Jones Lang LaSalle Incorporated (NYSE:JLL) Q4 2022 Earnings Conference Call February 28, 2023 9:00 AM ET

Company Participants

Scott Einberger - Investor Relations

Christian Ulbrich - Chief Executive Officer and President

Karen Brennan - Chief Financial Officer

Conference Call Participants

Michael Griffin - Citigroup

Anthony Paolone - JPMorgan

Chandni Luthra - Goldman Sachs

Jade Rahmani - KBW

Patrick McIlwee - William Blair

Operator

Good morning, ladies and gentlemen. Welcome to the Q4 2022 Jones Lang LaSalle Fourth Quarter Earnings Conference Call. My name is Jacquetta. I will be your moderator for today's call. [Operator Instructions]

I would now like to pass the conference over to your host, Scott Einberger, with JLL. Scott, please go ahead.

Scott Einberger

Thank you, and good morning. Welcome to the Fourth Quarter and Full Year 2022 Earnings Conference Call for Jones Lang LaSalle Incorporated. Earlier this morning, we issued our earnings release, along with a slide presentation and Excel file intended to supplement our prepared remarks.

These materials are available on the Investor Relations section of our website. Please visit ir.jll.com. During the call and in our slide presentation and accompanying tax file, we will reference certain non-GAAP financial measures, which we believe provide useful information for investors.

We include reconciliations of non-GAAP financial measures to GAAP in our earnings release and slide presentation. As a reminder, today's call is being webcast live and recorded. A transcript and recording of this conference call will be posted to our website.

Any statements made about future results and performance, plans, expectations and objectives are forward-looking statements. Actual results and performance may differ from those forward-looking statements as a result of factors discussed in our annual report on Form 10-K for the fiscal years ended December 31, 2021 and December 31, 2022, and in other reports filed with the SEC. The company disclaims any undertaking to publicly update or revise any forward-looking statements.

I will now turn the call over to Christian Ulbrich, our President and Chief Executive Officer; for opening remarks.

Christian Ulbrich

Thank you, Scott. Hello, and thank you all for joining our fourth quarter 2022 earnings call. Before we begin today's call, I would like to take a moment to express our sympathy to the people of Turkey and Syria who have been impacted by multiple earthquakes. We are focused on supporting our people, clients and suppliers in the region.

Over the past 12 months, rising interest rates, currency headwinds and geopolitical events have continued to put downward pressure on the macroeconomic environment. For real estate markets, a rapid rise in interest rates has led to a slowdown in investment sales activity. According to JLL Research, global commercial real estate investments totaled $203 billion in the fourth quarter, a year-over-year decline of 56% with ask spreads across asset classes remain wider than normal and reflects the need for continued price discovery to occur.