Good afternoon, everyone. I'm Chris Stent, Executive Managing Director of Investor Relations and Corporate Finance at JLL. I'd like to welcome everyone to the webcast. As a reminder, this event is being recorded and will be available for replay on our website, ir.jll.com. The purpose of this webcast is to provide our investors and analysts an opportunity to understand more about our Corporate Solutions business. 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 the annual report on Form 10-K of the fiscal year ended December 31, 2020, and in other reports filed with the SEC. The company disclaims any undertaking to publicly update or revise any forward-looking statements. Joining me today is Neil Murray, who has been CEO of Corporate Solutions for the past two years. Neil will begin the webcast with a brief presentation, which will be followed by live Q&A. We will begin with questions from the sell side analysts covering JLL. Please use the Q&A function to submit additional questions. Before we begin, I would like to provide some context to help frame the discussion. While we do not currently report financials on the Corporate Solutions segment and will not be providing any additional financial disclosures today, we are pleased to provide more insight on the long-term vision and profitable growth that we see ahead for the Corporate Solutions business, and also to shed light on the technology-enabled solutions we provide for our clients. Neil will focus on Corporate Solutions' compelling value proposition, including how we are helping clients create, shape, and manage the future of work while serving the full breadth of their long-term real estate needs, including on sustainability. Neil, thank you for participating in the webcast this afternoon. Before we commence Q&A, let's begin with a brief overview and some slides about the business. The slides have also been posted to our website, ir.jll.com. With that, I'll turn the webcast over to our Corporate Solutions CEO, Neil Murray. Hello, everyone. I'm glad to be here with you today. I've had many questions during my tenure as CEO of the Corporate Solutions business from analysts and investors, wishing to better understand the business itself. I understand that it is complex, multifaceted. I thought we would put together some slides just to give you an overview of the business. I know you'll have varying degrees of knowledge about that. From there, I think we want to reserve the majority of the time today to take your questions, and I'll do my absolute best to illuminate the business to try and get across to you how excited we are about the future prospects of this business from a growth perspective, and try and get across to you the evolution of the market and where we see it going, and the lessons we've learned from the past and from other industries. I will take you through a handful of slides for about 15 minutes now. Maybe starting with an overview of the business itself and what we do, the very basics of the business. It's in the three major categories, I think on the left-hand side there, the graphic you see. In the first instance, looking at clients' real estate portfolios, helping them with a strategy around that portfolio, its locations, what countries, cities they should be in, managing mark-to-market on their lease portfolio, for example, or their owned portfolio. There's the capital element, which is about helping clients plan capital replacements, upgrades for their often large and complex real estate portfolio, helping them design workplaces that will help them attract and retain and engage talent. There's the operations element, the bit that many of you will be most familiar with. It's often referred to as facilities management, that part of the business where we run the offices and real estate business for our clients. It's everything from engineering services to managing the complex supply chain of all the services you would expect in a building, from often AV to catering to janitorial services, much of which is done through a supply chain. I think worth noting on the operations element, on the facilities management, it's moved more recently to experience services, to workplace services. It's less about turning wrenches and keeping buildings running, and more about curating, if you like, an experience based on the brand culture that a client is looking to portray in their business. All of that is surrounded in red there by what we describe as business intelligence, data management, and technology. This is where we have to invest in data systems which really integrate all those myriad of data points that I just described to you, whether it be in the real estate portfolio itself, the capital planning dimensions, or indeed the ongoing operational costs, the utilization, how buildings are being used, and so on. All that has to be integrated to provide not just data, but converting data to usable information and to insight in order for clients to be able to make decisions about their portfolio. The points on the right there. There are very few, as you know, global players that can execute this integrated range of services at scale or in a strong position. Technology is obviously a much greater dimension nowadays, capturing, as I said, those myriad data points, making them useful. As you can see, there's a full suite of products. We describe corporate real estate as a top five spend for many of our corporations. It's often second after their number one spend category, which is their people. We like to think of it as a very important dimension of servicing that number one spend category. A bit of an overview of the business itself. We have some 42,000 employees around the world, and as I mentioned, a deep supply chain also behind that. Run across about 500 accounts, and to be clear, all accounts are not made equal. Many household name logos as you'd