Privately-held commercial real estate services firm Cushman & Wakefield (C&W) swang to a net profit of $25.7 mln in 2010, compared to a loss of $115.8 mln in 2009. The company said it closed 2010 with four consecutive quarters of double-digit revenue growth, driving full-year commission and service fee revenue to $1.4 bn, up from $1.2 bn the year before.

Net income amounted to $13.1 mln in 2010, up from a loss of $127 mln in the same period a year before.

'Last year represented the start of a global recovery in commercial real estate services prompted by decision making with regard to pent-up demand for capital allocation and to provide for occupier space needs,' said Glenn J. Rufrano, president and chief executive officer of C&W.

He added: 'Much of the capital activity was the result of demand for core assets in core markets worldwide from an occupier and investor standpoint, and increased availability of capital. We see these trends continuing.'

C&W, part of the Exor group, the investment arm of the Italian Agnelli family, was involved in more than 27,000 property sales and leasing transactions in 2010, with an aggregate value of nearly $67 bn.