JLL posts 10% revenue gains as AI push moves deeper into operations
JLL reported $6.5 billion in Q3 2025 revenue, up 10% year over year, with strength in project management, workplace management and leasing. The firm is moving beyond pilots and embedding agentic AI into products and processes to speed execution and reduce cost.
On the Nov. 5 earnings call, CEO Christian Ulbrich said 41% of JLL's addressable population now uses its proprietary AI tools daily, up from 35% weekly earlier this year. Starting Jan. 1, JLL will fold its software and technology solutions business into real estate management services to drive efficiency and tighter product-to-service alignment.
By the numbers
- $6.5B Q3 2025 revenue (+10% YoY)
- 41% of addressable population using proprietary AI tools daily
- +30% workplace management revenue growth in Q3
- +11% office leasing demand in North America
- $172M technology revenue (+3% YoY)
- 16.9% global vacancy rate (down 10 bps from Q2)
- +6% industrial leasing revenue globally; U.S. +9%
Strategy: merge tech with services for efficiency
JLL will integrate its software and technology solutions with its real estate management services segment (workplace, project, property and portfolio services). Ulbrich framed the move as a push to standardize processes, shift more work into shared service centers and apply AI to remove low-value effort.
"We are going thoroughly through all our processes … and, if possible, moving those processes to one of our shared service centers," he said. "Within a couple months, [we] are trying to replace some of that by using AI tools in order to take efficiencies up."
The technology business (Corrigo, Building Engines and other platforms) serves as a product incubator and a feeder for real estate services. The integration aims to shorten feedback loops between software and on-the-ground delivery teams.
Revenue mix: resilience plus transactional lift
Resilient revenues (workplace, project and property management; value and risk advisory; loan servicing; and tech) rose 9% year over year. Transactional revenues, including leasing advisory and investment, increased 13%.
Workplace management posted nearly 30% growth, helped by new and expanded U.S. contracts. JLL expects higher contract turnover as it exits low-margin relationships to protect profitability. "We are evaluating all the different country businesses … getting out of some of those contracts, most notably in Asia-Pacific," Ulbrich said, noting U.S. accounts still show single-digit growth.
Leasing momentum and market backdrop
Office leasing demand in North America rose 11% year over year, with the U.S. supported by more large transactions and office attendance mandates that tightened space needs. On a two-year stack, leasing revenue grew nearly 30%, with broad-based growth led by office and continued momentum in the U.S., according to CFO Kelly Howe.
Global office vacancy ticked down to 16.9% from 17.0% as high-quality supply tightened and downsizing slowed. Large leases remain below pre-pandemic norms, at roughly two-thirds of prior volume.
Industrial leasing revenue increased 6% globally and 9% in the U.S. Howe cited a healthy pipeline and steady client demand for quality assets, while keeping a cautious stance given the macro backdrop.
Headcount: more on-site and shared services, flatter front offices
Ulbrich said headcount is expanding in client on-site roles and shared service centers as processes are standardized and centralized. Front-office staffing is flatter because technology is lifting productivity per person.
What this means for owners, occupiers and contractors
- Expect AI-assisted workflows to show up in FM, PM and property services. Ask vendors for clear process maps, data standards and measurable efficiency targets.
- Prepare for contract reshuffling where margins lag. Have transition plans and data handover requirements ready if your agreement is reviewed or re-bid.
- In offices, attendance policies are creating space pressure in quality assets. Older stock will compete harder; amenity and systems upgrades matter.
- In industrial, keep builds disciplined but be ready to move on well-located, high-spec product as demand holds.
- Operational focus: clean your CMMS data, tighten asset inventories and define SLAs that play well with automation (auto-triage, predictive maintenance, exception handling).
Looking ahead
JLL's message is clear: standardize processes, centralize delivery, and let AI do more of the routine work. For real estate teams, that means fewer handoffs, faster cycle times, and contracts judged heavily on data quality and outcomes.
For more detail direct from the source, see JLL investor relations.
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