expect, but some larger multi-services where we've got that full suite that I described to you earlier. Some where there's just an element of that. Maybe we'll just look after the portfolio or the operational element or indeed the capital element on behalf of the client. All opportunity to do more. Across 80 countries. That spread, that coverage is a really important factor when you're trying to service multinational clients. About 1.6 billion sq ft of space under management. I was looking for some metrics to try and help you visualize that, but I found it very difficult to do. Suffice to say, it's an awful lot of space. Businesses are very well-balanced across industries and across asset types. Obviously, office is a really big part of it, but we have everything from hospitals to data centers, as well as your more traditional office buildings. I thought it was important to talk a little bit about some of the long-term occupier trends that these have been around for a long time, and you'll recognize them, but they've been accelerated and intensified by the pandemic. I think it's important to make a distinction between things that are happening as a result of the pandemic and very much now, and the trends that will still be around in a few years' time. Just highlighting some of those. Obviously, cost optimization is ever-present and became even more spotlight on it through the pandemic for many industries and companies. Sustainability is a really important one. I'll touch on this, I think, several times today. It's not an aside, it's not an ESG report that's outside of the core focus of the business anymore. It's extremely important to almost all of our clients. I think last count, 90% of our clients have made some sort of a statement in the open market about sustainability and their sustainability ambitions. From our perspective, the great opportunity is less than 20% of those have a clear executable plan as to how to get there. It is also extremely important, a company's position on sustainability when they think about recruiting staff. Next generation of workers coming into the workplace have strong views on this area, and we can really help clients there. Health and wellness. Health and safety has obviously been a focus for a long time in real estate, but wellness is now front and center post-pandemic and will remain so. I don't think any of us know the long-term implications of the year we've just all been through from a mental health perspective. Also things like indoor air quality, where we can really help clients are now far more relevant than they've ever been. In terms of the procurement, I think some of this may come through in your questions and understanding the dynamics of the business. Increased outsourcing tends to happen after a major event, whether it be a recession, a global financial crisis, or indeed a global pandemic. There is a realization that solutions are complex and external advice needs to be aggregated and provided to clients. We tend to see increased outsourcing around those times. The continuation of the trend towards centralized procurement. It's no longer decentralized and fragmented in the vast majority of our corporate clients. ESG often has an R put after it to think about resilience. Resilience of supply chain, the sort of interdependence and interconnectivity of supply chain, for example, is more important than ever, and therefore procurement functions are being centralized more and more, which again gives us opportunity for consolidation and simplification of client supply chain. I think that plays well to the larger scaled players. I've mentioned some of the points now quite a while already around data analytics and technology, and you'll be seeing this in every industry you follow. I think it's really accelerated in our industry and will continue to do so because we have so many data points that need to be integrated for decision-making. If you take, for example, the return to work, the concept of understanding how space is going to be used, who's going to be coming in when. We're pulling together information like starting with ERP system data, connecting it with reservation system data. Data around sensors about how space is being used, all being brought together in a meaningful way so that proper decisions can be made. Of course, an increase of automation in that domain. The trend to touch on is the concept of people first. I use this slide to kind of illustrate this mantra I've been using of work, workforce, workplace, portfolio. We used to have our conversations with clients in the domain of workplace and portfolio, and they've very much gone upstream. The pandemic has made particularly corporate clients think about the very nature of work. What is the nature of work? What work is being done, how it needs to be done, where it needs to be done? Is there a creative or collaborative dimension to it, for example? We're part of those conversations, really assessing how work is being done, then the workforce that's required to do the work, then downstream of that, thinking about workplace and real estate portfolio. There's been this shift where I think for the first time, every chief executive in the world has got a view on their real estate portfolio that they probably didn't have 12 or 18 months ago, which is an exciting time for us. It means we're having very different conversations with different people. Forgive the complexity. I'm just trying to illustrate here the different dimensions of a real estate portfolio and who the stakeholders are on the client side that we're now engaging with in meaningful ways that we never did before. An obvious one is that many of our corporate real estate, the CRE clients now report into HR, because real estate is seen as that manifestation of a company culture and brand, and no longer a factor of production, but something that's key