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Cushman & Wakefield has rehired industry veteran Tom Maloney to help lead a team dedicated to working with businesses on their office needs.
Maloney will serve as chair of the firm’s occupier advisory services, Cushman said in a Wednesday press release. He joins from JLL, where he most recently held the role of executive vice chairman and was previously president of its tenant representation business. Maloney originally joined Cushman Realty in 1992, before the firm was acquired by Cushman & Wakefield in 2001. He left the firm in 2004, Commercial Observer reports.
Maloney’s appointment comes amid a surge in office leasing. The first quarter was the most active period for office landlords since before the pandemic, with tenants signing about 120M SF in new leases, according to CoStar News. That is the highest quarterly total since 2018.
But meanwhile, their exact space needs are shifting, something occupier advisory teams consult on. The average office deal has been shrinking and is down 15% from pre-pandemic levels. And companies are still figuring out the right balance of private, collaborative and amenity space. Amenity demands from tenants had been accelerating since the pandemic but are starting to fall back.
Cushman said Maloney, who is based in Los Angeles, will focus on strategy, business development and direct executive support to clients across markets in the U.S. and abroad.
“Organizations need clear, strategic guidance to align their real estate with their core business goals,” Maloney said in a statement.
Cushman will report first-quarter earnings on May 7. JLL said in its earnings results on Thursday that office leasing deals increased in both size and volume and that its revenue growth from leasing rose 12%, outperforming the broader market. CBRE said last week that its U.S. leasing revenue, driven in part by office leasing, rose 21%.
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