> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # JLL CEO Says Higher Rates Only Hit Capital Markets, With US Multifamily Hurt Most - URL: https://www.bullished.co/jll-ceo-says-higher-rates-only-hit-capital-markets-with-us-multifamily-hurt-most-86d5702b/ - Published: 2026-10-28T14:36:08.000Z - Updated: 2026-10-28T14:36:08.000Z - Description: Christian Ulbrich said some deals are repriced or delayed, yet JLL kept a mid-teens capital markets revenue target and raised its EPS range. - Author: Matteo Parrino - Tags: Earnings, JLL, Industry: Industrials [Jones Lang LaSalle](https://www.bullished.co/tag/jll/) CEO Christian Ulbrich said on the company's third-quarter earnings call Wednesday that [surging bond yields](https://seekingalpha.com/news/4658798-jones-lang-lasalle-non-gaap-eps-of-6%5F76-beats-by-0%5F58-revenue-of-7%5F28b-beats-by-20m?ref=bullished.co) are repricing and slowing some deals, but only in capital markets. JLL, a commercial real estate services and investment management firm, has seen no spillover into its other businesses, he said. ## Rates reach one business line Ulbrich told analysts that interest rates "only have a real influence on our capital markets business." He said the other lines depend far more on GDP and business confidence. Within capital markets, he said some deals were repriced, some delayed and some fell away, though momentum remained strong. U.S. multifamily is the most affected asset class so far, he said, because investors there have the least room to count on rent growth offsetting costlier capital. He expects healthy growth there, but it "may not storm ahead." Pressed on reports of collapsing deals, he said: "There's very little deals which are actually collapsing" in JLL's book. The pipeline is still growing, he said, although time to close is longer and price negotiations are more intense. ## A cautious fourth-quarter capital markets view An analyst from Keefe, Bruyette & Woods noted that year-to-date capital markets growth of about 25% against a mid-teens full-year target implies roughly flat fourth-quarter growth. Ulbrich said the forecast is probably somewhat cautious, citing tougher comparisons and rate unpredictability. CFO Kelly Howe said capital markets growth in the fourth quarter of 2025 was in the mid-20s percent range. JLL kept its mid-teens full-year 2026 revenue growth target for the segment, while saying pipeline conversion has slightly moderated. The same analyst said the 10-year Treasury yield had eased to about 5% after peaking at 5.3% earlier this month. Ulbrich declined to predict, saying volatility is what markets dislike, and that transaction volumes would rise again quickly if it fades. ## Raised EPS target and a $500 million buyback Howe said JLL raised its 2026 adjusted EPS target range to $25.20 to $26.30, or 37% growth at the midpoint. The company also lifted its leasing advisory revenue growth target to the high teens. JLL intends to enter a $500 million accelerated share repurchase, which Howe said it expects to complete by year-end. It repurchased $142 million of shares in the quarter and $552 million year to date, with $2.5 billion left on its authorization at quarter end. Ulbrich said JLL will offer a more precise 2027 outlook when it reports fourth-quarter results. Ulbrich said the company is tracking toward adjusted EPS growth in line with its long-term through-cycle average and has "no reason to take that back." ### Sources - [Jones Lang LaSalle Non-GAAP EPS of $6.76 beats by $0.58, revenue of $7.28B beats by $20M (JLL:NYSE)](https://seekingalpha.com/news/4658798-jones-lang-lasalle-non-gaap-eps-of-6%5F76-beats-by-0%5F58-revenue-of-7%5F28b-beats-by-20m?ref=bullished.co) — seekingalpha.com - [JLL sets up global treasury centre at GIFT City to centralise operations | Industry News - Business Standard](https://www.business-standard.com/industry/news/jll-global-treasury-centre-gift-city-ifsc-capital-deployment-126102700865%5F1.html?ref=bullished.co) — business-standard.com - [JLL acquires Indonesian realestate- services company Procon](https://theedgemalaysia.com/article/jll-acquires-indonesian-realestate-services-company-procon?ref=bullished.co) — The Edge Malaysia - [‘I despise the term headcount’: JLL exec on automating real estate without losing the people | Fortune](https://fortune.com/2026/10/27/jll-ceo-rems-neil-murray-automation-headcount-survey-skilled-trades/?ref=bullished.co) — fortune.com - [Data centre sector in Asia-Pacific will continue to grow, says JLL](https://theedgemalaysia.com/article/data-centre-sector-asiapacific-will-continue-grow-says-jll?ref=bullished.co) — The Edge Malaysia ### More on Jones Lang LaSalle - [JLL Stock Soars 9%, Adding $1.3 Billion, After Record Quarter And Raised Profit Target](https://www.bullished.co/jll-stock-soars-9-adding-1-3-billion-after-record-quarter-and-raised-profit-target-e593a0b2/) - [JLL Posts Record $6.85 Quarterly Earnings Per Share And Plans A $500 Million Accelerated Buyback](https://www.bullished.co/jll-posts-record-6-85-quarterly-earnings-per-share-and-plans-a-500-million-accelerated-f8441a0c/) [All Jones Lang LaSalle (JLL) coverage →](https://www.bullished.co/tag/jll/)