Intrinsic value of Jones Lang LaSalle - JLL

Previous Close

$131.72

  Intrinsic Value

$334.86

stock screener

  Rating & Target

str. buy

+154%

Previous close

$131.72

 
Intrinsic value

$334.86

 
Up/down potential

+154%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as JLL.

We calculate the intrinsic value of JLL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
Revenue, $m
  8,924
  9,973
  11,077
  12,236
  13,450
  14,719
  16,041
  17,419
  18,852
  20,342
  21,891
  23,501
  25,174
  26,913
  28,720
  30,600
  32,555
  34,590
  36,709
  38,916
  41,217
  43,616
  46,119
  48,731
  51,459
  54,309
  57,288
  60,402
  63,659
  67,067
Variable operating expenses, $m
  8,128
  9,047
  10,016
  11,033
  12,097
  13,210
  14,370
  15,578
  16,835
  18,142
  19,199
  20,611
  22,078
  23,602
  25,188
  26,836
  28,551
  30,335
  32,194
  34,129
  36,147
  38,251
  40,446
  42,737
  45,130
  47,629
  50,241
  52,973
  55,829
  58,818
Fixed operating expenses, $m
  144
  147
  151
  154
  157
  161
  164
  168
  172
  175
  179
  183
  187
  191
  195
  200
  204
  209
  213
  218
  223
  228
  233
  238
  243
  248
  254
  259
  265
  271
Total operating expenses, $m
  8,272
  9,194
  10,167
  11,187
  12,254
  13,371
  14,534
  15,746
  17,007
  18,317
  19,378
  20,794
  22,265
  23,793
  25,383
  27,036
  28,755
  30,544
  32,407
  34,347
  36,370
  38,479
  40,679
  42,975
  45,373
  47,877
  50,495
  53,232
  56,094
  59,089
Operating income, $m
  652
  778
  911
  1,050
  1,196
  1,348
  1,507
  1,673
  1,846
  2,025
  2,514
  2,708
  2,909
  3,119
  3,337
  3,564
  3,800
  4,046
  4,302
  4,569
  4,847
  5,137
  5,440
  5,756
  6,087
  6,432
  6,793
  7,170
  7,565
  7,978
EBITDA, $m
  1,062
  1,200
  1,346
  1,500
  1,660
  1,828
  2,003
  2,186
  2,376
  2,573
  2,779
  2,993
  3,215
  3,445
  3,685
  3,935
  4,195
  4,465
  4,747
  5,041
  5,347
  5,666
  5,999
  6,347
  6,711
  7,090
  7,487
  7,903
  8,337
  8,792
Interest expense (income), $m
  35
  57
  97
  140
  184
  231
  280
  331
  384
  439
  497
  557
  619
  684
  752
  822
  894
  970
  1,049
  1,131
  1,216
  1,305
  1,398
  1,494
  1,595
  1,700
  1,810
  1,925
  2,045
  2,170
  2,301
Earnings before tax, $m
  595
  681
  771
  866
  965
  1,069
  1,177
  1,289
  1,407
  1,528
  1,956
  2,088
  2,225
  2,367
  2,516
  2,670
  2,830
  2,997
  3,171
  3,353
  3,542
  3,740
  3,946
  4,161
  4,386
  4,622
  4,868
  5,126
  5,395
  5,677
Tax expense, $m
  161
  184
  208
  234
  261
  289
  318
  348
  380
  413
  528
  564
  601
  639
  679
  721
  764
  809
  856
  905
  956
  1,010
  1,065
  1,124
  1,184
  1,248
  1,314
  1,384
  1,457
  1,533
Net income, $m
  434
  497
  563
  632
  705
  780
  859
  941
  1,027
  1,116
  1,428
  1,524
  1,624
  1,728
  1,836
  1,949
  2,066
  2,188
  2,315
  2,448
  2,586
  2,730
  2,881
  3,038
  3,202
  3,374
  3,554
  3,742
  3,938
  4,144

