Latest news with #Cushman&Wakefield
Newsweek
5 hours ago
- Business
- Newsweek
Melissa Faulkner on the Future of Construction in the AI Era
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Melissa Faulkner has been at Skanska for over 20 years, holding various technology roles before her appointment to CIO in 2021. Through that time, she's been leading digital transformation initiatives for the U.S. arm of the global construction firm, and today, she's leading the company to its AI-powered future. "I've had the opportunity to grow through a lot of different technology leadership roles and experiences and transformations, industry specific and societally as well," Faulkner told Newsweek. She said she remains excited to implement new strategies and tools to "really change how we're doing things as an organization." The construction industry has been heavily affected by the broader forces currently reshaping the business world. Supply chain and talent strategy for any company has changed a lot in the wake of global conflict, the proliferation of remote work and a post-pandemic shift in people's perceptions of work over the last five years. But construction has an argument for being among the most affected. "Global uncertainty has grown as the world's largest economy seeks to rewrite global trade agreements, driving up construction-related commodity prices, with further increases expected. This is another headwind as the sector continues to struggle with skilled labor shortages," a Cushman & Wakefield report states. Industry group research found that 78 percent of U.S. construction firms have difficulty hiring hourly craft workers, while skills gaps and shortages persist. Advancements in machine learning and generative AI technology promise to be a salve for recruiting, retention and safety. Faulkner sees this potential and notes opportunities in sustainability as well, with the help of emerging technology. "There's a physicality to what we do every day, and that's not going to be replaced by AI and some of the innovation technologies," she said. "What we're trying to do is figure out: How do we actually automate, augment and support our workers that are out in the field every day and make sure that we can kind of take those repetitive tasks, take away the things that prevent them from being able to focus on safety and quality and really delivering what we need?" Melissa Faulkner, CIO at Skanska Melissa Faulkner, CIO at Skanska Newsweek Illustration Faulkner shared her experience working on Skanska's migration to the cloud, data and cybersecurity improvements and a recent revision of the HR tech stack. Some of the earliest AI deployments have included a safety agent, called Safety Sidekick, and tools that help supply-chain teams communicate faster to get ahead of potential shortages or changes to tariffs. "We look at technology innovation and AI in three major categories," Faulkner said. "One is, at an enterprise platform level, we look at startup partnerships and solutions that are helping be more innovative. And then we look at things that we can do internally, using our own data, our own secret sauce, if you will, that are unique to how we approach our industry and our work." The Safety Sidekick is an example of an internal tool that fits her description. The machine-learning algorithm is fed with industry standards, OSHA regulations and Skanska's project files, "and it basically enables our team to quickly synthesize and evaluate safety information," Faulkner explained. "It's a complement to helping you complete your day-to-day tasks, but it's also a tool for you to prompt and learn [that] helps train, educate, coach and make tools and resources available for our teams as well," Faulkner said. The always-on chatbot can answer questions, identify risks and help site managers prepare and plan throughout construction projects. "Our workers out in the field can prompt something to learn more about the risks associated with their activity of the day and how [to] mitigate them," Faulkner said. "It allows us to share this expertise and knowledge of wisdom across all of our projects across Skanska, which helps our teams develop stronger mitigation plans." Construction is a profession noted by OSHA for having the highest rate of fatalities and high rates of people missing time due to work-related injuries. Anything that can be done to bring those figures down can decrease costs, keep people happier and also attract more people to the profession. "Every day on our jobsites, we start off with a safety plan. We make sure that we know, top to bottom, the various things that we're going to be doing on a jobsite and the right way to operate," Faulkner said. "That's generating so much data every day. Those construction work plans generate data that feed [Safety Sidekick], so now, as people are developing their plans and mitigation strategies, we're also capturing those lessons learned." As new technology is deployed across the workforce, and technical skills remain an ongoing area of interest, Faulkner said, she has partnered closely with HR on