to the attraction and retention of people. That's a really important move that we're seeing. Similarly, sustainability means that we're engaging with executive leadership teams, the ESG function, if it exists within our client organization, chief information officer around technology, because all the things we do have some sort of connection with client technology. CIO is now a client. All of which, this complexity that I'm referring to, means that our position, I believe, is a very strong one. Because of the depth of domain expertise and the breadth and ability to integrate such complex themes. You've seen it in this sort of slide in many industries, but just try and draw your attention to the value evolution that I see before us. We talk about our business often as a sort of outsourcing business. I think a more accurate description of it previously was that it was an out-tasked business similar to other industries. IT is an example, and professional services, BPO, in the sense that clients retained strategy and real estate expertise within their own organizations and out-tasked elements of it through an RFP process to a supply chain. I think as the industry evolved and we started to bundle more service together, we started providing more value to our clients and potentially some more margin to the company. It's still a disruptable, RFP-driven, and commoditizable, if that's even a word. I think when you move to the right-hand side and talk about integrated products, moving much more towards outcomes, bringing together the best of what we do in a consistent, repeatable way and bringing those solutions to market, I think allows you to have a very different conversation about value creation with your clients. That's a place I believe we're getting to at pace every day towards that sort of holy grail, if you like, of being a strategic partner for the long term for our clients across a multitude of services and needs. To sum this up in a bit of a narrative for the business to hopefully land with you, if you'll indulge me, a better description of what Corporate Solutions is about. It's not a workplace business. It's not a workplace management business. You see at the top there our company purpose that maybe you'll be familiar with. We relaunched this purpose some time ago, two years ago now, almost, about Shaping the Future of Real Estate for a Better World. It's about our responsibility when it comes to sustainability and diversity and many other dimensions of what we do, and our desire and responsibility to shape that future. You think about Corporate Solutions in that context, it's about enabling large, complex organizations to shape their workplaces, their workforce experience to achieve a more human-centric, more resilient, and more responsible real estate offering to create a better world of work. To my point earlier, the emphasis on work and not as much on workplace anymore. That's all I had for you as a bit of an overview of the business because I wanted to leave the majority of time to interact and give you the best answers I can to your questions. I'm happy, Chris, to pass on to you and the moderator to take questions from the team, if that's all right. Great. Thank you very much, Neil. The first question is going to be from Stephen Sheldon of William Blair. Hey, Chris. Can you hear me? Yes. Thank you, Stephen. Me too. Hey, Neil. Really appreciate you doing this. Great to be able to dig in a little bit more here. Pleasure for setting this up. I guess first, I just wanted to ask, I guess at a high level what changes you've seen in the breadth of solutions demanded on a per-client basis over recent years. Maybe just talk a little bit more about the types of solutions that have been seeing, I guess, the highest levels of demand. Yeah. As I touched on, I think the solutions are getting more complex, needs are getting more complex as the data that drives decisions we're making sense of and we're being able to provide insights that we probably couldn't as an industry a few years ago. There is more propensity to outsource at larger scale across multiple dimensions. That's obvious, and we're seeing it. Pandemic, obviously, the last 12 months has been interesting, as you imagine. A lot of clients were pressing pause on real estate strategies while wrestling with what the future would hold. We've seen lots of movement in that. I think we're fairly sure, Stephen, that real estate office will still be the center of the work ecosystem for some time to come. We're very confident about the role it plays. There's been a renewed focus on the value of office and its purpose, which has been music to our ears and the fact that we've been able to have conversations at the level with clients, the strategic level that we've wanted to do for some time. Maybe to answer your question, certainly in the five years after the global financial crisis, we saw a little bit of a race to the bottom in this industry. It was all about cost out, it was all about efficiency. How can you take cost out of the portfolio and do things in different ways? That affected and manifested itself in many ways in the industry that you have reported on and seen. I think those days have gone. I think there's a deep understanding now that this is a source of value creation and differentiation for our clients. You'll have heard things like the tsunami of turnover of staff that people are expecting as people have had time to contemplate and cogitate on their futures. During this pandemic, people are assessing purpose in whole new ways. Real estate is a real means to compete for that talent. I think you asked me about some examples, and we just, in the last six months, mobilized a large kind of multifaceted contract for an energy company, global energy company, household name energy company, which involved every dimension that I presented to you on that first