What changed in this filing

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Item 1. Business

2025-02-19 compared with 2024-02-27 · 137 added, 178 removed, 393 unchanged (44% of the section changed)

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LaSalle is also a registered trademark in the countries in which we conduct business, as is our logo.

We began to establish our global services platform through the 1999 merger of the Jones Lang Wootton companies ("JLW," founded in England in 1783) with LaSalle Partners Incorporated ("LaSalle Partners," founded in the United States in 1968 and incorporated in 1997).

We have grown our business by expanding our client base as well as service and product offerings, both organically and through a series of mergers and acquisitions.

In September 2024, we announced an organizational change that will bring together all building operation groups to address client needs and the changing dynamics of the real estate industry.

As a result of these changes, effective January 1, 2025, we will report our Property Management business (currently included in Markets Advisory) within our Work Dynamics segment.

Also effective January 1, 2025, this segment will be renamed Real Estate Management Services, and our Markets Advisory segment will become Leasing Advisory.

Concurrently, Capital Markets will be renamed Capital Markets Services, LaSalle will be renamed Investment Management and JLL Technologies will be renamed Software and Technology Solutions;

there are no reporting changes within these three segments.

While our roots trace back to 1783 with the founding of Jones Lang Wootton in England, we began to establish our global services platform through the 1999 merger with LaSalle Partners Incorporated ("LaSalle Partners," founded in the United States in 1968 and incorporated in 1997).

The Company has grown by expanding our client base as well as service and product offerings, both organically and through mergers and acquisitions.

Our extensive global reach and in-depth knowledge of local real estate markets enable us to serve as a single-source provider of solutions for the full spectrum of our clients' real estate needs.

These mergers and acquisitions have given us additional share and scale in key geographical markets, expanded our capabilities in certain service offerings and further broadened the global platform we make available to our clients.

The mergers and acquisitions have given us additional share and scale in key geographical markets, expanded our capabilities in certain service offerings and further broadened the global platform we make available to our clients.

For information on recent acquisitions, refer to Note 4, Business Combinations, Goodwill and Other Intangible Assets, of the Notes to the Consolidated Financial Statements, included in Item 8.

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A timeline of notable milestones in our history is illustrated below.

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We do this by addressing the needs of real estate owners, occupiers and investors, leveraging our deep real estate expertise and experience to provide clients with a full range of services on a local, regional and global scale.

For detail on the range of services provided by each of the five segments outlined in the following graphic, refer to the narrative starting on page 6.

For details on the range of services provided by each of the five segments, refer to the narrative starting on page 6.

We offer our real estate services locally, regionally and globally to real estate owners, occupiers, investors and developers for a variety of property types, including (ordered alphabetically):

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• Government Facilities • Logistics (Sort and Fulfillment) • Sports Facilities

• Healthcare and Laboratory Facilities • Military Housing • Transportation Centers

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The following reflects our revenue and fee revenue by segment for the year ended December 31, 2023:

To calculate fee revenue, we exclude (i) net non-cash mortgage servicing rights and mortgage banking derivative activity and (ii) gross contract costs associated with client-dedicated labor, and third-party vendors and subcontractors.

Refer to Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations for additional discussion of fee revenue, a non-GAAP measure, and reconciliation from the most comparable U.S.

GAAP measure, Revenue.

Our revenue was $20.8 billion and fee revenue was $7.4 billion for 2023, earned geographically as follows:

• Healthcare and Laboratory Facilities • Military Housing and Other • Transportation Centers

The following reflects our revenue by segment for the year ended December 31, 2024:

Our revenue was $23.4 billion for 2024, earned geographically as follows:

Greater China is defined as China, Hong Kong, Macau and Taiwan.

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Our five segments, and the services we provide within them, include:

As of December 31, 2024, our five segments, and the services we provide within them, included:

Markets Advisory

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In 2024, we completed approximately 23,000 tenant representation transactions representing 497 million square feet of space.

Our agency leasing and tenant representation advisory anchors to the workplace of the future and helps owners and occupiers realize their sustainability commitments and goals.

Our agency leasing and tenant representation advisory businesses anchor to the workplace of the future and helps owners and occupiers realize their sustainability commitments and goals.

Both our agency leasing and tenant representation fees are typically based on a percentage of the value of the lease revenue commitment for executed leases, although in some cases they are based on a monetary amount per square foot leased.

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We typically negotiate compensation for Advisory and Consulting based on developed work plans that vary based on the scope and complexity of projects.

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Capital Markets

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As of December 31, 2024, we serviced a loan portfolio of approximately $140 billion.

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Work Dynamics

Workplace Management ("WPM")

Workplace Management

As a strategic partner of clients with a multinational footprint, Work Dynamics offers a single, cohesive service-delivery team focused on three key value levers:

(i) making informed, data-driven decisions and digital transformation, (ii) achieving operational excellence through improved productivity and financial performance and (iii) attracting and retaining key talent through an enhanced user experience.

WPM provides comprehensive facility management services globally to corporations and institutions that outsource the management of the real estate they occupy, typically those with large multi-market portfolios of over one million square feet.

Our WPM offering leverages tech-enabled solutions and focuses on the work, worker and workplace to help clients manage costs, achieve sustainability goals, improve workplace service delivery and enhance end-user experience and performance.

Workplace Management provides comprehensive facility management services globally to corporations and institutions that outsource the management of the real estate they occupy, typically those with large multi-market portfolios of over one million square feet.

Our Workplace Management offering leverages tech-enabled solutions and focuses on the work, worker and workplace to help clients manage costs, achieve sustainability goals, improve workplace service delivery and enhance end-user experience and performance.

Our globally-integrated delivery team includes our own personnel as well as third-party vendors and subcontractors who meet clients' requirements by providing consistent service delivery worldwide and a single point of contact for their real estate service needs.