identifying technology solutions for different departments based on their needs and upskilling across the company. "One thing is clear: AI is reshaping roles, and it's creating new ones every day," Faulkner said. "Our HR community knows that better than any[one]." She points to her partnership with HR as a key to the company's future success. "We're working hand in hand with them on: How do we make sure we can upskill our organization? How do we make sure people are comfortable leveraging data and AI and being more comfortable doing that?" Faulkner shared. "We've developed training programs that help all of our employees, when they're onboarded, really understand what data is available to you and how you can use this. We have a robust training program around data, analytics and AI and things that help to open people's curiosity." Looking ahead, Faulkner also said she expects to see a better course for gender equity in the technology field and credits an inclusive culture at Skanska for helping her in that mission. "I'm personally passionate about helping women rise in industries and roles, especially where we've been historically underrepresented," Faulkner said. "Technology is reshaping every industry, everywhere. What's going to set companies apart is [having] diverse voices at the table that are driving change." As previous research has noted, simply reaching equal representation is not only the goal but rather the expected outcome of a more just society. The tech industry needs to proceed with caution and respect for the societal harms it may perpetuate or cause. "You need to have diverse perspectives and voices at the table, and that means you need to make sure that you create opportunities for people and you really open doors for people," Faulkner said. "As female leaders, we also have to be mindful that when doors are open for us, we're opening doors below us, and we're bringing people up." Faulkner will join Newsweek at this year's inaugural Women's Global Impact forum, speaking on a panel with two tech CEOs and Newsweek's editor-in-chief Jennifer Cunningham. The August 5 event, hosted at Newsweek's headquarters in New York City, will bring together some of the world's top female executives and connect them with rising stars across industries and job functions. For more information on the event, please visit the Women's Global Impact homepage.
Business Wire
a day ago
- Business
- Business Wire
Cushman & Wakefield Welcomes Conor Flannery as Executive Vice Chair in Silicon Valley
SAN JOSE, Calif.--(BUSINESS WIRE)--Cushman & Wakefield announced today that the real estate services firm has hired Conor Flannery as Executive Vice Chair. Bringing more than 20 years of experience in occupier services and tenant representation, Flannery will further strengthen the firm's capabilities in offering innovative real estate solutions to clients across the Bay Area. Flannery will be based out of Silicon Valley. Flannery joins Cushman & Wakefield with a proven track record of negotiating complex real estate transactions globally. During his tenure at JLL, Flannery closed over 1,200 leases valued at more than $2B and structured more than 50 acquisitions totaling $3B. With expertise in corporate real estate purchases and P&L navigation, Flannery has guided key transactions for clients like Intuitive Surgical, Netgear, Nova and Ichor Systems, spanning intricate headquarters, manufacturing sites and R&D locations. 'We are so excited to welcome Conor to Cushman & Wakefield, as he is the epitome of the industry-leading talent we're recruiting,' said Tom McDonnell, Executive Regional Director, Northwest. 'This strategic hire reinforces our dedication to our clients in Silicon Valley. Conor's values align perfectly with our culture and his deep expertise will be invaluable as we focus on delivering the next iteration of global real estate advisory and services. By continuously recruiting exceptional professionals like Conor, we remain at the forefront of providing end-to-end solutions to our clients.' Cushman & Wakefield is always advancing its advisory model to meet occupier business challenges and support decision-making. 'We're committed to embedding a consulting-led approach across our platform,' said Matt Chatham, President of Occupier Advisory Services. 'The evolution of our business is always building on our current success, creating better tactical process to support clients. The use of more data and insights empowers our professionals to operate with greater efficiency and deliver stronger advisory solutions.' 'I have always been impressed with the Cushman & Wakefield team, and I am thrilled to become a part of it. With a strong foundation in Silicon Valley, I'm looking forward to contributing to the team's continued growth. We see immense potential in today's market and we're eager to deliver exceptional solutions for our occupier clients,' added Flannery. About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit
IOL News
2 days ago
- Business
- IOL News
Soaring demand make Cape Town and Durban investable logistics and industrial markets
