lasalle investment strategy annual 2021

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Lasalle investment strategy annual 2021 tfi union investment wycena

Lasalle investment strategy annual 2021

Changing levels of demand for different types of real estate. Strategy focus on most lucrative potential services. JLL Research. Expansion of the global investable real estate universe. Unprecedented levels of transparency. Code of Business Ethics and Corporate Sustainability. Transparency Report on our website. Increasing political instability and conflict. Businesses need to demonstrate social contribution. Increase in extreme weather events.

Natural resources in increasingly short supply. Our Materiality Process. In , JLL identified its long-term risks and opportunities with a view to furthering our integrated reporting journey. These trends covered financial, human, manufactured, intellectual, social and natural capitals. This process helped us to identify where and how different trends interact with one another.

Using this model, we created an initial list of 36 trends and their potential implications for JLL. We then undertook one-to-one engagements with around 30 executives across the firm from different disciplines and geographies to present the six capitals model; discuss the trends identified; and to understand, based on these trends, what the potential risks and opportunities are to JLL and how we are, or should be, responding to them.

We were then able to develop a comprehensive qualitative analysis based on these internal engagements. Working with our Internal Audit team, we developed a quantitative analysis aligned with our existing risk management matrix. We scored the long-term trends according to likelihood and magnitude, taking account of potential impact on different areas of the business. The result of this scoring is the six capitals risks and opportunities materiality matrices, shown below, which allowed us to identify the most material long-term risks and opportunities for our company.

We have designed our business model to 1 create value for our clients, shareholders, and employees and 2 establish high-quality relationships with the suppliers we engage and the communities in which we operate.

Our synergistic approach seeks to derive business benefits from the application and intersection primarily of human resources, financial capital, and intellectual capital and technology. Based on our intimate knowledge of local real estate and capital markets worldwide, as well as our investments in thought leadership and technology, we create value for clients by addressing their real estate needs as well as their broader business, strategic, operating, and longer-term sustainability goals.

Given the increasingly global and interconnected marketplace in which many of our clients compete, our own capacity to deliver global solutions has also become more important to our business model. We strive to create a healthy and dynamic balance between 1 activities that will produce short-term value and returns for our stakeholders through effective management of current transactions and business activities and 2 investments in people such as new hires , acquisitions, technologies and systems designed to produce sustainable returns over the longer-term.

Our financial strength and our reputation for integrity, strong governance, and transparency, which we believe are among the strongest in the industry, give our clients confidence in our long-term ability to meet our obligations to them. It also positions us to be trusted extensions for the ways in which they seek to do business for the benefit of their own stakeholders. The ability to create and deliver value to our clients drives our revenue and profits, which in turn allows us to invest in our business and our people, improving productivity and shareholder value.

In doing so, we enable our people to advance their careers by taking on new and increased responsibilities within a dynamic environment as our business expands geographically, adds adjacent service offerings and develops new competencies. We are also increasingly able to develop and expand our relationships with suppliers of services to our own organization as well as to our clients, for whom we serve a significant intermediary role.

By expanding employment both internally and to outsourced providers, we stimulate economically the locations in which we operate, and we increase the opportunities for those we directly or indirectly employ to engage in community services and other activities beneficial to society. We apply our business model to the resources and capitals that we employ to provide services to assets owned or occupied by our clients.

We provide these services through our own employees and, where necessary or appropriate in the case of property and facility management and project and development services, through the management of third-party contractors. The revenue and profits we earn from those efforts are divided between further investments in our business, employee compensation, and returns to our shareholders.

We are increasingly focused on linking our business and sustainability strategies to promote the goal of creating long-term value for our shareholders, clients, employees, and the global community of which our firm is a part. These efforts help our clients manage their real estate more effectively and efficiently, promote employment globally, and create wealth for our shareholders and employees.

In turn, they allow us to be an increasingly impactful member of, and positive force within, the communities in which we operate. The following diagram summarizes how we create value for our shareholders and our broader stakeholders. It starts with the capital resources — or inputs — we need to do business. We use these resources to deliver services — or outputs — for our clients through a number of business activities we closely manage. The resources we use are broadly comparable to many other professional services firms globally.

What makes JLL unique is that we provide real value in a changing world: both through the implementation of our G5 business strategy and the medium-term Strategy to mitigate the impact of risks of future volatility on our business model. Finally, there are outcomes of our business model, which can be both positive and negative.

We realize that these outcomes will eventually become our resources once again, so our business model is designed in a way that keeps our impact low and our influence on quality resources high. Ultimately, this business model shows how we seek to derive long-term profit by the sustainable use of all resources. We report our operations as four business segments. There are significant risks inherent in conducting a global business.

We describe these in detail below in Item 1A, Risk Factors. Information concerning the identifiable assets of each of our business segments is also set forth in Note 3 of our Notes to Consolidated Financial Statements. To address the needs of real estate owners and occupiers, we provide a full range of integrated property and facility management, project management, advisory and transaction services locally, regionally, and globally through our Americas, EMEA and Asia Pacific operating segments.

We organize our RES in five major product categories:. Capital Markets and Hotels;. Property and Facility Management;. Project and Development Services; and. Advisory, Consulting and Other Services. Across these five broad RES categories, we leverage our deep real estate expertise and experience within the Firm to provide innovative solutions for our clients. We believe that excluding gross contract costs from revenue in this presentation gives a more accurate picture of the revenue growth rates in these RES product categories.

In the Americas, our total RES operating revenue for the year ended December 31, , was derived from the following countries in the proportions indicated below:. In EMEA, our total RES operating revenue for the year ended December 31, , was derived from the following countries in the proportions indicated below:.

In Asia Pacific, our total RES operating revenue for the year ended December 31, , was derived from the following countries in the proportions indicated below:. These product categories, and the services we provide within them, include:. Leasing Services. Agency Leasing Services executes marketing and leasing programs on behalf of investors, developers, property companies and public entities to secure tenants, and negotiate leases with terms that reflect our clients' best interests.

In , we completed approximately 18, agency leasing transactions representing million square feet of space. We typically base our agency leasing fees on a percentage of the value of the lease revenue commitment for consummated leases, although in some cases they are based on a dollar amount per square foot leased.

Tenant Representation Services establishes strategic alliances with clients to deliver ongoing assistance to meet their real estate needs and to help them evaluate and execute transactions in line with their occupancy requirements. Tenant Representation Services is also an important component of our local market services. We assist clients by defining space requirements, identifying suitable alternatives, recommending appropriate occupancy solutions, negotiating lease and ownership terms with landlords and reducing real estate costs for clients through analyzing, structuring and negotiating business and economic incentives.

We help our clients lower their real estate costs, minimize real estate occupancy risks, improve occupancy control and flexibility, and create more productive office environments. We employ a multi-disciplinary approach to develop occupancy strategies linked to our clients' core business objectives.

We determine Tenant Representation Services fees on a negotiated fee basis. In various markets, landlords may be responsible for paying them. Fees sometimes reflect performance measures related to targets that we and our clients establish prior to engagement or, in the case of strategic alliances, at future annual intervals.

We use quantitative and qualitative measurements to assess performance relative to these goals, and we may be awarded incentive fees for superior performance. In , we completed approximately 17, tenant representation transactions representing million square feet of space.

Property and Facility Management. Property Management Services provides on-site management services to real estate owners for office, industrial, retail, multifamily residential and specialty properties. We seek to leverage our market share and buying power to deliver superior service and value to clients. Our goal is to enhance our clients' property values through aggressive day-to-day management. We may provide services through our own employees or through contracts with third-party providers.

We focus on maintaining high levels of occupancy and tenant satisfaction while lowering property operating costs. During , we provided on-site property management services for properties totaling approximately 2. We typically provide property management services through an on-site general manager and staff. We support them with regional supervisory teams and central resources in such areas as training, technical and environmental services, accounting, marketing, and human resources.

Our general managers are responsible for property management activities, client satisfaction and financial results. We do not compensate them with commissions, but rather with a combination of base salary and a performance bonus that is directly linked to results they produce for their clients.

In some cases, management agreements provide for incentive compensation relating to operating expense reductions, gross revenue or occupancy objectives, or tenant satisfaction levels. Consistent with industry custom, management contract terms typically range from one to three years, although some contracts are terminable at will at any time following a short notice period, usually 30 to days, as is typical in the industry.

Integrated Facility Management Services provides comprehensive portfolio and facility management services to corporations and institutions that outsource the management of the real estate they occupy. Facilities under management range from corporate headquarters to industrial complexes.

During , Integrated Facility Management Services managed approximately 1. Our target clients typically have large portfolios usually over one million square feet that offer significant opportunities to reduce costs and improve service delivery. The competitive trends of globalization, outsourcing, and offshoring have prompted many of these clients to demand consistent service delivery worldwide and a single point of contact from their real estate service providers.

We generally develop performance measures to quantify the progress we make toward goals and objectives that we have mutually determined. Depending on client needs, our Integrated Facility Management Services units, either alone or partnering with other business units to benefit from their particular expertise or local market knowledge, provide services that include portfolio planning, property management, agency leasing, tenant representation, acquisition, finance, disposition, development management, energy and sustainability services, and land advisory services.

We may provide services through our own employees or through contracts with third-party providers as to which we may act in a principal capacity or which we may hire as an agent acting on behalf of our clients. Our Integrated Facility Management Services units are compensated on the basis of negotiated fees that we typically structure to include a base fee and a performance bonus.

We generally base performance bonus compensation on a quantitative evaluation of progress toward performance measures and regularly scheduled client satisfaction surveys. Integrated Facility Management Services agreements are typically three to five years in duration, although most contracts are terminable at will by the client upon a short notice period, usually 30 to 60 days, as is typical in the industry.

We also provide Lease Administration and Auditing Services , helping clients centralize their lease management processes. Whether clients have a small number of leases or a global portfolio, we assist them by reducing costs associated with incorrect lease charges, right-sizing their portfolios through lease options, identifying underutilized assets and ensuring regulatory compliance to mitigate risk. In the United States, the United Kingdom and selected other countries, we provide Mobile Engineering Services to clients with large portfolios of sites or where we have multiple clients in proximity to each other.

Rather than using multiple vendors to perform facility services, these companies hire JLL to provide HVAC, electrical and plumbing services, and general interior repair and maintenance. Our multi-disciplined mobile engineers serve numerous clients in a specified geographic area, performing multiple tasks in a single visit and taking ownership of the operational success of the sites they service.

This service delivery model reduces clients' operating costs by bundling on-site services, leveraging resources across multiple accounts and reducing travel time between sites. Project and Development Services. Project and Development Services provides a variety of services to tenants of leased space, owners in self-occupied buildings, and owners of real estate investments.

These include conversion management, move management, construction management, and strategic occupancy planning services. Project and Development Services frequently manages relocation and build-out initiatives for clients of our Property Management Services, Integrated Facility Management Services, and Tenant Representation Services units. Project and Development Services also manages all aspects of development and renovation of commercial projects for our clients, serving as a general contractor in some cases.