WPM solutions offered to clients range from mobile engineering at a single location to a full-service outsourcing, where we execute day-to-day operations management of client site locations, delivered through a globally-integrated platform with standardized processes.

Workplace Management solutions offered to clients range from mobile engineering at a single location to a full-service outsourcing, where we execute day-to-day operations management of client site locations, delivered through a globally-integrated platform with standardized processes.

Facilities under management cover all real estate asset classes, including corporate headquarters, distribution facilities, hospitals, research and development facilities, data centers and industrial complexes.

As of December 31, 2023, WPM managed approximately 1.8 billion square feet of real estate for our clients.

WPM contracts are generally structured on a principal basis (a fixed fee, guaranteed maximum, or reimbursement-based pricing model) but may also be on an agency basis.

As of December 31, 2024, Workplace Management managed approximately 2.2 billion square feet of real estate for our clients.

Workplace Management contracts are generally structured on a principal basis (a fixed fee, guaranteed maximum, or reimbursement-based pricing model) but may also be on an agency basis.

Typically, our structures include a direct or indirect reimbursement for costs of client-dedicated personnel and third-party vendors and subcontractors in addition to a base fee and performance-based fees.

Performance-based fees result from achieving quantitative and qualitative performance measures and/or target scores on recurring client satisfaction surveys.

WPM agreements are typically three to seven years in duration and, although most contracts can be terminated at will by the client upon a short notice period (usually 30 to 60 days), a transition period of six to twelve-months is more common in our industry.

Workplace Management agreements are typically three to seven years in duration and, although most contracts can be terminated at will by the client upon a short notice period (usually 30 to 60 days), a transition period of six to twelve-months is more common in our industry.

We typically experience a high renewal rate, with most clients renewing their contracts at least once;

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Individual projects are generally completed in less than one year, but client contracts may extend multiple years in duration and govern a number of discrete projects.

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Portfolio Services

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We recognize the associated revenue at the time our performance obligation is satisfied, sometimes over the course of multiple years.

In addition, our cloud-based software solutions enable higher-quality insight and decision-making through improved data and analytics, creating opportunities to improve clients' financial performance.

These solutions are typically sold via subscription offerings and we recognize revenue over time, commensurate with the length and terms of the contract.

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• Hank , a technology which uses machine learning and artificial intelligence to optimize building energy efficiency, maintenance costs and tenant comfort, facilitating improved property operating income.

An additional product offering is JLL Marketplace, which enables one-stop shopping for facility product needs and supports ordering, billing and order tracking.

We generate revenue by taking a share from gross market value of all goods and services sold via this platform.

JLL Spark - Investments in Proptech

We incubate and drive property technology (proptech) innovation across the real estate spectrum, supporting the development of an array of products and data analytics tools.

We drive property technology (proptech) innovation across the real estate spectrum, supporting the development of an array of products and data analytics tools.

One way we achieve this goal is through strategic investments in proptech funds and early to mid-stage proptech companies, including through our JLL Spark Global Ventures Funds.

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As of December 31, 2024, the fair value of such investments was $363.1 million.

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LaSalle is a global real estate investment management firm that invests institutional and individual capital in real estate assets and securities with a strategic priority to meet client objectives and deliver superior risk-adjusted returns over market cycles.

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The range of investment solutions are offered either through commingled or single investor strategies and include private and public equity investments and real estate debt strategies structured as private or public open-ended funds or private closed-end funds (commingled funds), separate accounts, joint ventures or co-investments.

LaSalle's assets under management ("AUM") were $73.9 billion as of December 31, 2023.

To more closely conform with the methodology of similarly titled metrics provided by other industry participants, the calculation of AUM will be refined in 2024 to include uncalled committed capital and cash held on behalf of clients based on a new standard industry definition developed by industry groups NCREIF, INREV and ANREV.

Under the new methodology, AUM was $89.0 billion as of December 31, 2023.

AUM by geographic distribution and fund type under the updated definition as of December 31, 2023 is detailed in the following graphics ($ in billions).

LaSalle's assets under management ("AUM") of $88.8 billion, as of December 31, 2024, by geographic distribution and fund type, is detailed in the following graphics ($ in billions).

We believe our ability to co-invest alongside our clients' funds aligns our interests and will continue to be an important differentiating factor in maintaining and improving our investment performance and attracting new capital to manage.

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Separate account advisory agreements generally have specific terms with "at will" termination provisions and include fee arrangements calculated on the mark to market value of the assets, plus, in some cases, incentive fees.

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ORGANIZATIONAL PURPOSE

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Staying true to this purpose in all that we do enables us to fully align with the best interests and ambitions of our clients and all our stakeholders.

It exemplifies our commitment to the highest standards of environmental, social and corporate governance ("ESG"), and to a more sustainable, diverse and inclusive future.

It exemplifies our commitment to the highest standards of environmental, social and corporate governance ("ESG"), and to a more sustainable and inclusive future.

This core organizational purpose is fully aligned with our "One JLL" philosophy which supports our corporate values of teamwork, ethics and excellence.

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INDUSTRY TRENDS

Informing our long-term growth strategy, we have identified five macro trends we see as major guiding influences on the continued expansion and evolution of the real estate sector.

Each of these trends has a multi-year lifespan, and while the COVID-19 pandemic and subsequent economic volatility has slowed some and accelerated others, we expect all five trends to maintain their long-term trajectory and relevance over the next decade.

Informing our long-term growth strategy, we see five major macro trends influencing the continued expansion and evolution of the real estate sector.

These macro trends are:

(1) Urban Development Update - World Bank, April 2023.

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Growth in corporate outsourcing

The steady long-term trend towards outsourcing of real estate services, which began in the early 1990s, originally with U.S.-based corporations, is now a global trend with a strong growth trajectory.

Corporate outsourcing of real estate services began in the early 1990s with U.S.-based corporations, and evolved into a global trend, embraced by owners and occupiers, with a strong growth trajectory.

