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Our common stock is listed on The New York Stock Exchange ("NYSE") under the symbol "JLL."
−Removed: For over 200 years, JLL, a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.
−Removed: Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY SM by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions.
−Removed: JLL is a Fortune 500 ® company with annual revenue of $23.4 billion, operations in over 80 countries and a global workforce of more than 112,000 as of December 31, 2024.
−Removed: We provide services for a broad range of clients who represent a wide variety of industries and are based in markets throughout the world.
+Added: JLL is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025.
+Added: For over 200 years, clients have trusted JLL, a Fortune 500 ® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties.
+Added: Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY SM .
+Added: Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries.
Our clients vary greatly in size and include for-profit and not-for-profit entities, public-private partnerships and governmental ("public sector") entities.
−Removed: Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly-traded real estate securities.
+Added: Through LaSalle Investment Management (also referred to as "LaSalle" or our "Investment Management" segment), we invest for clients on a global basis in both private assets and publicly traded real estate securities.
Our global platform and diverse service and product offerings position us to take advantage of the opportunities in a consolidating industry and to successfully navigate the dynamic and challenging markets in which we compete worldwide.
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LaSalle is also a registered trademark in the countries in which we conduct business, as is our logo.
−Removed: 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.
−Removed: 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.
−Removed: Also effective January 1, 2025, this segment will be renamed Real Estate Management Services, and our Markets Advisory segment will become Leasing Advisory.
−Removed: 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;
−Removed: there are no reporting changes within these three segments.
+Added: Effective July 1, 2025, we report the balances and activity associated with the investments historically reported within Software and Technology Solutions in "All Other." These investments (inclusive of convertible notes receivable) in proptech funds and early to mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment.
+Added: Effective January 1, 2026, the Software and Technology Solutions segment will merge into Real Estate Management Services with results of operations reported as a subsegment within Real Estate Management Services.
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).
−Removed: The Company has grown by expanding our client base as well as service and product offerings, both organically and through mergers and acquisitions.
+Added: The Company has grown by expanding our client base as well as service and product offerings, both organically as well as 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.
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As of December 31, 2025, our five segments, and the services we provide within them, included:
−Removed: Markets Advisory
−Removed: Markets Advisory offers local expertise across the globe covering a comprehensive range of services across asset types.
−Removed: We aggregate such services into three categories:
−Removed: Leasing, Property Management and Advisory, Consulting and Other.
−Removed: Agency Leasing executes marketing and leasing programs on behalf of property owners (including investors, developers, property-owning companies and public entities), including product positioning, target tenant identification and competitor analysis through to securing tenants and negotiating leases with terms that reflect our clients' best interests.
−Removed: In 2024, we completed approximately 18,300 agency leasing transactions representing 318 million square feet of space.
−Removed: Tenant Representation establishes strategic alliances with occupier clients to define space requirements, identify suitable alternatives, recommend appropriate occupancy solutions, and negotiate lease and ownership terms with landlords.
−Removed: Our involvement helps our clients reduce real estate costs, minimize occupancy risk, improve occupancy control and flexibility, and create more productive office environments.
−Removed: In 2024, we completed approximately 23,000 tenant representation transactions representing 497 million square feet of space.
−Removed: 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.
−Removed: 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.
+Added: Real Estate Management Services
+Added: Workplace Management
+Added: As a strategic partner of clients with a multinational footprint, Real Estate Management Services offers a single, cohesive service-delivery team focused on three key value levers:
+Added: (i) making informed, data-driven decisions and digital transformation, (ii) achieving operational excellence through improved productivity and financial performance and (iii) attracting and retaining talent through an enhanced user experience.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: Facilities under management cover all real estate asset classes, including corporate headquarters, distribution facilities, hospitals, research and development facilities, data centers and industrial complexes.
+Added: As of December 31, 2025, Workplace Management managed approximately 2.8 billion square feet of real estate for our clients.
+Added: 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.
+Added: 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.
+Added: Performance-based fees result from achieving quantitative and qualitative performance measures and/or target scores on recurring client satisfaction surveys.
+Added: 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.
+Added: We typically experience a high renewal rate, with most clients renewing their contracts at least once;
+Added: many of our largest contracts have been in place for more than a decade.
+Added: Project Management
+Added: Project Management provides consulting, design, management and build services to tenants of leased space, owners in self-occupied buildings and owners of real estate investments, leveraging technology to drive outstanding service delivery.
+Added: We also provide services to public-sector clients, notably military and government entities, and educational institutions, primarily in the U.S.
+Added: and to a growing extent in other countries.
+Added: We bring a "life cycle" perspective to our clients, from consulting and capital management through design, construction and occupancy via our JLL brand, while we also provide fit-out, refurbishment and design services under the Tétris brand, predominantly in Europe.
+Added: Our Project Management business is generally compensated on the basis of negotiated fees as well as reimbursement of costs when we are principal to a contract (or client).
+Added: 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.
Property Management
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Our work with clients also includes advisory, tenancy management and services focused strategically on reducing energy usage and carbon impact.
−Removed: As of December 31, 2024, we provided property management services for properties totaling approximately 3.1 billion square feet.
+Added: As of December 31, 2025, we provided management services for properties totaling approximately 2.9 billion square feet.
We are generally compensated by either directly agreeing to a fixed fee or a cost plus fee model, or a fee based upon a percentage of cash collections we make on behalf of our clients, or based on square footage managed;
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Consistent with industry norms, management contract terms typically range from one to three years, although some contracts can be terminated at will at any time following a short notice period, usually 30 to 120 days.
+Added: Portfolio Services
+Added: Through the suite of services our Real Estate Management Services business provides to clients via our "One JLL" approach, we gain deep knowledge and extensive data about their corporate real estate footprints, business strategies and organizational priorities.
+Added: This knowledge enables our consulting practice to effectively advise clients on how to optimize their workplace strategies and occupancy planning to improve utilization and ultimately enhance the productivity and well-being of those who use the space.
