By Robert Wile
Medill News Service
Earnings of Chicago-based Jones Lang LaSalle Inc. rebounded more than 500 percent in the first quarter as the pace of commercial real estate transactions picked up throughout the world, suggesting signs of recovery.
In the quarter ended March 31, 2011, the global real estate services firm reported net income of $1.5 million, or 3 cents per share, up from $246,000, or 1 cent per share, a year ago. Revenues climbed 18 percent to $688 million in the quarter from $581 million a year ago.
We believe we re in the early innings of a recovery,” said John Miller, an analyst with Ariel Investments LLC in Chicago, Jones Lang largest institutional shareholder. “Typically when you look at commercial real estate, [a recovery] lasts from five to seven years,” he said, noting that the last recovery ran from 2002 to 2008. He said the current economic recovery began in late 2009 or early 2010.
The firm American leasing market saw revenues surge 35 percent to $143.1 million from $93 million as rents for commercial properties increased in Washington, D.C., and San Francisco, the company reported.