slide. I think more importantly, the contract type had changed. It was what we refer to as a Vested agreement, the major dimension of which is win-win outcomes. JLL incentivized to deliver client core outcomes and protecting against downsides with the partnership being at the core of it. We've brought in elements like Dynamic occupancy planning, for example, which is the bringing together of this sort of live utilization data, understanding, Stephen, if you're coming to work, who you might need to sit next to, if anybody, and how to schedule those things in a dynamic way with a little layer of AI. The return-to-work stuff was right at the heart of it. A design element of their future workplace strategy, what they want it to be given the demographic of people they're trying to attract into their business now and who they're competing with. All those elements I discussed is a good example of a recent contract win and pointing towards where the industry is going. Got it. That's really helpful. Then I guess on the shift, or I guess it's not even a shift, it's the shift from tactical to being more of a strategic partner. Yeah. If you thought about the next three to five years, I guess some of the, you're still doing a lot of the tactical work, you're getting more into the strategic side. Would you expect any other side to be more valuable or grow quicker than others? How does the trend of, if you thought about institutional owners versus privately held owners, does that play into that dynamic at all? I guess maybe just talk about that a little bit. Institutional owners versus private. Let me deal with the first question first. I think there'll always be an element of procured RFP services that we provide. There's no doubt about it. We need to think about technology and how that will evolve our business models going forward. Some of the core FM services may remain procured in a consistent way, and to your nomenclature, a little less strategic and more tactical. I think that complexity is the driver of strategic relationships. When we think about the complexity of global dynamics, of people's needs and preferences, the fact that we have various, I think, an emerging gap between the desire of many CEOs in terms of where people work from and the desires of some workers in particular areas and age groups and profiles and so on. That complexity requires strategic advice. We've seen it, as I said, in other industries. If you make parallels to maybe the IT outsourcing industry that started with out-tasking of elements of it. Until companies were willing to give the keys to the family silver over to the outsourcing partners, on the basis of their depth of knowledge and their systems, where a delta emerges between what a company that does this for a living can do and what a non-core activity within a corporation can do. We're really seeing that delta emerge with the greatest respect to in-house. Real estate functions of client organizations, they need strategic advice now. In terms of the institutional versus privately held, maybe, Stephen Sheldon, can you illuminate that question a little bit for me. Yeah. I'm just trying to think through, I guess one of the things, it seems like this playing out is the institutional ownership of commercial assets is increasing. Just as I think about their level of sophistication, their need for a strategic partner to think through real estate footprints, all these other things, does that trend play out to maybe more demand for some of the strategic advice you're giving versus, I guess, does that influence it at all, this level of? Do you mean institutional owners of real estate? Yes. Yeah. I think that, yes, absolutely. The management of real estate assets in general has become more complex and more operational. It no longer, not that it ever was, a completely passive investment, right? It's an operationally intensive asset class, and therefore expertise is required, and which points to outsourcing, Stephen. Great. Thank you. I'll jump back in the queue. Hmm. Thank you. Great. The next question will be from Tony Paolone of JPMorgan. Thanks, Chris. Hi, Neil. Hey, Tony. Appreciate the strategic overview. Would you be able to help us by taking maybe a down-the-fairway kind of example and put some dollars and cents on how the business works in terms of your typical fee structure? Is it pennies per square foot, length of a deal, the add-on services, and how you just get to the overall economics of the business? Yeah. Nice easy one from you, Tony. Thank you. The first point is there's no one-size-fits-all, right? We have a full spectrum of contract types in the business. I've talked to you about trends there. What I can tell you is that, yes, we have some relationships that are based on square footage, and we have clear line of sight to maybe changing some of those relationships and how we think about it. Most of our contracts are, there's an input cost, whether that be through a third-party supplier or our own services, then an accepted negotiated fee level with our clients. Then there will be some element of fees at risk based on achieving client goals or KPIs. Those KPIs can range from employee satisfaction with services. Sometimes in data center world or in a trading floor, it might be uptime. In some cases, there will be certain elements or inputs that they require to a certain standard where we'll have performance indicators against and performance fees at risk or indeed upside available. Generally speaking, the industry hasn't yet evolved to full outcome-based pricing. There are some examples. We see a path to that. Right now, the downside is limited. Also, the upside is limited at this moment in time in terms of over-performance to outcomes. Other questions you asked me: fee structure, length of deal. Average length of deal at the moment in the business is about three to seven years. I