Additionally, we provide these services to public-sector clients, particularly to military and government entities and educational institutions, primarily in the United States, and to a limited but growing extent in other countries. Our Project and Development Services business is generally compensated on the basis of negotiated fees. Client contracts are typically multi-year in duration and may govern a number of discrete projects, with individual projects being completed in less than one year.

In a growing number of countries, we provide fit-out and refurbishment services on a principal basis under the Tetris brand, which is an outgrowth of a previous acquisition we completed through our French business. Capital Markets and Hotels. Capital Markets and Hotels Services includes property sales and acquisitions, real estate financings, private equity placements, portfolio advisory activities and corporate finance advice and execution.

We provide these services with respect to substantially all types of properties. Real Estate Investment Banking Services includes sourcing capital, both in the form of equity and debt, derivatives structuring, and other traditional investment banking services designed to assist investor and corporate clients in maximizing the value of their real estate.

To meet client demands for marketing real estate assets internationally and investing outside of their home markets, 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.

By researching, developing, and introducing innovative new financial products and strategies, Capital Markets Services is also integral to the business development efforts of our other businesses. Clients typically compensate Capital Markets Services units on the basis of the value of transactions completed or securities placed. In certain circumstances, we receive retainer fees for portfolio advisory services.

Real Estate Investment Banking fees are generally transaction-specific and conditioned upon the successful completion of the transaction. We also deliver specialized Capital Markets Services for hotel and hospitality assets and portfolios on a global basis, including investment sales, mergers and acquisitions, and financing.

We provide services to assets that span the hospitality spectrum: luxury properties; resorts; select service and budget hotels; golf courses; theme parks; casinos; spas; and pubs. We provide Value Recovery Services to owners, investors and occupiers to help them analyze the impact of a possible financial downturn on their assets and identify solutions that allow them to respond decisively.

In this area, we address the operational and occupancy needs of banks and insurance companies that are merging with or acquiring other institutions. We assist banks and insurance companies with challenged assets and liabilities on their balance sheets by providing valuations, asset management, loan servicing, and disposition services.

We provide receivership services and special asset servicing capabilities to lenders, loan servicers, and financial institutions that need help managing defaulted real estate assets. In addition, we provide valuation, asset management, and disposition services to government entities to maximize the value of owned securities and assets acquired from failed financial institutions or from government relief programs.

We also assist owners by identifying potentially distressed properties and the major occupiers who are facing challenges. Valuation Services provides clients with professional valuation services to help them determine market values for office, retail, industrial, and mixed-use properties. Such services may involve valuing a single property or a global portfolio of multiple property types. We conduct valuations, which typically involve commercial property, for a variety of purposes, including acquisitions, dispositions, debt and equity financings, mergers and acquisitions, securities offerings including initial public offerings , and privatization initiatives.

Clients include occupiers, investors, and financing sources from the public and private sectors. For the most part, our valuation specialists provide services outside of the United States. We usually negotiate compensation for valuation services based on the scale and complexity of each assignment, and our fees typically relate in part to the value of the underlying assets.

Consulting Services delivers innovative, results-driven real estate solutions that align strategically and tactically with clients' business objectives. We provide clients with specialized, value-added real estate consulting services in such areas as mergers and acquisitions, occupier portfolio strategy, workplace solutions, location advisory, financial optimization strategies, organizational strategy, and Six Sigma process solutions.

Our professionals focus on translating global best practices into local real estate solutions, creating optimal financial and operational results for our clients. We also provide Advisory Services for hotels, including hotel valuations and appraisals, acquisition advice, asset management, strategic planning, management contract negotiation, consulting, industry research and project and development services for asset types spanning the hospitality spectrum.

We typically negotiate compensation for Consulting Services based on work plans developed for advisory services that vary based on the scope and complexity of projects. For transaction services, we generally base compensation on the value of transactions that close. We provide Energy and Sustainability Services to occupiers and investors to help them develop their corporate sustainability strategies, green their real estate portfolios, reduce their energy consumption and carbon footprint, upgrade building performance by managing Leadership in Energy and Environmental Design "LEED" construction or retrofits and provide sustainable building operations management.

We have more than 1, energy and sustainability accredited professionals. Our sustainability teams worked on a total of 8, buildings in We generally negotiate compensation for Energy and Sustainability Services for each assignment based on shared savings or the scale and complexity of the project. Our global real estate investment management business, operating under the brand name of LaSalle Investment Management, has three priorities:.

Deliver superior investment performance;. Develop and execute investment strategies that meet the specific investment objectives of our clients; and. Deliver uniformly high levels of client service globally. We provide investment management services to institutional and retail investors, including high-net-worth individuals.

We seek to establish and maintain relationships of trust with sophisticated investors who value our global platform and extensive local market knowledge. LaSalle provides clients with a broad range of real estate investment products and services in the private and public capital markets.

The range of investment solutions includes private investments in multiple real estate property types including office, retail, industrial, health care and multifamily residential, as well as investments in debt.

We act either through commingled investment funds or single client account relationships "separate accounts". We also offer indirect public investments, primarily in publicly traded real estate investment trusts "REITs" and other real estate equities. Separate Accounts. Commingled Funds. Public Securities. Total Assets under Management.

We believe the success of our investment management business comes from our strong investment performance, industry-leading research capabilities, experienced investment professionals, innovative investment strategies, global presence and coordinated platform, local market knowledge, and strong client focus. We maintain an extensive real estate research and strategy department whose dedicated professionals monitor real estate and capital market conditions around the world to enhance current investment decisions and identify future opportunities.

Research and strategy is integrated throughout the investment management process from portfolio strategy formulation to property acquisition through ongoing asset management and disposition. In addition to drawing on public sources for information, LaSalle's research department utilizes the extensive local presence of JLL professionals throughout the world to gather and share proprietary insight into local market conditions.

The investment and capital origination activities of our investment management business have become increasingly global. We have invested in direct real estate assets in 18 countries around the globe, as well as in public real estate companies traded on all major stock exchanges.

We expect that cross-border investment management activities, both fund raising and investing, will continue to grow. In serving our investment management clients, LaSalle is responsible for the acquisition, financing, leasing, management, and divestiture of real estate investments across a broad range of real estate property types. LaSalle launched its first institutional investment fund in and currently has a series of commingled investment funds, including eight funds that invest in assets in the Americas, ten funds that invest in assets located in Europe and six funds that invest in assets in Asia Pacific.

LaSalle also maintains separate account relationships with investors for whom we manage private real estate investments. Some investors prefer to partner with investment managers willing to co-invest their own funds to more closely align the interests of the investor and the investment manager. We believe that our ability to co-invest alongside the investments of our clients' funds will continue to be an important factor in maintaining and continually improving our competitive position.

We believe our co-investment strategy strengthens our ability to raise capital for new real estate investments and real estate funds. We may engage in merchant banking activities in appropriate circumstances. These may involve making investments of the Firm's capital or providing loan capital to acquire properties in order to seed investment management funds before they are offered to clients. LaSalle conducts its operations with teams of professionals dedicated to achieving specific client objectives.

Each investment team functions as an entrepreneurial group managing an investment's entire life cycle and is directly accountable for performance. Regional investment committees, whose members have specialized knowledge applicable to underlying investment strategies, oversee all separate accounts and funds and must approve all investment decisions. This proven approach builds trust and alignment with our clients' investment objectives. LaSalle is generally compensated for investment management services for private equity investments based on capital committed, invested and managed known as advisory fees , with additional fees known as incentive fees tied to investment performance above benchmark levels.

In some cases, LaSalle also receives fees tied to acquisitions. The terms of contracts vary with the form of investment vehicle involved and the type of service we provide. Our investment funds have various life spans, typically ranging between five and nine years, but in some cases they are open-ended. Separate account advisory agreements generally have specific terms with "at will" termination provisions, and include fee arrangements that are linked to the market value of the assets under management, plus in some cases incentive fees.

Investments in Public Equity. LaSalle also offers clients the ability to invest in separate accounts focused on public real estate equities. We invest the capital of these clients principally in publicly traded securities of real estate investment trusts and property companies. LaSalle is typically compensated by securities investment clients on the basis of the market value of assets under management.

As the result of our significant growth over the last decade, and of our ability to take advantage of the significant consolidation that has taken place in our industry, we are now one of the three largest real estate services and investment management providers on a global basis.

We believe that other providers of real estate services are significantly smaller in terms of revenue than the three largest providers. We believe that JLL's geographic reach, scope of services and scale of resources have become sufficient to provide substantially all of the services our clients need, wherever they need them. To most effectively serve and retain current clients, and win new clients, we strive to be the best firm in our industry. Although there has been, and we expect will continue to be, consolidation within our industry, the totality of real estate services constituting the industry remains very large, and as a whole the provision of these services remains highly diverse and fragmented.

Accordingly, since we provide a broad range of commercial real estate and investment management services across many geographies, we face significant competition at international, regional, and local levels. Depending on the service, we also face competition from other real estate service providers, some of which may not traditionally be thought of as such, including institutional lenders, insurance companies, investment banking firms, investment managers, accounting firms, technology firms, firms providing outsourcing services of various types including technology or building products and companies that self-provide their real estate services with in-house capabilities.

While these competitors may be global firms that claim to have service competencies similar to ours, many are local or regional firms which, although substantially smaller in overall size, may be larger in a specific local or regional market. Consultancy practices typically do not have our implementation expertise or local market awareness. Investment banking and investment management competitors generally possess neither our local market knowledge nor our real estate service capabilities.

Traditional real estate firms lack our financial expertise and operating consistency. Other global competitors, which we believe franchise at least some of their offices through separate owners, generally do not have the same level of business coordination or consistency of delivery that we can provide through our network of wholly-owned offices, directly-employed personnel, and integrated information technology, human resources, and financial systems.

That network also permits us to promote a high level of governance, enterprise risk management, and integrity throughout the organization and to leverage our diverse and welcoming culture as a competitive advantage in developing clients, recruiting employees, and acquiring businesses. We believe that the key value drivers we list below create several competitive differentiators. Client Relationship Management. We support our ability to deliver superior service to our clients through our ongoing investments in client relationship management and account management.

Our goal is to provide each client with a single point of contact at our firm, an individual who is answerable to, and accountable for, all the activities we undertake for the client. We believe that we enhance superior client service through best practices in client relationship management, the practice of seeking and acting on regular client feedback, and recognizing each client's own specific definition of excellence.

Our client-driven focus enables us to develop long-term relationships with real estate investors, occupiers, and developers. By developing these relationships, we are able to generate repeat business and create recurring revenue sources. In many cases, we establish strategic alliances with clients whose ongoing service needs mesh with our ability to deliver fully integrated real estate services across multiple business units and locations.

We support our relationship focus with an employee compensation and evaluation system designed to reward client relationship building, teamwork, and quality performance, in addition to revenue development. Integrated Global Business Model. By combining a wide range of high-quality, complementary services and delivering them at consistently high service levels globally through wholly-owned offices with directly employed personnel, we develop and implement real estate strategies that meet the increasingly complex and far-reaching needs of our clients.