+Added: More broadly, this advice may extend to our clients’ portfolio strategies, including location advisory, transaction management, lease administration, technology implementation and optimization, and options to add and integrate flexible space solutions.
+Added: Our fee structures vary and are based on the point-in-time or over-time nature of services and deliverables provided to our clients.
+Added: Leasing Advisory
+Added: Leasing Advisory offers local expertise across the globe covering a comprehensive range of services across asset types.
+Added: We aggregate such services into two categories:
+Added: Leasing and Advisory, Consulting and Other.
+Added: Agency Leasing executes marketing and leasing programs on behalf of property owners (such as investors, developers, property-owning companies and public entities), including product positioning, target tenant identification and competitor analysis through to securing tenants and negotiating leases with terms that reflect our clients' best interests.
+Added: In 2025, we completed approximately 19,500 agency leasing transactions representing 340 million square feet of space.
+Added: Tenant Representation establishes strategic alliances with occupier clients to define space requirements, identify suitable alternatives, recommend appropriate occupancy solutions, and negotiate lease and ownership terms with landlords.
+Added: Our involvement helps our clients reduce real estate costs, minimize occupancy risk, improve occupancy control and flexibility,
+Added: and create more productive office environments.
+Added: In 2025, we completed approximately 23,500 tenant representation transactions representing 569 million square feet of space.
+Added: 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.
+Added: 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.
Advisory, Consulting and Other
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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.
−Removed: Capital Markets
−Removed: Capital Markets is a full-service global provider of capital solutions creating a world of opportunity for investors and owners of real estate.
+Added: Capital Markets Services
+Added: Capital Markets Services is a full-service global provider of capital solutions creating a world of opportunity for investors and owners of real estate.
As a leading provider of property sales, debt, value and risk advisory services, and hedging and derivatives, we combine the unique knowledge of our people with the power of collective insight and technology made possible by our fully-integrated capital markets platform.
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M&A and corporate advisory services include sourcing capital, both equity and debt, and other traditional investment banking services designed to assist investor and corporate clients to maximize the value of their real estate interests.
−Removed: To meet client demands for selling and acquiring real estate assets domestically and internationally, our Capital Markets teams combine local market knowledge with our access to global capital sources to provide superior execution in raising capital for real estate transactions.
−Removed: By originating, developing and introducing innovative new financial products and strategies, Capital Markets is integral to the business development efforts of our other businesses.
+Added: To meet client demands for selling and acquiring real estate assets domestically and internationally, our Capital Markets Services teams combine local market knowledge with our access to global capital sources to provide superior execution in raising capital for real estate transactions.
+Added: By originating, developing and introducing innovative new financial products and strategies, Capital Markets Services is integral to the business development efforts of our other businesses.
Most of our revenues are in the form of fees, derived from the value of transactions we complete or securities we place.
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As of December 31, 2025, we serviced a loan portfolio of approximately $140.3 billion.
−Removed: Work Dynamics
−Removed: Workplace Management
−Removed: 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:
−Removed: (i) making informed, data-driven decisions and digital transformation, (ii) achieving operational excellence through improved productivity and financial performance and (iii) attracting and retaining talent through an enhanced user experience.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Facilities under management cover all real estate asset classes, including corporate headquarters, distribution facilities, hospitals, research and development facilities, data centers and industrial complexes.
−Removed: As of December 31, 2024, Workplace Management managed approximately 2.2 billion square feet of real estate for our clients.
−Removed: 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.
−Removed: 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.
−Removed: Performance-based fees result from achieving quantitative and qualitative performance measures and/or target scores on recurring client satisfaction surveys.
−Removed: 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.
−Removed: We typically experience a high renewal rate, with most clients renewing their contracts at least once;
−Removed: many of our largest contracts have been in place for more than a decade.
−Removed: Project Management
−Removed: Project Management provides consulting, design, management and build services to tenants of leased space, owners in self-occupied buildings and owners of real estate investments, leveraging technology to drive outstanding service delivery.
−Removed: We also provide services to public-sector clients, notably military and government entities, and educational institutions, primarily in the U.S.
−Removed: and to a growing extent in other countries.
−Removed: We bring a "life cycle" perspective to our clients, from consulting and capital management through design, construction and occupancy via our JLL brand, while we also provide fit-out, refurbishment and design services under the Tétris brand, predominantly in Europe.
−Removed: Our Project Management business is generally compensated on the basis of negotiated fees as well as reimbursement of costs when we are principal to a contract (or client).
−Removed: 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.
−Removed: Portfolio Services
−Removed: Through the suite of services our Work Dynamics business provides to clients via our "One JLL" approach, we gain deep knowledge and extensive data about their corporate real estate footprints, business strategies and organizational priorities.
−Removed: This knowledge enables our consulting practice to effectively advise clients on how to optimize their workplace strategies and occupancy planning to improve utilization and ultimately enhance the productivity and well-being of those who use the space.
−Removed: More broadly, this advice may extend to our clients’ portfolio strategies, including location advisory, transaction management, lease administration, technology implementation and optimization, and options to add and integrate flexible space solutions.
−Removed: Our fee structures vary and are based on the point-in-time or over-time nature of services and deliverables provided to our clients.
−Removed: JLL Technologies
−Removed: JLL Technologies leverages its comprehensive technology portfolio of software platforms, apps, hardware and technology services, as well as innovations from venture-backed companies, to help organizations maximize their real estate experience.
+Added: Investment Management
+Added: LaSalle Investment Management ("Investment Management") 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.
+Added: Investment Management launched its first institutional investment fund in 1979, making us one of the most experienced real estate focused investment managers in the industry.
+Added: We have invested, on behalf of our clients and ourselves, in real estate assets located in 24 countries around the globe, as well as in public real estate companies traded on all major stock exchanges.
+Added: Investment Management provides clients with a broad range of real estate investment products and services, designed to meet the differing strategic, asset allocation, risk/return and liquidity requirements of our clients.
+Added: 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-end funds or private closed-end funds (commingled funds), separate accounts, joint ventures or co-investments.
