Cushman & Wakefield plc

We expect the growth to be a little more muted than we've seen throughout the year in the fourth quarter. And then also, you know, a lot of our PMFM business is in Asia Pacific. And so there will be some FX headwinds there. So, you know, overall, we feel very good about the business. We expect to see that, you know, up nicely this year and expect, you know, strength going into next year.

Okay. Has there been any appreciable change to just the pipeline and RFPs and things of that nature?

Tony, this is John. No, the nice momentum we've seen in our general PM and FM markets businesses across the world in the last two to three years continues at the same sort of rate. We have a really good win rate. We have a really good retention rate. That's actually showing up in the numbers in this quarter and year to date. And as Neil says, we continue to think that that will move on. Traditionally, in recessionary times, It's the recurring revenue businesses that can actually do pretty well as corporates try to reduce their own cost base applied to real estate, so through outsourcing. And we totally expect that to continue with the volatility that's surrounding the macroeconomy at this point. Okay.