JLL is a global commercial real estate services firm that helps property owners, occupiers, investors, and developers manage, lease, buy, sell, and finance commercial real estate. JLL operates through two core businesses: real estate services and investment management. On the real estate services side, JLL manages facilities and portfolios for corporate and institutional clients under multi-year outsourcing contracts, brokers leases between tenants and landlords, and advises on and executes property sales and financings for investors. Through its LaSalle subsidiary, JLL manages $86.4B of real estate AUM across private equity funds, public securities, debt strategies, and separate accounts, earning advisory fees on AUM and performance fees tied to investment returns. JLL's revenue splits between "resilient" and "transactional." Resilient revenue comes from multi-year facility and portfolio management contracts, where clients pay management fees to outsource their real estate operations — JLL currently manages roughly 2.8-2.9B sq ft globally. Transactional revenue comes from leasing brokerage and capital markets, where fees are earned as a percentage of lease value or deal size; these businesses are cyclical and sensitive to interest rates and transaction volumes. JLL employs roughly 113,000 people across 80+ countries and serves clients through dedicated account teams for large enterprises and regional offices for local assignments. JLL's growth strategy centers on two themes: capturing the secular expansion of corporate real estate outsourcing, particularly in underpenetrated geographies like Continental Europe and the Middle East, and benefiting from a recovery in CRE transaction volumes after a multi-year downturn.