+Added: Investment Management's assets under management ("AUM") of $86.4 billion, as of December 31, 2025, by geographic distribution and fund type, is detailed in the following graphics ($ in billions).
+Added: 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.
+Added: As of December 31, 2025, we had a total of $505.8 million of co-investments, alongside our clients, in real estate ventures included in total AUM.
+Added: Investment Management is compensated for investment management services for private equity investments based on capital committed, capital deployed and managed (advisory fees), with additional fees tied to investment performance above specific hurdles (incentive fees).
+Added: In some cases, Investment Management also receives fees tied to acquisitions, financings and dispositions (transaction fees).
+Added: Our investment funds have various life spans, typically ranging between five and nine years, but in some cases are open ended.
+Added: In 2025, open-end funds represented approximately 34% of AUM as of December 31, 2025.
+Added: 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.
+Added: Software and Technology Solutions
+Added: Software and Technology Solutions leverages its comprehensive technology portfolio of software platforms, apps, hardware and technology services, as well as innovations from venture-backed companies, to help organizations maximize their real estate experience.
Services and Software Solutions
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• Corrigo , a mobile and desktop-integrated product that enables facility managers to efficiently manage work orders, centralize repairs and maintenance, and automate tasks, all on a scalable level.
−Removed: • 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.
−Removed: JLL Spark - Investments in Proptech
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.
−Removed: We generally report these investments at fair value and include fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings.
+Added: We generally report these investments at fair value and include fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses.
As of December 31, 2025, the fair value of such investments was $340.1 million.
−Removed: 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.
−Removed: LaSalle launched its first institutional investment fund in 1979, making us one of the most experienced real estate focused investment managers in the industry.
−Removed: We have invested, on behalf of our clients and ourselves, in real estate assets located in 25 countries around the globe, as well as in public real estate companies traded on all major stock exchanges.
−Removed: LaSalle provides clients with a broad range of real estate investment products and services, designed to meet the differing strategic, asset allocation, risk/return and liquidity requirements of our clients.
−Removed: 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.
−Removed: 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).
−Removed: 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.
−Removed: As of December 31, 2024, we had a total of $406.1 million of co-investments, alongside our clients, in real estate ventures included in total AUM.
−Removed: LaSalle is compensated for investment management services for private equity investments based on capital committed, capital deployed and managed (advisory fees), with additional fees tied to investment performance above specific hurdles (incentive fees).
−Removed: In some cases, LaSalle also receives fees tied to acquisitions, financings, and dispositions (transaction fees).
−Removed: Our investment funds have various life spans, typically ranging between five and nine years, but in some cases are open ended.
−Removed: In 2024, open-ended funds represented approximately 32% of AUM as of December 31, 2024.
−Removed: 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.
+Added: Effective July 1, 2025, we report the balances and activity associated with the investments historically reported within Software and Technology Solutions in "All Other." These investments (inclusive of convertible notes receivable) in proptech funds and early to mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment.
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.
−Removed: It exemplifies our commitment to the highest standards of environmental, social and corporate governance ("ESG"), and to a more sustainable and inclusive future.
+Added: 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 through our services.
+Added: JLL recognizes the vital role innovations in data capabilities and technology will play in the real estate sector.
+Added: We continue to strategically invest in our platform, products and people to lead this wave of change.
This core organizational purpose is fully aligned with our "One JLL" philosophy which supports our corporate values of teamwork, ethics and excellence.
This philosophy formalizes how our teams engage with each other and enables us to deliver the best capabilities to our clients.
−Removed: Ultimate responsibility for promoting awareness and ensuring adherence to our values and purpose across the enterprise is held by the JLL Global Executive Board ("GEB") and is endorsed by our Board of Directors.
+Added: Ultimate responsibility for promoting awareness and ensuring adherence to our values and
+Added: purpose across the enterprise is held by the JLL Global Executive Board ("GEB") and is endorsed by our Board of Directors.
Our purpose guides our strategic growth vision and informs our response to the long-term macro trends which maintain prevalence in the real estate industry at all points in the economic cycle.
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INDUSTRY TRENDS
−Removed: Informing our long-term growth strategy, we see five major macro trends influencing the continued expansion and evolution of the real estate sector.
−Removed: These macro trends are:
−Removed: (1) Urban Development Update - World Bank, April 2023.
+Added: We continue to see major macro trends influencing the expansion and evolution of the real estate sector.
Growth in corporate outsourcing
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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.
−Removed: 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.
+Added: An evolving technology backdrop (e.g., artificial intelligence, or "AI") and other macro factors on workforce productivity, creativity, well-being and culture, corporate management and boards around the world have a sustained 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.
−Removed: 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.
−Removed: Rising investment allocations and globalization of capital flows to real estate
+Added: We continue to 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.
+Added: Rising investment allocations 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.
1 unchanged sentence
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.
−Removed: 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.
−Removed: 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.
+Added: Demographics and urbanization
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.
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JLL has well-established global research exploring this and associated trends in more depth, including related dynamics in the way the world’s major cities are growing, adapting and evolving.
−Removed: Fourth Industrial Revolution
−Removed: The World Economic Forum defines the Fourth Industrial Revolution as the wave of change being driven through advances in technology, data and artificial intelligence.
−Removed: The real estate industry is affected in many ways including, for example, (1) the transition to flexible and hybrid office working models, (2) new data-driven understanding of how all forms of real estate can be more efficient, sustainable and productive, (3) the rise of experiential and online retail, (4) new asset management technologies and (5) the growth of the logistics sector.
+Added: AI and technology's next frontier
+Added: The real estate industry is affected by advances in technology, data and artificial intelligence in many ways, specifically:
+Added: (1) the transition to flexible and hybrid office working models, (2) new data-driven understanding of how all forms of real estate can be more efficient, sustainable and productive, (3) the rise of experiential and online retail, (4) new asset management technologies and (5) the growth of the logistics sector.
While there is currently no single technology disruptor positioned to dominate the real estate industry, there are thousands of start-ups, applications and concepts vying to transform the marketplace, collectively known as proptech.