Brackengate Business Park in Cape Town. Image: Supplied Cape Town and Durban have emerged as two of Africa's most investable logistics and industrial markets due to their resilience, adaptability and strong investor appeal, according to Cushman & Wakefield | BROLL. Cape Town continues to outperform, with rising rents and declining vacancies underpinned by a period of semigration, operational stability and constrained industrial land. 'Demand is being driven by a flight to quality, semigration from other provinces and growing e-commerce,' said Shane Howe, the head of Western Cape Industrial Broking at Cushman & Wakefield | BROLL. Strong governance and functioning infrastructure position the city as a low-risk node compared to Gauteng. 'The Cape market is supported by limited stock availability and escalating demand, especially for modern industrial parks,' said Howe. Development hotspots such as Brackengate and Richmond Park are expanding, while gentrification in older nodes like Epping and Parow unlock additional opportunity. 'Against this backdrop, investors and occupiers must thoroughly align busines Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ s strategy with location and asset selection to ensure long-term sustainability,' he said. In Durban, chronic land shortages and rising operational costs have created a landlord-favoured market. Anthon van Weers, Full Status Property Practitioner at Cushman & Wakefield | BROLL, said, 'There has been no meaningful release of flat, flood-free land in over a decade. Most viable land is tied up in Tongaat Hulett's portfolio and development remains stalled by topography and financial constraints." Vacancy rates are at historic lows. 'Units, especially mini-units and large distribution centres (DCs) are snapped up almost immediately,' said Van Weers. Triple net rentals for A-grade DCs currently range between R105/m²–R110/m² with further rental escalation likely if supply remains constrained. However, high municipal rates double that of Cape Town or Johannesburg deter some tenants. Still, Durban remains attractive to owners. 'Despite high costs, Durban is a low-risk investment market because of stable demand and long-term leases from logistics operators near the port. Proximity to port infrastructure offers a decisive cost advantage,' said Van Weers. Cushman & Wakefield's global data shows a 43% surge in logistics investment over the past decade, driven by urbanisation, e-commerce and supply chain reconfiguration. Globally, more than half of logistics markets are projected to experience rental growth through 2027, driven by strong occupier demand. South Africa is on the same path but with an added urgency due to land scarcity around key Cape Town nodes and the Durban port. Rental growth is accelerating in both cities, particularly in high-demand, low-supply zones, signalling a unique opportunity for climate-conscious and future-proof investment. According to Cushman & Wakefield's Climate Risk report, climate-resilient assets are now achieving stronger lease uptake and longer tenures, with facilities in lower-risk zones commanding higher rentals and lower incentives. Yet, many markets have ignored climate risk, leaving assets exposed and underscoring the need for smarter development. In addition, climate risk is now central to asset valuation and investment due diligence. From capital expenditure planning to leaseability and compliance, assets that embed mitigation strategies early attract stronger investor interest and pricing premiums. This is mirrored locally, with tenants, especially multinationals factoring in resilience, water security and energy independence when selecting sites. South Africa's Western Cape corridors and select Durban nodes are emerging as premium options, according to Cushman & Wakefield | BROLL. Global trends point to e-commerce, 3PLs (third-party logistics) and last-mile delivery as major sector drivers. E-commerce alone has surged 289% globally in the past decade and is now the leading demand driver in the Americas and EMEA regions (Europe, the Middle East, and Africa). Locally, the Western Cape's infrastructure, lifestyle appeal and political stability are reinforcing this trend. In Durban, mini-units and small-format warehouses measuring 100sqm to 500sqm are in high demand as small businesses shift from traditional retail to fulfilment-based industrial space. 'Some retailers are closing stores and shifting to warehouse models to meet online demand,' said Van Weers. 'Decentralised nodes like Cato Ridge, Shongweni and Tongaat, however, have struggled to gain traction due to high logistics costs.' BUSINESS REPORT
Mint
2 days ago
- Business
- Mint
Indias retail focus returns to malls as high street leasing falls 26% in Q2 2025