know that's a broad window. A three-year deal in a complex outsource makes no sense anymore. If it's three years, it's at three plus two, where you meet certain criteria, predetermined criteria, the contract gets extended. You will see, however, though, that it's quite a sticky relationship that we develop with our clients in the sense that retention rates have been across the industry upwards of 90%. We'd be in the upper side of that. I think the most recent declared numbers, I'm looking at Chris, were up at 97%. It's those kind of order of magnitude retention rates. The opportunity is to retain and grow and shift relationships. If we're not fully penetrated with a client in terms of providing that full suite of services, then data and technology allows you to produce compelling reasons why adjacent services should be provided together. I think as an industry, Tony, we weren't very good at, and I mean as an industry, not just JLL, at creating those compelling reasons to use the same company for all services in all geographies. All the eggs in one basket kind of logic prevailed, and many corporations went to a JLL and some of our competitors to provide services across all services and geographies. I think those reasons are getting far more compelling, Tony, as I was referring to earlier, in terms of the integration of that data in real time and helping with strategic decisions. Got it. Thanks. My other question, you mentioned that there are few providers of this service at scale, and I think that that's been something we've generally been aware of. Are there ways that clients can piece this together with either regional players in the space or to do it piecemeal? What I'm getting at is just trying to understand what is really the competition when you have clients that are. Yep outsourcing? Yep. I'd say the choices that clients have is, as you opened with, if you want to do this at scale across even one service line at scale, there are very few companies that can do that globally. If you don't see the financial or operational value benefits of doing that, it is possible to piece together a supply chain in, for example, FM. You could have a regional player in EMEA, a different regional player in Asia-Pac, and one in the U.S. Absolutely. Many clients do that. You could indeed, Tony, contract with an EMEA-only provider, for example, for that geography. That said, I think the biggest, most complex clients will start to see, if they're not already seeing, the value of consistent performance management, of differentiated tools in technology and in, for example, sustainability. It's up to us as a business and an industry to really present those compelling reasons why you shouldn't parse up, and going back to the eggs in one basket analogy, making those eggs much easier to carry, right? I think that we're seeing trends. There will always be companies that move against those trends and think about parsing things up regionally. There are a lot of other dimensions at play here at the moment. Things like, as I said, resilience of supply chain, which is a big kind of post-pandemic focus. What sort of balance sheet does the company have that you're contracting with? What sort of runway will they have? What sort of access do they have to attract talent at scale, to move talent around, to develop their own talent? Because a lot of these required skills don't sit on the bench in the industry, right? We have to develop people. My leadership team, when I joined a couple of years ago, Tony, I did infuse it with what I thought was world-class talent from other industries. We need perspectives on industries that have been through this outsourcing journey. We need perspectives from the hospitality industry, for example. Long story short, I see, as I had up in one of those slides, a desire to consolidate providers and an opportunity for us to do more and create more value for existing clients. Great. Thank you. Next question will be from Jade Rahmani of KBW. Thank you very much. Appreciate your taking the time to do this. Pleasure, Jade. Just a couple of hopefully basic questions. Could you put around the business and financial details as some of your competitors have? For example, how much fee revenue and adjusted EBITDA does the Corporate Solutions biz generate? Otherwise, you could answer it in terms of percentages. What percentage of JLL's total fee revenue and adjusted EBITDA does the business constitute? Finally, what is the target growth rate for the business? Jade, I hate to let you down, it's difficult for us to talk about in the current construct of the business and how we report about financial details from that level. That's why I try to point towards it. We do have a desire and a plan to be much more transparent about this business in the future. Right now, they're difficult questions to answer. What I can tell you is that I see line of sight to a double-digit CAGR for this business. I think it's a 10% predominantly organic growth business with the runway that we have ahead of us. I also see opportunities to expand margin in the ways I've just described, and that's as a direct result of increasing the value that we're providing to clients, right? Everything starts with client value and measured in client value, and I see real opportunities to do that. Of course, when you expand margins and grow top line, there will be requirements to reinvest in technology and platforms, in staying ahead with our differentiation. I'm sorry, Jade, I can't give you more details on the financials. I think maybe another number that I could point to is that we've said externally it's about 25% of our fee revenue of JLL globally. To give you a feel for scale with great kind of growth opportunities and margin expansion opportunities. Sorry, Jade. I appreciate that, I know that there's a lot of nuance because some of the categories of financials, there's