The challenge to innovate and maximize the current and future benefits of proptech is constant.
−Removed: 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.
−Removed: Sustainability
−Removed: Addressing climate change and the finite nature of global resources are recognized ESG risks for our industry.
−Removed: According to the International Energy Agency, real estate and the built environment account for nearly 40% of total global direct and indirect CO₂ emissions.
−Removed: At the same time, stakeholders are demanding greater focus on ESG from businesses and organizations in all areas of society.
−Removed: These and other factors, including heightened awareness of the importance of promoting health and well-being, coalesce into strong rising demand for sustainability services, decarbonization planning and advice across the real estate industry.
−Removed: 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.
−Removed: Refer to our annual ESG Performance Report, available on our website, for further information.
+Added: At the heart of our Beyond strategy (discussed
+Added: below) and supported by ongoing investments and innovations, we are widely-recognized as a leading user of technology and data in real estate.
+Added: Energy and sustainability
+Added: Climate change and resource constraints are transforming the real estate industry.
+Added: The built environment is under pressure from evolving regulations, investor demands, corporate net zero commitments, and rising occupant health and well-being expectations.
+Added: These converging factors are reshaping how properties are valued, operated, and occupied—driving demand for sustainable and energy-efficient building solutions that deliver environmental and financial returns.
+Added: Capturing this opportunity represents a strategic priority for growth, aligned with our purpose to shape the future of real estate for a better world.
+Added: Refer to our annual Sustainability Statement, available on our website, for further information.
STRATEGIC FRAMEWORK
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This is reflected by numerous local recognition awards and client-awarded supplier excellence awards.
−Removed: 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.
+Added: Our clients continue to 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.
−Removed: Additionally, Fortune named us one of the World's Most Admired Companies for the eighth consecutive year.
−Removed: 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.
−Removed: 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.
−Removed: This involvement includes participation in events like New York Climate Week.
+Added: Additionally, Fortune named us one of the World's Most Admired Companies for the ninth consecutive year.
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.
−Removed: 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.
+Added: With a comprehensive portfolio of purpose-built solutions, unparalleled industry expertise and leading-edge, venture-backed
+Added: 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.
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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.
−Removed: Additionally, we remain committed to the JLL Spark Global Ventures Funds, the offerings of which are further discussed in Our Services and Business Segments.
−Removed: Visit our website at www.jll.com to see our full portfolio of technology services.
People & Values
−Removed: People are at the heart of our business.
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.
−Removed: 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.
+Added: In the world's major markets across most industries, declining working-age populations, emerging technologies and long-term economic growth continue to drive competition for talent, resulting in highly fluid and competitive recruitment markets, particularly for niche and emerging skills.
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.
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Staying true to this purpose enables us to align with the interests and ambitions of our clients and stakeholders.
−Removed: It exemplifies our commitment to the highest standards of ESG, and to a more sustainable and inclusive future.
−Removed: 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.
−Removed: JLL is a leader in addressing this challenge - from setting aggressive sustainability targets for our own operations, through providing industry-leading sustainability services, products and advice for our corporate and investor clients, to partnering with civil society and industry bodies.
−Removed: In 2021, we became the first real estate services company to align its climate ambitions with climate science when our net zero target was certified by the Science Based Targets initiative (SBTi) to its Net-Zero Standard.
−Removed: Within this overall target, JLL has committed to:
−Removed: A near-term target to reduce absolute Scope 1, 2 and 3 emissions by 51% by 2030 from a 2018 baseline (including 100% of Scope 1 and 2 emissions from JLL-occupied buildings)
−Removed: A long-term target to reduce absolute Scope 1, 2 and 3 emissions by 95% by 2040 from a 2018 baseline
−Removed: We further discuss our ESG and sustainability focus areas in the next section, Sustaining Our Enterprise:
−Removed: A Business Model That Considers All Aspects of Stakeholder Value.
+Added: It exemplifies our commitment to a more sustainable and inclusive future.
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.
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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.
−Removed: 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.
+Added: Our growth strategy and strategic vision includes creating an environment where 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:
A BUSINESS MODEL THAT CONSIDERS ALL ASPECTS OF STAKEHOLDER VALUE
−Removed: As referenced above, the built environment is estimated to account for over one-third of global final energy consumption and nearly 40% of total direct and indirect CO 2 emissions, meaning JLL can have a significant impact through the work we do with our clients, as well as efforts in our own workplaces and communities.
−Removed: Our Global Sustainability Program
−Removed: Our sustainability program focuses on three areas that align to our purpose and JLL's corporate strategy.
−Removed: Each area is supported by targets and delivered by global business lines and corporate functions.
−Removed: • Climate action for sustainable real estate:
−Removed: We support action that accelerates the transition to net zero, enhances performance and mitigates risks.
−Removed: • Healthy spaces for all people:
−Removed: We create safe and healthy spaces that promote productivity, well-being and sustainability.
−Removed: • Inclusive places for thriving communities:
−Removed: We provide fair and inclusive places that support equal opportunities and thriving communities.
−Removed: Four principles underpin our program and demonstrate how we deliver a positive impact for our stakeholders and lead our sector on sustainability.
−Removed: Being a responsible business and leading by example, giving us the credibility to talk to our clients and advance industry action on sustainability
+Added: JLL holds a strategic role in the real estate value chain, acting as an intermediary that connects real estate owners, occupiers, investors, and developers.
+Added: Combined with the global scale of our operations, we are positioned to shape a more resilient and sustainable industry while driving positive outcomes for our clients, stakeholders, and the communities where we operate.
+Added: Our Sustainability Program
+Added: JLL’s sustainability program is focused on delivering impact in three key areas:
+Added: climate action, healthy spaces and inclusive places.
+Added: We call this our Sustainability Framework, with each area supported by specific targets.
+Added: The implementation of the program is supported by a global governance structure for sustainability.
+Added: Four principles drive our sustainable leadership and demonstrate how we deliver a positive impact for our stakeholders.