New Delhi [India], July 27 (ANI): India's retail sector has shifted its focus to malls again as leasing of high streets witnessed a 26 per cent quarter-on-quarter decline in the second quarter of 2025. According to the latest report by Cushman & Wakefield Malls accounted for 45 per cent of leasing volume in Q2 (1.01 MSF) - a 42 per cent q-o-q rise, and the highest mall share in the past five quarters, signaling growing interest in experience-driven, structured retail formats. However, even after witnessing a dip in the leasing activities, high streets continued to dominate with 55 per cent (1.23 MSF) of the market, underscoring the persistent undersupply of quality mall stock across cities. According to the 'Q2-2025 Retail Market Beat Report', no new mall supply was added in Q2, and Grade A mall completions for H1 2025 stood at 1.3 million square feet. As a result, mall vacancy levels dropped by around 77 basis points to 8.16 per cent in Q2 2025, with premium Grade-A or superior malls witnessing even tighter vacancies at just 4.28 per cent. This highlights the growing demand for premium retail assets and further strengthens landlord leverage in prime locations. Meanwhile, average mainstreet rents remained stable on a q-o-q basis, while recording a healthy 6 per cent y-o-y rise. Suvishesh Valsan, Head, Research India at Cushman & Wakefield said, "High streets remained the dominant driver of activity, while vacancy levels in Grade-A malls have tightened further - reflecting a clear and growing preference for high-quality and experience-led retail spaces. Looking ahead, we remain optimistic. Nearly 4 MSF of new Grade A supply is expected in the second half of the year, particularly across key metros such as Mumbai, Delhi-NCR, and Hyderabad" He stated that the growing interest from international brands and the sharp uptick in leasing across categories like wellness and grocery -- both of which signal a broader shift in India's consumption landscape. As per the report, the domestic retailers continued to maintain a dominant position in leasing volume with 86 per cent share (1.93 MSF). The quarter also witnessed a notable uptake in international retailer participation, whose share rose to 14 per cent with 0.31 MSF of leasing activity, up from 8.5 per cent in the previous quarter. This growth was largely driven by malls, which remain the preferred format for global brands seeking structured environments, brand visibility, and curated customer experiences.
Time of India
2 days ago
- Business
- Time of India
India's retail focus returns to malls as high street leasing falls 26% in Q2 2025
New Delhi: India's retail sector has shifted its focus to malls again as leasing of high streets witnessed a 26 per cent quarter-on-quarter decline in the second quarter of 2025. According to the latest report by Cushman & Wakefield Malls accounted for 45 per cent of leasing volume in Q2 (1.01 MSF) - a 42 per cent q-o-q rise, and the highest mall share in the past five quarters, signaling growing interest in experience-driven, structured retail formats. However, even after witnessing a dip in the leasing activities, high streets continued to dominate with 55 per cent (1.23 MSF) of the market, underscoring the persistent undersupply of quality mall stock across cities. According to the 'Q2-2025 Retail Market Beat Report', no new mall supply was added in Q2, and Grade A mall completions for H1 2025 stood at 1.3 million square feet. As a result, mall vacancy levels dropped by around 77 basis points to 8.16 per cent in Q2 2025, with premium Grade-A+ or superior malls witnessing even tighter vacancies at just 4.28 per cent. This highlights the growing demand for premium retail assets and further strengthens landlord leverage in prime locations. Meanwhile, average mainstreet rents remained stable on a q-o-q basis, while recording a healthy 6 per cent y-o-y rise. Suvishesh Valsan, Head, Research India at Cushman & Wakefield said, "High streets remained the dominant driver of activity, while vacancy levels in Grade-A malls have tightened further - reflecting a clear and growing preference for high-quality and experience-led retail spaces. Looking ahead, we remain optimistic. Nearly 4 MSF of new Grade A supply is expected in the second half of the year, particularly across key metros such as Mumbai, Delhi-NCR, and Hyderabad" He stated that the growing interest from international brands and the sharp uptick in leasing across categories like wellness and grocery -- both of which signal a broader shift in India's consumption landscape. As per the report, the domestic retailers continued to maintain a dominant position in leasing volume with 86 per cent share (1.93 MSF). The quarter also witnessed a notable uptake in international retailer participation, whose share rose to 14 per cent with 0.31 MSF of leasing activity, up from 8.5 per cent in the previous quarter. This growth was largely driven by malls, which remain the preferred format for global brands seeking structured environments, brand visibility, and curated customer experiences. In terms of cities, Hyderabad, Mumbai and Delhi-NCR emerged as the top-performing markets, recording leasing volumes of 0.76 MSF, 0.52 MSF and 0.3 MSF respectively- collectively accounting for over 70 per cent of the total leasing activity in the quarter. They were followed by Pune (0.23 MSF), Bengaluru (0.18 MSF), Chennai (0.16 MSF), Kolkata (0.05 MSF) and Ahmedabad (0.04 MSF).
