Annual Report

2022
Jones Lang LaSalle Incorporated

jll.com
JLL / Annual Report 2022

Resilient performance
and a bright future
A letter to our stakeholders

From Christian Ulbrich

President and Chief Executive Officer

It is with pride that we reflect on JLL’s resilient

performance through 2022 despite a year of
substantial geopolitical challenges and economic
volatility. Around the world, we continue to
provide our clients with a comprehensive range
of outstanding real estate advice and solutions,
including leading-edge technology products,
data analytics and sustainability services. All
of which is rooted in the talent and unwavering
commitment of our people – more than 100,000
colleagues united in JLL’s values of teamwork,
ethics and excellence.

Clients are drawn to our compelling combination of a

seamlessly integrated ʪ)
ʫ global platform and deep local
market knowledge, and to our purpose of shaping the future
of real estate for a better world. This assurance of quality and
expertise becomes even more important during downturns
and periods of uncertainty as experienced in 2022. After a
bright start driven by the strong post-pandemic momentum of
the previous year, the entire real estate industry increasingly
felt the impact of Russia’s invasion of Ukraine, lockdowns in

1

China, and spikes in inflation and interest rates. Transactional
activity declined sharply, a downturn which has continued into
the early months of 2023, while additional uncertainty created
by the collapse of SVB Bank will impact the coming months.
Fortunately, the longer-range outlook is far brighter, driven by the
structural macro-trends that have been guiding the long-term
growth of our industry.
2022 performance overview
During 2022, the combination of higher interest rates, currency
headwinds and geopolitical events exerted considerable
downward pressure on the global economy. Real estate
markets were hit particularly hard – after a buoyant start to the
year, the onset of rising interest rates acted as a sharp break
on investment sales activity in the second half of the year,
with leasing activity also slowing during the fourth quarter,
particularly within the office sector.
Against this backdrop, JLL reported solid full-year revenue
growth and resilient overall business performance laying the
foundation for strong and sustained growth once economic
conditions brighten. Consolidated 2022 revenue rose 11% to
$20.9 billion, with fee revenue rising 7% year-on-year to $8.3
billion. Adjusted EBITDA for the year was $1.2 billion, down
14% on the prior year. Adjusted diluted earnings per share were
$15.71, down by 17% compared with 2021.
Offsetting the slowdown in transactional market activity, the
resilience and diversification of our platform was evident in
strong fee revenue growth across our annuity businesses,
especially so for Work Dynamics which recorded an impressive
15% year-on-year increase in fee revenue to $1.9 billion. This
resilient balance of transactional and annuity services across
our platform positions JLL extremely well to weather economic
downturns and deliver strong and profitable growth as market
conditions improve. The organizational changes which we have
executed in recent years will allow us to drive further efficiencies
into our platform and reduce our overall cost to serve. Full
JLL / Annual Report 2022
details on our 2022 performance can be found in the enclosed
10-K starting on page 8.
Our One JLL promise
Reorientation to a global segment structure reflects our
commitment to offer our clients a fully integrated )


. -1$ , ensuring we bring the best of JLL to each assignment. It
has been a landmark step on the  4*) strategic journey we
embarked upon in 2017 to guide JLL’s success and profitable
growth through to 2025 and longer-term.
It is worth remembering the global real estate services industry
we see today grew out of what remained, until late in the
20th century, a densely interwoven localised patchwork of
specialist brokerages and agencies operating in different
market combinations. Today, JLL has achieved seamless global
alignment across our five core business segments – Capital
Markets, Markets Advisory (which includes our Leasing business),
Work Dynamics (dedicated to advising our corporate occupier
clients), JLL Technologies and LaSalle Investment Management.
The resulting ability to optimise our service delivery to exactly
meet each client’s needs, guaranteeing both quality and
consistency, embodies our )
promise.
Real estate industry macro-trends
Back in 2017, when we set out our  4*) strategic vision
to drive JLL’s long-term success and profitable growth, we
identified four prevalent macro-trends shaping and defining
the future of the real estate industry – corporate real estate
outsourcing, capital flows, urbanization, and technology. Soon
after, we added a fifth macro-trend into our strategic planning
and thinking - sustainability. Notwithstanding the pandemic
and geopolitical upheavals of the early 2020s, these five trends
remain of paramount and enduring significance to the whole
industry – and will likely continue to do so through this decade
and well beyond.
2
JLL / Annual Report 2022

Growth in corporate outsourcing

The pandemic and accompanying changes in working practices
have acted to further elevate workspace questions and
strategies to the C-suite. CEOs want to know how to entice their
people back into the office to foster collaboration, innovation
and learning. JLL’s expertise in modernizing and reinventing
office environments is one of many factors bringing us to those
top table discussions. Others include growing recognition
of the complexity and opportunities inherent in real estate
portfolios, and JLL’s ability to deliver strategies that enhance
productivity, retention, and efficiency. Even though the growth
in corporate outsourcing of real estate services has been on
a steadily rising trajectory for many years now, there is a vast
untapped market still to be addressed.

