Cushman & Wakefield Taps Veteran Damla Gerhart to Steer Midwest Growth

CHICAGO, IL – February 05, 2026 – Cushman & Wakefield has announced a significant leadership change in one of its most critical regions, appointing industry veteran Damla Gerhart as its new Executive Regional Director of the Midwest. The move, effective March 2, signals a strategic reinforcement of the firm's ambitions in a complex and evolving commercial real estate landscape.

Gerhart will take the helm from her new base in the firm's Chicago headquarters, overseeing operations and driving strategic growth across eight major markets: Chicago, Cincinnati, Columbus, Detroit, Indianapolis, Kansas City, Minneapolis, and St. Louis. She steps into the role as Vicki Noonan, a distinguished leader in Chicago real estate, prepares to retire on March 31 after a notable nine-year tenure.

The appointment is not merely a change of personnel but a calculated move by the global real estate services giant to capitalize on its recent momentum and solidify its position in the competitive Midwest market.

A Strategic Play for Regional Dominance

Cushman & Wakefield's decision to bring in a leader of Gerhart's caliber underscores a period of aggressive growth and strategic positioning for the firm. The company is riding a wave of strong performance, having reported an 11% year-over-year revenue increase in the third quarter of 2025 and subsequently raising its full-year earnings guidance. This financial health has fueled a robust talent acquisition strategy, with the firm more than doubling its 2024 full-year recruitment numbers in just the first nine months of 2025.

Gerhart's appointment is a cornerstone of this strategy. She will report directly to Victoria Malkin, President of Americas Markets, who lauded the hire as critical for the firm's regional objectives.

“We are thrilled to welcome Damla to Cushman & Wakefield as she takes on this critical leadership role,” Malkin stated in the official announcement. “Her visionary approach, significant industry knowledge and strong commitment to exceptional client service will be tremendous assets as we continue to accelerate our growth and deliver outsized results across the Midwest.”

The hire is particularly pointed, as Gerhart joins from rival firm Avison Young, where she held a similar and expansive regional leadership role. This kind of high-level talent migration is indicative of the fierce competition among top-tier firms like Cushman & Wakefield, CBRE, and JLL, all vying for market share and the expertise needed to navigate today's multifaceted real estate environment.

The New Architect of the Midwest

Damla Gerhart brings nearly two decades of diverse, high-impact experience to Cushman & Wakefield. Her career is a testament to a deep and varied understanding of the commercial real estate ecosystem, spanning capital markets, investment sales, development, construction, and property management.

Most recently, as Principal and Regional Managing Director at Avison Young, she was responsible for a vast Central Region covering more than ten major markets, while also serving as the Market Leader for Chicago. There, she was known for driving growth through talent development, spearheading a national learning program for junior brokers, and initiating an "Emerging Leaders" program. Her leadership was instrumental in securing major portfolio assignments, including a significant public sector contract managing hundreds of facilities across Illinois.

Her resume also includes a significant tenure at CBRE, where she was a Senior Managing Director. In that capacity, she led brokerage advisory teams in Chicago and served as the Americas Lead for the firm’s Workplace Strategy & Design advisory business. Earlier, at JLL, she was a Vice President in the Strategic Consulting group, advising global clients on workplace innovation and portfolio optimization. This deep expertise in how and where people work will be invaluable as the Midwest office market seeks reinvention.

“Cushman & Wakefield is in a period of incredible momentum, and I am excited to join the firm at such a pivotal time,” Gerhart said. “I look forward to collaborating with the many talented teams in the region and across the Americas to strengthen our client partnerships and unlock new, strategic avenues for growth.”

Her influence extends well beyond corporate roles. Gerhart is a deeply embedded figure in Chicago's civic and business communities, holding board positions with the Chicagoland Chamber of Commerce and The Civic Federation. She is a fellow of Leadership Greater Chicago, a member of the International Women's Forum, and serves on advisory boards for Roosevelt University's Marshall Bennett Institute of Real Estate and the Urban Land Institute's Chicago District Council. This extensive network and civic commitment provide a unique platform for fostering public-private partnerships and driving regional development.

Navigating a Divergent Market

Gerhart assumes leadership at a time of divergence in the Midwest commercial real estate market. While some sectors are thriving, others face significant headwinds, requiring a nuanced and agile strategy.

The region's industrial market remains a powerhouse, characterized by tightening conditions, declining vacancy, and consistent rent growth that is expected to continue. Similarly, the multifamily sector shows remarkable resilience. With a construction pipeline significantly smaller than in other U.S. regions, the Midwest is positioned for an earlier market rebound in 2025-2026 and offers attractive investment opportunities, boasting the highest average cap rates in the nation in early 2024.

However, the office sector presents a starkly different picture. In downtown Chicago, the heart of Gerhart's new territory, the share of available workspace soared to an all-time high of 28% at the end of 2025. Institutional investors remain cautious, and high borrowing costs continue to suppress dealmaking. Gerhart’s extensive background in workplace strategy and design at both CBRE and JLL makes her uniquely qualified to address this challenge, helping landlords and corporate clients reimagine office space for a post-pandemic world.

Her task will be to leverage the strengths in the industrial and multifamily sectors to fuel growth while deploying innovative strategies to stabilize and revitalize the challenged office market.

A Legacy of Leadership

The transition marks the end of an era with the retirement of Vicki Noonan, a titan of Chicago real estate. During her nine years at Cushman & Wakefield, Noonan made an "indelible impact" on the firm's Chicago business, significantly enhancing recruitment and driving substantial growth across the region's brokerage operations. Known for her tenacity and a people-first leadership style, she has been a champion for a diverse and empowered workforce.

Before joining Cushman & Wakefield, Noonan built an impressive 30-year career at Tishman Speyer, rising from an administrative assistant to a managing director. As Midwest director of leasing, she was instrumental in leasing Chicago's most iconic office towers, orchestrating major deals with corporate giants like BP and Wells Fargo. Her departure leaves large shoes to fill, but the appointment of a leader with Gerhart's credentials ensures a seamless transition.

The handover from Noonan to Gerhart represents a strategic passing of the torch, from one highly respected female leader to another, ensuring the firm's Midwest operations remain in exceptionally capable hands as it navigates the opportunities and challenges ahead.