+Added: 1 Being a responsible business is central to our values and everything we do.
+Added: Leading by example gives us the credibility to talk to our clients and advance industry action on sustainability
2 Harnessing the power of our people, giving them the opportunity, knowledge, and tools to own their success and valuing what makes them unique
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4 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
−Removed: Our approach is informed by a "double materiality" assessment aligned with the European Sustainability Reporting Standards (ESRS).
−Removed: 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.
−Removed: 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.
−Removed: Creating Sustainable Value for Clients, Shareholders and Employees
−Removed: We have designed our business model to (i) create value for all our stakeholders, (ii) establish high-quality relationships with the suppliers we engage and the communities in which we operate and (iii) respond to macroeconomic trends impacting the real estate sector.
−Removed: We strive to create a healthy and dynamic balance between activities that will produce short-term value and returns for our stakeholders through effective management of current transactions and business activities, and investments in people (such as new hires), acquisitions, technologies and systems designed to produce sustainable returns over the long term.
−Removed: Increasingly, our clients require innovative and consistent sustainability solutions across all geographies in which they operate.
−Removed: Through industry-leading sustainability services powered by a suite of sustainability technology solutions, we deliver an end-to-end approach that enables clients to achieve their goals.
−Removed: We have over 1,000 sustainability professionals located around the world who are responsible for developing industry-leading sustainability and decarbonization solutions.
−Removed: Partnering for an end-to-end journey, we ensure clients have a clear plan, take the necessary action, and manage critical data to disclose against sustainability goals and deliver a return through risk mitigation and value creation.
−Removed: We provide a programmatic approach to drive outcomes and deliver value across all types of real estate portfolios:
+Added: Our priorities are informed by evolving sustainability reporting standards.
+Added: We conduct a double materiality assessment, aligned with the European Sustainability Reporting Standards (ESRS), that considers both the impacts of sustainability factors on our business and our impact on people, communities and the environment.
+Added: This assessment identifies key sustainability topics that inform our strategic decision-making and guide our efforts to create value for all our stakeholders.
+Added: Additional information on our sustainability approach and performance is available in our Sustainability Statement on our website.
+Added: Our 2025 Statement is due for publication in the second quarter of 2026.
+Added: Creating Sustainable Value for Our Stakeholders
+Added: We strive to create a healthy and dynamic balance between generating short-term value through effective management of current transactions and business activities, and creating long-term returns through strategic investments in talent, acquisitions, and technologies.
+Added: Sustainability services represent a significant opportunity that aligns with this approach.
+Added: Our clients increasingly require integrated, technology-enabled services that deliver consistent outcomes across diverse geographic portfolios.
+Added: In response, JLL has invested in developing sustainability services powered by a suite of technology solutions, creating an end-to-end approach that enables clients to achieve their goals.
+Added: Our global team of sustainability professionals helps clients optimize their operations and achieve decarbonization objectives.
+Added: Our dedicated sustainability services follow a structured three-phase programmatic approach to achieve results across all types of real estate portfolios, projects and transactions:
• Plan, to help clients develop carbon baselines and actionable sustainability strategies;
−Removed: • Act - to execute sustainability initiatives that drive outcomes on goals;
−Removed: • Manage - to optimize implemented projects and programs, and measure and monitor critical data to support continued progress in reducing emissions and compliance reporting.
−Removed: 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.
−Removed: Through this, we help our clients manage their real estate more effectively and efficiently, promote employment and create value for our shareholders and employees.
−Removed: We operate across a wide variety of highly-competitive business lines within the commercial real estate industry globally.
+Added: • Act, to execute targeted sustainability initiatives and capital projects;
+Added: • Manage, to optimize performance through ongoing management, monitoring and compliance reporting.
+Added: As sustainability becomes increasingly central to real estate decision-making, our capabilities allow us to help clients navigate this evolving landscape, create meaningful career opportunities for our employees, and generate value for our shareholders.
+Added: We operate globally across a wide variety of highly-competitive business lines within the commercial real estate services industry.
Our significant growth over the last decade, and our ability to take advantage of the consolidation which has taken place in our industry, have made us one of the largest commercial real estate services and investment management providers on a global basis, though the industry remains fragmented.
As we provide a broad range of commercial real estate and investment management services across many geographies, we face competition at international, regional and local levels.
−Removed: Increasingly, we also see companies who may not traditionally be considered real estate service providers, including investment banking firms, investment managers, accounting firms, technology firms, software-as-a-service companies, firms providing co-working space, firms providing outsourcing services of various types (including technology, food service and building products) and companies that self-perform their real estate services with in-house capabilities, entering the market.
−Removed: Some of our primary competitors include large national or global firms including CBRE Group Inc., Cushman & Wakefield plc, Colliers International Group Inc., Savills plc and Newmark Group Inc.
+Added: We also see companies entering the market who may not traditionally be considered real estate service providers, including investment banking firms, investment managers, accounting firms, technology firms, software-as-a-service companies, firms providing co-working space, firms providing outsourcing services of various types (including technology, food service and building products) and companies that self-perform their real estate services with in-house capabilities.
DISTINGUISHING ATTRIBUTES AND COMPETITIVE DIFFERENTIATORS
We deliver exceptional strategic, fully-integrated services, best practices and innovative solutions for real estate owners, occupiers, investors and developers worldwide through an integrated global platform.
−Removed: We invest in technology and data capabilities that provide our people and our clients with the best insights, driving productivity and client results.
+Added: We invest in technology and data capabilities that provide our people and our clients with the best insights and advice, driving productivity and client results.
These characteristics, among others, distinguish us from our competitors, drive service excellence and customer loyalty, and demonstrate our commitment to a sustainable future.
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Client Relationship Management
−Removed: Our client-driven focus enables us to develop, sustain and grow long-term client relationships that generate repeat business and create repeat revenue opportunities.
−Removed: Our clients are the center of our business model, and we enable superior service delivery through ongoing investments in the people, processes and tools that support client relationship management.