Rising capital allocations to real estate

Although the near-term macroeconomic environment is
temporarily stemming capital flows into real estate, the long-
term appetite from investors represents a clear upward trend,
attracted by the unique investment characteristics and returns
from real estate investment. Substantial volumes of capital wait

The top five

patiently on the side-lines for market conditions to stabilize
and certainty around pricing to return. Investors will get used
to living with much higher interest rates than those we have
seen over the last decade. Increases in interest rates that began

real estate
in the second half of 2022 will most likely lead to a trough in
the market cycle in 2023, creating tremendous opportunities
through the subsequent upswing in the not-too-distant future.
Once predictability returns, the long-term trend of rising capital

macro-trends flows into real estate will surely resume.

Increasing urbanization
Even the Covid crisis could not really impact the decades-long
global urbanization trend. As more people are drawn toward
the world’s thriving cities, it will spur further sustained growth
and investment in the multifamily residential sector, as well as
providing bigger and more concentrated markets for all aspects
of real estate services.
Fourth Industrial Revolution
Technology and data are key components in answering many of
the questions facing mankind, ranging from mundane everyday
tasks to vital solutions to pressing global needs and challenges.
Many major economies are facing demographic shifts that
are putting their wealth creation at risk, with working age
populations shrinking in proportion to the elderly and otherwise
out-of-work. Despite the economic downturn that began in mid-
2022, we still see very tight employment markets across most
larger economies and keen competition for talent. Solving all of
this will further accelerate the Fourth Industrial Revolution, the
rolling transformation that technology innovation is bringing
to the ways in which we live and work. Through a real estate
lens, we forecast 78% of our corporate clients will be using
corporate real estate technology by 2025, with 99% needing
a technology partner to manage their portfolio. From JLL’s
perspective, equipping our people with the best technology and
data to provide unrivalled insights and advice is a key goal, as is
maintaining and extending our lead in ‘proptech’ products and
data analytics.
Sustainability
With around 40% of global carbon emissions emanating from
the built environment, the real estate sector has a fundamental
collective responsibility to set and achieve ambitious needle-
moving sustainability targets. JLL is committed to playing a
leading part in addressing this existential challenge – from
setting aggressive sustainability targets for our own operations,
through providing the best sustainability products and advice
for our corporate and investor clients, to developing thought-
leadership and collaboration with industry bodies. An example
is our prominent ongoing partnership with the World Economic
Forum on its Green Building Principles. With ESG requirements
rising ever higher on our clients’ priority lists, JLL will continue
to advance and expand delivery of sustainability expertise and
solutions – presenting a growth opportunity and a key aspect
of delivering on our company’s purpose. Full details of our
sustainability targets and services are available in our annual
Global Sustainability Report and on our sustainability web pages.
4
JLL / Annual Report 2022

Thinking Beyond – our vision for sustained

profitable growth

Grounded in these macro trends,  4*) is our strategic

roadmap to deliver sustained profitable growth and success for
all our stakeholders. Continuously refined since its conception
in December 2016 and initial implementation in 2017,  4*)
provides the framework for our complementary strategies
for enhancing client service, attracting and retaining the best
talent, building our brand, extending our leading edge in data
and technology, and ensuring unwavering commitment to
our values and ESG goals. Brought together, these five pillars
– clients, people, brand, technology, and values – support our
long-term strategy for growth, including the 2025 financial goals
we first set out in 2017 and then updated in our November 2022
investor briefing. Importantly, despite the global real estate
market downturn which began in 2022, JLL remains firmly on
track to successfully deliver on those 2025 financial targets.
For more detail on our  4*) strategic vision and financial
targets, please refer to Section 1 of the enclosed 10-K, from
page 8 onwards.

Our culture of excellence

I have often remarked on how JLL’s culture and values are

deeply engrained. Walk into any JLL office around the
world and there is the same distinctive commitment to
teamwork, ethics and excellence. I strongly believe that these
characteristics attract similarly committed people – both as
clients and colleagues. Certainly our people strategies place
great emphasis on constantly developing and encouraging
talent right across the business, nurturing diversity, equity and
inclusion and providing fantastic career opportunities.

In February 2023, JLL was again named as one of *-/0) ʫ.

*./
($- 
*(+)$ . and was included on the '**( -"

 ) -ʴ,0'$/4
) 3 for the fourth successive year. In March
2023, JLL was named one of the *-'ʫ.
*./
/#$'
*(+)$ .

5
 JLL / Annual Report 2022

by Ethisphere for the 16th consecutive year and was included

on Barron’s annual list of the *./
0./$)'
ʟʟ
*(+)$ .
for the fourth successive year. JLL is placed at 185 on the
current *-/0)
ɮɩɩ.

A brighter outlook

Substantial challenges for the world have come thick and fast
since the 2020s began. A global pandemic closely followed by
geopolitical and economic volatility, natural disasters, and the
era-defining imperatives of addressing climate change.

