JLL’s first quarter results surpassed Wall Street’s expectations, reflecting double-digit revenue growth across both resilient and transactional businesses. Management attributed the momentum to continued improvements in leasing activities and investment sales, particularly in office and debt advisory services. CEO Christian Ulbrich highlighted that “continued improvement of our leasing and investment sales debt and equity advisory businesses was a key driver of higher profit and margin.” The company also benefited from ongoing growth in its real estate management services, with new client wins and expanded mandates supporting performance. However, management acknowledged a more dynamic market backdrop emerging since quarter-end, with some clients delaying decisions due to increased macroeconomic and policy uncertainty.

Is now the time to buy JLL? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions JLL’s Q1 Earnings Call

• Peter Abramowitz (Jefferies) asked how JLL manages long-term political risk given ongoing tariff extensions. CEO Christian Ulbrich replied that the company must adapt to operating with less visibility, emphasizing its historical ability to grow above global GDP rates.
• Peter Abramowitz (Jefferies) also questioned if macro uncertainty slows real estate outsourcing. Ulbrich noted that while cost-cutting drives outsourcing, uncertainty may delay decisions, but the long-term outlook for outsourcing remains intact.
• Anthony Paolone (JPMorgan) inquired about expected growth and margins in real estate management services. Outgoing CFO Karen Brennan explained that while high single-digit to low double-digit growth is targeted, short-term pressures from property management integration and ongoing investments could weigh on margins.
• Pat McIlwee (William Blair) sought insight on runway for office and industrial leasing growth. Brennan responded that office leasing has returned to 90% of pre-pandemic levels, with large deals recovering but still below historical norms; industrial demand remains solid despite softer market volumes.
• Julien Blouin (Goldman Sachs) asked about M&A strategy under macro uncertainty. Ulbrich emphasized a focus on smaller, value-creating acquisitions in resilient business lines and noted JLL’s strong balance sheet enables opportunistic deals.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be watching (1) the pace of recovery in office and industrial leasing activity, especially as large lease transactions and office occupancy trends evolve; (2) margin performance in real estate management services as technology investments and property management integration continue; and (3) the resilience of capital markets and debt advisory growth amid shifting macroeconomic policies. Progress in technology platform adoption and the impact of leadership transitions will also be key signposts.

JLL currently trades at $258.47, up from $229.54 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free).

Our Favorite Stocks Right Now

The market surged in 2024 and reached record highs after Donald Trump’s presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025.

While the crowd speculates what might happen next, we’re homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver’s seat and build a durable portfolio by checking out our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.