More evidence that the office market has turned the corner as JLL reports a 34% increase in leasing revenues!

JLL doubles profit as leasing and property sales surge

By Randyl Drummer, CoStar News

Chicago-based firm joins US real estate brokerages reporting accelerated deal activity. Commercial real estate brokerage JLL more than doubled its profit and posted big gains in leasing and property sales as dealmaking picked up across the industry in the third quarter.

The Chicago-based company said revenue increased 15% to nearly $5.9 billion from the prior-year quarter, fueled by double-digit gains in leased space, capital markets and what it called its “resilient” businesses such as property and project management.

JLL reported a profit of $155.1 million in the quarter — up sharply from the $59.7 million a year earlier — as the company’s results were boosted by accelerating activity across all its main businesses.

“The results reflect our strength in transaction markets that are still in the early stages of recovery,” CEO Christian Ulbrich told investors during an earnings call on Wednesday.

JLL joined CBRE, Cushman & Wakefield, Colliers International and Newmark in reporting increases in leasing that helped drive higher revenue, activity that added to promising signs of recovery in property markets.