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,413
  11,637
  12,925
  14,278
  15,695
  17,175
  18,718
  20,325
  21,998
  23,737
  25,544
  27,423
  29,375
  31,403
  33,512
  35,705
  37,987
  40,361
  42,834
  45,410
  48,094
  50,893
  53,814
  56,862
  60,046
  63,371
  66,847
  70,481
  74,282
  78,258
Adjusted assets (=assets-cash), $m
  10,413
  11,637
  12,925
  14,278
  15,695
  17,175
  18,718
  20,325
  21,998
  23,737
  25,544
  27,423
  29,375
  31,403
  33,512
  35,705
  37,987
  40,361
  42,834
  45,410
  48,094
  50,893
  53,814
  56,862
  60,046
  63,371
  66,847
  70,481
  74,282
  78,258
Revenue / Adjusted assets
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
  0.857
Average production assets, $m
  2,240
  2,503
  2,780
  3,071
  3,376
  3,694
  4,026
  4,372
  4,732
  5,106
  5,495
  5,899
  6,319
  6,755
  7,209
  7,681
  8,171
  8,682
  9,214
  9,768
  10,345
  10,948
  11,576
  12,232
  12,916
  13,632
  14,379
  15,161
  15,978
  16,834
Working capital, $m
  36
  40
  44
  49
  54
  59
  64
  70
  75
  81
  88
  94
  101
  108
  115
  122
  130
  138
  147
  156
  165
  174
  184
  195
  206
  217
  229
  242
  255
  268
Total debt, $m
  1,802
  2,583
  3,407
  4,271
  5,177
  6,122
  7,108
  8,135
  9,204
  10,315
  11,470
  12,671
  13,918
  15,214
  16,562
  17,963
  19,421
  20,939
  22,518
  24,164
  25,880
  27,669
  29,535
  31,483
  33,517
  35,642
  37,863
  40,185
  42,614
  45,155
Total liabilities, $m
  6,654
  7,436
  8,259
  9,124
  10,029
  10,975
  11,961
  12,988
  14,056
  15,168
  16,323
  17,523
  18,770
  20,067
  21,414
  22,816
  24,274
  25,791
  27,371
  29,017
  30,732
  32,521
  34,387
  36,335
  38,369
  40,494
  42,715
  45,037
  47,466
  50,007
Total equity, $m
  3,759
  4,201
  4,666
  5,154
  5,666
  6,200
  6,757
  7,337
  7,941
  8,569
  9,221
  9,900
  10,604
  11,337
  12,098
  12,890
  13,713
  14,570
  15,463
  16,393
  17,362
  18,373
  19,427
  20,527
  21,677
  22,877
  24,132
  25,444
  26,816
  28,251
Total liabilities and equity, $m
  10,413
  11,637
  12,925
  14,278
  15,695
  17,175
  18,718
  20,325
  21,997
  23,737
  25,544
  27,423
  29,374
  31,404
  33,512
  35,706
  37,987
  40,361
  42,834
  45,410
  48,094
  50,894
  53,814
  56,862
  60,046
  63,371
  66,847
  70,481
  74,282
  78,258
Debt-to-equity ratio
  0.480
  0.610
  0.730
  0.830
  0.910
  0.990
  1.050
  1.110
  1.160
  1.200
  1.240
  1.280
  1.310
  1.340
  1.370
  1.390
  1.420
  1.440
  1.460
  1.470
  1.490
  1.510
  1.520
  1.530
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
Adjusted equity ratio
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  434
  497
  563
  632
  705
  780
  859
  941
  1,027
  1,116
  1,428
  1,524
  1,624
  1,728
  1,836
  1,949
  2,066
  2,188
  2,315
  2,448
  2,586
  2,730
  2,881
  3,038
  3,202
  3,374
  3,554
  3,742
  3,938
  4,144
Depreciation, amort., depletion, $m
  410
  422
  436
  450
  465
  480
  496
  513
  530
  548
  265
  285
  305
  326
  348
  371
  395
  419
  445
  472
  500
  529
  559
  591
  624
  659
  695
  732
  772
  813
Funds from operations, $m
  844
  919
  999
  1,082
  1,169
  1,260
  1,355
  1,454
  1,557
  1,664
  1,694
  1,809
  1,930
  2,055
  2,185
  2,320
  2,461
  2,607
  2,760
  2,919
  3,085
  3,259
  3,440
  3,629
  3,826
  4,032
  4,248
  4,474
  4,710
  4,958
Change in working capital, $m
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
Cash from operations, $m
  840
  915
  994
  1,077
  1,164
  1,255
  1,350
  1,448
  1,551
  1,658
  1,687
  1,803
  1,923
  2,048
  2,177
  2,312
  2,453
  2,599
  2,752
  2,911
  3,076
  3,249
  3,430
