The four largest commercial real estate firms in the U.S. and Canada — CBRE, JLL, Cushman & Wakefield and Colliers — saw mostly improved leasing conditions in the second quarter, despite uncertainty caused by a shifting tariff climate, according to their second-quarter earnings reports.

In the office market, organizations continued to make deals and were beginning to increase space, while performance in the industrial segment was mixed.  

“While the industrial market cooled from that pandemic-fueled boom, it’s still growing,” Cushman & Wakefield CEO Michelle MacKay said on her company’s earnings call. While U.S.-based Cushman & Wakefield and JLL noted growth in this area, Colliers, based in Canada, said it saw weaker industrial volumes due to tariff-related and other macroeconomic uncertainties. 

All four reported growth in services, ranging from a slight uptick to double-digit booms, as they focused on providing value-add services and project management capabilities to clients. 

For building controls firms, data centers were a boon. Data centers drove strong performance in the second quarter for Johnson Controls and Schneider Electric, according to their earnings calls. Both companies said tariffs impacted their business but described the effects as manageable. Johnson Controls said it was passing more of the pricing impact from the tariffs to customers in markets where it has strong pricing power, while Schneider said it mounted a quick response to the tariffs but will have to wait until the second half of the year to see the results. 

“There’s [still] a bit of uncertainty on what tariffs will do on the bottom line,” Johnson Controls Chief Financial Officer Marc Vandiepenbeeck said on his company’s earnings call. 

Read Facilities Dive’s full Q2 earnings coverage below.