JLL posts revenue rise but prepares for “volatile” markets

JLL has posted a 13% year-on-year rise in first-quarter revenue, which hit $5.7bn (£4.2bn) over the first three months of 2025. Transactional revenue was up by 14% and resilient revenue by 13%. Leasing revenue saw a 15% boost while capital markets services saw 16% growth driven by debt advisory and investment sales. Adjusted EBITDA came in at $224.8m, up by a fifth. “Broad-based revenue growth and the 28% increase in adjusted EPS in the first quarter are a reflection of JLL’s multi-year focus on platform differentiation, efficiency and resiliency,” said chief executive Christian Ulbrich. “As we enter the second quarter with a notably more volatile market backdrop, our pipelines are healthy and we have conviction in both the long-term fundamentals supporting our industry and the agility we have developed across our organisation. “Looking ahead, our ongoing investments to further unify our data, technology and people position us well to navigate real estate cycles and continue to deliver superior client outcomes.”