  3,618
  3,815
  4,021
  4,236
  4,462
  4,697
  4,944
Maintenance CAPEX, $m
  -96
  -108
  -121
  -134
  -148
  -163
  -178
  -195
  -211
  -229
  -247
  -265
  -285
  -305
  -326
  -348
  -371
  -395
  -419
  -445
  -472
  -500
  -529
  -559
  -591
  -624
  -659
  -695
  -732
  -772
New CAPEX, $m
  -245
  -263
  -277
  -291
  -305
  -318
  -332
  -346
  -360
  -374
  -389
  -404
  -420
  -436
  -454
  -472
  -491
  -511
  -532
  -554
  -577
  -602
  -628
  -656
  -685
  -715
  -748
  -782
  -818
  -855
Cash from investing activities, $m
  -341
  -371
  -398
  -425
  -453
  -481
  -510
  -541
  -571
  -603
  -636
  -669
  -705
  -741
  -780
  -820
  -862
  -906
  -951
  -999
  -1,049
  -1,102
  -1,157
  -1,215
  -1,276
  -1,339
  -1,407
  -1,477
  -1,550
  -1,627
Free cash flow, $m
  498
  544
  596
  652
  711
  774
  839
  908
  980
  1,055
  1,052
  1,133
  1,218
  1,306
  1,397
  1,492
  1,591
  1,694
  1,800
  1,911
  2,027
  2,147
  2,273
  2,403
  2,540
  2,682
  2,830
  2,985
  3,147
  3,317
Issuance/(repayment) of debt, $m
  740
  782
  824
  865
  905
  946
  986
  1,027
  1,069
  1,111
  1,155
  1,200
  1,247
  1,296
  1,348
  1,401
  1,458
  1,517
  1,580
  1,646
  1,715
  1,789
  1,866
  1,948
  2,034
  2,125
  2,221
  2,322
  2,429
  2,541
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  740
  782
  824
  865
  905
  946
  986
  1,027
  1,069
  1,111
  1,155
  1,200
  1,247
  1,296
  1,348
  1,401
  1,458
  1,517
  1,580
  1,646
  1,715
  1,789
  1,866
  1,948
  2,034
  2,125
  2,221
  2,322
  2,429
  2,541
Total cash flow (excl. dividends), $m
  1,238
  1,325
  1,420
  1,516
  1,616
  1,719
  1,825
  1,935
  2,049
  2,166
  2,207
  2,334
  2,465
  2,602
  2,745
  2,894
  3,049
  3,211
  3,380
  3,557
  3,742
  3,936
  4,139
  4,351
  4,574
  4,807
  5,051
  5,307
  5,576
  5,858
Retained Cash Flow (-), $m
  -419
  -442
  -465
  -488
  -511
  -534
  -557
  -580
  -604
  -628
  -653
  -678
  -705
  -732
  -761
  -792
  -824
  -857
  -893
  -930
  -969
  -1,011
  -1,054
  -1,100
  -1,149
  -1,201
  -1,255
  -1,312
  -1,372
  -1,436
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  819
  884
  954
  1,028
  1,105
  1,185
  1,268
  1,355
  1,445
  1,539
  1,555
  1,656
  1,761
  1,870
  1,984
  2,102
  2,225
  2,354
  2,488
  2,627
  2,773
  2,925
  3,085
  3,251
  3,425
  3,606
  3,796
  3,995
  4,204
  4,422
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  785
  809
  831
  846
  856
  860
  857
  847
  830
  807
  738
  706
  669
  628
  582
  534
  484
  433
  383
  334
  287
  243
  202
  166
  133
  105
  81
  62
  46
  33
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Jones Lang LaSalle Incorporated (JLL) is a financial and professional services company specializing in real estate. The Company operates through four business segments: Americas; Europe, Middle East and Africa (EMEA); Asia Pacific, and LaSalle. It offers integrated services on a local, regional and global basis to owner, occupier, investor and developer clients. It delivers various real estate services (RES) across three geographic business segments: the Americas, EMEA and Asia Pacific. Its RES is organized into five product categories: leasing; capital markets and hotels; property and facility management; project and development services, and advisory, consulting and other services. LaSalle offers clients with real estate investment products and services, such as private investments in multiple real estate property types, including office, industrial, healthcare and multifamily residential. LaSalle enables clients to invest in separate accounts focused on public real estate equities.