a penumbra, there's a gray area in which things don't clearly fit into one category. There's probably a subset of leasing and Capital Markets that has a Corporate Solutions component. If you were going to break down, say, property and facility management, the most basic services you provide to the most highly value-added services, things like workplace strategy and engineering, what would be the range of margins that exist in those businesses? Should we think of property and facilities management as perhaps a 4%-7% margin business and some of the higher value-added services as low double digits? Does that make sense? Yeah. The question makes sense. I think you've just kind of framed your question slightly other way, haven't you? I think that there is a range of margins in the services we provide. That said, there's so many determining factors, the risk profile of the contract, the complexity, that I think it's difficult to point to a blend of these are the high margin services and these are low margin services. I think that the annuity nature of some of the FM services are very important. I think there are, as I said, expansion opportunities in everything we do. You mentioned the gray area, Jade. I think the gray area, what's important there is this concept of what we refer to internally as One JLL. What you don't see and what I don't talk about in my purview of Corporate Solutions is, for example, brokerage fees or Capital Markets fees. Of course, there are brokerage fees associated with the renewals of the multitude of leases, thousands of leases for corporate clients. Of course, a lot of our clients still own real estate, so there are Capital Markets implications. There's a distinction that I want to make you aware of that we probably haven't articulated well in the past, is PM and FM are two different things, property management and facilities management. Property management is an investor service. It's about managing a building on behalf of an investor that's typically a multi-tenanted building. It's got dimensions of rent collection, for example, central amenities, which is very different than the FM business within the Corporate Solutions business that I'm responsible for, which is about running the real estate department or the facilities on behalf of the occupier as opposed to on behalf of the landlord. I hope that makes sense to you. Even in PF, PM, FM, there's a part of that currently reported business that actually sits adjacent to our agency leasing business and so on. I hope that makes sense. Thank you. Have you seen any realizable synergies from the HFF merger in terms of that sales team being able to pitch some of the Corporate Solutions services? Absolutely. It's been a fantastic partnership. We were delighted with the talent and expertise that's truly world-class. I work closely with Mark Gibson, the CEO of the former HFF business, who now runs our Capital Markets business in the Americas. We see clients together. We look at intelligent ways of how to think about the owned estate. As you said earlier, many of our clients still own large chunks of real estate, even our corporate occupier clients. Many of them had to think differently about liquidity, for example, through the pandemic. We've been able to provide some really exciting solutions there. I think the other thing to note, and I know you'll be aware of this, is the sort of synergies between the two businesses. The value of real estate is often, or a large dimension to the valuation of real estate is the quality of tenant. It's based on occupier demand, right? Our business is about working closely with large-scale occupiers to help understand that demand in ways that I think companies that don't have both investor and occupier businesses wouldn't truly understand. Probably a long way of saying I think we provide insight to our Capital Markets colleagues that's of real value to them in terms of where the market is going. Thank you. Just last one, hopefully a quick one. Just wanted to ask about inflation since that's top of mind for investors today. Yeah. Do you see this business as being impervious to inflation, sensitive to inflation because you have some fixed costs that will be rising and you have a set agreed upon margin that or cost saving you have to deliver to the client? How do you think inflation affects the business? Thank you very much. Yeah. Very welcome, Jade. Thank you. I feel confident about the impact of inflation in the business. In some cases, given our contract structures, our fees will inflate with them. In other cases, we'll have to think differently about how we work in partnership with our clients to mitigate any impact. I've been in this industry now a long time in various ways. I was in this industry when inflation was a word that was used. While not being impervious, I would say it's very resistant and resilient in an inflationary environment, and in fact, can be helpful to our revenue growth. Thank you. Next question is from Patrick O'Shaughnessy of Raymond James. Hey, good afternoon. Thanks for taking my questions here. Hey, Patrick. What are JLL's largest sources of competitive differentiation as compared to the other firms that you would generally come up against in RFPs, particularly the competitors who do have global scale like yourself? Is this you queue me up to give your sales pitch? No, look, I think, Patrick, there's a few things. I think that technology, you'll have heard the story from Christian and from Karen. We've invested in a very different way, I think, than the industry has in technology advancement. We've thought about it differently. We started with the Spark fund and really understanding the emerging technologies. We then employed a team of not just sort of, again, with the greatest respect to the IT industry, but there's a distinction between IT in corporations and true digital