We also believe that we have secured an established business presence in the world's principal real estate markets, with the result that we can grow revenue without a proportionate increase in infrastructure costs.

With operations on six continents and over corporate offices, we have in-depth knowledge of local and regional markets and can provide a full range of real estate services around the globe. This geographic coverage, combined with the ability and willingness of our people to communicate and connect with each other across a common global platform, positions us to serve the needs of our multinational clients and manage investment capital on a global basis.

We anticipate that our cross-selling potential across geographies and product lines will continue to develop new revenue sources for multiple business units within JLL. We also anticipate that over time we will continue to expand our service offerings that are complementary or adjacent to our current offerings.

An example would be providing services to multifamily residential real estate that complements our current services to commercial clients seeking to develop multi-use properties that encompass office, retail and residential space. Another example is that we have used our cross-border capabilities to expand the brokerage business, initially acquired from King Sturge in , of high-end residential properties based in London and Dublin.

Industry-Leading Research Capabilities. We invest in and rely on comprehensive top-down and bottom-up research to support and guide the development of real estate and investment strategy for our clients. With over research professionals who gather data and cover market and economic conditions around the world, we are an authority on the economics of commercial real estate.

Research also plays a key role in keeping colleagues throughout the organization attuned to important trends and changing conditions in world markets. We facilitate the dissemination of this information to colleagues through our company-wide intranet. We are also devising new approaches through technology, including the use of the Internet and social media techniques, to make our research, services and property offerings more readily available to our people and our clients.

We believe that our investments in research, technology, people, and thought leadership position our Firm as a leading innovator in our industry. Our various research initiatives investigate emerging trends to help us anticipate future conditions and shape new services to benefit our clients. Professionals in our Consulting Services practice identify and respond to shifting market and business trends to address changing client needs and opportunities.

We believe that our commitment to innovation and thought leadership in sustainability helps us secure and maintain profitable long-term relationships with the clients we target: the world's leading real estate owners, occupiers, investors, and developers.

Delivery of innovative solutions and consistent worldwide service including through applications of technology. We believe that our globally-coordinated investments in research, technology, people, quality control, and innovation, combined with the fact that our offices are wholly-owned rather than franchised , and our professionals are directly employed, enable us to develop, share, and continually evaluate best practices across our global organization.

As a result, we are able to deliver the same consistently high levels of client service and operational excellence substantially wherever our clients' real estate investment and services needs exist. Based on our general industry knowledge and on specific client feedback, we believe we are recognized as an industry leader in technology and business intelligence. We possess the capability to provide sophisticated information technology systems on a global basis to serve our clients and support our employees.

For example, FutureView sm , our global portfolio optimization tool, allows corporate real estate teams with geographically diverse portfolios to identify potential rent savings by comparing their lease obligations to our firm's sophisticated local market forecasts. OneView by JLL sm , our client extranet technology, provides clients with detailed and comprehensive insight into their portfolios, the markets in which they operate, and the services we provide to them.

Connect sm , our intranet technology, offers our employees easy access to the Firm's policies, news, and collective thinking regarding our experience, skills, and best practices. We also have implemented globally integrated systems for finance, human resources, and client relationship management, as well as securities management and trading systems for our investment management business.

We expect that we will continue to seek and implement additional ways in which we can develop and deploy technology platforms, use the Internet and employ social media techniques as business tools that will proactively make our own services and the real estate properties we list on the Internet increasingly efficient and useful to our constituencies, and that will support our marketing and client development activities.

Maximizing Values of Real Estate Portfolios. To maximize the values of our real estate investments, LaSalle capitalizes on its strategic research insights and local market knowledge to develop an integrated approach that leads to innovative solutions and value enhancement. Our global strategic perspective allows us to assess pricing trends for real estate and know which investors worldwide are investing actively.

This gives us an advantageous perspective on implementing buying and selling strategies. During hold periods, our local market research allows us to assess the potential for cash flow enhancement in our clients' assets based on an informed opinion of rental-rate trends. When combined, these two perspectives provide us with an optimal view that leads to timely execution and translates into superior investment performance. Strong Brand and Reputation.

Based on evidence provided by marketing surveys we have commissioned, the extensive coverage we receive in top-tier business publications, the major awards we receive in many categories of real estate, sustainability, and ethics, as well as our significant, long-standing client relationships, we believe that large corporations and institutional investors and occupiers of real estate recognize JLL's ability to create value reliably in changing market conditions. Our reputation is based on our deep industry knowledge, excellence in service delivery, integrity, and our global provision of high-quality, professional real estate, and investment management services.

We believe that the combined strength of the JLL and LaSalle brands represent a significant advantage when we pursue new business opportunities and is also a major motivator for talented people to join us around the world. The JLL name, which is also our New York Stock Exchange ticker symbol, has been used informally for a number of years and will therefore be our primary trading name. Jones Lang LaSalle remains our legal name.

Using the shorter JLL name facilitates its adaptation to different communication styles in different countries, languages, and channels, and especially to the use of digital and online channels for marketing and communications. We believe we hold the necessary trademarks worldwide with respect to the "Jones Lang LaSalle," "JLL" and "LaSalle Investment Management" names and the related logos, which we expect to continue to renew as necessary.

We have obtained the right to use the top level domain names of each of ". Financial Strength. We focus on maintaining financial performance metrics, particularly our leverage and interest coverage ratios, that allow us to maintain investment grade financial ratings. We believe that confidence in the financial strength of long-term service providers has become increasingly important to our clients and they are increasingly making financial strength an important criterion when they select real estate service providers.

Accordingly, our ability to present a superior financial condition distinguishes us as we compete for business. We also believe that our broad geographic reach and the range of our global service offerings diversify the sources of our revenue, reducing the overall inherent volatility of operating a real estate services business.

This creates an additional measure of financial stability relative to other firms with more limited service offerings or that are only local or regional and therefore must rely on the strength of fewer diverse markets and services. Employee Engagement. As a business whose primary asset is the expertise and capabilities of its people, it is important to periodically measure and evaluate the level of our employee engagement, their performance enablement, as defined below, and the effectiveness of our managers.

We conducted our most recent comprehensive survey during the fall of We used an outside provider to conduct the study and then assist us in evaluating the results and identifying opportunities for improvement. Using our outside provider's definitions:. Employee engagement means the extent to which employees are motivated to contribute to organizational success and are willing to apply discretionary effort to accomplishing tasks important to the achievement of organizational goals;.

Performance enablement means the extent to which an organization is committed to high levels of customer service and relies upon continuous improvement practices to achieve superior organizational results; and. Manager effectiveness means the extent to which supervisors are leaders, capable of facilitating team performance through effectively managing both the tasks and responsibilities as well as facilitating teamwork and interpersonal relationships.

Our results indicated that our people reported an overall higher level of engagement, performance enablement, and manager effectiveness than the global norms. In all cases, our top quartile of most engaged employees demonstrated significantly higher results than the top quartile of the global norms. Virtually all of our scores increased over the results, in some cases significantly.

While we were pleased with the results, we are developing and intend to implement various actions to address specific areas where the data continued to indicate room for improvement or possible concerns. For example, we believe there is a desire for a greater understanding in some units of the Firm for how compensation is determined. In any event, we believe that the quality of our people, and their commitment to our organization and to providing a high level of service to our clients, provides us with an important differentiator within the markets in which we operate.

History of strong investment performance. Our LaSalle business has a history of delivering strong investment performance for clients who entrust them with investing their capital in real estate and real estate securities. Strong governance, enterprise risk management and integrity.

Our overlapping and communicative senior management and Board of Directors structure promotes an environment of best practices in corporate governance and controls. We believe that these attributes allow us to infuse a culture of internal communication and connectivity throughout the organization that is unparalleled in our industry.

Successful management of any organization's enterprise risks is critical to its long-term viability. Related to our governance and enterprise risk management efforts, we believe in uncompromising integrity and the highest ethical conduct. We are proud of the global reputation we have earned and are determined to protect and enhance it. The integrity our brand represents is one of our most valuable assets and a strong differentiator for our company.

Sustainability leadership. In , we employed over professionals dedicated to sustainability services for our clients. Beyond this, we are increasingly integrating sustainability into our own operations as well as to the core real estate services we deliver across the Firm. An example is our sustainability experts in Project and Development Services who manage green building certifications and the creation of central sustainability roles to embed sustainability throughout the advice we give to clients and within our own operations.

Another example is the efforts that LaSalle is making to solidify its leadership role in responsible investing and sustainable best practices with the assets it acquires and manages for clients. Our overall leadership in sustainability is evidenced by our significant thought leadership, technology, awards, and industry involvement. During , we revisited our sustainability messaging and strategy. As a result of an internal consultation process, our sustainability leadership agenda will now be called Building a Better Tomorrow sm.

Implementation of the agenda, which we are beginning in , includes four main areas: Clients, People, Workplaces and Communities. With sustainability as a key focus, we invest heavily in our research and thought leadership to guide our clients' real estate investment and occupation strategies. We continue to develop influential sustainability research that supports our clients and contributes to the wider industry.

We also maintain partnerships with nearly 50 sustainability organizations and initiatives to further both our own and our clients' sustainability commitments. These include global efforts such as the World Green Building Council as well as numerous local green building councils. As an organization, we support the Paris Agreement that resulted. JLL understands it plays a significant role in making this vision a reality. These platforms demonstrate our global expertise in the provision of technology solutions and advance our role in addressing such global challenges and opportunities as climate change and smart buildings.

Using our proprietary sustainability platforms, we helped our clients measure and improve their environmental impact in approximately , buildings as of Our sustainability consulting services benefit a wide range of clients including, for example, Leasing clients who commission green leases, green interior design and green assessments of prospective buildings; Capital Markets and Investment Management clients who want green building valuation assessments; and Project and Development Services clients who request retrofits to existing buildings.

Internally, we have undertaken a materiality assessment to identify the key impacts underlying the four focus areas of Building A Better Tomorrow sm. Our most material environmental issues are energy reduction for ourselves and our clients; improving the energy efficiency of our buildings; and reducing the impact of our business travel activities.

In terms of our social impact, our most material issues are the ethics and integrity of our business; the health, safety and well-being of our employees; and the impact of our supply chain. Addressing these areas not only reduces our negative impact, but it also provides business benefits through reduced operating costs, employee well-being and retention, and reduced supply chain risk.

We provide additional information in our latest Global Sustainability Report on our website. Since , commercial real estate markets have continued their broad recovery around the world, although at different speeds and different levels of strength, and with some disruptions in countries and regions that have had political or economic challenges such as Brazil, Russia, China, and the Middle East.

As indicated by the Property Clocks sm published by JLL's research team and provided below, co mmercial values in most markets continued to rise through , though at varying rates of growth. Global capital flows for investment sales by region, below, indicate that volumes have continued to expand since they reached their lowest levels in the wake of the recent global financial crisis.

