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News Release


Jones Lang LaSalle hits half a billion sq ft of space under management

Market leader in property and asset management helps owners to navigate turbulent real estate markets

Jones Lang LaSalle’s Property and Asset Management team expanded its portfolio of space under management to exceed 500 million sq ft across Asia Pacific in 2009.


Albert Ovidi, Managing Director of Property and Asset Management for Jones Lang LaSalle in Asia Pacific says “While it has been a challenging year overall for the real estate industry, we continued to grow our Property and Asset Management business in Asia Pacific. We won over 100 new business appointments this year alone and grew our portfolio under management by 6.2% from 487 million sq ft (45 million sqm) in 2008 to more than 517 million sq ft (48 million sqm) at the end of 2009.


This does not include the 135 million sq ft that our Integrated Facilities Management business manages on behalf of our corporate clients across the region.


“We have made significant investment in building a robust regional platform in Asia Pacific with market-leading infrastructure to support our local teams over many years. For example, our Engineering and Operations Solutions group provides technical engineering support, training and best practice across diverse real estate markets to ensure high-quality and consistent delivery of services and solutions to our clients.”


“It is this commitment to service delivery excellence that makes us a market leader in property and asset management, and we expect to achieve double digit growth in 2010” says Mr Ovidi.


Significant wins across the region in 2009 include:

·         Woolworths national retail portfolio of more than 27 shopping centers across Australia

·         Joint venture with Yuexiu Group for the 4.8 million sq ft (450,000 sqm) Guangzhou IFC

·         Jamwong-dong retail center in Korea

·         46 Parnell Road, Auckland for GE Real Estate in New Zealand

·         LaSalle Asia Opportunity Fund III’s 20 Anson Road development in Singapore

·         1.7 million sq ft (161,196 sqm) Millennium Residence, the largest prime Grade A condominium development in Thailand

Helping clients to navigate turbulent markets


Real estate markets continue to change rapidly across the region and tenants remain under continued pressure to reduce costs.


In 2009, the global financial crisis shifted real estate markets into the tenant’s favor. No major city in Asia Pacific escaped the downward pressure on rents and hikes in vacancy. Now, as many countries move from a downturn to a gradual upswing, some real estate markets are starting to move back.


 “The property owners and investors that we talk to are dealing with the complexity of trying to limit the impact of these fluctuating market cycles on their assets. This is a particular challenge for those with portfolios that span diverse real estate markets,” notes Mr Ovidi.


For example, Jones Lang LaSalle Research indicates that Hong Kong, Melbourne, Sydney and Tokyo are expected to become landlord’s markets as early as 2011. Adelaide, Brisbane, Beijing, Canberra, Jakarta, Manila, Shanghai and Taipei are anticipated to follow suit in 2012. On the other hand, Hanoi, Ho Chi Minh City and Osaka look set to remain in the tenant’s favor until at least 2012.


Jones Lang LaSalle’s latest white paper, Landlords: You Can’t Win Without a Good Defensive Strategy, outlines some of the key steps that landlords can take to develop a defensive strategy to protect and enhance income streams and maintain asset value.



About Jones Lang LaSalle


Jones Lang LaSalle (NYSE:JLL) is a professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of USD2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than USD37 billion of assets under management. For further information, please visit our website,


Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 17,200 employees operating in 74 offices in 13 countries across the region.