Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue from Contracts with Customers

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 & Experience		Project Management		Real Estate Investments		Corporate, other and eliminations		Consolidated
Topic 606 Revenue:
Facilities management	$	—	$	5,137	$	—	$	—	$	—	$	5,137
Project management	—		—		2,027		—		—		2,027
Advisory leasing	1,145		—		—		—		—		1,145
Advisory sales	544		—		—		—		—		544
Property management	—		657		—		—		(9)		648
Valuation	194		—		—		—		—		194
Other portfolio services	90		—		—		—		—		90
Commercial mortgage origination (1)	55		—		—		—		—		55
Loan servicing (2)	47		—		—		—		—		47
Investment management	—		—		—		148		—		148
Development services	—		—		—		61		—		61
Topic 606 Revenue	2,075		5,794		2,027		209		(9)		10,096
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination	80		—		—		—		—		80
Loan servicing	80		—		—		—		—		80
Development services (3)	—		—		—		2		—		2
Total Out of Scope of Topic 606 Revenue	160		—		—		2		—		162
Total Revenue	$	2,235	$	5,794	$	2,027	$	211	$	(9)	$	10,258


	Three Months Ended September 30, 2024
	Advisory Services		Building Operations & Experience		Project Management		Real Estate Investments		Corporate, other and eliminations		Consolidated
Topic 606 Revenue:
Facilities management	$	—	$	4,638	$	—	$	—	$	—	$	4,638
Project management	—		—		1,683		—		—		1,683
Advisory leasing	974		—		—		—		—		974
Advisory sales	420		—		—		—		—		420
Property management	—		507		—		—		(7)		500
Valuation	178		—		—		—		—		178
Other portfolio services	96		—		—		—		—		96
Commercial mortgage origination (1)	44		—		—		—		—		44
Loan servicing (2)	24		—		—		—		—		24
Investment management	—		—		—		196		—		196
Development services	—		—		—		104		—		104
Topic 606 Revenue	1,736		5,145		1,683		300		(7)		8,857
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination	71		—		—		—		—		71
Loan servicing	106		—		—		—		—		106
Development services (3)	—		—		—		2		—		2
Total Out of Scope of Topic 606 Revenue	177		—		—		2		—		179
Total Revenue	$	1,913	$	5,145	$	1,683	$	302	$	(7)	$	9,036


	Nine Months Ended September 30, 2025
	Advisory Services		Building Operations & Experience		Project Management		Real Estate Investments		Corporate, other and eliminations		Consolidated
Topic 606 Revenue:
Facilities management	$	—	$	15,024	$	—	$	—	$	—	$	15,024
Project management	—		—		5,444		—		—		5,444
Advisory leasing	3,001		—		—		—		—		3,001
Advisory sales	1,364		—		—		—		—		1,364
Property management	—		1,889		—		—		(20)		1,869
Valuation	573		—		—		—		—		573
Other portfolio services	267		—		—		—		—		267
Commercial mortgage origination (1)	155		—		—		—		—		155
Loan servicing (2)	136		—		—		—		—		136
Investment management	—		—		—		447		—		447
Development services	—		—		—		204		—		204
Topic 606 Revenue	5,496		16,913		5,444		651		(20)		28,484
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination	196		—		—		—		—		196
Loan servicing	233		—		—		—		—		233
Development services (3)	—		—		—		8		—		8
Total Out of Scope of Topic 606 Revenue	429		—		—		8		—		437
Total Revenue	$	5,925	$	16,913	$	5,444	$	659	$	(20)	$	28,921


	Nine Months Ended September 30, 2024
	Advisory Services		Building Operations & Experience		Project Management		Real Estate Investments		Corporate, other and eliminations		Consolidated
Topic 606 Revenue:
Facilities management	$	—	$	13,263	$	—	$	—	$	—	$	13,263
Project management	—		—		4,766		—		—		4,766
Advisory leasing	2,582		—		—		—		—		2,582
Advisory sales	1,129		—		—		—		—		1,129
Property management	—		1,437		—		—		(16)		1,421
Valuation	528		—		—		—		—		528
Other portfolio services	282		—		—		—		—		282
Commercial mortgage origination (1)	117		—		—		—		—		117
Loan servicing (2)	143		—		—		—		—		143
Investment management	—		—		—		494		—		494
Development services	—		—		—		261		—		261
Topic 606 Revenue	4,781		14,700		4,766		755		(16)		24,986
Out of Scope of Topic 606 Revenue:
Commercial mortgage origination	144		—		—		—		—		144
Loan servicing	226		—		—		—		—		226
Development services (3)	—		—		—		7		—		7
Total Out of Scope of Topic 606 Revenue	370		—		—		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.”