Christian Ulbrich, CEO of JLL CEO Christian Ulbrich: Double-digit growth in recurring revenues , announced that the company exceeded expectations with adjusted earnings per share of $1.78, well above the 84-cent estimate. This performance is the result of a considerable effort to improve productivity and prudent management in the face of forecasts of falling interest rates. The company has adopted a moderate approach to market expectations, and this has paid off.

The growth is mainly attributable to the company's recurring activities, which recorded double-digit growth in both sales and net profit.

Ulbrich highlighted a better-than-expected performance in office rental. In the United States, the gradual return to the office led to a significant increase in office rental, with growth of 14%, while Europe saw a decline.

Expectations of interest rate cuts by the Federal Reserve are influencing the commercial property sector, with a marked sensitivity to changes in interest rates.

Ulbrich points out that the quality of buildings is a determining factor, with high-quality buildings having easier access to refinancing than less distinguished ones. Data centres, multi-family housing and logistics centres find it easier to obtain finance.

Finally, on the subject of acquisitions and share buybacks, Ulbrich confirms that JLL is looking closely at the market for potential acquisitions as conditions become more favourable, while considering share buybacks as a viable alternative.

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