On the heels of CBRE saying it doesn't see a full recovery happening until the second half of 2024, Cushman & Wakefield, in its 2023 Q3 earnings call, said much the same.
"Looking ahead into next year, given the recent move higher in interest rates and continued uncertainty around Fed actions, we expect that a market recovery in brokerage may be delayed until the second half of 2024," said Cushman & Wakefield CFO Neil Johnston.
"Despite current market conditions, we believe the work we've done throughout 2023 on driving free cash flow, achieving cost efficiencies and strengthening our balance sheet, positions us extremely well financially to navigate the upcoming year."
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