JLL, the second largest CRE-services firm in the world reported a 54% reduction in EBITDA for Q2-2020.
Leasing fees had the largest impact on JLL's bottom line, as they dropped 43% over Q2-2019.
As many firms take a wait & see approach and others have announced indefinite "work from home" orders, it is unlikely that leasing activity will return to "normal" anytime soon.
At the end of Q2, assets under management remained strong with just a 6% decline over the previous quarter.
In the Americas, revenues and fee revenues came in at $2.2 billion and $683.1 million, respectively, reflecting 10% and 21% year-over-year decline. Notably, the Americas transaction-based service lines were affected by the pandemic. Also, soft investment sales and debt placement activity hurt Capital Markets revenues, though it included incremental revenue contributions from HFF.