By focusing their own resources on core competencies and partnering with dedicated service providers like JLL to manage real estate strategy and activities, organizations are better positioned to advance their goals of financial and operational performance, talent attraction, customer experience, employee productivity and environmental sustainability.

In corporate boardrooms around the world, the pandemic has significantly enhanced the growing focus on reimagining workplaces and concepts for the future of work.

These are areas in which JLL holds deep expertise and specialist experience and resources.

Across different industries, we are positioned to provide highly adaptive and relevant solutions that promote organizational culture and prioritize health and well-being, flexible working models and technology enablement.

We see further growth in the strong and sustained trend for organizations to outsource real estate services as our clients increasingly seek strategic advice on reimagining their workspaces and workstyles to reinforce culture, attract talent and drive cost efficiencies.

Considering the impact of the pandemic, an evolving technology backdrop (e.g., artificial intelligence) and other macro factors on workforce productivity, creativity, well-being and culture, corporate management and boards around the world have a growing focus on reimagining workplaces and concepts for the future of work.

With our deep expertise and specialist experience and resources in these areas across industries, we are positioned to provide our clients highly adaptive and relevant solutions and advisory services.

With an under-penetrated market opportunity, we see a long runway for further growth in the trend for organizations to outsource real estate services as our clients increasingly seek strategic advice on reimagining their workspaces and workstyles to reinforce culture, attract talent and drive cost efficiencies.

Rising investment allocations and globalization of capital flows to real estate

In the years following the 2008 Global Financial Crisis, as investors reassessed investment allocations and priorities, real estate emerged from its previous "alternative investment" classification to become a major defined asset class of its own.

This began a sustained long-term trend of rising investment allocations to the real estate sector with allocations increasing approximately 200 basis points over the last 10 years, according to Cornell University's Baker Program in Real Estate and Hodes Weill & Associates, LP.

While major global and market events can have significant near-term impacts on real estate investment transaction volumes, this deeply engrained long-term trend remains prevalent.

As we move into 2024, capital will be focused on the distinct opportunities to access real estate's attractive returns and distinctive investment characteristics.

Complementing this, when we see investment volumes return, we anticipate increased capital flows across borders and between continents, creating new opportunities for advisors and investment managers equipped to source and facilitate these capital flows and execute cross-border transactions.

Our real estate investment expertise, linking seamlessly across the world's major markets, is ideally placed to support our clients' investment ambitions.

The concentration of culture, diversity, opportunity, facilities and creative expression supports the long-term global trend of migration into the world's major cities.

While work patterns and preferences will continue to evolve, driven in part by new possibilities created by technology and the widespread adoption of flexible working, cities will thrive as they deliver on people's lifestyle and economic ambitions, characterized by vibrant and reimagined office, cultural, retail and residential profiles.

This began a sustained long-term trend of rising investment allocations to the real estate sector with allocations increasing approximately 200 basis points since 2015, according to Cornell University's Baker Program in Real Estate and Hodes Weill & Associates, LP.

While major global and market events can have significant near-term impacts on real estate investment transaction volumes, this deeply engrained long-term trend remains prevalent, as investors focus on real estate's relative returns and distinctive investment characteristics.

Complementing this, as investment volumes return, we anticipate increased capital flows across borders, creating new opportunities for advisors and investment managers equipped to source and facilitate these capital flows and execute cross-border transactions.

Our real estate investment expertise and differentiated platform capabilities, linked seamlessly across the world's major markets, is ideally placed to support our clients' investment ambitions.

The concentration of people, culture, diversity, opportunity, facilities and creative expression supports the long-term global trend of migration into the world's major cities.

According to the World Bank's Urban Development update in April 2023, over 80% of global GDP is generated from cities, with the population in cities expected to increase 1.5 times by 2045.

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The challenge to innovate and maximize the current and future benefits of proptech is constant.

At the heart of our Beyond strategy (discussed below), supported by major ongoing investments and innovations, we continue to accelerate progress toward our goal of becoming the widely-recognized leading user of technology and data in real estate.

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At the heart of our Beyond strategy (discussed below) and supported by ongoing investments and innovations, we are widely-recognized as a leading user of technology and data in real estate.

Sustainability

Addressing and managing climate change and the finite nature of global resources are defining issues for our time.

Addressing climate change and the finite nature of global resources are recognized ESG risks for our industry.

According to the International Energy Agency, real estate and the built environment account for nearly 40% of total global direct and indirect CO₂ emissions.

At the same time, stakeholders are demanding greater focus on ESG from businesses and organizations in all areas of society.

These and other factors, including heightened awareness of the importance of promoting health and well-being, coalesce into strong rising demand for sustainability services and advice across the real estate industry.

JLL has identified meeting this demand as a major growth opportunity and priority, aligning with our purpose to shape the future of real estate for a better world.

JLL has identified meeting this demand as a growth opportunity and priority, aligning with our purpose to shape the future of real estate for a better world.

Refer to our annual ESG Performance Report, available on our website, for further information.

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Our Strategic Vision for Long-Term Sustainable and Profitable Growth

Since initiating our Beyond strategic plan in 2017, we successfully completed a multi-year transformation program building a fully integrated global organizational and enabling our "One JLL" philosophy across our business lines and functions.

As a result, we are now even better positioned to provide seamless and highly consistent services to our clients across the world, as well as smoothly and rapidly deploy innovations, best practices and new technologies.

Our “One JLL” philosophy formalizes how our teams engage with each other and enables us to deliver the best capabilities to our clients.

Under “One JLL” our teams go to market together, which allows us to seamlessly serve clients across business lines and geographies.

We also focus on attracting clients in growth industries who value our global scale and data capabilities.

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After launching our Beyond strategic plan in 2017, we embarked on a multi-year transformation program to build a fully-integrated global organization and enable our "One JLL" philosophy across all of our business lines and functions.

