News release

JLL Reports Financial Results for Fourth-Quarter and Full-Year 2022

Continued growth in annuity-based businesses overshadowed by market-driven softness in leasing and capital markets

February 28, 2023

CHICAGO, February 28, 2023 – Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for 2022 with fourth-quarter diluted earnings per share of $3.62 and adjusted diluted earnings per share (1) of $4.36, and full-year diluted earnings per share of $13.27 and adjusted diluted earnings per share(1) of $15.71.

  • Fourth-quarter revenue was $5.6 billion, down 2% in LC, and fee revenue1 was $2.2 billion, down 16% in LC, compared with a record 2021

    • Outsourcing wins and strong close to the year for Project Management drove increase in Work Dynamics

    • Sharp decline in market volumes and elongated deal cycles continued, contributing to the drop in Capital Markets

    • Lower Markets Advisory revenue was attributable to pullback in leasing activity across asset classes

  • Margin contraction for the fourth quarter driven primarily by three factors:

    • Decrease in equity earnings from both JLL Technologies and LaSalle, which comprised over 75% of net margin contraction

    • Decline in higher-margin transaction-based revenue

    • Higher fixed compensation expense

"JLL’s fourth-quarter performance reflected the industry-wide slowdown in investment sales and leasing volumes caused by the rapid increase in interest rates and the peak of recent inflationary pressures," said Christian Ulbrich, JLL CEO. "Once again, the resilience and diversification of our platform was evidenced by strong fee revenue growth in our annuity businesses, especially within Work Dynamics. We remain focused on driving efficiencies in our operating platform and have reduced our cost structure in light of the challenging economic environment. We expect market conditions to recover across much of the world in the second half of 2023 and are confident in our ability to gain share, generate long-term profitable growth and achieve our 2025 financial targets."

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit