Marcus & Millichap vs Jones Lang LaSalle: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Marcus & Millichap Inc (MMI)

Q3 202614 Jul – 9 Oct 2026

▲3▼1

MMI swings to profit as rate surge delays CRE recovery

Apartment supply drop lifts landlord pricing power MMI's own 2026 outlook sees US apartment completions falling about 34% from last year, the lowest since 2014. Less new supply means tighter vacancies and firmer rents, which makes apartment buildings more attractive to buy and sell — more deals means more commissions for MMI.
It is a core demand driver for MMI's brokerage business and is new this period.
Q2 swings to profit, revenue up about 18% MMI's second-quarter revenue rose roughly 18% to about $203 million, and it swung from a year-ago loss to a small profit. Brokerage and financing fees both grew, and the company kept buying back stock and paying its dividend — signs the business is recovering.
Earnings are the clearest evidence of MMI's financial health and are new this period.
Rate surge pushes CRE recovery further out MMI's CEO said the recent jump in interest rates is delaying the commercial real estate sales recovery and disrupting deals already underway. Higher rates make it harder to agree on prices, so deals take longer and some fall apart — a drag on MMI's commissions.
It is the main counterweight to the positive earnings and supply news.
IPA closes $58.7M Phoenix multifamily sale MMI's IPA division sold a 260-unit Phoenix apartment complex for $58.7 million. Big single deals like this show MMI can still close large transactions even in a slow market, and each one adds directly to its brokerage revenue.
It is a concrete example of MMI closing deals despite the rate headwind.

August 202614 Jul – 9 Oct 2026

▲3▼1

MMI swings to profit as rate surge delays CRE recovery

Apartment supply drop lifts landlord pricing power MMI's own 2026 outlook sees US apartment completions falling about 34% from last year, the lowest since 2014. Less new supply means tighter vacancies and firmer rents, which makes apartment buildings more attractive to buy and sell — more deals means more commissions for MMI.
It is a core demand driver for MMI's brokerage business and is new this period.
Q2 swings to profit, revenue up about 18% MMI's second-quarter revenue rose roughly 18% to about $203 million, and it swung from a year-ago loss to a small profit. Brokerage and financing fees both grew, and the company kept buying back stock and paying its dividend — signs the business is recovering.
Earnings are the clearest evidence of MMI's financial health and are new this period.
Rate surge pushes CRE recovery further out MMI's CEO said the recent jump in interest rates is delaying the commercial real estate sales recovery and disrupting deals already underway. Higher rates make it harder to agree on prices, so deals take longer and some fall apart — a drag on MMI's commissions.
It is the main counterweight to the positive earnings and supply news.
IPA closes $58.7M Phoenix multifamily sale MMI's IPA division sold a 260-unit Phoenix apartment complex for $58.7 million. Big single deals like this show MMI can still close large transactions even in a slow market, and each one adds directly to its brokerage revenue.
It is a concrete example of MMI closing deals despite the rate headwind.

Latest14 Jul – 9 Oct 2026

▲3▼1

MMI swings to profit as rate surge delays CRE recovery

Apartment supply drop lifts landlord pricing power MMI's own 2026 outlook sees US apartment completions falling about 34% from last year, the lowest since 2014. Less new supply means tighter vacancies and firmer rents, which makes apartment buildings more attractive to buy and sell — more deals means more commissions for MMI.
It is a core demand driver for MMI's brokerage business and is new this period.
Q2 swings to profit, revenue up about 18% MMI's second-quarter revenue rose roughly 18% to about $203 million, and it swung from a year-ago loss to a small profit. Brokerage and financing fees both grew, and the company kept buying back stock and paying its dividend — signs the business is recovering.
Earnings are the clearest evidence of MMI's financial health and are new this period.
Rate surge pushes CRE recovery further out MMI's CEO said the recent jump in interest rates is delaying the commercial real estate sales recovery and disrupting deals already underway. Higher rates make it harder to agree on prices, so deals take longer and some fall apart — a drag on MMI's commissions.
It is the main counterweight to the positive earnings and supply news.
IPA closes $58.7M Phoenix multifamily sale MMI's IPA division sold a 260-unit Phoenix apartment complex for $58.7 million. Big single deals like this show MMI can still close large transactions even in a slow market, and each one adds directly to its brokerage revenue.
It is a concrete example of MMI closing deals despite the rate headwind.