This allows us to provide seamless and consistent services to our clients across the world, as well as smoothly and rapidly deploy innovations, best practices and new technologies, ultimately enhancing growth prospects and operating efficiencies.

We deliver advisory-led services to maximize client outcomes, leveraging data, expertise and collaboration to convert insights into solutions.

Our “One JLL” philosophy formalizes how our teams engage with each other and enables us to seamlessly serve clients across business lines and geographies.

We focus on attracting clients in growth industries who value our global scale, differentiated platform and data-driven insights.

We continue to enhance our comprehensive service offerings to create real value for our clients.

Guided by our Beyond strategy, we are making continued investments in advanced client relationship management processes and tools, ensuring we can quickly assemble the best multidisciplinary teams and expertise tailored to meet each client's requirements.

Our extensive annual global client relationship survey for 2023, and ongoing monitoring of net promoter scores, show that more than 80% of our clients express positive sentiment when discussing the JLL brand.

Our strong reputation and broad market coverage forges greater client loyalty.

This recognition complements our recent brand refresh.

Clients turn to us for solutions and insights to optimize their real estate strategies and support their operational needs and growth strategies.

Our industry-leading research capabilities and data analytics equip JLL's people to enable clients to SEE A BRIGHTER WAY.

Guided by our Beyond strategy, we are making continued investments in our people and platform, ensuring our multidisciplinary teams are well positioned to provide tailored services and improve client outcomes.

We are recognized across our industry for our global presence, market-specific knowledge, actionable intelligence and sector specialization.

Our company continues to emphasize its capability to provide tailored solutions for complex client challenges by aligning real estate strategies with clients' business growth objectives.

Our industry-leading research capabilities, data intelligence and world-renowned expertise equip JLL's people to SEE A BRIGHTER WAY forward for our clients.

Our clients perceive the JLL brand to be trustworthy and ethical, in line with our recent recognition by Ethisphere as one of the World's Most Ethical Companies for the 17th consecutive year.

They continue to value our professionalism, responsiveness, competency and how we listen to their needs to deliver a personalized service.

JLL is a world leader in real estate services with a unique blend of global presence and local expertise.

We have won numerous awards and recognition that reflect the service quality we provide to our clients, the integrity of our people and our desirability as a place to work.

In February 2023, Fortune magazine named JLL amongst the World’s Most Admired Companies for the 7th consecutive year.

Further, JLL was included in the Bloomberg Gender Equality index (every year since 2020) and awarded the Energy Star Partner of the Year – Sustained Excellence Award by the U.S.

Environmental Protection Agency (12th consecutive year).

Refer to the Distinguishing Attributes and Competitive Differentiators section below for additional awards and recognition during the past year.

We continue to strengthen and expand awareness of our brand beyond the traditional real estate sector, with a focused goal in our Beyond strategic vision to reach more CEOs and other senior decision makers.

Supporting this goal, we are a long-standing and active strategic partner of the World Economic Forum, playing a key role in its Real Estate and Investment industry groups and its Alliance of CEO Climate Leaders, among other areas of engagement.

JLL embraces technology to deliver value for our clients, people and shareholders.

Technology is core to our growth strategy as reflected in our significant investments in JLL Technologies.

With a comprehensive portfolio of purpose-built solutions, unparalleled industry expertise and leading-edge, venture-backed companies, JLL Technologies enables organizations to achieve exceptional building performance, accelerate the path to net zero and optimize spaces for the future of work.

JLL Technologies is a global leader in proptech, expanding and refining our technology capabilities to deliver significant competitive advantages and value for our company and our clients, across all business lines.

Our heritage of over 250 years and strong global network reinforce this perception.

While clients value our global connectivity, they also value our service quality and proactiveness.

This is reflected by numerous local recognition awards and client-awarded supplier excellence awards.

Increasingly, our clients place importance on our ability to deliver integrated insights with the latest technology, and we continue to demonstrate our leadership in technology to transform data into actionable insight.

Our industry-recognized commitment to technology earned JLL a place in Fast Company's Next Big Things in Tech.

Additionally, Fortune named us one of the World's Most Admired Companies for the eighth consecutive year.

Our company continues to expand brand awareness beyond the traditional real estate sector while strengthening executive relationships to position real estate as a solution for various business challenges.

As a strategic partner of the World Economic Forum, we play an active role in Real Estate and Investment industry groups, supporting global priorities such as sustainability.

This involvement includes participation in events like New York Climate Week.

Technology is core to our growth strategy and essential to our purpose to shape the future of real estate for a better world.

Through technology, JLL helps organizations transform the way they acquire, manage, operate and experience space.

With a comprehensive portfolio of purpose-built solutions, unparalleled industry expertise and leading-edge, venture-backed companies, JLL enables organizations to achieve exceptional building performance, accelerate the path to net zero and optimize spaces for the future of work.

JLL is a global leader in proptech, expanding and refining our technology capabilities to deliver significant competitive advantages and value for our company and our clients, across all business lines.

The technology and data solutions we provide include multiple cloud-based software products and AI-powered platforms.

These technologies generate value for occupiers and investors by leveraging data and analytics to improve the quality of decision making, deliver unique insights and reduce operating costs.

Additionally, we continue to be committed to the JLL Spark Global Ventures Funds, the offerings of which are further discussed in Our Services and Business Segments.

Visit our websites at www.jll.com and www.jllt.com to see the full portfolio of technology services.

The substantial platform technology investments we made in the early phases of our Beyond journey are benefiting all areas within our enterprise by improving efficiency of our producers, increasing margins, growing market share of our existing businesses and enabling entry into adjacent markets with new business models.

Additionally, we remain committed to the JLL Spark Global Ventures Funds, the offerings of which are further discussed in Our Services and Business Segments.

