1. Accenture for commercial real estate.

2. Goldman Sachs for commercial property deals.

• Property & Facilities Management: Manages the operational aspects, maintenance, and day-to-day services for commercial properties and portfolios.
• Leasing & Brokerage: Represents clients in the buying, selling, and leasing of commercial real estate assets.
• Capital Markets: Provides expertise in real estate investment sales, debt and equity financing, and strategic capital advisory.
• Project & Development Services: Manages the design, construction, and delivery of real estate projects from inception to completion.
• Valuation & Advisory: Offers property valuation, market research, and strategic consulting services to support real estate decisions.

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Christian Ulbrich, Chief Executive Officer & President

Christian Ulbrich has served as JLL's Chief Executive Officer and President since October 2016, and has been a member of the company's Board of Directors since May 2016. He leads JLL's strategic direction and global operations. Prior to his current role, Ulbrich was CEO for JLL in Europe, Middle East, and Africa (EMEA) starting in January 2009. From April 2005 through December 2008, he was the Managing Director of JLL's German business. Before joining JLL in 2005, Ulbrich spent seven years as Chief Executive Officer of the Hamburg-based HIH Group, a leading provider of real estate investment management services in Germany. He began his career in banking, holding roles at national and international banks in Germany before becoming CEO at a German regional bank in 1996, and later led the real estate group HIH at Warburg Bank.

Kelly Howe, Chief Financial Officer

Kelly Howe is the Chief Financial Officer for JLL, a position she assumed on July 1, 2025. She joined JLL in January 2024 as the CFO of JLL's Leasing Advisory business. Prior to her time at JLL, Howe spent 23 years at Boston Consulting Group, where she most recently served as CFO for North America.

Laura Adams, Chief Human Resources Officer

Laura Adams is the Chief Human Resources Officer (CHRO) at JLL, leading the company's global people strategy. She joined JLL in 2005 (or 2004 as per some sources) and has held various progressive HR leadership roles, playing a key part in business transformation initiatives and aligning people programs with corporate strategy. Before becoming CHRO, she served as the global HR lead for JLL's Capital Markets, Leasing Advisory, JLL Technologies, and Work Dynamics business lines. Prior to joining JLL, Adams was an HR Business Partner at Washington Mutual Bank and held various HR leadership roles at Diamond Technology Partners, a global digital consulting firm.

Guy Grainger, Global Head of Sustainability & ESG Services

Guy Grainger serves as JLL's Global Head of Sustainability & ESG Services, leading the company's worldwide sustainability initiatives and environmental, social, and governance (ESG) strategy. He has over three decades of experience in real estate. Grainger joined JLL in 2008 as the head of UK retail as part of a corporate acquisition. In 2013, he became CEO of JLL's UK business, and in 2016, he took on the role of CEO for the EMEA region. Before joining JLL, he spent two decades working in the retail property sector.

Richard Bloxam, Chief Executive Officer, Capital Markets

Richard Bloxam is the Chief Executive Officer of Capital Markets at JLL and a member of the Global Executive Board. He is responsible for connecting the firm's broad resources with investors and companies seeking advice and services in the global property market. He has extensive experience in capital markets, leading strategic initiatives and driving performance in this sector.

The key risks to Jones Lang LaSalle's (JLL) business include the volatility of its transactional-based revenue, intense competition and the need to adapt to evolving real estate trends and technology, and risks associated with its investments, particularly in proptech.

1. Volatility of Transactional-Based Revenue and Cyclical Real Estate Markets: A significant portion of JLL's revenue is derived from transactional activities, such as leasing and capital markets, which are highly dependent on the timing, size, and pricing of closed transactions. This exposes the company to market risks associated with sudden interest rate shifts, economic downturns, and a slower-than-expected recovery in brokerage volumes, leading to inherent unpredictability and potential impacts on profitability.
2. Competition and Failure to Adapt to Evolving Real Estate Trends and Technology: JLL operates in a highly competitive real estate services and investment management market. The company faces ongoing challenges from competitors and the necessity to adapt to disruptive technologies, including artificial intelligence (AI), mobile technologies, and online collaboration tools. Failure to effectively leverage and adapt to these evolving technologies and real estate trends, such as hybrid work models and changing office occupancy rates, could result in a loss of market share and revenue.
3. Risks from Investments, particularly in Proptech: JLL's business strategy involves investing in real estate, both individually and alongside its investment management clients, as well as in proptech funds and early to mid-stage proptech companies. These investments introduce volatility, and the performance of its Software and Technology Solutions segment, which includes proptech investments, has shown significant swings in equity gains and losses, posing a financial risk.

• Disintermediation and Automation by PropTech Platforms and Artificial Intelligence. The accelerating development and adoption of PropTech platforms and AI tools are automating processes traditionally performed by commercial real estate brokers and advisors. This includes online marketplaces for property transactions, AI-powered valuation and market analysis tools, and platforms that streamline leasing, property management, and due diligence. This trend could lead to reduced demand for human-intensive brokerage services, fee compression, and a shift towards more technology-driven, potentially lower-margin service models.
• Fundamental Shift in Office Space Demand and Corporate Real Estate Strategy. The ongoing structural shift in how companies utilize office space, driven by widespread adoption of hybrid work models, a growing preference for flexible workspace solutions, and a focus on efficiency, is impacting the traditional office market. This trend is leading to reduced demand for long-term conventional office leases, downward pressure on office property values, and a potential decrease in transaction volumes and property management requirements for traditional office assets. This transformation directly impacts a significant portion of JLL's revenue streams derived from office leasing and capital markets.

