Item 2. Properties.

As of December 31, 2025, we occupied offices, excluding offices occupied by affiliates, in the following geographical regions:

(1)Includes 145 offices of Turner & Townsend, including 42 in the Americas, 70 in EMEA, and 33 offices in APAC regions.

(2)Primarily relates to space for which Industrious is a lessee for an open coworking location.

Some of our offices house employees from more than one of our business segments (i.e. an office might house employees from all four of our business segments). As such, we have provided the above office totals by geographic region rather than by business segment in order to avoid counting our offices multiple times.

We provide flexible workplace solutions and workplace experience services through Industrious, a company which we fully acquired in January 2025. Industrious provides flexible workspaces, which include dedicated offices, turnkey private suites, and on-demand access to coworking and meeting spaces.

We do not own any material real property and generally lease our office space and believe it is adequate for our current needs. The most significant terms of the leasing arrangements for our offices are the length of the lease and rent. Our leases have terms varying in duration. The rent payable under our office leases varies significantly from location to location as a result of differences in prevailing commercial real estate rates in different geographic areas. Our management believes that no single office lease is material to our business, results of operations or financial condition. In addition, we believe there is adequate alternative office space available at acceptable rental rates to meet our needs, although adverse movements in rental rates in some markets may negatively affect our profits in those markets when we enter into new leases.