Visit our website at www.jll.com to see our full portfolio of technology services.

People & Values

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We are dedicated to helping our people SEE A BRIGHTER WAY by enabling them to explore new opportunities, build expertise, create long-term careers, and draw inspiration through working with talented colleagues and clients.

Our commitment to promoting and achieving true diversity and inclusion is exemplified by achieving 30% female representation amongst our top 100 leaders.

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In the world's major markets across most industries, declining working-age populations and long-term economic growth continue to drive competition for talent, resulting in highly fluid and competitive recruitment markets.

A successful enterprise-wide people strategy is central to our company's success and complements our promise to our people where we commit to empowering them to shape a brighter way forward.

This promise ensures JLL is positioned as an employer of choice for top talent, achieving and sustaining a diverse, inclusive and collaborative culture that strongly appeals to our people and our clients alike.

This promise ensures JLL is positioned as an employer of choice for top talent, achieving and sustaining an inclusive and collaborative culture that strongly appeals to our people and our clients alike.

Sustainability

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Staying true to this purpose enables us to align with the interests and ambitions of our clients and stakeholders.

It exemplifies our commitment to the highest standards of ESG, and to a more sustainable, diverse and inclusive future.

It exemplifies our commitment to the highest standards of ESG, and to a more sustainable and inclusive future.

With 40% of global carbon emissions emanating from the built environment according to the International Energy Agency, the real estate sector has a collective responsibility to set and achieve transformational sustainability targets.

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A Business Model That Considers All Aspects of Stakeholder Value.

Our Beyond priorities combined with the macro trends we discussed above provide a platform for long-term growth.

Our strategic vision positions us to capitalize on these trends while enhancing productivity, optimizing sustainable and profitable long-term growth, and creating value for all our stakeholders.

Our Beyond priorities, strategic vision and the macro trends discussed above provide a basis for enhancing productivity, optimizing sustainable and profitable long-term growth, and creating value for all our stakeholders.

We embrace our opportunity to play a leading role in understanding and guiding the future of work, workplaces and cities, while enabling clients and communities to deliver on their sustainability targets and ambitions.

JLL recognizes the vital role innovations in data and technology will play in the real estate sector and continue to strategically invest in products and data-driven insights to lead this wave of change.

JLL recognizes the vital role innovations in data capabilities and technology will play in the real estate sector.

We continue to strategically invest in our platform, products and people to lead this wave of change.

The commercial real estate industry is consolidating, with the large players gaining market share both organically and through mergers and acquisitions.

Our strong investment grade balance sheet provides flexibility to selectively pursue merger and acquisition opportunities that will augment our organic growth.

Our growth strategy and strategic vision places a central focus on diversity, equity and inclusion, ensuring we attract and retain a truly diverse, inclusive and talented global workforce.

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Our strong investment grade balance sheet provides flexibility to augment our organic growth with selective inorganic opportunities, enhancing our competitive position in this evolving landscape.

Our growth strategy and strategic vision includes creating an environment were all employees feel valued and can contribute their unique strengths to our collective success, ensuring we attract and retain a talented global workforce to meet our clients' evolving needs.

SUSTAINING OUR ENTERPRISE:

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Our Global Sustainability Program

Our sustainability program focuses on three issue areas that directly align to our purpose and JLL's corporate strategy.

Our sustainability program focuses on three areas that align to our purpose and JLL's corporate strategy.

Each area is supported by targets and delivered by global business lines and corporate functions.

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Advocating for a better real estate sector by driving demand for sustainability, demonstrating thought leadership and engaging the industry, governments and society on the issues that matter most

Our approach is informed by a periodic assessment of ESG topics to ensure our program and targets address the key issues for our business.

In 2023 this included a "double materiality" review aligned with the European Sustainability Reporting Standards (ESRS).

Our approach is informed by a "double materiality" assessment aligned with the European Sustainability Reporting Standards (ESRS).

Through a process of market evaluation and direct stakeholder input, we have identified the most important ESG impacts, risks and opportunities to inform our decision making for impact and value creation beyond our already ambitious net zero commitment.

A description of these issues, along with an account of our approach and performance in 2024, is covered in our annual ESG Performance Report, due for publication in the second quarter of 2025, available on our website.

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Creating Sustainable Value for Clients, Shareholders and Employees

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• Act - to execute sustainability initiatives that drive outcomes on goals;

• Manage - to optimize implemented projects and programs, and measure and monitor critical data to support continued progress in reducing emissions and compliance reporting powered by JLL's Canopy technology, our proprietary sustainability tech platform that enables users to collect, measure, and report on their GHG emissions and sustainability performance.

• Manage - to optimize implemented projects and programs, and measure and monitor critical data to support continued progress in reducing emissions and compliance reporting.

JLL's sustainability program is aligned with our purpose to shape the future of real estate for a better world and our corporate strategy to create long-term value for our stakeholders, including shareholders, clients, employees and communities.

Through this, we help our clients manage their real estate more effectively and efficiently, promote employment and create value for our shareholders and employees.

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We operate across a wide variety of highly-competitive business lines within the commercial real estate industry globally.

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"One JLL" enables cross-selling opportunities across geographies and service offerings that we expect will continue to develop new revenue sources and growth.

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Technology Leadership

Technology is transforming commercial real estate and CRE technology strategy is top of mind for our clients.

JLL’s technology strategy is to build, buy, partner and invest to curate an industry-leading technology portfolio that extends seamlessly into the generative AI era.

By building our own solutions and partnering with, investing in, or selectively acquiring market-leading proptech companies, we empower our clients and create material differentiation for our company while leading the digital transformation of our industry.

Examples of this include:

• A proprietary technology solution that drives higher productivity for our leasing brokers within Markets Advisory.

• A proprietary technology platform that generates leads and insights for advisors in our Capital Markets business and helps us identify and win new business.

