JLL posts rising capital markets revenue

JLL posted growth in capital markets revenue across all business lines over the first quarter of the year, helping the agency turn around the loss of a year ago. The agency said investment sales and debt and equity advisory revenue were up by 8% year-on-year at $258.7m, with value and risk advisory, and loan servicing also increasing. JLL pointed to strength in Japan and Germany, specifically in offices. In the markets advisory division, revenue growth of 5% was largely driven by property management and a mid-single-digit increase in US leasing revenue. “Consistent with the trend from recent quarters, economic uncertainty has delayed commercial real estate decision making, particularly for large-scale leasing actions, where JLL has a greater presence,” the firm said. At group level, revenue was up 9% year-on-year to $5.1bn. Net income of $66.1m compared to a $9.2m loss a year ago. “The impact of our cost actions over the last year allowed us to meaningfully improve our profitability while still investing in our business to take advantage of growth opportunities ahead,” said chief executive Christian Ulbrich. “With an uncertain outlook, our clients are relying on JLL’s advisory services, data capabilities and real estate expertise more than ever. We continue to execute on our strategy, focusing on helping our clients navigate a difficult commercial real estate environment and delivering value for our stakeholders.”