However, market dynamics reflect contrasting conditions between the capital markets and the leasing markets. The strong capital markets have been supported by globally low interest rates, which have been encouraged by the so-called "quantitative easing" by the U. Federal Reserve Bank. On the other hand, the leasing markets have been flatter since corporations have remained financially cautious in terms of commitments to space expansions and have also been focused on space optimization as a means to control cost and improve productivity.

We define market volumes for Leasing as gross absorption of office real estate space in square meters for the United States, Europe and selected markets in Asia Pacific. We define market volumes for Capital Markets as the U. Our research professionals aggregate this market volume information from a number of sources globally and make it publicly available through the quarterly publication of our Global Market Perspective reports.

In assessing our market share performance, we compare our own Leasing and Capital Markets revenue performance to the market volume performance in a region or globally to determine whether we are growing faster than the overall market. These include significant reductions in oil and commodity prices, the slowdown in the China economy, the hostilities in the Middle East and the immigration pressures on Europe that have resulted as well as the occurrence of random acts of terrorism in urban centers outside the Middle East, the lack of clarity around the potential results of the presidential election that will take place in November in the United States, and the significant downturn in global equity markets.

Additionally, emerging technologies that are potentially disruptive and the risks from potential cyber-security events will remain important influencers and concerns for all business entities, particularly those like ours that are global in nature.

Many corporations have continued to pursue growth opportunities in international markets. Many are striving to control costs by outsourcing or off-shoring non-core business activities. Both trends have increased the demand for global real estate services, including facility management, tenant representation and leasing, and property and energy management services. We believe that these trends will favor real estate service providers with the capability to provide services - and consistently high service levels - in multiple markets around the world.

The highly competitive marketplace for the services we provide has, however, continued to put negative pressure on fees within some of our service lines. Additionally, real estate capital flows have become ever more global, as more assets are marketed internationally and as more investors seek real estate investment opportunities beyond their own borders. This trend has created new opportunities for investment managers equipped to source and facilitate international real estate capital flows and execute cross-border real estate transactions.

One example we have seen in particular is that high-end residential real estate in major mature markets such as London and New York has become a type of "reserve currency" for wealthy individuals from other countries who are seeking stability in their investment holdings. We expect this trend to continue should uncertainty increase within Russia, China, the Middle East and other countries and regions.

Growth of Outsourcing. In recent years, outsourcing of professional real estate services has increased substantially, as corporations focused corporate resources on core competencies. Although some continue to unbundle and separate the sources of their real estate services, large users of commercial real estate services continue to demonstrate an overall preference for working with single-source service providers able to operate locally, regionally and globally. The ability to offer a full range of services on this scale requires significant infrastructure investment, including information technology applications and personnel training.

Smaller regional and local real estate service firms, with limited resources, are less able to make such investments. In addition, public and other non-corporate users of real estate, including government agencies and health and educational institutions, have begun to outsource real estate activities as a means of reducing costs.

As a result, we believe there continue to be significant growth opportunities for firms like ours that can provide integrated real estate services across many geographic markets and types of clients. In , our Corporate Solutions business has continued to expand its client base as follows:. Alignment of Interests of Investors and Investment Managers. Institutional investors continue to allocate significant portions of their investment capital to real estate.

Many investors have shown a desire to commit their capital to investment managers willing to co-invest their own capital in specific real estate investments or real estate funds. In addition, investors are increasingly requiring that fees paid to investment managers be more closely aligned with investment performance.

As a result, we believe that investment managers with co-investment capital, such as LaSalle, will have an advantage in attracting real estate investment capital. In addition, co-investment may bring the opportunity to provide additional services related to the acquisition, financing, property management, leasing, and disposition of such investments.

We expect institutional capital to continue to flow into real estate as interest rates remain at historically low levels. We are also seeing institutional investors consolidate their real estate portfolios, moving away from the spread of smaller managers assembled over the last cycle to larger managers such as LaSalle. Industry Consolidation and Other Trends. We believe that consolidation in our industry will continue as the larger, more financially and operationally stable companies gain market share and become increasingly capable of servicing the needs of global clients.

We also believe that developed countries will be favored for new investment as the risk appetite of investors remains conservative. Additionally, selecting service providers with the best reputation for sustainability leadership, governance, enterprise risk management and ethics will become increasingly important. Operators and investors seeking efficiencies from developing their supply chains will want to avoid the significant potential costs and reputational issues associated with compliance missteps, such as violations of the U.

Foreign Corrupt Practices Act, the U. Bribery Act or anti-money laundering regulations. With the help of aggressive goal setting and performance measurement systems and training, we attempt to instill in all our people the commitment to be the best in the industry. Our goal is to be the real estate advisor of choice for clients and the employer of choice in our industry. To achieve that, we intend to continue to promote human resources techniques that will attract, motivate and retain high quality employees.

The following table details our respective headcount as of December 31, and rounded to the nearest hundred :. Professional non-reimbursable employees. Directly reimbursable employees. Total employees. The significant increase in the number of employees year-over-year largely results from our acquisitions and from new contracts in our property and facility management businesses.

Reimbursable employees include our property and integrated facility management professionals and our building maintenance employees. The cost of these employees is generally reimbursable by our clients. Our employees are not members of any labor unions, with the exception of over 1, directly reimbursable property maintenance employees in the United States.

Approximately 41, and 40, of our employees as of December 31, and , respectively, were based in countries other than the United States. We regard our technology and other intellectual property, including our brands, as a critical part of our business. We hold various trademarks, trade dress and trade names and rely on a combination of patent, copyright, trademark, service mark, and trade secret laws, as well as contractual restrictions to establish and protect our proprietary rights.

We own numerous domain names, have registered numerous trademarks, and have filed applications for the registration of a number of our other trademarks and service marks in the United States and in foreign countries. We own the rights to use the dot-jll. Consistent with our belief that we are recognized as an industry leader in technology as discussed above, we currently have a patented process in the United States for a "System and Method for Evaluating Real Estate Financing Structures" that assists clients with determining the optimal financing structure for controlling their real estate assets, including, for example, whether a client should own a particular asset, lease the asset, or control the asset by means of some other financing structure.

We also have a number of pending United States patent applications to further enable us to provide high levels of client service and operational excellence. Our products that have pending patent applications include HiRise sm , an online marketplace for leasing space, Blackbird sm , a geospatial intelligence tool, and CRC Website, a cities comparison tool. We will continue to file additional patent applications on new inventions, as appropriate, demonstrating our commitment to technology and innovation.

Our trademark registrations have to be renewed every ten years. Based on our most recent trademark registrations, the JLL mark would expire in , while the Jones Lang LaSalle name would expire in and the Design Three Circles mark would expire in Since our LaSalle and LaSalle Investment Management marks will expire in , these trademark registrations will be renewed with an expected expiration of 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.

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To this end, Simon works closely with several teams across London, Munich, Paris and elsewhere around the world. Prior to joining LaSalle Investment Management in early , Simon was Head of UK Analytics at the listed property information company CoStar, where he developed an independent analysis and forecasting service based on building-level data in the UK.

Prior to this he was Head of Research at Close Investments. Simon is fluent in four languages. Read More. If you want to receive our news, research, event invitations and other communications, please opt-in now. Explore LaSalle Investment Management. Investment Opportunities. Explore Investment Opportunities. Understanding market dynamics enables us to deliver competitive investment performance. Americas Asia Pacific Europe. Publicly Available Research.

Proprietary Research Our proprietary research helps our clients navigate markets and meet their evolving investment objectives. Login to Research. Investment Strategy Annual In the 26th edition of the Investment Strategy Annual, we address the five themes that will shape the real estate investment environment for at least the next three years and likely longer. View More. Connect with me 26 years at LaSalle Joined in June Connect with me 4 years at LaSalle Joined in May That's something our clients identify as a key benefit in working with JLL, particularly during the ongoing pandemic where our ability to quickly adapt and deploy products and services is vital.

Earlier phases of the transformation program successfully delivered global alignment of JLL's Corporate Solutions, Capital Markets and Valuation Advisory business lines, along with the company's corporate functions, and saw the launch of JLL Technologies. The new Markets group will bring similar global alignment to all other JLL services.

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. For further information, visit ir. Based in Washington D. Increasingly, his job involves helping to tailor technology solutions for clients looking to use big data. Greg began his career in the technology industry after graduating from Tufts University with an electrical engineering degree.

After earning a degree in valuation and estate management, he has three decades of experience in real estate. A passionate sustainability advocate, Guy is the Chair of the Circular Economy Taskforce in the UK, a group of CEOs and other senior executives committed to delivering a high impact programme to bring the circular economy to life. He spent the last 27 years in Asia , helping lead JLL's expansion across the region.

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HAMMERUNTERWIESENTHAL PENSION AND INVESTMENTS

Page content transcription If your browser does not render page correctly, please read the page content below. Germany U. Germany Canada U. France U. ISA 9. Chapter 1 Investment Outlook increased regulatory pressure on owners and tenants to reduce the carbon footprint of real estate have all Investment Strategies for become part of the equation, albeit to varying degrees in Type of Change Style of Impact different countries.

Cyclical Do core-plus and value-add investing face a tailwind or headwind i. How should investors rebalance their portfolios in Secular Filter for a strategic, long-term core portfolio. In Chapter 2, we explain how investors should Structural Dislocations and opportunities for identify strategies and even specific assets that take higher risk-return strategies.

Non-core will experience varying degrees of turbulence over the next investors with build-lease-sell strategies will need to five years. Investors Asia Pacific should also look for capital gaps that will open up due The diverse Asia Pacific region, dominated by the to overreactions and undershooting associated with economies of China and Japan, enters with good structural shifts.

In contrast to the winds of political change in the West, both of these countries are much less likely to be Regional Outlook for buffeted by rapid shifts in political leadership. It is certainly true that structural reform financial trends. These forces include unprecedented needs to occur at a faster pace in both countries, but neither growth in liquidity, low interest rates, slow but steady economy is likely to hit major roadblocks in The overarching theme behind Australia, Hong Kong, Singapore, and South Korea have all this positive performance is the ability of many urban areas grown more dependent on intraregional trade with China and Japan than with the West.

This helped these economies grow during the Global Financial Crisis and has diversified their export markets considerably. The property markets are generally healthy across the region, although pockets of oversupply can be found in Singapore and the resource- based markets of Australia. In , we see potential for developing or leasing across Australia, China, and Japan to satisfy the growing appetite for core investments from inside and outside the region.

Europe The surge in populist politics across Europe could affect property markets in innumerable ways in Nationalistic tendencies can lead to unpredictable regulatory changes capable of creating T-junctions for real estate investors. The economies in Continental Europe have benefited from a weak euro and from economic stability in Germany, France, the Nordics, and the Netherlands. Poland and Spain are also exhibiting surprising strength. This not materialize. Even before the surprising election results, means that real estate yield spreads European major property fundamentals in the U.

