During the earnings call, Michelle Marie MacKay, global chief executive officer and director, said that the company continues “to see improving trends in office and strong demand for high-quality products.”

The response was interesting and a strong contrast to not only CBRE’s remarks, but others as well. Blackstone echoed similar sentiments about the impact of tariffs on investment. CEO Stephen Schwarzman remarked that it was still too early to fully gauge the consequences of tariffs, given the complexity and scale of ongoing multilateral negotiations with over a hundred countries. He stressed that patience and resilience would be crucial as the industry navigated this challenging environment.

MacKay said that even in the middle of tariff discussions, businesses continued their need for industrial space to get products to customers.

Similarly, office has been moving out of the doldrums with return-to-office mandates and the demand for “quality space in all asset classes.” The Americas were unusually strong, with a third consecutive quarter of double-digit growth. However, Neil Johnston, executive vice president and global chief financial officer, said that a slowdown in office transactions partly offset strong industrial performance.

One analyst asked MacKay whether there was an interest rate level at which she would be concerned about the capital markets business. A competitor said a 5% yield on the 10-year Treasury note represented a danger line.

McKay explained that Cushman & Wakefield framed its look at interest rates differently, emphasizing “all-in borrowing costs” that include rate information and also credit spread for specific borrowers. She further said that the company looks at capital markets regarding asset-specific borrowing. However, many large investors have other options. Their clients close deals and financing “if they like them.” They aren’t focused on the financing market and are capable of paying cash if necessary, and the deal makes enough sense.