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Revenue from Contracts with Customers
 9 Months Ended
Sep. 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 September 30, 2025
Advisory
Services		Building Operations & ExperienceProject ManagementReal Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $5,137 $— $— $— $5,137 
Project management— — 2,027 — — 2,027 
Advisory leasing1,145 — — — — 1,145 
Advisory sales544 — — — — 544 
Property management— 657 — — (9)648 
Valuation194 — — — — 194 
Other portfolio services90 — — — — 90 
Commercial mortgage origination (1)
55 — — — — 55 
Loan servicing (2)
47 — — — — 47 
Investment management— — — 148 — 148 
Development services— — — 61 — 61 
Topic 606 Revenue2,075 5,794 2,027 209 (9)10,096 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination80 — — — — 80 
Loan servicing80 — — — — 80 
Development services (3)
— — — 2 — 2 
Total Out of Scope of Topic 606 Revenue160 — — 2 — 162 
Total Revenue$2,235 $5,794 $2,027 $211 $(9)$10,258 
Three Months Ended September 30, 2024
Advisory
Services		Building Operations & ExperienceProject ManagementReal Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $4,638 $— $— $— $4,638 
Project management— — 1,683 — — 1,683 
Advisory leasing974 — — — — 974 
Advisory sales420 — — — — 420 
Property management— 507 — — (7)500 
Valuation178 — — — — 178 
Other portfolio services96 — — — — 96 
Commercial mortgage origination (1)
44 — — — — 44 
Loan servicing (2)
24 — — — — 24 
Investment management— — — 196 — 196 
Development services— — — 104 — 104 
Topic 606 Revenue1,736 5,145 1,683 300 (7)8,857 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination71 — — — — 71 
Loan servicing106 — — — — 106 
Development services (3)
— — — 2 — 2 
Total Out of Scope of Topic 606 Revenue177 — — 2 — 179 
Total Revenue$1,913 $5,145 $1,683 $302 $(7)$9,036 
Nine Months Ended September 30, 2025
Advisory
Services		Building Operations & ExperienceProject ManagementReal Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $15,024 $— $— $— $15,024 
Project management— — 5,444 — — 5,444 
Advisory leasing3,001 — — — — 3,001 
Advisory sales1,364 — — — — 1,364 
Property management— 1,889 — — (20)1,869 
Valuation573 — — — — 573 
Other portfolio services267 — — — — 267 
Commercial mortgage origination (1)
155 — — — — 155 
Loan servicing (2)
136 — — — — 136 
Investment management— — — 447 — 447 
Development services— — — 204 — 204 
Topic 606 Revenue5,496 16,913 5,444 651 (20)28,484 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination196 — — — — 196 
Loan servicing233 — — — — 233 
Development services (3)
— — — 8 — 8 
Total Out of Scope of Topic 606 Revenue429 — — 8 — 437 
Total Revenue$5,925 $16,913 $5,444 $659 $(20)$28,921 
Nine Months Ended September 30, 2024
Advisory
Services		Building Operations & ExperienceProject ManagementReal Estate
Investments		Corporate, other and eliminationsConsolidated
Topic 606 Revenue:
Facilities management$— $13,263 $— $— $— $13,263 
Project management— — 4,766 — — 4,766 
Advisory leasing2,582 — — — — 2,582 
Advisory sales1,129 — — — — 1,129 
Property management— 1,437 — — (16)1,421 
Valuation528 — — — — 528 
Other portfolio services282 — — — — 282 
Commercial mortgage origination (1)
117 — — — — 117 
Loan servicing (2)
143 — — — — 143 
Investment management— — — 494 — 494 
Development services— — — 261 — 261 
Topic 606 Revenue4,781 14,700 4,766 755 (16)24,986 
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination144 — — — — 144 
Loan servicing226 — — — — 226 
Development services (3)
— — — 7 — 7 
Total Out of Scope of Topic 606 Revenue370 — — 7 — 377 
Total Revenue$5,151 $14,700 $4,766 $762 $(16)$25,363 
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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 $535 million ($415 million of which was current) and $489 million ($400 million of which was current) as of September 30, 2025 and December 31, 2024, respectively.
We had contract liabilities totaling $382 million (all of which was current) and $375 million (all of which was current) as of September 30, 2025 and December 31, 2024, respectively. During the three and nine months ended September 30, 2025, we recognized revenue of $58 million and $206 million, respectively, that was included in the contract liability balance at December 31, 2024.