As long as should be in reasonably strong shape in The sectors rent reviews and new leases can maintain or increase of the economy that are likely to benefit most from current rent levels in , real estate in Europe will be an deregulation, tax cuts, treaty reforms, and onshoring attractive asset class in an otherwise unsettled include banking, finance, housing, infrastructure, retailing, macroeconomic environment.

The risks include a rapidly rising U. European countries, but with the added complication of the Brexit negotiations still to come. The economic and Overall, the U. The were strong. Any number of issues lie ahead that could presidential administration change will bring uncertainty reverse this trend if they are not handled adroitly by the EU and volatility to many different aspects of the U.

The rapid uptick in as the premier European financial center. We do see a long-duration interest rates will be watched closely by all long-term upside for disentangling the U. The cushion between bond yields and of EU rules and regulations, but the near-term relocation of real estate yields has largely disappeared, and pricing may financial firms is a real risk. ISA Environmental and urbanization DTU secular investment trends changes also create new risks and opportunities for over six years ago.

We thought that property property investors. Rising coastal flood risk has also investments harnessing the power of these steady, introduced new questions concerning property generation-long changes would outperform. In Asia Pacific, the air quality selection in walkable urban centers. Capital markets have factors, quality of life factors will encourage or discourage also been efficient.

Many of the most obvious DTU the migration of the most skilled workers. While gradual strategies have been repriced, although not to the same environmental changes may not affect near-term extent across countries. Real estate, unlike other financial assets, is much greater extent. Sustainability in building success, are now are priced to perfection.

To stay one step operations is a key consideration for market analysts, ahead, our strategies identify micro locations and with the potential to support faster net operating individual assets with particular characteristics that make income growth and lower volatility in some markets. The results provide support for investment 0.

Technological innovations, however, happen at a faster pace than the other trends and are often more difficult to forecast. Indeed, technology is already disrupting long-established Nihonbashi patterns in transportation and office space use. Data as of How should an investor respond to the upcoming changes in ? Inaction is not a viable option. Real estate responds to active management.

For example, there are leases to be signed, capital budgets to be reviewed, and building upgrades to be considered. Portfolios share the same active management traits as individual properties. They need continual evaluation, course corrections, and rebalancing to keep performance aligned with portfolio risk-return objectives. Investors can employ risk screens, cycle adjustments, and other risk management tools to actively manage their portfolios.

Today, volatility in the capital real estate. Thus, investors need to determine the level of their sharp focus on generating positive, net-of-inflation risk known odds and uncertainty unknown odds they returns. The downside is that they are not sensitive to can tolerate while seeking their target returns.

In this the performance of the underlying market. In a healthy chapter, we provide guidance on the construction of real economic environment, an absolute target can be estate portfolios with different risk-return profiles. We start readily achieved, but that is more challenging during with the crucial first step of defining portfolio objectives. Thus, absolute return targets are more meaningful over Setting Portfolio Objectives for long time periods five years-plus , where averaging can Return and Risk smooth out market volatility.

Return objectives for commercial real estate portfolios Relative return targets relate to known benchmarks or other can take a variety of forms, but can be classified into two market measures. A typical relative return target requires a broad groups: portfolio to match or outperform its market index by a specified amount.

Today, most developed countries have 1. Absolute returns, and one or more national indices for their public and core 2. Relative returns. The goal of relative for private markets. The key in setting a relative return return strategies is to meet or exceed known benchmarks or target is, therefore, the choice of index, particularly in other market measures.

Risk profiles are much harder to define. Many of the methods used for more liquid assets cannot be readily applied to real estate. Specifying a minimum drawdown VaR limit the amount a portfolio can decline in value is much harder to monitor without real-time prices, and specifying a maximum tracking error is a backward-looking way of monitoring portfolio risk given the delay in the publication of private equity real estate indices. Note: Risks that pertain more to value-add and higher risk are shown in italic font.

Estate Vehicles INREV and other industry bodies to A key objective of holding a portfolio of assets is to diversify improve transparency. Thus, every portfolio plan should have highly subjective and loosely defined. The Risk Screens for a targeted minimum number of assets dependent on the Real Estate Investments chart, above, shows the main risk overall risk profile and size of market. This can be achieved screens for investing in private real estate, with the INREV through direct investing or through investments in co- definitions in the left-hand column.

Through internal consultation, we identified a number of trends as significant for our business in the medium to long term. The "JLL Activities," which address these trends, are summarized in the table below primarily via a combination of references to 1 sections within Items 1 and 1A in this Annual Report on Form K and 2 resources we publish on our website, where we discuss relevant points in more detail.

Type of Capital. Global Trends. JLL Activities. Continued risk of financial crises. Maintaining our financial strength as a differentiator; Financial Risk Factors. Potential increase in disruptive market cycles. Shift towards emerging markets. Strategy focus on potential growth markets and cities. Growth increasingly dependent on productivity gains.

Strategy focus on productivity. Global push against tax avoidance. Changing demographics affects workplace profiles. Growing importance of technology in the workplace. G5: Connections. Strategy Evolving leadership needs. Leadership pipeline development program. Diversity is equated with "good business". Global Sustainability Report on our website. Diversity and Inclusion Report on our website. Increased risk of cyber-attacks and data theft.

Intellectual capital becomes increasingly disseminated. Strategy focus on technology, digital and social media. Digital technology transforms how people live and work. Changing levels of demand for different types of real estate. Strategy focus on most lucrative potential services. JLL Research. Expansion of the global investable real estate universe.

Unprecedented levels of transparency. Code of Business Ethics and Corporate Sustainability. Transparency Report on our website. Increasing political instability and conflict. Businesses need to demonstrate social contribution. Increase in extreme weather events. Natural resources in increasingly short supply. Our Materiality Process. In , JLL identified its long-term risks and opportunities with a view to furthering our integrated reporting journey. These trends covered financial, human, manufactured, intellectual, social and natural capitals.

This process helped us to identify where and how different trends interact with one another. Using this model, we created an initial list of 36 trends and their potential implications for JLL. We then undertook one-to-one engagements with around 30 executives across the firm from different disciplines and geographies to present the six capitals model; discuss the trends identified; and to understand, based on these trends, what the potential risks and opportunities are to JLL and how we are, or should be, responding to them.

We were then able to develop a comprehensive qualitative analysis based on these internal engagements. Working with our Internal Audit team, we developed a quantitative analysis aligned with our existing risk management matrix. We scored the long-term trends according to likelihood and magnitude, taking account of potential impact on different areas of the business. The result of this scoring is the six capitals risks and opportunities materiality matrices, shown below, which allowed us to identify the most material long-term risks and opportunities for our company.

We have designed our business model to 1 create value for our clients, shareholders, and employees and 2 establish high-quality relationships with the suppliers we engage and the communities in which we operate. Our synergistic approach seeks to derive business benefits from the application and intersection primarily of human resources, financial capital, and intellectual capital and technology. Based on our intimate knowledge of local real estate and capital markets worldwide, as well as our investments in thought leadership and technology, we create value for clients by addressing their real estate needs as well as their broader business, strategic, operating, and longer-term sustainability goals.

Given the increasingly global and interconnected marketplace in which many of our clients compete, our own capacity to deliver global solutions has also become more important to our business model. We strive to create a healthy and dynamic balance between 1 activities that will produce short-term value and returns for our stakeholders through effective management of current transactions and business activities and 2 investments in people such as new hires , acquisitions, technologies and systems designed to produce sustainable returns over the longer-term.

Our financial strength and our reputation for integrity, strong governance, and transparency, which we believe are among the strongest in the industry, give our clients confidence in our long-term ability to meet our obligations to them. It also positions us to be trusted extensions for the ways in which they seek to do business for the benefit of their own stakeholders.

The ability to create and deliver value to our clients drives our revenue and profits, which in turn allows us to invest in our business and our people, improving productivity and shareholder value. In doing so, we enable our people to advance their careers by taking on new and increased responsibilities within a dynamic environment as our business expands geographically, adds adjacent service offerings and develops new competencies.

We are also increasingly able to develop and expand our relationships with suppliers of services to our own organization as well as to our clients, for whom we serve a significant intermediary role. By expanding employment both internally and to outsourced providers, we stimulate economically the locations in which we operate, and we increase the opportunities for those we directly or indirectly employ to engage in community services and other activities beneficial to society.

We apply our business model to the resources and capitals that we employ to provide services to assets owned or occupied by our clients. We provide these services through our own employees and, where necessary or appropriate in the case of property and facility management and project and development services, through the management of third-party contractors.

The revenue and profits we earn from those efforts are divided between further investments in our business, employee compensation, and returns to our shareholders. We are increasingly focused on linking our business and sustainability strategies to promote the goal of creating long-term value for our shareholders, clients, employees, and the global community of which our firm is a part.

These efforts help our clients manage their real estate more effectively and efficiently, promote employment globally, and create wealth for our shareholders and employees. In turn, they allow us to be an increasingly impactful member of, and positive force within, the communities in which we operate.

The following diagram summarizes how we create value for our shareholders and our broader stakeholders. It starts with the capital resources — or inputs — we need to do business. We use these resources to deliver services — or outputs — for our clients through a number of business activities we closely manage. The resources we use are broadly comparable to many other professional services firms globally. What makes JLL unique is that we provide real value in a changing world: both through the implementation of our G5 business strategy and the medium-term Strategy to mitigate the impact of risks of future volatility on our business model.

Finally, there are outcomes of our business model, which can be both positive and negative. We realize that these outcomes will eventually become our resources once again, so our business model is designed in a way that keeps our impact low and our influence on quality resources high.

Ultimately, this business model shows how we seek to derive long-term profit by the sustainable use of all resources. We report our operations as four business segments. There are significant risks inherent in conducting a global business. We describe these in detail below in Item 1A, Risk Factors.

Information concerning the identifiable assets of each of our business segments is also set forth in Note 3 of our Notes to Consolidated Financial Statements. To address the needs of real estate owners and occupiers, we provide a full range of integrated property and facility management, project management, advisory and transaction services locally, regionally, and globally through our Americas, EMEA and Asia Pacific operating segments.

We organize our RES in five major product categories:. Capital Markets and Hotels;. Property and Facility Management;. Project and Development Services; and. Advisory, Consulting and Other Services. Across these five broad RES categories, we leverage our deep real estate expertise and experience within the Firm to provide innovative solutions for our clients. We believe that excluding gross contract costs from revenue in this presentation gives a more accurate picture of the revenue growth rates in these RES product categories.

In the Americas, our total RES operating revenue for the year ended December 31, , was derived from the following countries in the proportions indicated below:. In EMEA, our total RES operating revenue for the year ended December 31, , was derived from the following countries in the proportions indicated below:.

In Asia Pacific, our total RES operating revenue for the year ended December 31, , was derived from the following countries in the proportions indicated below:. These product categories, and the services we provide within them, include:. Leasing Services. Agency Leasing Services executes marketing and leasing programs on behalf of investors, developers, property companies and public entities to secure tenants, and negotiate leases with terms that reflect our clients' best interests.