• A proprietary generative AI platform purpose-built for CRE that provides JLL’s workforce with relevant and reliable outputs to increase their efficiency and to provide CRE insights to clients in a new way.

JLL’s technology strategy is to build, acquire, license and invest to curate a portfolio of the most impactful technology products.

We drive adoption of these products to empower our people and generate value for our clients.

We make significant investments in technology to empower our people and clients to achieve success.

For example, our acquisition of Raise Commercial Real Estate and the resulting LeasingOS platform is a cloud-based application that helps JLL deliver greater value throughout the leasing lifecycle by providing a digital one-stop place for brokers and clients to collaborate.

We are a leader in the development and deployment of Artificial Intelligence (AI) to transform CRE:

• Our purpose-built JLL Falcon platform provides a cutting-edge set of AI-enabled software services that combines JLL’s vast and comprehensive proprietary data with generative AI models to deliver timely, revenue-generating and cost-saving insights and maximized returns.

• JLL Azara, powered by JLL Falcon, is a data analysis application designed to transform how business leaders interact with corporate real estate and facilities management data.

• JLL GPT is a generative AI assistant, purpose-built for the CRE industry, used by thousands of our employees to increase efficiency and deliver customized solutions for clients.

Through our JLL Technologies business, we offer a comprehensive set of products along with services for investor and occupier clients.

Corrigo, for example, helps improve client outcomes and drive cost efficiency for our Work Dynamics business.

Hank AI enables faster energy savings and ROI for properties.

JLL Spark Global Ventures has invested in more than 50 proptech start-ups focused on technology such as IoT sensors, AI space planning and visualization, AI analytics for builders, investment platforms and more.

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Large corporations, institutional investors and occupiers of real estate recognize our ability to create value reliably in changing market conditions, based on (i) evidence provided by brand perception surveys we have commissioned, (ii) extensive coverage we receive in top-tier business publications, (iii) awards we receive in real estate, sustainability, innovation, data/technology and ethics, as well as (iv) our significant, long-standing client relationships.

Our reputation derives from our deep industry knowledge, excellence in service delivery, integrity, and our global provision of high-quality, professional real estate and investment management services.

Our reputation derives from our deep industry knowledge providing actionable intelligence, global provision of high-quality professional real estate and investment management services, and our local expertise and sector specialization, ensuring that our clients receive a best-in-class service.

We believe in uncompromising integrity and the highest ethical conduct, where our Board of Directors and senior management lead by example.

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The integrity our brand represents is one of our most valuable assets and a strong differentiator for JLL.

In November 2022, we unveiled our global brand idea, SEE A BRIGHTER WAY, which embodies our commitment to bring optimism, innovative ideas and unmatched intelligence in everything we do for our clients.

This has helped to build our brand awareness and recognition and cement our position as real estate leader of the future.

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Employee Engagement

In 2022, we unveiled our global brand idea, SEE A BRIGHTER WAY, which embodies our commitment to bring optimism, innovative ideas and unmatched intelligence in everything we do for our clients.

This has helped us to increase the value of our brand, and continues to support our quest to shape the future of real estate for a better world.

Employee Experience

Our people are united by our purpose to shape the future of real estate for a better world.

Our purpose, combined with our strategic focus on People, Technology and Workspaces, positions us for exciting business growth.

Our purpose, combined with our strategic focus areas, positions us for exciting business growth.

Embedded in everything we do are our values:

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Driving the best people experience is imperative, enabling our employees to continue to grow with JLL while also feeling part of an inclusive and collaborative culture.

Our goal-setting framework uses three categories of goals (clients, growth and people) that align our people’s efforts with enterprise-wide strategy throughout all levels of the organization and builds focus and attention on our priorities.

Ongoing employee feedback is important to the continued improvement of our organization and to harness this valuable feedback, we conduct an all-employee survey regularly, measuring key aspects such as engagement, leadership, inclusion index and well-being.

We give employees the opportunity, knowledge and tools to own their success because we value what makes each of us unique.

Our goal-setting framework uses four categories of goals (clients, platform, people and values, and brand) that align our people’s efforts with enterprise-wide strategy throughout all levels of the organization and builds focus and attention on our priorities.

Financial Strength

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The Facility is provided by an international syndicate of banks, which, as of December 31, 2024, had a maximum borrowing capacity of $3.3 billion and a maturity date in November 2028.

Our November 2023 $400.0 million note offering further diversified our capital base and enhanced our liquidity profile, with the proceeds being used to reduce the outstanding balance on the Facility.

In addition to our Facility, we established a commercial paper program in 2024, in which we may issue up to $2.5 billion of short-term, unsecured and unsubordinated commercial paper notes at any time.

Focus on Sustainability

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the world's leading real estate owners, occupiers, investors and developers.

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We won numerous awards and recognitions through January 2025 that reflect the quality of the services we provide to our clients, the integrity of our people and our desirability as a place to work.

As examples, we were named:

• A member of the Bloomberg Gender-Equality Index, every year since 2020

• An Energy Star Sustained Excellence Award recipient, by the U.S.

