Real Estate

Cushman & Wakefield CEO on remote work after the coronavirus


Cushman & Wakefield CEO Brett White told CNBC on Friday that he believes the size of the remote workforce may double as a result of the coronavirus pandemic. But, he added, the vast majority will ultimately return to the office. 

“If right now roughly 4.5%, 5% of the workforce is permanently at home … pre-Covid, we think that will double,” White said on “Squawk on the Street.” “We think as much as 10%, 11% of the workforce could be at home permanently.” 

But White, who also is chairman of the global commercial real estate firm, stressed those projections are far from the current landscape, where sizable shares of the workforce have been remote since mid-March. He said, “10% is a lot less than 90%, and 90% are going to be in offices in one form or another.” 

White’s comments came after Cushman & Wakefield reported an 18% year-over-year decline in quarterly revenues Thursday as the coronavirus pandemic disrupted real estate brokerage activity. Net income came in at a loss of $100.8 million, compared with profits of $6.3 million in the year-ago quarter. 

The stock, which is down about 47% year to date, traded higher by about 2.75% on…

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