FINANCIAL RATIOS  of  Jones Lang LaSalle (JLL)

Valuation Ratios
P/E Ratio 18.7
Price to Sales 0.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 27.7
Price to Free Cash Flow -59
Growth Rates
Sales Growth Rate 14%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 112.1%
Cap. Spend. - 3 Yr. Gr. Rate 23.3%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 42.2%
Total Debt to Equity 45.4%
Interest Coverage 14
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 12.7%
Return On Equity 11.6%
Return On Equity - 3 Yr. Avg. 15.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.1%
EBITDA Margin - 3 Yr. Avg. 10.7%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 8.4%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 24.4%
Eff/ Tax Rate - 3 Yr. Avg. 22.5%
Payout Ratio 9.1%

JLL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JLL stock intrinsic value calculation we used $7932.4 million for the last fiscal year's total revenue generated by Jones Lang LaSalle. The default revenue input number comes from 0001 income statement of Jones Lang LaSalle. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our JLL stock valuation model: a) initial revenue growth rate of 12.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for JLL is calculated based on our internal credit rating of Jones Lang LaSalle, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Jones Lang LaSalle.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of JLL stock the variable cost ratio is equal to 91.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $141 million in the base year in the intrinsic value calculation for JLL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Jones Lang LaSalle.

Corporate tax rate of 27% is the nominal tax rate for Jones Lang LaSalle. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the JLL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for JLL are equal to 25.1%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Jones Lang LaSalle operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for JLL is equal to 0.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3340.1 million for Jones Lang LaSalle - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 45.537 million for Jones Lang LaSalle is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Jones Lang LaSalle at the current share price and the inputted number of shares is $6.0 billion.

