JLL Posts Double-Digit Revenue Growth in Q3

Global real estate services company JLL (JLL) has reported strong financial results for the third quarter of 2024. 

The commercial real estate giant highlighted double-digit revenue growth across its three largest business segments: market advisory, capital markets, and work dynamics. Adjusted earnings before interest, taxes, depreciation and amortization increased by 37 percent year-over-year, and adjusted earnings per share grew by 60 percent compared to the same quarter in 2023.

And a lot of that growth was thanks to office leasing, which has started to bounce back this year.

“The increase in revenue [from the markets advisory segment] in the quarter was driven primarily by leasing, which generated double-digit growth across most geographies, notably in the U.S., India and the U.K.,” Karen Brennan, JLL chief financial officer, said on the company’s earnings call Wednesday morning. “The office sector, which saw both increased field size and transaction volume, led the acceleration with 34 percent growth.” 

Revenue in the capital markets segment also grew thanks to improved investor sentiment, interest rate reductions for many central banks, demand, “dry powder” and improved debt availability, Brennan noted. And JLL saw growth in its work dynamics segment with a 20 percent increase in revenue, compared to the same period last year, driven largely by expansion mandates in the U.S. 

Additionally, diluted earnings per share were $3.20, a rise from $1.23 in the same quarter last year. Adjusted diluted earnings per share were $3.50, compared to $2.19 for the 2023 third quarter.

“In the third quarter JLL delivered strong financial results which demonstrated our ability to drive operating leverage across our platform,” JLL CEO Christian Ulbrich, said on the call. “These results reflect our strengths in transaction markets that are still in the early stages of recovery and our continued momentum in expanding our services.”

Despite the positive earnings results, shares of JLL were trading lower by about 6.5 percent at $261.82 on Wednesday morning. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.