In , we completed approximately 18, agency leasing transactions representing million square feet of space. We typically base our agency leasing fees on a percentage of the value of the lease revenue commitment for consummated leases, although in some cases they are based on a dollar amount per square foot leased. Tenant Representation Services establishes strategic alliances with clients to deliver ongoing assistance to meet their real estate needs and to help them evaluate and execute transactions in line with their occupancy requirements.

Tenant Representation Services is also an important component of our local market services. We assist clients by defining space requirements, identifying suitable alternatives, recommending appropriate occupancy solutions, negotiating lease and ownership terms with landlords and reducing real estate costs for clients through analyzing, structuring and negotiating business and economic incentives. We help our clients lower their real estate costs, minimize real estate occupancy risks, improve occupancy control and flexibility, and create more productive office environments.

We employ a multi-disciplinary approach to develop occupancy strategies linked to our clients' core business objectives. We determine Tenant Representation Services fees on a negotiated fee basis. In various markets, landlords may be responsible for paying them. Fees sometimes reflect performance measures related to targets that we and our clients establish prior to engagement or, in the case of strategic alliances, at future annual intervals.

We use quantitative and qualitative measurements to assess performance relative to these goals, and we may be awarded incentive fees for superior performance. In , we completed approximately 17, tenant representation transactions representing million square feet of space. Property and Facility Management. Property Management Services provides on-site management services to real estate owners for office, industrial, retail, multifamily residential and specialty properties.

We seek to leverage our market share and buying power to deliver superior service and value to clients. Our goal is to enhance our clients' property values through aggressive day-to-day management. We may provide services through our own employees or through contracts with third-party providers.

We focus on maintaining high levels of occupancy and tenant satisfaction while lowering property operating costs. During , we provided on-site property management services for properties totaling approximately 2. We typically provide property management services through an on-site general manager and staff.

We support them with regional supervisory teams and central resources in such areas as training, technical and environmental services, accounting, marketing, and human resources. Our general managers are responsible for property management activities, client satisfaction and financial results. We do not compensate them with commissions, but rather with a combination of base salary and a performance bonus that is directly linked to results they produce for their clients.

In some cases, management agreements provide for incentive compensation relating to operating expense reductions, gross revenue or occupancy objectives, or tenant satisfaction levels. Consistent with industry custom, management contract terms typically range from one to three years, although some contracts are terminable at will at any time following a short notice period, usually 30 to days, as is typical in the industry.

Integrated Facility Management Services provides comprehensive portfolio and facility management services to corporations and institutions that outsource the management of the real estate they occupy. Facilities under management range from corporate headquarters to industrial complexes. During , Integrated Facility Management Services managed approximately 1.

Our target clients typically have large portfolios usually over one million square feet that offer significant opportunities to reduce costs and improve service delivery. The competitive trends of globalization, outsourcing, and offshoring have prompted many of these clients to demand consistent service delivery worldwide and a single point of contact from their real estate service providers.

We generally develop performance measures to quantify the progress we make toward goals and objectives that we have mutually determined. Depending on client needs, our Integrated Facility Management Services units, either alone or partnering with other business units to benefit from their particular expertise or local market knowledge, provide services that include portfolio planning, property management, agency leasing, tenant representation, acquisition, finance, disposition, development management, energy and sustainability services, and land advisory services.

We may provide services through our own employees or through contracts with third-party providers as to which we may act in a principal capacity or which we may hire as an agent acting on behalf of our clients.

Our Integrated Facility Management Services units are compensated on the basis of negotiated fees that we typically structure to include a base fee and a performance bonus. We generally base performance bonus compensation on a quantitative evaluation of progress toward performance measures and regularly scheduled client satisfaction surveys.

Integrated Facility Management Services agreements are typically three to five years in duration, although most contracts are terminable at will by the client upon a short notice period, usually 30 to 60 days, as is typical in the industry. We also provide Lease Administration and Auditing Services , helping clients centralize their lease management processes. Whether clients have a small number of leases or a global portfolio, we assist them by reducing costs associated with incorrect lease charges, right-sizing their portfolios through lease options, identifying underutilized assets and ensuring regulatory compliance to mitigate risk.

In the United States, the United Kingdom and selected other countries, we provide Mobile Engineering Services to clients with large portfolios of sites or where we have multiple clients in proximity to each other. Rather than using multiple vendors to perform facility services, these companies hire JLL to provide HVAC, electrical and plumbing services, and general interior repair and maintenance.

Our multi-disciplined mobile engineers serve numerous clients in a specified geographic area, performing multiple tasks in a single visit and taking ownership of the operational success of the sites they service. This service delivery model reduces clients' operating costs by bundling on-site services, leveraging resources across multiple accounts and reducing travel time between sites. Project and Development Services. Project and Development Services provides a variety of services to tenants of leased space, owners in self-occupied buildings, and owners of real estate investments.

These include conversion management, move management, construction management, and strategic occupancy planning services. Project and Development Services frequently manages relocation and build-out initiatives for clients of our Property Management Services, Integrated Facility Management Services, and Tenant Representation Services units.

Project and Development Services also manages all aspects of development and renovation of commercial projects for our clients, serving as a general contractor in some cases. Additionally, we provide these services to public-sector clients, particularly to military and government entities and educational institutions, primarily in the United States, and to a limited but growing extent in other countries. Our Project and Development Services business is generally compensated on the basis of negotiated fees.

Client contracts are typically multi-year in duration and may govern a number of discrete projects, with individual projects being completed in less than one year. In a growing number of countries, we provide fit-out and refurbishment services on a principal basis under the Tetris brand, which is an outgrowth of a previous acquisition we completed through our French business. Capital Markets and Hotels. Capital Markets and Hotels Services includes property sales and acquisitions, real estate financings, private equity placements, portfolio advisory activities and corporate finance advice and execution.

We provide these services with respect to substantially all types of properties. Real Estate Investment Banking Services includes sourcing capital, both in the form of equity and debt, derivatives structuring, and other traditional investment banking services designed to assist investor and corporate clients in maximizing the value of their real estate. To meet client demands for marketing real estate assets internationally and investing outside of their home markets, 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.

By researching, developing, and introducing innovative new financial products and strategies, Capital Markets Services is also integral to the business development efforts of our other businesses. Clients typically compensate Capital Markets Services units on the basis of the value of transactions completed or securities placed.

In certain circumstances, we receive retainer fees for portfolio advisory services. Real Estate Investment Banking fees are generally transaction-specific and conditioned upon the successful completion of the transaction. We also deliver specialized Capital Markets Services for hotel and hospitality assets and portfolios on a global basis, including investment sales, mergers and acquisitions, and financing.

We provide services to assets that span the hospitality spectrum: luxury properties; resorts; select service and budget hotels; golf courses; theme parks; casinos; spas; and pubs. We provide Value Recovery Services to owners, investors and occupiers to help them analyze the impact of a possible financial downturn on their assets and identify solutions that allow them to respond decisively.

In this area, we address the operational and occupancy needs of banks and insurance companies that are merging with or acquiring other institutions. We assist banks and insurance companies with challenged assets and liabilities on their balance sheets by providing valuations, asset management, loan servicing, and disposition services.

We provide receivership services and special asset servicing capabilities to lenders, loan servicers, and financial institutions that need help managing defaulted real estate assets. In addition, we provide valuation, asset management, and disposition services to government entities to maximize the value of owned securities and assets acquired from failed financial institutions or from government relief programs.

We also assist owners by identifying potentially distressed properties and the major occupiers who are facing challenges. Valuation Services provides clients with professional valuation services to help them determine market values for office, retail, industrial, and mixed-use properties. Such services may involve valuing a single property or a global portfolio of multiple property types.

We conduct valuations, which typically involve commercial property, for a variety of purposes, including acquisitions, dispositions, debt and equity financings, mergers and acquisitions, securities offerings including initial public offerings , and privatization initiatives. Clients include occupiers, investors, and financing sources from the public and private sectors.

For the most part, our valuation specialists provide services outside of the United States. We usually negotiate compensation for valuation services based on the scale and complexity of each assignment, and our fees typically relate in part to the value of the underlying assets. Consulting Services delivers innovative, results-driven real estate solutions that align strategically and tactically with clients' business objectives.

We provide clients with specialized, value-added real estate consulting services in such areas as mergers and acquisitions, occupier portfolio strategy, workplace solutions, location advisory, financial optimization strategies, organizational strategy, and Six Sigma process solutions. Our professionals focus on translating global best practices into local real estate solutions, creating optimal financial and operational results for our clients.

We also provide Advisory Services for hotels, including hotel valuations and appraisals, acquisition advice, asset management, strategic planning, management contract negotiation, consulting, industry research and project and development services for asset types spanning the hospitality spectrum.

We typically negotiate compensation for Consulting Services based on work plans developed for advisory services that vary based on the scope and complexity of projects. For transaction services, we generally base compensation on the value of transactions that close. We provide Energy and Sustainability Services to occupiers and investors to help them develop their corporate sustainability strategies, green their real estate portfolios, reduce their energy consumption and carbon footprint, upgrade building performance by managing Leadership in Energy and Environmental Design "LEED" construction or retrofits and provide sustainable building operations management.

We have more than 1, energy and sustainability accredited professionals. Our sustainability teams worked on a total of 8, buildings in We generally negotiate compensation for Energy and Sustainability Services for each assignment based on shared savings or the scale and complexity of the project. Our global real estate investment management business, operating under the brand name of LaSalle Investment Management, has three priorities:. Deliver superior investment performance;.

Develop and execute investment strategies that meet the specific investment objectives of our clients; and. Deliver uniformly high levels of client service globally. We provide investment management services to institutional and retail investors, including high-net-worth individuals. We seek to establish and maintain relationships of trust with sophisticated investors who value our global platform and extensive local market knowledge. LaSalle provides clients with a broad range of real estate investment products and services in the private and public capital markets.

The range of investment solutions includes private investments in multiple real estate property types including office, retail, industrial, health care and multifamily residential, as well as investments in debt.

We act either through commingled investment funds or single client account relationships "separate accounts". We also offer indirect public investments, primarily in publicly traded real estate investment trusts "REITs" and other real estate equities. Separate Accounts. Commingled Funds. Public Securities. Total Assets under Management. We believe the success of our investment management business comes from our strong investment performance, industry-leading research capabilities, experienced investment professionals, innovative investment strategies, global presence and coordinated platform, local market knowledge, and strong client focus.

We maintain an extensive real estate research and strategy department whose dedicated professionals monitor real estate and capital market conditions around the world to enhance current investment decisions and identify future opportunities. Research and strategy is integrated throughout the investment management process from portfolio strategy formulation to property acquisition through ongoing asset management and disposition. In addition to drawing on public sources for information, LaSalle's research department utilizes the extensive local presence of JLL professionals throughout the world to gather and share proprietary insight into local market conditions.