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COMPANY NEWS

▶ Downtown Orlando's (retail) shopping list: 9 things business people want here   [Oct-18-18 02:27PM  American City Business Journals]
▶ John Rogers Comments on Jones Lang LaSalle   [Oct-17-18 04:39PM  GuruFocus.com]
▶ RealPage finds new acquisition target among Silicon Valley startups   [Oct-12-18 12:56PM  American City Business Journals]
▶ Here's 25 of the top office leasing deals in Atlanta in 2018   [Oct-06-18 10:44PM  American City Business Journals]
▶ 2nd phase of large spec office project set to rise in Central Florida   [Oct-04-18 02:08PM  American City Business Journals]
▶ JLL grows technology expertise with acquisition of ValuD   [Oct-03-18 11:16AM  PR Newswire]
▶ In rare moves, a high-profile developer is cashing out of two projects   [Sep-26-18 11:48AM  American City Business Journals]
▶ JLL makes Working Mother '100 Best Companies' list   [Sep-25-18 10:56AM  PR Newswire]
▶ Amid Tri-Valley boom, 45-acre site near Pleasanton BART hits market   [10:41AM  American City Business Journals]
▶ First look: From a factory to office space, dining and shopping   [08:52AM  American City Business Journals]
▶ Viking Cruises signs Tempe lease, plans to hire hundreds   [Sep-21-18 05:32PM  American City Business Journals]
▶ Christie Kelly announces her departure from JLL   [Sep-18-18 07:30PM  PR Newswire]
▶ Exclusive: JLL snags Houston office tenant SVP from CBRE   [Sep-12-18 03:40PM  American City Business Journals]
▶ How Houston's data center market stacks up against other Texas cities   [Sep-06-18 02:56PM  American City Business Journals]
▶ City of London opens business development outpost in Chicago   [01:28PM  American City Business Journals]
▶ SA region could be ripe for more data centers post-Hurricane Harvey   [Sep-05-18 12:22PM  American City Business Journals]
▶ THE LIST: Charlotte's largest commercial real estate companies   [Aug-31-18 07:20AM  American City Business Journals]
▶ [$$] Holding back the waves: Asias land grab   [06:15AM  Financial Times]
▶ Dallas' data center market powers ahead with potential for more from cloud   [Aug-30-18 07:03AM  American City Business Journals]
▶ Increasingly expensive D.C. driving nonprofits to Arlington   [Aug-28-18 11:55AM  American City Business Journals]
▶ 7 Athletes Turned Professional Investors   [Aug-22-18 09:56AM  InvestorPlace]
▶ Exclusive: Developer kickstarts nearly $500M project in Midtown, on a familiar site   [Aug-20-18 02:27PM  American City Business Journals]
▶ Powerful tech firms increase lobbying footprints in D.C.   [Aug-17-18 11:55AM  American City Business Journals]
▶ Trio of towers in downtown Orlando to undergo major renovations   [10:35AM  American City Business Journals]
▶ [$$] Rising rates imperil worlds priciest property market   [Aug-16-18 04:00AM  Financial Times]
▶ [$$] China WeWork rival MyDreamPlus raises $120m in funding   [Aug-12-18 10:04PM  Financial Times]
▶ Real estate firm plucks exec from Goldbergs' Strategic Hospitality for new biz   [Aug-10-18 01:56PM  American City Business Journals]
▶ Houston life sciences VC investments up 300 percent   [08:27AM  American City Business Journals]
▶ Jones Lang LaSalle: 2Q Earnings Snapshot   [07:48AM  Associated Press]
▶ Cushman & Wakefields IPO: Here are 5 things to know   [Aug-03-18 07:04AM  MarketWatch]
▶ JLL acquires Northwest Atlantic in Canada   [Aug-02-18 07:00AM  PR Newswire]
▶ Real estate tech startup Skyline snags $18 million in venture capital   [Jul-31-18 09:56AM  American City Business Journals]
▶ Cushman & Wakefield IPO: What Investors Need to Know   [Jul-26-18 10:14PM  Motley Fool]
▶ Cross-county commutes worsening traffic congestion in North Texas   [03:53PM  American City Business Journals]
▶ Why Wells Fargo could sell commercial real estate broker Eastdil   [03:07PM  American City Business Journals]
▶ Phoenix office market sees positive absorption; one submarket might be overheating   [Jul-23-18 08:10PM  American City Business Journals]
▶ Phoenix-area industrial vacancies dip in second quarter   [05:14PM  American City Business Journals]
▶ [$$] Millennials drive Red Planets pan-Asia expansion   [Jul-22-18 06:00AM  Financial Times]
▶ Whitley Penn inks deal to move headquarters into Fort Worths newest high-rise   [Jul-19-18 02:38PM  American City Business Journals]
▶ Dallas-area jobs boom in the burbs, while 'highly educated' workers cluster downtown   [Jul-18-18 07:39AM  American City Business Journals]
▶ JLL Report: Vacancy rates for downtown's 17 top-rated buildings   [Jul-16-18 08:10AM  American City Business Journals]
▶ JLL in, Cushman out as leasing agent for Capitol Crossing   [Jul-13-18 03:08PM  American City Business Journals]
▶ Spaghetti Warehouse's downtown Houston property sold, building to be renovated   [Jul-09-18 01:40PM  American City Business Journals]
▶ Exclusive: Hines to buy Walnut Creek office complex for $221 million   [Jul-06-18 09:50AM  American City Business Journals]
▶ Washington Dulles Gateway sells for $82.5 million   [Jul-05-18 11:52AM  American City Business Journals]
▶ Real estate transparency improves globally   [Jun-27-18 12:56PM  PR Newswire]
▶ JLL surpasses carbon emission reduction targets   [Jun-26-18 08:00AM  PR Newswire]
▶ JLL hires former Chuck E. Cheese executive to lead retail, entertainment initiative   [Jun-25-18 03:57PM  American City Business Journals]
▶ Former Halliburton campus in Houstons Westchase District sold   [Jun-20-18 10:41AM  American City Business Journals]
▶ Exclusive: New leader takes over at one of D.C.'s top CRE shops   [Jun-19-18 04:10PM  American City Business Journals]
▶ JLL secures $251M in equity, debt for CBSK Ironstate   [Jun-18-18 04:17PM  PR Newswire]
▶ JLL names Alan Tse general counsel   [Jun-14-18 03:15PM  PR Newswire]
▶ Exclusive: Carlyle Group to consolidate D.C., Rosslyn offices   [Jun-13-18 05:40PM  American City Business Journals]

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