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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 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 June 30, 2025
Advisory
Services		Building Operations & ExperienceProject ManagementReal Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $5,119 $— $— $— $5,119 
Project management— — 1,786 — — 1,786 
Advisory leasing995 — — — — 995 
Advisory sales460 — — — — 460 
Property management— 645 — — (7)638 
Valuation196 — — — — 196 
Other portfolio services96 — — — — 96 
Commercial mortgage origination (1)
58 — — — — 58 
Loan servicing (2)
21 — — — — 21 
Investment management— — — 144 — 144 
Development services— — — 71 — 71 
Topic 606 Revenue1,826 5,764 1,786 215 (7)9,584 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination69 — — — — 69 
Loan servicing101 — — — — 101 
Total Out of Scope of Topic 606 Revenue170 — — — — 170 
Total Revenue$1,996 $5,764 $1,786 $215 $(7)$9,754 
Three Months Ended June 30, 2024
Advisory
Services		Building Operations & ExperienceProject ManagementReal Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $4,360 $— $— $— $4,360 
Project management— — 1,563 — — 1,563 
Advisory leasing875 — — — — 875 
Advisory sales384 — — — — 384 
Property management— 495 — — (3)492 
Valuation184 — — — — 184 
Other portfolio services92 — — — — 92 
Commercial mortgage origination (1)
44 — — — — 44 
Loan servicing (2)
35 — — — — 35 
Investment management— — — 149 — 149 
Development services— — — 80 — 80 
Topic 606 Revenue1,614 4,855 1,563 229 (3)8,258 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination44 — — — — 44 
Loan servicing86 — — — — 86 
Development services (3)
— — — 3 — 3 
Total Out of Scope of Topic 606 Revenue130 — — 3 — 133 
Total Revenue$1,744 $4,855 $1,563 $232 $(3)$8,391 
Six Months Ended June 30, 2025
Advisory
Services		Building Operations & ExperienceProject ManagementReal Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $9,887 $— $— $— $9,887 
Project management— — 3,417 — — 3,417 
Advisory leasing1,857 — — — — 1,857 
Advisory sales819 — — — — 819 
Property management— 1,232 — — (11)1,221 
Valuation379 — — — — 379 
Other portfolio services178 — — — — 178 
Commercial mortgage origination (1)
99 — — — — 99 
Loan servicing (2)
45 — — — — 45 
Investment management— — — 299 — 299 
Development services— — — 143 — 143 
Topic 606 Revenue3,377 11,119 3,417 442 (11)18,344 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination116 — — — — 116 
Loan servicing197 — — — — 197 
Development services (3)
— — — 6 — 6 
Total Out of Scope of Topic 606 Revenue313 — — 6 — 319 
Total Revenue$3,690 $11,119 $3,417 $448 $(11)$18,663 
Six Months Ended June 30, 2024
Advisory
Services		Building Operations & ExperienceProject ManagementReal Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $8,626 $— $— $— $8,626 
Project management— — 3,082 — — 3,082 
Advisory leasing1,607 — — — — 1,607 
Advisory sales709 — — — — 709 
Property management— 929 — — (9)920 
Valuation351 — — — — 351 
Other portfolio services185 — — — — 185 
Commercial mortgage origination (1)
75 — — — — 75 
Loan servicing (2)
71 — — — — 71 
Investment management— — — 298 — 298 
Development services— — — 158 — 158 
Topic 606 Revenue2,998 9,555 3,082 456 (9)16,082 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination72 — — — — 72 
Loan servicing168 — — — — 168 
Development services (3)
— — — 4 — 4 
Total Out of Scope of Topic 606 Revenue240 — — 4 — 244 
Total Revenue$3,238 $9,555 $3,082 $460 $(9)$16,326 
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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 $485 million ($382 million of which was current) and $489 million ($400 million of which was current) as of June 30, 2025 and December 31, 2024, respectively.
We had contract liabilities totaling $420 million (all of which was current) and $375 million (all of which was current) as of June 30, 2025 and December 31, 2024, respectively. During the three and six months ended June 30, 2025, we recognized revenue of $48 million and $148 million, respectively, that was included in the contract liability balance at December 31, 2024.