+Added: Our client-driven focus enables us to develop, sustain and grow long-term client relationships that generate additional business opportunities and resilient revenue streams.
+Added: Clients are an essential component of our business model, and we enable superior service delivery through ongoing investments in the people, processes and tools that support client relationship management.
Our client experience management platform allows us to gather, understand and act on our clients' feedback.
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We achieve superior client service through best practices in client relationship management, seeking and acting on regular client feedback, and recognizing each client's own specific definition of excellence.
−Removed: We also invest in developing the highest caliber talent dedicated to managing our client relationships through an employee compensation and evaluation system aligned with our global career framework and designed to reward client relationship building, teamwork and quality performance.
+Added: We invest in developing the highest caliber talent dedicated to managing our client relationships through an employee compensation and evaluation system aligned with our global career framework and designed to reward client relationship building, teamwork and quality performance.
Globally Integrated Business Model and "One JLL"
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Technology Leadership
−Removed: Technology is transforming commercial real estate and CRE technology strategy is top of mind for our clients.
−Removed: JLL’s technology strategy is to build, acquire, license and invest to curate a portfolio of the most impactful technology products.
−Removed: We drive adoption of these products to empower our people and generate value for our clients.
−Removed: We make significant investments in technology to empower our people and clients to achieve success.
−Removed: 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.
−Removed: We are a leader in the development and deployment of Artificial Intelligence (AI) to transform CRE:
−Removed: • 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.
−Removed: • 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.
−Removed: • 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.
−Removed: Through our JLL Technologies business, we offer a comprehensive set of products along with services for investor and occupier clients.
−Removed: Corrigo, for example, helps improve client outcomes and drive cost efficiency for our Work Dynamics business.
−Removed: 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.
−Removed: Our globally-coordinated investments in research, technology, data and analytics, people, quality control and innovation provide a foundation for us to develop, share and continually evaluate best practices across our global organization.
−Removed: Our investments are focused on both platform and client-facing technology.
−Removed: Further, we will continue to develop and deploy technology to support our marketing and client development activities and to make our products and services increasingly accessible.
+Added: Technology is transforming commercial real estate and is top of mind for our clients.
+Added: JLL’s technology strategy is to curate a portfolio of impactful and transformative technology products that drive revenue growth and increase the profitability of JLL, anchored in both an AI-forward approach and one that enables us to deliver valuable insights to our clients.
+Added: We make significant investments in AI, data and technology to empower our people and clients to achieve success.
+Added: For example, our LeasingOS platform is a digital command center that streamlines the entire leasing process and provides a real-time environment for brokers and clients to collaborate.
+Added: We are a leader in the development and deployment of AI to transform CRE, backed by our proprietary data.
+Added: Powered by our foundational AI platform, JLL Falcon, we’re building AI capabilities into our products to address complex problems and needs, while delivering data-backed insights and performance gains for our clients.
+Added: For instance:
+Added: • JLL Azara is an AI-powered CRE data and business intelligence platform that transforms how business leaders interact with corporate real estate and facilities management data.
+Added: • JLL GPT is a generative AI assistant, purpose-built for the CRE industry, used by tens of thousands of our employees every day to increase efficiency and deliver customized solutions for clients.
+Added: JLL has successfully scaled AI from experimentation to everyday business operations, achieving high user satisfaction and demonstrating clear competitive differentiation.
The combined strength of our JLL and LaSalle brands represents a significant advantage when we pursue new business opportunities, and is also a major motivator for talented people to join our global organization.
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The integrity our brand represents is one of our most valuable assets and a strong differentiator for JLL.
−Removed: 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.
+Added: SEE A BRIGHTER WAY, our global brand idea, 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.
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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.
−Removed: We give employees the opportunity, knowledge and tools to own their success because we value what makes each of us unique.
−Removed: 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.
+Added: We give employees the opportunity, knowledge and tools to own their success as we value what makes each of us unique.
+Added: Our goal-setting framework is anchored to the pillars of our strategy.
+Added: This fosters alignment of our people’s efforts with the 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 and well-being.
Financial Strength
−Removed: Our broad geographic reach and the range of our global service offerings diversify the sources of our revenue, reducing overall volatility in operating a real estate services business.
−Removed: This further differentiates JLL from firms with more limited service offerings, or that are only local/regional and must rely on fewer markets or services.
+Added: Our broad geographic reach and the range of our global service offerings diversify the sources of our revenue, increasing the overall resilience of our business.
+Added: This further differentiates JLL from firms with more limited service offerings, and/or that are only local or regional and must rely on fewer markets.
Confidence in the financial strength of long-term service providers is important to our clients, who require this when they select real estate service providers.
−Removed: We focus on maintaining financial performance metrics, particularly our leverage and debt service coverage ratios, that support investment-grade financial ratings.
+Added: We focus on maintaining financial performance metrics that support investment-grade financial ratings, namely our leverage and debt service coverage ratios.
We continue our long history of investment grade credit ratings from Moody’s Investors Service, Inc.
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Our issuer and senior unsecured ratings as of December 31, 2025 are Baa1 from Moody’s and BBB+ from S&P.
−Removed: Accordingly, our ability to present a strong financial condition may distinguish us as we compete for business.
+Added: Accordingly, our ability to present a strong financial condition may distinguish us as we compete for business, notably in the Real Estate Management Services segment.
We have ample capacity to fund our business.
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The Facility is provided by an international syndicate of banks, which, as of December 31, 2025, had a maximum borrowing capacity of $3.3 billion and a maturity date in November 2028.
−Removed: 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.
+Added: In addition to our Facility, we maintain a commercial paper program 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
−Removed: Leading on sustainability is fundamental to both our purpose and our long-term growth strategy, with a strong correlation to the success of our business.
−Removed: Being a responsible corporate citizen is the right thing to do, and is what our clients and employees expect from us.
−Removed: Our ESG Performance Report provides information on our management approach and performance against the three issue areas that underpin our sustainability program, and additional ESG impacts identified through our sustainability materiality review.
