 
Topic 606 Revenue1,552 5,355 1,632 228 (4)8,763 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination45 — — — — 45 
Loan servicing97 — — — — 97 
Development services (3)
— — — 5 — 5 
Total Out of Scope of Topic 606 Revenue142 — — 5 — 147 
Total Revenue$1,694 $5,355 $1,632 $233 $(4)$8,910 
Three Months Ended March 31, 2024
Advisory
Services		Building Operations & ExperienceProject ManagementReal Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $4,266 $— $— $— $4,266 
Project management— — 1,519 — — 1,519 
Advisory leasing733 — — — — 733 
Advisory sales325 — — — — 325 
Property management— 434 — — (6)428 
Valuation167 — — — — 167 
Other portfolio services93 — — — — 93 
Commercial mortgage origination (1)
30 — — — — 30 
Loan servicing (2)
35 — — — — 35 
Investment management— — — 149 — 149 
Development services— — — 77 — 77 
Topic 606 Revenue1,383 4,700 1,519 226 (6)7,822 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination28 — — — — 28 
Loan servicing83 — — — — 83 
Development services (3)
— — — 2 — 2 
Total Out of Scope of Topic 606 Revenue111 — — 2 — 113 
Total Revenue$1,494 $4,700 $1,519 $228 $(6)$7,935 
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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 FASB ASC Topic 842, “Leases.”
Contract Assets and Liabilities
We had contract assets totaling $503 million ($411 million of which was current) and $489 million ($400 million of which was current) as of March 31, 2025 and December 31, 2024, respectively.
We had contract liabilities totaling $403 million (all of which was current) and $375 million (all of which was current) as of March 31, 2025 and December 31, 2024, respectively. During the three months ended March 31, 2025, we recognized revenue of $100 million that was included in the contract liability balance at December 31, 2024. The majority of contract liabilities are recognized as revenue within 90 days.