Nevertheless, I believe there are some strong grounds for

optimism. I am sure that human ingenuity and collaboration
will find the solutions the world needs, and I strongly believe
in a positive outlook for the global real estate industry in
general and especially for JLL. Reflective of our view of the
challenges and opportunities in today’s world, in November
2022 we set out our new brand positioning 

  

, capturing the optimism, creativity and expertise that
characterize JLL.

As 2023 progresses, we predict market conditions will improve

in the latter half of the year and renewed vigour will infuse the
global real estate sector. JLL will be at the forefront, helping
to define the bright new future of work, maximize stakeholder
returns, advance sustainability and provide fascinating and
rewarding careers for our people.

To all our stakeholders, on behalf of the whole JLL team, thank

you for your continued interest and support. Together we are
shaping the future of real estate for a better world.

Christian Ulbrich
President & CEO

April 2023

6
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Jones Lang LaSalle Incorporated
200 East Randolph Drive
Chicago, Illinois 60601
tel +1 312 782 5800
JLL
jll.com
LaSalle
lasalle.com
Regional contact information
Each of our businesses — JLL Real Estate
Services and LaSalle — operates in the
Americas, EMEA and Asia Pacific. Regional
contact information for these businesses may
be found on the websites referenced above.
Independent registered
public accounting firm
KPMG LLP
200 East Randolph Drive
Chicago, Illinois 60601
Stock transfer agent, registrar
and dividend paying agent
Computershare Investor Services
150 Royall St., Suite 101
Canton, MA 02021
tel +1 866 210 8055
computershare.com/investor
Shareholder online inquiries
web.queries@computershare.com
Investor relations
Inquiries from investors should be
directed to:
Jones Lang LaSalle Incorporated
Investor Relations Department
200 East Randolph Drive
Chicago, Illinois 60601
tel +1 312 252 8943
ir.jll.com
NYSE and SEC certifications
As required, during 2022 our Chief Executive
Officer certified to the New York Stock
Exchange that he was not aware of any
violation by JLL of NYSE corporate
governance listing standards. In addition,
JLL has filed with the Securities and
Exchange Commission, as exhibits to its
2022 Annual Report on Form 10-K, the
certifications of its Chief Executive Officer
and Chief Financial Officer required under
Section 302 of the Sarbanes-Oxley
Act of 2002 regarding the quality of its
public disclosure.
JLL Code of Ethics
JLL stands for uncompromising integrity
and the highest ethical conduct. We are
proud of, and are determined to protect
and enhance, the global reputation we have
established. In a service business such as
ours, the integrity that our brand represents
is one of our most valuable assets. The JLL
Code of Ethics, which may be found in
multiple languages on our website, contains
the ethics policies that everyone who does
business on behalf of our firm must follow.
Reports of possible violations of our Code
of Ethics may be made to our global Ethics
Helpline at +1 877 540 5066 or by contacting
jllethicsreports.com
JLL Vendor Code of Conduct
JLL expects that each of its vendors,
meaning any firm or individual providing a
product or service to JLL or indirectly to our
clients as a contractor or subcontractor, will
share and embrace the letter and spirit of
our commitment to integrity, safety and
respect for all individuals. While vendors are
independent entities, their business
practices may significantly reflect upon us,
our reputation and our brand. Accordingly,
we expect all vendors to adhere to the JLL
Vendor Code of Conduct, which may be
found in multiple languages on our website.
Reports of possible violations of our Vendor
Code of Conduct may be made to our global
Ethics Helpline or through the Web address
indicated above.
JLL Sustainability
We shape the future of real estate for a better
world by partnering with our stakeholders to
drive disruptive, impactful and sustainable
change. We do this by embedding
sustainability into everything we do through
our global sustainability program. It is
focused on three issue areas where JLL can
deliver the greatest impacts: Climate action
for sustainable real estate, Healthy spaces
for all people, and Inclusive places for
thriving communities. For more information,
visit jll.com/sustainability
Annual Report 2022 / JLL
Cautionary note regarding
forward-looking statements
Certain statements in this Annual Report
may constitute forward-looking statements
that involve known and unknown risks,
uncertainties, and other factors that may
cause JLL’s actual results to be materially
different from any future results implied by
such forward-looking statements. See our
2022 Form 10-K for a discussion of such risks,
uncertainties and other factors.
Integrated reporting
JLL was one of the first U.S. listed
companies to participate in the
International Integrated Reporting Council,
and we continue to support the general
principles set forth by the Integrated
Reporting (<IR>) Framework in our
financial reporting and sustainability
materials. Our Annual Report 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
governance and remuneration practices
are reported primarily in the Proxy
Statement for our Annual Meeting of
Shareholders and our sustainability
strategy and performance are reported in
our Global Sustainability Report. The
mechanisms we use to make our clients
feel comfortable with respect to our
transparency and fair dealing are
summarized in our Ethics Everywhere
Annual Report.
jll.com

Copyright 2023 Jones Lang LaSalle IP, Inc.