+Added: Leading on sustainability is fundamental to both our purpose and our long-term growth strategy, with a strong correlation to business success.
+Added: Being a responsible corporate citizen is the right thing to do and aligns with what our clients and employees expect from us.
+Added: Our Sustainability Statement provides information on our management approach and performance against the three issue areas that underpin our sustainability program, as well as additional sustainability-related impacts identified through our sustainability materiality review.
Industry-Leading Research and Data Capabilities
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With hundreds of research professionals who gather data and cover market and economic conditions around the world, we are a leading adviser within the commercial real estate industry.
−Removed: Research plays a key role in keeping colleagues and clients attuned to important trends and changing conditions in world markets.
−Removed: We continue to devise and invest in new approaches through data science techniques and other technology to make our research, services and property offerings more readily available to our people and clients.
+Added: Research plays a key role in keeping colleagues and clients attuned to important trends and changing conditions in markets globally.
+Added: We continue to devise and invest in new approaches through data science and other technology to make our research, services and property offerings more readily available to our people and clients.
We believe our investments in research, technology, data science and analytics, people and thought leadership position JLL as a leading innovator in our industry.
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• A World's Most Admired Company by Fortune Magazine, every year since 2017
−Removed: • 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
−Removed: • One of the Best Places to Work for Disability Inclusion by the Disability Equality Index, for the sixth consecutive year
−Removed: • A member of Seramount’s Inclusion Index, recognizing our dedication and progress to creating an inclusive workplace for the third consecutive year
−Removed: • One of America’s 100 Most Sustainable Companies by Barron’s, for the fifth consecutive year
−Removed: • To the Wall Street Journal's Management Top 250 ranking, for the fifth consecutive year
−Removed: • One of America’s Most JUST Companies by Forbes /JUST Capital, for the third consecutive year
−Removed: • A Top Company for Executive Women by Seramount, for the second consecutive year
+Added: • To the Human Rights Campaign Foundation's Corporate Equality Index, a benchmarking survey on corporate policies and practices related to LGBTQ workplace equality, every year since 2015
+Added: • One of the Best Places to Work for Disability Inclusion by the Disability Equality Index, for the seventh consecutive year
+Added: • One of America’s 100 Most Sustainable Companies by Barron’s, for the sixth consecutive year
+Added: • To the Wall Street Journal's Management Top 250 ranking, for the sixth consecutive year
+Added: • One of America’s Most JUST Companies by Forbes/JUST Capital, for the fourth consecutive year
• One of U.S.
−Removed: News & World Report’s Best Companies to Work For
−Removed: • One of America's Greatest Workplaces by Newsweek and Plant-A Insights Group
−Removed: • One of The World's Best Companies by Time and Statista
−Removed: • One of Forbes' Most Trusted Companies
+Added: News & World Report’s Best Companies to Work For, for the fourth consecutive year
+Added: • One of The World's Best Companies by Time and Statista for the second consecutive year
+Added: • One of Forbes' Most Trusted Companies for the second consecutive year
+Added: • One of America’s Climate Leaders by USA Today for the second consecutive year
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.
−Removed: 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.
+Added: Our citizenship and sustainability efforts for ourselves and our clients are reflected primarily in our annual Sustainability Report, available through our Sustainability Reporting Hub.
Our governance and remuneration practices are reported primarily in the Proxy Statement for our Annual Meeting of Shareholders.
−Removed: The mechanisms we use to make our clients comfortable with respect to our transparency and fair dealing are summarized in our Ethics Everywhere Report.
+Added: The mechanisms we use to make our clients comfortable with respect to our transparency and fair dealing are summarized in our Ethics Everywhere Annual Report.
The behaviors and standards we expect of our employees and of the suppliers we engage for our own company and on behalf of clients are presented in our Code of Ethics and our Vendor Code of Conduct.
−Removed: We publish details of our ethics program and ethics statistics in our Ethics Everywhere Report to increase transparency and understanding of the types of concerns and issues raised through our reporting channels.
+Added: We publish details of our ethics program and ethics statistics in our Ethics Everywhere Annual Report to increase transparency and understanding of the types of concerns and issues raised through our reporting channels.
Responsibility for Integrated Reporting.
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Our seasonality excludes the recognition of investment-generated performance fees and realized and unrealized investment equity earnings and losses.
−Removed: Specifically, in our LaSalle business, we recognize incentives fees when assets are sold or as a result of valuation increases in the portfolio, the timing of which may not be predictable or recurring.
+Added: Specifically, in our Investment Management business, we recognize incentive fees when assets are sold or as a result of valuation increases in the portfolio, the timing of which may not be predictable or recurring.
In addition, investment equity gains and losses are primarily dependent on underlying valuations, and the direction and magnitude of changes to such valuations are not predictable.
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Total employees 113.2 112.1
−Removed: The costs associated with directly reimbursable employees are fully reimbursed by clients, primarily in Work Dynamics but also within Markets Advisory.
+Added: The costs associated with directly reimbursable employees are fully reimbursed by clients, primarily in Real Estate Management Services.
Specifically, reimbursable employees include many of our Workplace Management and Property Management professionals, inclusive of our building maintenance employees.
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Employee Engagement
−Removed: 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.
+Added: Our vibrant workplace culture is reflected in our annual People Survey results, where 90,000 (81%) employees across all levels and backgrounds shared their perspectives, resulting in an engagement score of 80, surpassing the high-performance organizations benchmark by 1 point.
We create a work environment that supports the growth and interests of our employees.
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This approach enables us to develop strategies that resonate with different groups, ensuring all employees can access resources that support their success.
−Removed: 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.
+Added: We have various ways for employees to connect and engage through volunteering, community groups and well-being programs.
+Added: Employee engagement efforts 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.
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As our business has evolved, so too have our broader learning and development platform and products.
−Removed: We continue to upskill our workforce on future-focused skills, ensuring our employees worldwide have the development they need, whether for technical or professional development, leveraging our JLL Virtual Learning library.