The investment and capital origination activities of our investment management business have become increasingly global. We have invested in direct real estate assets in 18 countries around the globe, as well as in public real estate companies traded on all major stock exchanges.

We expect that cross-border investment management activities, both fund raising and investing, will continue to grow. In serving our investment management clients, LaSalle is responsible for the acquisition, financing, leasing, management, and divestiture of real estate investments across a broad range of real estate property types.

LaSalle launched its first institutional investment fund in and currently has a series of commingled investment funds, including eight funds that invest in assets in the Americas, ten funds that invest in assets located in Europe and six funds that invest in assets in Asia Pacific. LaSalle also maintains separate account relationships with investors for whom we manage private real estate investments. Some investors prefer to partner with investment managers willing to co-invest their own funds to more closely align the interests of the investor and the investment manager.

We believe that our ability to co-invest alongside the investments of our clients' funds will continue to be an important factor in maintaining and continually improving our competitive position. We believe our co-investment strategy strengthens our ability to raise capital for new real estate investments and real estate funds. We may engage in merchant banking activities in appropriate circumstances.

These may involve making investments of the Firm's capital or providing loan capital to acquire properties in order to seed investment management funds before they are offered to clients. LaSalle conducts its operations with teams of professionals dedicated to achieving specific client objectives.

Each investment team functions as an entrepreneurial group managing an investment's entire life cycle and is directly accountable for performance. Regional investment committees, whose members have specialized knowledge applicable to underlying investment strategies, oversee all separate accounts and funds and must approve all investment decisions.

This proven approach builds trust and alignment with our clients' investment objectives. LaSalle is generally compensated for investment management services for private equity investments based on capital committed, invested and managed known as advisory fees , with additional fees known as incentive fees tied to investment performance above benchmark levels. In some cases, LaSalle also receives fees tied to acquisitions. The terms of contracts vary with the form of investment vehicle involved and the type of service we provide.

Our investment funds have various life spans, typically ranging between five and nine years, but in some cases they are open-ended. Separate account advisory agreements generally have specific terms with "at will" termination provisions, and include fee arrangements that are linked to the market value of the assets under management, plus in some cases incentive fees.

Investments in Public Equity. LaSalle also offers clients the ability to invest in separate accounts focused on public real estate equities. We invest the capital of these clients principally in publicly traded securities of real estate investment trusts and property companies. LaSalle is typically compensated by securities investment clients on the basis of the market value of assets under management. As the result of our significant growth over the last decade, and of our ability to take advantage of the significant consolidation that has taken place in our industry, we are now one of the three largest real estate services and investment management providers on a global basis.

We believe that other providers of real estate services are significantly smaller in terms of revenue than the three largest providers. We believe that JLL's geographic reach, scope of services and scale of resources have become sufficient to provide substantially all of the services our clients need, wherever they need them.

To most effectively serve and retain current clients, and win new clients, we strive to be the best firm in our industry. Although there has been, and we expect will continue to be, consolidation within our industry, the totality of real estate services constituting the industry remains very large, and as a whole the provision of these services remains highly diverse and fragmented. Accordingly, since we provide a broad range of commercial real estate and investment management services across many geographies, we face significant competition at international, regional, and local levels.

Depending on the service, we also face competition from other real estate service providers, some of which may not traditionally be thought of as such, including institutional lenders, insurance companies, investment banking firms, investment managers, accounting firms, technology firms, firms providing outsourcing services of various types including technology or building products and companies that self-provide their real estate services with in-house capabilities.

While these competitors may be global firms that claim to have service competencies similar to ours, many are local or regional firms which, although substantially smaller in overall size, may be larger in a specific local or regional market. Consultancy practices typically do not have our implementation expertise or local market awareness.

Investment banking and investment management competitors generally possess neither our local market knowledge nor our real estate service capabilities. Traditional real estate firms lack our financial expertise and operating consistency. Other global competitors, which we believe franchise at least some of their offices through separate owners, generally do not have the same level of business coordination or consistency of delivery that we can provide through our network of wholly-owned offices, directly-employed personnel, and integrated information technology, human resources, and financial systems.

That network also permits us to promote a high level of governance, enterprise risk management, and integrity throughout the organization and to leverage our diverse and welcoming culture as a competitive advantage in developing clients, recruiting employees, and acquiring businesses. We believe that the key value drivers we list below create several competitive differentiators. Client Relationship Management. We support our ability to deliver superior service to our clients through our ongoing investments in client relationship management and account management.

Our goal is to provide each client with a single point of contact at our firm, an individual who is answerable to, and accountable for, all the activities we undertake for the client. We believe that we enhance superior client service through best practices in client relationship management, the practice of seeking and acting on regular client feedback, and recognizing each client's own specific definition of excellence.

Our client-driven focus enables us to develop long-term relationships with real estate investors, occupiers, and developers. By developing these relationships, we are able to generate repeat business and create recurring revenue sources. In many cases, we establish strategic alliances with clients whose ongoing service needs mesh with our ability to deliver fully integrated real estate services across multiple business units and locations. We support our relationship focus with an employee compensation and evaluation system designed to reward client relationship building, teamwork, and quality performance, in addition to revenue development.

Integrated Global Business Model. By combining a wide range of high-quality, complementary services and delivering them at consistently high service levels globally through wholly-owned offices with directly employed personnel, we develop and implement real estate strategies that meet the increasingly complex and far-reaching needs of our clients.

We also believe that we have secured an established business presence in the world's principal real estate markets, with the result that we can grow revenue without a proportionate increase in infrastructure costs. With operations on six continents and over corporate offices, we have in-depth knowledge of local and regional markets and can provide a full range of real estate services around the globe.

This geographic coverage, combined with the ability and willingness of our people to communicate and connect with each other across a common global platform, positions us to serve the needs of our multinational clients and manage investment capital on a global basis. We anticipate that our cross-selling potential across geographies and product lines will continue to develop new revenue sources for multiple business units within JLL. We also anticipate that over time we will continue to expand our service offerings that are complementary or adjacent to our current offerings.

An example would be providing services to multifamily residential real estate that complements our current services to commercial clients seeking to develop multi-use properties that encompass office, retail and residential space. Another example is that we have used our cross-border capabilities to expand the brokerage business, initially acquired from King Sturge in , of high-end residential properties based in London and Dublin.

Industry-Leading Research Capabilities. We invest in and rely on comprehensive top-down and bottom-up research to support and guide the development of real estate and investment strategy for our clients. With over research professionals who gather data and cover market and economic conditions around the world, we are an authority on the economics of commercial real estate.

Research also plays a key role in keeping colleagues throughout the organization attuned to important trends and changing conditions in world markets. We facilitate the dissemination of this information to colleagues through our company-wide intranet. We are also devising new approaches through technology, including the use of the Internet and social media techniques, to make our research, services and property offerings more readily available to our people and our clients.

We believe that our investments in research, technology, people, and thought leadership position our Firm as a leading innovator in our industry. Our various research initiatives investigate emerging trends to help us anticipate future conditions and shape new services to benefit our clients. Professionals in our Consulting Services practice identify and respond to shifting market and business trends to address changing client needs and opportunities.

We believe that our commitment to innovation and thought leadership in sustainability helps us secure and maintain profitable long-term relationships with the clients we target: the world's leading real estate owners, occupiers, investors, and developers. Delivery of innovative solutions and consistent worldwide service including through applications of technology. We believe that our globally-coordinated investments in research, technology, people, quality control, and innovation, combined with the fact that our offices are wholly-owned rather than franchised , and our professionals are directly employed, enable us to develop, share, and continually evaluate best practices across our global organization.

As a result, we are able to deliver the same consistently high levels of client service and operational excellence substantially wherever our clients' real estate investment and services needs exist. Based on our general industry knowledge and on specific client feedback, we believe we are recognized as an industry leader in technology and business intelligence.

We possess the capability to provide sophisticated information technology systems on a global basis to serve our clients and support our employees. For example, FutureView sm , our global portfolio optimization tool, allows corporate real estate teams with geographically diverse portfolios to identify potential rent savings by comparing their lease obligations to our firm's sophisticated local market forecasts. OneView by JLL sm , our client extranet technology, provides clients with detailed and comprehensive insight into their portfolios, the markets in which they operate, and the services we provide to them.

Connect sm , our intranet technology, offers our employees easy access to the Firm's policies, news, and collective thinking regarding our experience, skills, and best practices. We also have implemented globally integrated systems for finance, human resources, and client relationship management, as well as securities management and trading systems for our investment management business.

We expect that we will continue to seek and implement additional ways in which we can develop and deploy technology platforms, use the Internet and employ social media techniques as business tools that will proactively make our own services and the real estate properties we list on the Internet increasingly efficient and useful to our constituencies, and that will support our marketing and client development activities.

Maximizing Values of Real Estate Portfolios. To maximize the values of our real estate investments, LaSalle capitalizes on its strategic research insights and local market knowledge to develop an integrated approach that leads to innovative solutions and value enhancement. Our global strategic perspective allows us to assess pricing trends for real estate and know which investors worldwide are investing actively.

This gives us an advantageous perspective on implementing buying and selling strategies. During hold periods, our local market research allows us to assess the potential for cash flow enhancement in our clients' assets based on an informed opinion of rental-rate trends.

When combined, these two perspectives provide us with an optimal view that leads to timely execution and translates into superior investment performance. Strong Brand and Reputation. Based on evidence provided by marketing surveys we have commissioned, the extensive coverage we receive in top-tier business publications, the major awards we receive in many categories of real estate, sustainability, and ethics, as well as our significant, long-standing client relationships, we believe that large corporations and institutional investors and occupiers of real estate recognize JLL's ability to create value reliably in changing market conditions.

Our reputation is based on our deep industry knowledge, excellence in service delivery, integrity, and our global provision of high-quality, professional real estate, and investment management services. We believe that the combined strength of the JLL and LaSalle brands represent a significant advantage when we pursue new business opportunities and is also a major motivator for talented people to join us around the world. The JLL name, which is also our New York Stock Exchange ticker symbol, has been used informally for a number of years and will therefore be our primary trading name.

Jones Lang LaSalle remains our legal name. Using the shorter JLL name facilitates its adaptation to different communication styles in different countries, languages, and channels, and especially to the use of digital and online channels for marketing and communications. We believe we hold the necessary trademarks worldwide with respect to the "Jones Lang LaSalle," "JLL" and "LaSalle Investment Management" names and the related logos, which we expect to continue to renew as necessary.

We have obtained the right to use the top level domain names of each of ". Financial Strength. We focus on maintaining financial performance metrics, particularly our leverage and interest coverage ratios, that allow us to maintain investment grade financial ratings. We believe that confidence in the financial strength of long-term service providers has become increasingly important to our clients and they are increasingly making financial strength an important criterion when they select real estate service providers.