Jones Lang LaSalle Incorporated (JLL)

Q3 202621 Jul – 27 Sep 2026

▲4

JLL's leasing and capital markets rebound drive strong results and new growth

Q2 earnings beat and raised guidance JLL reported Q2 adjusted EPS of $5.26, up 59% and beating estimates, with revenue up 11% to $6.93 billion. Leasing and capital markets revenues surged, and management raised full-year EPS guidance to $24.60–$25.90. This directly boosts investor confidence and the stock price.
This is the core financial result that shows JLL's business is accelerating and profitability is rising.
Hong Kong office rents rebound, signaling recovery JLL reported Hong Kong Grade A office rents jumped 7.3% in the first half of 2026, the strongest in 15 years, with vacancy falling. JLL expects prime rents to rise up to 5% this year, ending a long decline. This supports JLL's leasing and advisory fees in Asia.
It shows a major office market turning around, which drives more leasing activity and fee income for JLL.
Capital markets deals and new debt platform expand fee streams JLL completed a $435 million Boston office tower sale, arranged $406 million in Dallas financing, and launched a new nontraded REIT focused on commercial real estate debt. These moves show JLL's capital markets business is active and diversifying, generating fees from large transactions and new investment products.
These deals and the new REIT highlight JLL's ability to earn fees from institutional capital and debt, a key growth area.
Tech leasing surge in NYC boosts office demand Tech tenants leased 1.1 million square feet in New York in Q3, overtaking legal, with AI driving about 60% of that activity, according to a JLL report. Falling Manhattan supply and rising demand support leasing volumes and rents, benefiting JLL's brokerage business.
It shows a key demand driver—AI—fueling office leasing, which directly increases JLL's transaction fees.

August 202621 Jul – 27 Sep 2026

▲4

JLL's leasing and capital markets rebound drive strong results and new growth

Q2 earnings beat and raised guidance JLL reported Q2 adjusted EPS of $5.26, up 59% and beating estimates, with revenue up 11% to $6.93 billion. Leasing and capital markets revenues surged, and management raised full-year EPS guidance to $24.60–$25.90. This directly boosts investor confidence and the stock price.
This is the core financial result that shows JLL's business is accelerating and profitability is rising.
Hong Kong office rents rebound, signaling recovery JLL reported Hong Kong Grade A office rents jumped 7.3% in the first half of 2026, the strongest in 15 years, with vacancy falling. JLL expects prime rents to rise up to 5% this year, ending a long decline. This supports JLL's leasing and advisory fees in Asia.
It shows a major office market turning around, which drives more leasing activity and fee income for JLL.
Capital markets deals and new debt platform expand fee streams JLL completed a $435 million Boston office tower sale, arranged $406 million in Dallas financing, and launched a new nontraded REIT focused on commercial real estate debt. These moves show JLL's capital markets business is active and diversifying, generating fees from large transactions and new investment products.
These deals and the new REIT highlight JLL's ability to earn fees from institutional capital and debt, a key growth area.
Tech leasing surge in NYC boosts office demand Tech tenants leased 1.1 million square feet in New York in Q3, overtaking legal, with AI driving about 60% of that activity, according to a JLL report. Falling Manhattan supply and rising demand support leasing volumes and rents, benefiting JLL's brokerage business.
It shows a key demand driver—AI—fueling office leasing, which directly increases JLL's transaction fees.

Latest21 Jul – 27 Sep 2026

▲4

JLL's leasing and capital markets rebound drive strong results and new growth

Q2 earnings beat and raised guidance JLL reported Q2 adjusted EPS of $5.26, up 59% and beating estimates, with revenue up 11% to $6.93 billion. Leasing and capital markets revenues surged, and management raised full-year EPS guidance to $24.60–$25.90. This directly boosts investor confidence and the stock price.
This is the core financial result that shows JLL's business is accelerating and profitability is rising.
Hong Kong office rents rebound, signaling recovery JLL reported Hong Kong Grade A office rents jumped 7.3% in the first half of 2026, the strongest in 15 years, with vacancy falling. JLL expects prime rents to rise up to 5% this year, ending a long decline. This supports JLL's leasing and advisory fees in Asia.
It shows a major office market turning around, which drives more leasing activity and fee income for JLL.
Capital markets deals and new debt platform expand fee streams JLL completed a $435 million Boston office tower sale, arranged $406 million in Dallas financing, and launched a new nontraded REIT focused on commercial real estate debt. These moves show JLL's capital markets business is active and diversifying, generating fees from large transactions and new investment products.
These deals and the new REIT highlight JLL's ability to earn fees from institutional capital and debt, a key growth area.
Tech leasing surge in NYC boosts office demand Tech tenants leased 1.1 million square feet in New York in Q3, overtaking legal, with AI driving about 60% of that activity, according to a JLL report. Falling Manhattan supply and rising demand support leasing volumes and rents, benefiting JLL's brokerage business.
It shows a key demand driver—AI—fueling office leasing, which directly increases JLL's transaction fees.