Jones Lang LaSalle Reports Underwhelming Q3 Results Amid a Challenging Macroeconomic Environment

Narrow-moat-rated Jones Lang LaSalle, or JLL, posted underwhelming third-quarter results, as rising interest rates and a slowing economy weighed on the company’s brokerage business. Global direct investment volumes were down 18% in the third quarter across all regions, with the Americas down 21%, Asia-Pacific down 17%, and EMEA down 13%. Volumes slowed across sectors during the third quarter, reflecting a prolonged phase of price discovery that is elongating the time to close deals. We expect investment volumes to remain under significant pressure given high interest rates and relatively lower liquidity in the market.