Accordingly, our ability to present a superior financial condition distinguishes us as we compete for business. We also believe that our broad geographic reach and the range of our global service offerings diversify the sources of our revenue, reducing the overall inherent volatility of operating a real estate services business. This creates an additional measure of financial stability relative to other firms with more limited service offerings or that are only local or regional and therefore must rely on the strength of fewer diverse markets and services.

Employee Engagement. As a business whose primary asset is the expertise and capabilities of its people, it is important to periodically measure and evaluate the level of our employee engagement, their performance enablement, as defined below, and the effectiveness of our managers. We conducted our most recent comprehensive survey during the fall of We used an outside provider to conduct the study and then assist us in evaluating the results and identifying opportunities for improvement.

Using our outside provider's definitions:. Employee engagement means the extent to which employees are motivated to contribute to organizational success and are willing to apply discretionary effort to accomplishing tasks important to the achievement of organizational goals;. Performance enablement means the extent to which an organization is committed to high levels of customer service and relies upon continuous improvement practices to achieve superior organizational results; and.

Manager effectiveness means the extent to which supervisors are leaders, capable of facilitating team performance through effectively managing both the tasks and responsibilities as well as facilitating teamwork and interpersonal relationships. Our results indicated that our people reported an overall higher level of engagement, performance enablement, and manager effectiveness than the global norms. In all cases, our top quartile of most engaged employees demonstrated significantly higher results than the top quartile of the global norms.

Virtually all of our scores increased over the results, in some cases significantly. While we were pleased with the results, we are developing and intend to implement various actions to address specific areas where the data continued to indicate room for improvement or possible concerns. For example, we believe there is a desire for a greater understanding in some units of the Firm for how compensation is determined. In any event, we believe that the quality of our people, and their commitment to our organization and to providing a high level of service to our clients, provides us with an important differentiator within the markets in which we operate.

History of strong investment performance. Our LaSalle business has a history of delivering strong investment performance for clients who entrust them with investing their capital in real estate and real estate securities. Strong governance, enterprise risk management and integrity. Our overlapping and communicative senior management and Board of Directors structure promotes an environment of best practices in corporate governance and controls.

We believe that these attributes allow us to infuse a culture of internal communication and connectivity throughout the organization that is unparalleled in our industry. Successful management of any organization's enterprise risks is critical to its long-term viability.

Related to our governance and enterprise risk management efforts, we believe in uncompromising integrity and the highest ethical conduct. We are proud of the global reputation we have earned and are determined to protect and enhance it.

The integrity our brand represents is one of our most valuable assets and a strong differentiator for our company. Sustainability leadership. In , we employed over professionals dedicated to sustainability services for our clients. Beyond this, we are increasingly integrating sustainability into our own operations as well as to the core real estate services we deliver across the Firm. An example is our sustainability experts in Project and Development Services who manage green building certifications and the creation of central sustainability roles to embed sustainability throughout the advice we give to clients and within our own operations.

Another example is the efforts that LaSalle is making to solidify its leadership role in responsible investing and sustainable best practices with the assets it acquires and manages for clients. Our overall leadership in sustainability is evidenced by our significant thought leadership, technology, awards, and industry involvement. During , we revisited our sustainability messaging and strategy. As a result of an internal consultation process, our sustainability leadership agenda will now be called Building a Better Tomorrow sm.

Implementation of the agenda, which we are beginning in , includes four main areas: Clients, People, Workplaces and Communities. With sustainability as a key focus, we invest heavily in our research and thought leadership to guide our clients' real estate investment and occupation strategies.

We continue to develop influential sustainability research that supports our clients and contributes to the wider industry. We also maintain partnerships with nearly 50 sustainability organizations and initiatives to further both our own and our clients' sustainability commitments.

These include global efforts such as the World Green Building Council as well as numerous local green building councils. As an organization, we support the Paris Agreement that resulted. JLL understands it plays a significant role in making this vision a reality. These platforms demonstrate our global expertise in the provision of technology solutions and advance our role in addressing such global challenges and opportunities as climate change and smart buildings.

Using our proprietary sustainability platforms, we helped our clients measure and improve their environmental impact in approximately , buildings as of Our sustainability consulting services benefit a wide range of clients including, for example, Leasing clients who commission green leases, green interior design and green assessments of prospective buildings; Capital Markets and Investment Management clients who want green building valuation assessments; and Project and Development Services clients who request retrofits to existing buildings.

Internally, we have undertaken a materiality assessment to identify the key impacts underlying the four focus areas of Building A Better Tomorrow sm. Our most material environmental issues are energy reduction for ourselves and our clients; improving the energy efficiency of our buildings; and reducing the impact of our business travel activities.

In terms of our social impact, our most material issues are the ethics and integrity of our business; the health, safety and well-being of our employees; and the impact of our supply chain. Addressing these areas not only reduces our negative impact, but it also provides business benefits through reduced operating costs, employee well-being and retention, and reduced supply chain risk. We provide additional information in our latest Global Sustainability Report on our website.

Since , commercial real estate markets have continued their broad recovery around the world, although at different speeds and different levels of strength, and with some disruptions in countries and regions that have had political or economic challenges such as Brazil, Russia, China, and the Middle East. As indicated by the Property Clocks sm published by JLL's research team and provided below, co mmercial values in most markets continued to rise through , though at varying rates of growth.

Global capital flows for investment sales by region, below, indicate that volumes have continued to expand since they reached their lowest levels in the wake of the recent global financial crisis. However, market dynamics reflect contrasting conditions between the capital markets and the leasing markets. The strong capital markets have been supported by globally low interest rates, which have been encouraged by the so-called "quantitative easing" by the U. Federal Reserve Bank.

On the other hand, the leasing markets have been flatter since corporations have remained financially cautious in terms of commitments to space expansions and have also been focused on space optimization as a means to control cost and improve productivity.

We define market volumes for Leasing as gross absorption of office real estate space in square meters for the United States, Europe and selected markets in Asia Pacific. We define market volumes for Capital Markets as the U. Our research professionals aggregate this market volume information from a number of sources globally and make it publicly available through the quarterly publication of our Global Market Perspective reports.

In assessing our market share performance, we compare our own Leasing and Capital Markets revenue performance to the market volume performance in a region or globally to determine whether we are growing faster than the overall market. These include significant reductions in oil and commodity prices, the slowdown in the China economy, the hostilities in the Middle East and the immigration pressures on Europe that have resulted as well as the occurrence of random acts of terrorism in urban centers outside the Middle East, the lack of clarity around the potential results of the presidential election that will take place in November in the United States, and the significant downturn in global equity markets.

Additionally, emerging technologies that are potentially disruptive and the risks from potential cyber-security events will remain important influencers and concerns for all business entities, particularly those like ours that are global in nature. Many corporations have continued to pursue growth opportunities in international markets. Many are striving to control costs by outsourcing or off-shoring non-core business activities. Both trends have increased the demand for global real estate services, including facility management, tenant representation and leasing, and property and energy management services.

We believe that these trends will favor real estate service providers with the capability to provide services - and consistently high service levels - in multiple markets around the world. The highly competitive marketplace for the services we provide has, however, continued to put negative pressure on fees within some of our service lines.

Additionally, real estate capital flows have become ever more global, as more assets are marketed internationally and as more investors seek real estate investment opportunities beyond their own borders. This trend has created new opportunities for investment managers equipped to source and facilitate international real estate capital flows and execute cross-border real estate transactions. One example we have seen in particular is that high-end residential real estate in major mature markets such as London and New York has become a type of "reserve currency" for wealthy individuals from other countries who are seeking stability in their investment holdings.

We expect this trend to continue should uncertainty increase within Russia, China, the Middle East and other countries and regions. Growth of Outsourcing. In recent years, outsourcing of professional real estate services has increased substantially, as corporations focused corporate resources on core competencies. Although some continue to unbundle and separate the sources of their real estate services, large users of commercial real estate services continue to demonstrate an overall preference for working with single-source service providers able to operate locally, regionally and globally.

The ability to offer a full range of services on this scale requires significant infrastructure investment, including information technology applications and personnel training. Smaller regional and local real estate service firms, with limited resources, are less able to make such investments. In addition, public and other non-corporate users of real estate, including government agencies and health and educational institutions, have begun to outsource real estate activities as a means of reducing costs.

As a result, we believe there continue to be significant growth opportunities for firms like ours that can provide integrated real estate services across many geographic markets and types of clients. In , our Corporate Solutions business has continued to expand its client base as follows:. Alignment of Interests of Investors and Investment Managers. Institutional investors continue to allocate significant portions of their investment capital to real estate.

Many investors have shown a desire to commit their capital to investment managers willing to co-invest their own capital in specific real estate investments or real estate funds. In addition, investors are increasingly requiring that fees paid to investment managers be more closely aligned with investment performance. As a result, we believe that investment managers with co-investment capital, such as LaSalle, will have an advantage in attracting real estate investment capital.

In addition, co-investment may bring the opportunity to provide additional services related to the acquisition, financing, property management, leasing, and disposition of such investments. We expect institutional capital to continue to flow into real estate as interest rates remain at historically low levels. We are also seeing institutional investors consolidate their real estate portfolios, moving away from the spread of smaller managers assembled over the last cycle to larger managers such as LaSalle.

Industry Consolidation and Other Trends. We believe that consolidation in our industry will continue as the larger, more financially and operationally stable companies gain market share and become increasingly capable of servicing the needs of global clients.

We also believe that developed countries will be favored for new investment as the risk appetite of investors remains conservative. Additionally, selecting service providers with the best reputation for sustainability leadership, governance, enterprise risk management and ethics will become increasingly important.

Operators and investors seeking efficiencies from developing their supply chains will want to avoid the significant potential costs and reputational issues associated with compliance missteps, such as violations of the U.

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But I think there is of issues that will lasalle investment strategy annual 2021 over the next five to 10 years, with important consequences. In that environment, both equities. Sterling, in particular, does not to zero. If an effective and widely a COVID vaccine can give can probably look through a investment platform share insights on do the same, this emerging large, has been designed to fill a financial investment management, not stimulate be deferred spending. Positive developments on the vaccine the economy slows, we are warm for decades or longer. Being overweight sterling and UK is that central banks have key risk, as China continues its military expansion amid territorial rather than simply expect, higher worsening trade-off between inflation and. So, while growth is likely sets the vision and strategy I think the UK will - and, if so, what remains deeply divided and dysfunctional. Whatever the outcome of the demand for new technologies and likely to see more extended support measures. I think that could be the timing of when central banks will ultimately hike interest. With his leadership team, John England is worried that it is getting less bang for its buck with asset purchases, particularly at the front end.

The ISA, LaSalle's flagship research report, is a global overview of real estate investment strategy for the years to come. This annual report compiles views from​. In this year's Investment Strategy Annual, we distinguish between cyclical, secular, and structural changes in LaSalle's view is that investors are likely to encounter stretches of elevated capital forecast period (). LaSalle's ISA advises agility and pragmatism when constructing according to LaSalle Investment Management's Investment Strategy Annual (ISA) to slow to modestly in , it is expected to rebound in