Jones Lang LaSalle (JLL) operates within several large addressable markets for its diverse range of real estate products and services globally.

• Real Estate Management Services (including Facilities Management and Property Management): The global facility management services market was valued at approximately USD 1.75 trillion in 2024 and is projected to reach USD 2.33 trillion by 2033, growing at a compound annual growth rate (CAGR) of 3.3%. North America held a significant share of this market in 2024, with 34.6% of the global revenue. Separately, the global property management services market was valued at USD 26.49 billion in 2024 and is projected to reach USD 50.87 billion by 2032, with a CAGR of 8.50%.
• Investment Management: The global real estate investment management industry, based on assets under management (AUM), represents several trillion dollars. In 2025, managers are responsible for over US$5.1 trillion of real estate assets under management. Another estimate indicates that total global real estate assets under management were €5.57 trillion (approximately USD 6.01 trillion) in 2022.
• Real Estate Advisory/Consulting: The global real estate consulting service market size is projected at USD 13.26 billion in 2024 and is anticipated to reach USD 21.52 billion by 2033, registering a CAGR of 5.53%. Another report valued the global real estate consulting service market size at USD 75.4 billion in 2023, with a projection to reach USD 125.7 billion by 2032 at a CAGR of 5.7%. A third source estimates the market size at USD 27.25 billion in 2024, expected to grow to USD 39.57 billion in 2029 at a CAGR of 7.7%.
• Leasing Advisory and Capital Markets Services: These services are integral parts of the broader commercial real estate transaction market. While direct, dedicated market sizes for "leasing advisory" or "capital markets services" as standalone entities are not consistently reported in the same manner as facility or investment management, the global commercial real estate market, which encompasses these activities, was valued at USD 7.5 trillion in 2024 and is projected to reach USD 9.8 trillion by 2033. Another estimate for the global commercial real estate market size in 2025 is USD 6.22 trillion, forecast to reach USD 8.29 trillion by 2030.
• Software and Technology Solutions (PropTech): The provided search results identify JLL's engagement in "Software and Technology Solutions" (JLL Technologies and JLL Spark) but do not provide a specific addressable market size for this segment. Therefore, the market size for this specific product is null.

1. Growth in Resilient Business Lines: JLL anticipates continued strong performance from its "resilient" revenue streams, which include Workplace Management, Project Management, and Property Management. These annuity-like services consistently drive high single to low double-digit organic revenue growth and contribute to revenue predictability and margin stability. Management's focus on scaling these high-margin businesses is expected to enhance future profitability.
2. Recovery and Momentum in Transactional Businesses: The company expects future revenue growth to be significantly driven by the ongoing recovery and momentum in its transactional segments, specifically Investment Sales, Debt and Equity Advisory, and Leasing. JLL has already observed a surge in these areas, with strong increases in investment sales and debt advisory, reflecting a strong recovery in transactional markets. The anticipation of an ongoing recovery in global real estate markets, particularly in the Americas, positions JLL to benefit from increased activity in these areas.
3. Integration of AI and Technology: A central component of JLL's growth strategy is its commitment to technology and the integration of artificial intelligence (AI) into its operations. The company is leveraging its industry-leading data and technology platform, including proprietary AI tools, to enhance productivity, efficiency, and client value, which is expected to support long-term profitable growth.
4. Increased Capital Flows and Investment Management Success: JLL's Investment Management division is a key driver, demonstrating strong capital-raising capabilities. The company has seen continued strong demand for credit and core strategies, with significant private equity capital raised year-to-date. This increased fundraising activity and the deployment of new capital are expected to lead to a gradual recovery in advisory fee growth over the coming year.
5. Client Demand for Integrated, Sustainable Real Estate Solutions and Outsourcing Trends: JLL is well-positioned to capitalize on client demand for integrated, sustainable real estate solutions, which is driving stronger activity in Project Management and Leasing. Furthermore, the ongoing institutionalization of commercial real estate and the trend towards outsourcing real estate needs by corporations, coupled with contractual fee structures, are expected to enhance revenue stability and foster long-term growth.

• JLL repurchased approximately 2,923,000 shares for $601.2 million during 2022.
• In 2023, the company repurchased 410,260 shares, returning $62.0 million to shareholders.
• Year-to-date through September 30, 2025, JLL's share repurchases totaled $131.2 million, with $70.0 million occurring in the third quarter of 2025. As of September 30, 2025, $882.0 million remained authorized for future repurchases.

• In March 2025, JLL acquired Javelin Capital, a capital raising and M&A advisory firm specializing in renewable energy sectors.
• JLL acquired SKAE Power Solutions in May 2024, a data center services company, which was integrated to form a new technical services division, SKAE, a JLL company.
• As part of its "proptech" strategy, JLL acquired Building Engines, a property management software company, in November 2021, and Hank, an AI-based technology company for building energy efficiency, in February 2022.

• JLL has actively invested in its technology platform and AI capabilities, including through its JLL Spark division, which has invested $425 million in 55 commercial real estate technology pioneers to date.
• The company states it has invested more in AI technology than any other real estate company, aiming to advance the future of real estate.
• JLL continued to invest in its platform in 2023 to drive growth and operational efficiency.