JLL posts record revenue as Ulbrich says agency will ‘seize opportunities’

JLL is the latest agency to reveal how quickly its business has recovered from the Covid-19 pandemic, posting record revenue for the final quarter of 2021 and for the year. Chief executive Christian Ulbrich (pictured) said the results leave the company “well-positioned to seize the significant opportunities across the commercial real estate sector and continue to generate long-term value for stakeholders”. Revenue of $5.9bn  (£4.4bn) in the fourth quarter was up by almost a quarter year-on-year, and left full-year revenue standing at close to $19.4bn, 17% ahead of 2020. Profit for the year more than doubled to $961m. The full-year performance was driven by sharp rises in revenue from capital markets and leasing work, ahead by 56% and 48% respectively at $2.2bn and $2.8bn. There was more moderate growth in the larger property and facilities management segment, up by 8% at $10.2bn, as well as in project and development services, and advisory. In Europe, the Middle East and Africa, capital markets and leasing work drove a 12% lift in full-year revenue to $3.4bn, although the regional division posted a loss of $5.6m. “The continued growth in [EMEA] capital markets reflected higher deal volumes in investment sales across all sectors, particularly in industrial and office, compared with 2020,” the agency said. “The increase in leasing revenue was driven by transaction volume increases, primarily in office and industrial, and an increase in average deal size, which eclipsed the comparative 2019 quarter for the first time this year.” To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Photo © JLL