In this revisit of our conversation from 2023, Brett White, the outgoing Executive Chair of Cushman & Wakefield and prior CEO of CBRE, tells the story of the growth and evolution of these now giant global real estate service firms.

In this rebroadcast episode, Brett discusses the evolution of today’s giant global real estate service platforms from essentially brokerage shops to the full-service firms that they are today. Brett’s telling of the story, which takes place alongside and, in support of, the institutionalization and scaling of the real estate industry offers a critical look at how the business has evolved. In particular, he tells the story of how these firms moved from transaction based to recurring fee-based businesses. This transformation runs parallel with the globalization of the big institutional investors and global corporate occupier base. The creation story behind the meaning and business model of these platforms is compelling.

Brett was at the helm of CBRE during its formative 2000-2012 period and then with Cushman & Wakefield as it built itself back up following the Global Financial Crisis. We explore the drivers as well as the competitive advantages of both the globalization and full-service nature of these firms in this competitive landscape.

Younger people in our business only know a real estate world in which these global services companies have existed in their present state. Hearing the story of CBRE, Cushman, JLL, alongside many more niche services and brokerage firms is important background to an understanding of our ever-evolving business.

Resources:

• CBRE
• Cushman & Wakefield

Related Episodes:

• Mary Ann Tighe | CEO, New York Tri-State Region of CBRE

‍