Environmental Protection Agency, for the twelfth consecutive year

Environmental Protection Agency, every year since 2012

• One of the World's Most Ethical Companies by the Ethisphere Institute, every year since 2008

• One of the World's Most Admired Companies by Fortune Magazine , for the eighth consecutive year

• To the Human Rights Campaign Foundation's Corporate Equality Index, a benchmarking survey on corporate policies and practices related to LGBTQ workplace equality, for the ninth consecutive year

• One of America's Best Employers for Diversity by Forbes , every year since 2019

• One of the Best Places to Work for Disability Inclusion by the Disability Equality Index, for the fifth consecutive year

• A member of Seramount’s Inclusion Index, recognizing our dedication and progress to creating an inclusive workplace for the second consecutive year

• One of America’s 100 Most Sustainable Companies by Barron’s, for the fourth consecutive year

• To the Wall Street Journal's Management Top 250 ranking, for the fourth consecutive year

• One of America’s Most JUST Companies by Forbes /JUST Capital for the second consecutive year

• A Top Company for Executive Women by Seramount

• A World's Most Admired Company by Fortune Magazine , every year since 2017

• To the Human Rights Campaign Foundation's Corporate Equality Index, a benchmarking survey on corporate policies and practices related to LGBTQ workplace equality, for the tenth consecutive year

• One of the Best Places to Work for Disability Inclusion by the Disability Equality Index, for the sixth consecutive year

• A member of Seramount’s Inclusion Index, recognizing our dedication and progress to creating an inclusive workplace for the third consecutive year

• One of America’s 100 Most Sustainable Companies by Barron’s, for the fifth consecutive year

• To the Wall Street Journal's Management Top 250 ranking, for the fifth consecutive year

• One of America’s Most JUST Companies by Forbes /JUST Capital, for the third consecutive year

• A Top Company for Executive Women by Seramount, for the second consecutive year

• One of U.S.

News & World Report’s Best Companies to Work For

• One of America's Greatest Workplaces by Newsweek and Plant-A Insights Group

• One of The World's Best Companies by Time and Statista

• One of Forbes' Most Trusted Companies

INTEGRATED REPORTING

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This Annual Report on Form 10-K focuses on our business strategy and our financial performance, including an attempt to illustrate how being a sustainable enterprise is integral to our success.

Our citizenship and sustainability efforts for ourselves and our clients are reflected primarily in our annual ESG Performance Report, available through our newly created ESG Reporting Hub.

Our citizenship and sustainability efforts for ourselves and our clients are reflected primarily in our annual ESG Performance Report, available through our ESG and Sustainability Reporting Hub.

Our governance and remuneration practices are reported primarily in the Proxy Statement for our Annual Meeting of Shareholders.

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Our Finance, Legal and Sustainability functions are primarily responsible for the i ntegrity of our integrated reporting efforts, collaborating in the preparation and presentation of this report and engaging our organization's leadership.

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Historically, we have reported a relatively smaller revenue and profit in the first quarter with both measures increasing during each of the following three quarters.

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Non-variable operating expenses, which we treat as expenses when incurred during the year, are relatively constant on a quarterly basis.

Other factors may affect seasonality.

For example, we continue to experience disruption to our historical seasonality trends due to rising interest rates and widespread economic uncertainty in 2022 and 2023.

HUMAN CAPITAL

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The costs associated with directly reimbursable employees are fully reimbursed by clients, primarily in Work Dynamics but also within Markets Advisory.

Specifically, reimbursable employees include many of our WPM and Property Management professionals, inclusive of our building maintenance employees.

Specifically, reimbursable employees include many of our Workplace Management and Property Management professionals, inclusive of our building maintenance employees.

Our employees do not report being members of any labor unions, with the exception of approximately 3,800 building maintenance employees in the United States, over 77% of whom are reimbursable.

As of both December 31, 2024 and December 31, 2023, approximately two-thirds of our employees were based in countries other than the United States.

Diversity, Equity and Inclusion (DEI)

At JLL, diversity, equity and inclusion are core to our purpose of shaping the future of real estate for a better world.

Our vision is for a culture where differences are valued, people feel that they belong, and authenticity thrives across the communities where we live and work.

We have embarked on a strategic DEI journey that includes focusing on our workforce, workplace and marketplace.

We have enhanced our commitment to DEI by strategically focusing on talent, culture and clients.

Some examples of our actions and progress include:

• Growth of diversity efforts

◦ 36% of our global workforce is female

◦ 83% of our independent board members are female and/or an ethnic minority

◦ Four of our largest ten countries are led by female CEOs

◦ Continued to support the Commercial Real Estate Women (CREW) Pledge for Action, which we were a signatory of in 2021, to support the advancement of women in real estate

◦ Published our sixth Gender Pay Gap report and third Ethnicity Pay Gap report in the United Kingdom

• Supported Business Resource Groups to provide supportive and safe platforms to navigate career development and facilitate networking

• Continued the rollout of programs to break down financial barriers for underrepresented populations entering the real estate industry, including a college loan repayment program and an investment fund for entry-level compensation to supplement the industry's traditionally commission-based salary models

• Continued recognition of our commitment to diversity;

refer to the Distinguishing Attributes and Competitive Differentiators section above for awards and recognition during the past year

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At JLL, our community of people is united by our shared purpose of shaping the future of real estate for a better world through our values of Teamwork, Ethics and Excellence.

We hold true to our people promise of giving every employee the opportunity, knowledge and tools to own their success while celebrating what makes each person unique.

Employee Engagement

Our vibrant workplace culture is reflected in our annual People Survey results, where 86,000 (76%) employees across all levels and backgrounds shared their perspectives, resulting in an engagement score of 72—surpassing the high-performance organizations benchmark by 4 points.

We create a work environment that supports the growth and interests of our employees.

Our programs provide a framework that recognizes and understands our colleagues’ distinct aspirations and needs throughout our company.

This approach enables us to develop strategies that resonate with different groups, ensuring all employees can access resources that support their success.

Our Business Resource Groups are open to all employees, and continue to foster an environment where connections flourish, providing inclusive platforms for career learning and relationship-building across our global community.

These groups strengthen our culture of belonging while creating pathways to enhance business acumen and professional development.

Training and Development

Using extensive internal and external research, we have redefined the core leadership behaviors that drive our near and long-term success.

These behaviors are the foundation for leadership development, leadership performance and talent assessments, succession planning and other talent processes.

Our award-winning development platform, Real Leadership, has been updated to reflect the refreshed leadership behaviors and our employees can self-assess against them to participate in programs.

Real Leadership is an end-to-end platform that helps our employees grow their leadership skills from frontline to executive.

