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Business Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Summarized Unaudited Financial Information by Business Segments
Summarized financial information by business segment is as follows.

Real Estate Management ServicesThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Workplace Management$3,423.6 3,164.6 $10,036.3 9,057.4 
Project Management967.9 771.3 2,687.0 2,215.8 
Property Management461.1 452.3 1,361.1 1,318.6 
Portfolio Services and Other129.8 132.3 361.4 367.8 
Revenue$4,982.4 4,520.5 $14,445.8 12,959.6 
Less:
Platform compensation and benefits$475.2 436.4 $1,372.6 1,253.4 
Platform operating, administrative and other148.4 159.5 435.1 434.9 
Gross contract costs4,255.5 3,829.9 12,358.8 11,016.1 
Add:
Equity earnings0.1 1.1 1.0 2.5 
Other segment items(1.2)(1.3)(5.2)(3.2)
Adjusted EBITDA$102.2 94.5 $275.1 254.5 
Depreciation and amortization(1)
$25.1 32.0 $84.9 88.3 
(1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Leasing AdvisoryThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Leasing$719.1 665.4 $1,936.7 1,781.8 
Advisory, Consulting and Other22.8 26.1 68.1 72.3 
Revenue$741.9 691.5 $2,004.8 1,854.1 
Less:
Platform compensation and benefits$538.3 494.9 $1,444.4 1,337.4 
Platform operating, administrative and other64.2 55.5 198.8 174.4 
Gross contract costs3.1 9.7 8.4 24.4 
Add:
Equity earnings— — — 0.1 
Other segment items0.6 0.3 1.1 0.6 
Adjusted EBITDA$136.9 131.7 $354.3 318.6 
Depreciation and amortization$10.9 9.1 $33.9 27.2 
Capital Markets ServicesThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Investment Sales, Debt/Equity Advisory and Other$479.5 371.8 $1,172.7 950.8 
Value and Risk Advisory89.9 86.0 269.2 262.0 
Loan Servicing42.7 41.0 125.8 121.2 
Revenue$612.1 498.8 $1,567.7 1,334.0 
Less:
Platform compensation and benefits$436.8 365.5 $1,140.4 994.2 
Platform operating, administrative and other85.8 62.3 251.5 206.4 
Gross contract costs1.5 11.5 4.3 36.9 
Add:
Equity earnings0.8 0.2 3.2 0.8 
Other segment items1.1 6.0 18.5 27.2 
Adjusted EBITDA$89.9 65.7 $193.2 124.5 
Depreciation and amortization$9.8 16.6 $46.2 50.3 

Investment ManagementThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Advisory fees$93.0 92.7 $275.6 278.1 
Transaction fees and other5.9 8.6 20.9 24.4 
Incentive fees16.5 — 20.5 4.8 
Revenue$115.4 101.3 $317.0 307.3 
Less:
Platform compensation and benefits$68.0 59.8 $187.2 180.1 
Platform operating, administrative and other16.1 18.7 49.9 52.1 
Gross contract costs7.8 9.3 24.3 26.5 
Add:
Other segment items0.2 0.5 0.2 9.1 
Adjusted EBITDA$23.7 14.0 $55.8 57.7 
Depreciation and amortization$2.7 1.9 $8.4 5.9 
Equity earnings (losses)$9.3 (13.8)$1.9 (25.0)

Software and Technology SolutionsThree Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Revenue$58.6 56.7 $171.6 167.0 
Less:
Platform compensation and benefits$46.4 48.1$143.9 146.8
Platform operating, administrative and other13.0 12.842.3 35.7
Gross contract costs0.8 1.42.0 4.0 
Add:
Other segment items0.5 — 1.4 — 
Adjusted EBITDA$(1.1)(5.6)$(15.2)(19.5)
Depreciation and amortization$8.2 4.9 $20.7 14.2 
The following table is a reconciliation of segment revenue to consolidated revenue.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Real Estate Management Services$4,982.4 4,520.5 14,445.8 12,959.6 
Leasing Advisory741.9 691.5 2,004.8 1,854.1 
Capital Markets Services612.1 498.8 1,567.7 1,334.0 
Investment Management115.4 101.3 317.0 307.3 
Software and Technology Solutions58.6 56.7 171.6 167.0 
Total Revenue$6,510.4 5,868.8 18,506.9 16,622.0 
The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Adjusted EBITDA - Real Estate Management Services$102.2 94.5 $275.1 254.5 
Adjusted EBITDA - Leasing Advisory136.9 131.7 354.3 318.6 
Adjusted EBITDA - Capital Markets Services89.9 65.7 193.2 124.5 
Adjusted EBITDA - Investment Management23.7 14.0 55.8 57.7 
Adjusted EBITDA - Software and Technology Solutions(1.1)(5.6)(15.2)(19.5)
Adjusted EBITDA - All Other(4.3)(2.2)0.6 (4.3)
Adjusted EBITDA - Consolidated$347.3 298.1 $863.8 731.5 
Adjustments:
Restructuring and acquisition charges$(11.7)8.8 $(52.7)(4.4)
Interest on employee loans, net of forgiveness1.5 1.8 5.1 4.1 
Equity earnings (losses) - Investment Management and Proptech Investments(1)
26.6 (2.2)(29.1)(23.4)
Credit losses on convertible note investments(2.2)(6.3)(2.9)(6.3)
Net non-cash MSR and mortgage banking derivative activity(0.2)(5.1)(17.3)(25.9)
Interest expense, net of interest income(29.2)(38.1)(89.1)(110.3)
Income tax provision(52.6)(37.4)(93.3)(73.8)
Depreciation and amortization(1)
(56.7)(64.5)(194.1)(185.9)
Net income attributable to common shareholders$222.8 155.1 $390.4 305.6 
(1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.