JLL has hailed an “ongoing recovery” for real estate as it posted a 45% jump in fee revenue for the third quarter.
Fee revenue of $2.1bn (£1.5bn) over the three months to 30 September was up from $1.4bn in the same period a year ago, and comfortably above the $1.8bn posted in the third quarter of 2019.
Consolidated revenue of $4.9bn was roughly a fifth ahead of last year as well as being higher than the same period in 2019. Adjusted earnings before interest, taxes, depreciation, and amortisation stood at $352m, a 44% lift year-on-year.
A doubling of capital markets revenue to $575m led the charge, with leasing, property management, project and development services, and advisory all posting higher revenues than a year ago.
“The robust growth in revenue and profits was fuelled by the ongoing recovery across the commercial real estate industry and the high demand for services and products from our clients,” said chief executive Christian Ulbrich (pictured). “We remain confident in our ability to drive meaningful top and bottom-line growth and create long-term value for all our stakeholders.”
In Europe, the Middle East and Africa, fee revenue rose by 15% in local currency to $385.2m, although that figure was still behind its standing in the third quarter of 2019. Regional leasing, capital markets and advisory revenues were ahead year-on-year, but single-digit percentage drops in property and facilities management, and project and development services, weighed down the top line. Adjusted EBITDA of $1m plunged from $7.7m a year ago.
“The continued growth in capital markets reflected higher deal volumes, particularly in industrial, residential and office sectors, compared with the prior-year quarter,” the agency said of the EMEA performance.
“The increase in leasing revenue was driven by transaction volume increases primarily in office and industrial as average deal size for office remains below pre-pandemic levels. Geographically across service lines, fee revenue growth in EMEA was led by the UK and Germany.”
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