JLL has announced that its earnings fell by 24% last year to $860 million, mainly caused by the plummet in leasing revenues.
The firm saw leasing activities fall 26% to $1.8 billion, as well as fees from capital market deals drop 11% to $1.3 billion.
The company also saw around $330 million in savings last year through salary cuts, layoffs and government aid.
According to JLL CEO Christian Ulbrich, the company expects sales and debt placement to grow more quickly than leasing activity, particularly in areas like Europe where there have been restrictive lockdowns.
“We are overall much more optimistic for the capital markets outlook than we are for the leasing outlook,” said Ulbrich.