Cushman & Wakefield has cashed in on several key IT trends over the past few years, positioning the Chicago-based firm well to weather ongoing headwinds in the commercial real estate market stirred by the COVID-19 pandemic.
First there was the company’s full embrace of cloud computing, and then a pivot from project management to a product operating model. And now, with that cloud foundation, Cushman & Wakefield CDIO Salumeh Companieh is putting that product mindset to work to make the most of AI, including a range of generative AI platforms aimed at improving workflow outcomes and productivity.
Working closely with technology partners, the commercial real estate firm has implemented Jasper AI and Microsoft Azure’s OpenAI Service to pump out marketing reports, advisory services, and data insights related to its real estate portfolio, its global clients’ properties, and a range of facilities, leasing, janitorial, and valuation services — all while the commercial real estate market remains in limbo.
“We’re at the bottom of the cycle right now and this isn’t a time where capital is free flowing,” says Companieh, who notes that Cushman & Wakefield’s key advantage to remaining competitive today was its early embrace of the cloud. That early cloud push is providing a strong foundation for the firm’s current foray. “Our strategy is very solid,” she says. “The ideal is to penetrate AI in every piece of our workflow.”
That’s not simply a goal; the firm is doing this today. And the shift to product-based IT has already helped increase its global services revenue from property management, valuation, global occupier services, and a $1 billion janitorial business — the recurring revenues of which have kept the firm aloft while it further aligns its technology strategy to address changes in the market.
Partnering with PwC, Microsoft, and MIT has enabled Cushman & Wakefield “to consume their best-of-breed thinking while we’re building out our own engines,” Companieh says. “About a year and a half ago, we moved to a full product operating model. In prior years, we were project-oriented. By flipping our foundational operating model, using technology has allowed us to be hyper-focused on best outcomes for our clients and colleagues.”