−Removed: Nearly 90,000 employees annually have been able to learn, in seven different languages, through our virtual, on-demand offerings about topics such as, but not limited to, sustainability, technology and the future of work.
−Removed: Our learning platforms have resulted in nearly 2 million learning assets consumed to accelerate the development of our employees.
−Removed: Using extensive internal and external research, we have redefined the core leadership behaviors that drive our near and long-term success.
+Added: We continue to upskill our workforce on future-focused skills, ensuring our employees worldwide have the development they need, whether for technical or professional development, leveraging our MyLearning platform.
+Added: Over 100,000 employees annually have been able to learn, in seven different languages, through a variety of modality offerings including Instructor Led, Virtual Instructor Led and on-demand offerings about topics such as, but not limited to leadership, AI, sustainability, career development and the future of work.
+Added: Our learning platforms have resulted in over 2 million learning assets consumed in 2025 to accelerate the development of our employees.
+Added: Using extensive internal and external research, we have a set of 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.
−Removed: 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.
+Added: Our award-winning development platform, Leading the Way, incorporates these 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.
−Removed: It has served over 15,000 employees worldwide with various programs including e-learning, live webinars, and top talent initiatives.
+Added: In 2025, we graduated over 1,400 employees in Leading the Way nomination programs and reached over 8,000 completions of on-demand learning through e-learnings, 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.
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R – Recognize safe performance.
−Removed: Through our safety vision and our awareness and education programs, like Global Safety Week, the strength of our program is realized in the low accident rates for the year 2024, compared with the U.S.
−Removed: Occupational Safety and Health Administration ("OSHA") industry average accident rates for our industry (NAICS Code 531:
−Removed: Real Estate).
−Removed: The following metrics are as of January 2025:
−Removed: • Lost Time Incident Rat e was 0.17 (OSHA industry average was 1.4):
−Removed: 12-month average of recordable illness and injuries per 100 JLL employees and JLL contractors that resulted in days away from work.
−Removed: • Total Recordable Incident Rate was 0.36 (OSHA industry average was 2.1):
−Removed: 12-month average of recordable illness and injuries per 100 JLL employees and JLL contractors.
−Removed: • Days Away, Restricted Duty and Transfer was 0.22 (OSHA industry average was 1.1):
−Removed: 12-month average of recordable illness and injuries per 100 full-time employees and JLL contractors that resulted in days away from work or restricted duties.
−Removed: • There were zero JLL employee workplace fatalities reported in 2024.
−Removed: JLL has developed a new standard for its offices, creating workplaces that are productive, healthy, sustainable and inclusive.
−Removed: 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.
+Added: We continue to promote the importance of health and safety across JLL through our annual Global Safety Week and weekly safety communications.
+Added: In addition, we regularly assess the safety culture across JLL, and in 2025 over 20,000 employees participated in our Global Safety Culture Survey, demonstrating ongoing improvement in JLL’s safety culture and performance above industry benchmark.
INTELLECTUAL PROPERTY
15 unchanged sentences
CODE OF BUSINESS ETHICS;
−Removed: CORPORATE ESG AND RELATED MATTERS
+Added: CORPORATE SUSTAINABILITY AND RELATED MATTERS
We are committed to the values of effective corporate governance, operating our business to the highest ethical standards and conducting ourselves in an environmentally and socially responsible manner.
4 unchanged sentences
Our Board of Directors ("the Board") regularly reviews corporate governance developments and modifies our Bylaws, Guidelines and Committee Charters accordingly.
−Removed: On December 11, 2023, our Board approved and adopted the Fourth Amended and Restated Bylaws of the Company which became effective as of such date and are available on our website.
We have adopted the following corporate governance policies and approaches considered to be best practices in corporate governance.
8 unchanged sentences
Code of Ethics.
−Removed: In 2022, we launched an updated version of our Code of Ethics which sets forth the ethics principles that guide our operations globally and applies to all employees of JLL and the members of our Board.
+Added: Our Code of Ethics which sets forth the ethics principles that guide our operations globally and applies to all employees of JLL and the members of our Board.
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.
2 unchanged sentences
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.
−Removed: This honor supersedes Ethisphere's Ethics Inside Certification, which we held from 2008-2022.
−Removed: As previously noted, we have also earned Ethisphere's World's Most Ethical Companies ® recognition every year since 2008 and, in 2022, we received an award for "Best Compliance and Ethics Program" by Corporate Secretary magazine.
+Added: As previously noted, we have also earned Ethisphere's World's Most Ethical Companies recognition every year since 2008.
Our Whistleblower and Non-Retaliation Policy and our Human Rights Policy also support our values and our commitment to ethical business practices.
2 unchanged sentences
Vendor Code of Conduct .
+Added: In 2025, we launched an updated version of our Vendor Code of Conduct.
We expect each of our vendors, meaning any firm or individual providing a product or service to us, or indirectly to our clients as a contractor or subcontractor, will share and embrace the letter and spirit of our commitment to integrity.
3 unchanged sentences
This includes developing means to efficiently survey and compare responses about the ethical environment and riskiness of current and potential suppliers we engage both for our own company and on behalf of clients.
−Removed: Corporate ESG.
+Added: Corporate Sustainability.
We encourage and promote the principles of sustainability everywhere we operate, seeking to improve the communities and environment in which our people work and live.
3 unchanged sentences
We recognize both the risks and opportunities presented by climate change and seek to address these impacts in and beyond our business.
−Removed: We strive to create an inclusive environment that recognizes the value of diverse perspectives and experiences.
+Added: We strive to create an inclusive environment that recognizes the value of different perspectives and experiences.
Our approach aims to enhance our performance and contribute positively to the communities in which we operate.
−Removed: We are committed to fair and equitable practices in recruitment, development and promotion, focusing on identifying and nurturing talent from various backgrounds.
+Added: We are committed to fair and equitable practices in recruitment, development and promotion.
We believe that embracing a wide range of experiences and viewpoints among our employees contributes to our overall success and innovation.
12 unchanged sentences
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.