JLL Reports Revenue Growth of 11% as Leasing Demand Jumps

Brokerage services giant JLL reported double-digit revenue growth during the first three months of 2026, the eighth consecutive quarter that overall revenue has exceeded 10 percent.

JLL’s revenue increased by 11 percent during the first quarter to $6.4 billion, compared to increases of $5.7 billion during the first quarter of 2025 and $7.6 billion in the fourth quarter of 2025, according to the firm’s first-quarter earnings report released Thursday.

JLL’s business lines led a lot of that revenue growth. Its real estate management services revenue increased 7 percent annually, while leasing advisory rose by 16 percent and capital markets services jumped 21 percent, with the latter largely led by investment sales, the report said.

Diluted earnings per share (EPS) was $3.33 for the quarter, up 192 percent annually. Share repurchases were $300 million during the period, the report said. Both the brokerage’s revenue and EPS were above analysts’ estimates.

JLL’s jump in earnings was supported by strong leasing momentum in the office and industrial sector, as well as a rising interest in data centers and artificial intelligence, JLL executives said during a Thursday morning earnings call.

“JLL achieved very strong results to start the year,” Christian Ulbrich, CEO of JLL, said in a statement. “We continue to deliver robust growth with margin expansion and market share gains as clients focus on trusted partnerships and the highest-quality insight and execution. In a fluid macro environment, our strategy positions JLL for long-term sustainable growth and expanding returns as we further build on our data and AI advantage and scale our core services.”

Ulbrich added that the artificial intelligence boom has led to success in its leasing business, as a pickup in AI startup companies is causing an uptick in office demand, particularly in San Francisco and New York City.

After reporting the firm’s healthy revenue and leasing numbers, Ulbrich highlighted JLL’s cautious stance when it comes to the ongoing effects of tariffs and the conflict in the Middle East.

“The imposement of tariffs was an immediate kind of load to the economy and an additional cost. And, if the conflict [in the Middle East] would have been solved within four to six weeks, I would have said the impact outside of the Middle East would have been almost unnoticeable,” Ulbrich said during the earnings call.

“But with every week this is continuing, we have these higher energy prices … and at some point [tenants] all have to pay for that higher energy,” he added. “And, so, the lengthening out of that conflict will have a heavier load on the global economy, and, frankly, especially in those countries where there is very, very high dependency on purchasing energy and on purchasing fertilizers and other products which are coming from the Middle East.”

Isabelle Durso can be reached at idurso@commercialobserver.com.