It has served over 10,000 employees worldwide with 10 different programs including partnerships with Harvard, Stanford, Cambridge University, IMD Business School and many other prestigious partners.

As our business has evolved, so too have our broader learning and development platform and products.

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Our learning platforms have resulted in nearly 2 million learning assets consumed to accelerate the development of our employees.

Launched in 2020, and refreshed in 2022, our well-being framework consists of four pillars:

physical, mental, financial and inclusion.

Through our well-being sites, employees across the globe can leverage helpful resources, presented live and virtually, on such topics as mental health, financial education and resources for caregivers.

Using extensive internal and external research, we have redefined the core leadership behaviors that drive our near and long-term success.

These behaviors are the foundation for leadership development, leadership performance and talent assessments, succession planning and other talent processes.

Our award-winning development platform, Leading the Way, has been updated to reflect the refreshed leadership behaviors and our employees can self-assess against them to participate in programs.

Leading the Way is an end-to-end platform that helps our employees grow their leadership skills from frontline to executive.

It has served over 15,000 employees worldwide with various programs including e-learning, live webinars, and top talent initiatives.

These programs incorporate elements of coaching, mentorship and partnerships with a variety of business schools, ensuring comprehensive leadership development across all levels of our organization.

We're leading the industry in technological innovation by integrating AI tools into our goal-setting platform.

This advancement empowers employees to set personalized, persona-driven goals that align with their individual career paths and skill development, creating an environment where everyone has access to growth opportunities.

Our well-being framework, consisting of physical, mental, financial and inclusion pillars, fosters a culture of holistic care that empowers our approximately 112,000 employees to thrive both personally and professionally.

Through our global well-being site, employees can access live and virtual resources on topics such as mental health, financial education and caregiver support.

Our Well-being hub offers over 120 sessions globally, addressing all aspects of employee wellness.

In 2024, the hub has been viewed over 56,000 times, with employees completing several hundred hours of courses throughout the year.

Health and Safety

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Real Estate).

The following metrics are as of January 2025:

• Lost Time Incident Rat e was 0.17 (OSHA industry average was 1.4):

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• There were zero JLL employee workplace fatalities reported in 2024.

Since 2012, we have benchmarked the strength of our safety culture against data from other companies using the U.K.

Health and Safety Laboratory’s Safety Climate Survey Tool.

Our global survey received over 10,000 responses in 2023 and showed our culture continued to be in the 95th percentile when compared against the all-industry scores, and significantly exceeded the 2023 average scores for Real Estate & Facilities Management organizations.

While this score sets a high internal

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benchmark, our goal is to continually improve our culture through the ongoing embedding of the One team S.A.F.E.R together program across JLL.

JLL is currently developing a new standard for its offices ensuring that each workplace is 1) productive 2) healthy 3) sustainable and 4) inclusive.

These new standards will use industry leading practices and research-based improvements to raise the standard of our office spaces, directly affecting our employees.

JLL has developed a new standard for its offices, creating workplaces that are productive, healthy, sustainable and inclusive.

These new standards use industry-leading practices and research-based improvements to raise the standard of our office spaces, directly affecting our employees and accelerating the transition to net zero carbon emissions.

INTELLECTUAL PROPERTY

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Our trademark registrations have to be renewed every ten years, which we expect to continue to renew, as necessary.

Based on our most recent trademark registrations, the JLL mark is set to expire in 2024 and we expect to renew the JLL mark during the course of 2024.

Based on our most recent trademark registrations, the JLL mark will expire in 2034.

The JLL Design (Three Circles) mark will expire in 2031.

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• Separation of Chairman and CEO roles, with the Chairman serving as Lead Independent Director

• Required approval by the Nominating, Governance and Sustainability Committee of any related-party transactions

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• Required approval by the Nominating, Governance and Sustainability Committee of any Director or Executive Officer related-party transactions

• Executive session among the Non-Executive Directors at each in-person meeting

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The Code of Ethics is the cornerstone of our Ethics Everywhere Program, by which we establish the operating framework to communicate, monitor and enhance our ethical culture and maintain compliance with our Code.

We are proud of, and are determined to protect and enhance, the global reputation we have established.

As we operate in a service industry, the integrity our brand represents is one of our most valuable assets.

In 2023, we received Compliance Leader Verification from Ethisphere, a leading organization dedicated to advancing best practices in ethics, compliance, corporate governance and citizenship.

For 2023 and 2024, we received Compliance Leader Verification from Ethisphere, a leading organization dedicated to advancing best practices in ethics, compliance, corporate governance and citizenship.

The Compliance Leader Verification process involves a rigorous review of an ethics and compliance program and corporate culture and is awarded to select organizations that demonstrate a high level of excellence.

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We recognize both the risks and opportunities presented by climate change and seek to address these impacts in and beyond our business.

We also work to foster an environment which values the richness of our differences and reflects the diverse world in which we live and work.

By cultivating a dynamic mix of people and ideas, we enrich our performance, the communities in which we operate, and the lives of our employees.

We seek to recruit a diverse workforce, develop and promote exceptional talent from diverse backgrounds, and embrace the varied experiences of all our employees.

We strive to create an inclusive environment that recognizes the value of diverse perspectives and experiences.

Our approach aims to enhance our performance and contribute positively to the communities in which we operate.

We are committed to fair and equitable practices in recruitment, development and promotion, focusing on identifying and nurturing talent from various backgrounds.

We believe that embracing a wide range of experiences and viewpoints among our employees contributes to our overall success and innovation.

Corporate Political Activities.

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We intend to post on our website any amendment or waiver of the Code of Ethics with respect to a member of our Board or any of the executive officers named in our proxy statement.

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On the Investor Relations page on our website, we make available our Annual Report on Form 10-K, our Proxy Statement on Schedule14A , our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”).

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business