natives, right? Silicon Valley-based teams competing for talent with household name tech companies. Looking at the CVs of the people around me in the technology business, they've come from the best in the technology business, not other corporations. I think technology will show itself over time to be an enormous differentiator between ourselves and competitors. I don't say that lightly. Everyone might tell you their technology is great. This is different. It's better, it's real, and we're extremely excited about the prospect of taking market share and growth based on our technology offering. The second one I would say would be sustainability, Patrick. I think we are the first in the industry to come out and make aggressive commitments to net zero. You may have read, we're going to get there by 2040. We've been vocal about science-based targets. We've been vocal about our desire and ability, and indeed responsibility to do something about this given the proportion of emissions coming from this environment. Every one of our clients, without exception, is having conversations with us about sustainability. I'm comfortable to talk to you about this in open forum because we have made investments and brought in teams and capabilities that I believe are a step ahead of others in the world of sustainability and how to incorporate those services into everything we do. This is not about having a sustainability business line, right, and revenue stream. It's about having sustainability as a feature of our Capital Markets business, of our leasing business, of our Corporate Solutions business, and a sort of ubiquitous dimension to everything we do. The final one I'll give you is a soft one. I've given you two hard ones, and you'll maybe indulge me and let me give you a third one, which I believe in and is a harder sell to you. If you believe in the culture of organization as a differentiator, which I do. Now if you don't believe that culture is a differentiator, you need to come do my job for a while because we get to see from the outside in the differences in company cultures, and I promise you they are stark. I think something over the 250-year history has evolved into something special here, an ability to attract and retain talent that has an ability to go and express themselves. We hear it all the time when we win, that culturally who we are and what we do is appreciated. I want to call that out as something we're proud of and think will contribute to our continued growth. That's very helpful. Thank you. Then in your presentation, you mentioned that you're up to 500 clients now. Yeah. How much of the business's growth in recent years has come from adding to the number of clients or accounts, and how much is doing more with your existing accounts? That's a good question. I think, yeah, we consider those the three major elements of our business, in terms of its revenue growth, the starting point being retention of existing clients, existing relationships, and the old adages of how hard it is to win and how expensive it is to win new relationships versus nurturing and making sure you don't lose existing ones. That's the starting point. The second obviously growth lever is about doing more with existing clients. As I said to you earlier, I tried to point to in a professional services environment, it's not about setting up popcorn stands and trying to get clients to buy more from you. It's about increasing the sophistication of what you do and showing clients the ability to create more value. I think that's one of our most important levers. New client acquisition is wonderful. New logo acquisition is wonderful. I think the runway in the industry, I said earlier, it's very hard to put a number on. If you guys analyze leasing markets or Capital Markets, you can get a pretty good number on JLL's market share in every market. Corporate Solutions is different because there isn't that transparency of data in the market. The best proxy we can use for the market size is 2%-3% of Global 2000 top line is typically real estate spend, right? Categorized across capital, across rent and leasing, and across the operations. If it's 2%-3% on average, it leads you very quickly to a big number, more than $1 trillion of market, which is probably only about 30% penetrated. Okay. Because there's still a lot of in-house resources, in-house real estate departments, in-house capital planning functions, in-house maintenance functions. If you think of the total addressable market, probably only 30% of it is fully outsourced. That's something to go at. Compelling value proposition. I said earlier that when markets become more complex, when more choice is introduced to an industry or to a client type, choice of technology, choice of location, then that's when advice is required. I do think that there will be good growth in new logos, in market share, and doing more with existing. Can't really give you a percentage, Patrick, I'm sure you'd want it at this point. It's certainly something we can look at when we talk about being more transparent about this business. I'd love to bring those sort of numbers to you. All right. Very interesting. Thank you. Next questions are from Michael Funk of Bank of America Merrill Lynch. Yeah. Hi. Thank you very much, Neil. Pleasure, Michael. How are you? Good. A couple if I could. We've heard about competitive intensity picking up in some regions. Could we maybe talk about some of the incentives being offered, what you're seeing in terms of competitive intensity for discounts, length of time? Tell me, bring that to life for me a little bit, Michael. When you say competitive intensity, around what sort of things? In terms of competing for deals, right? If you're competing with another third-party broker for a large outsourcing deal, I've heard that at times the competitor you might offer an upfront discount, other incentives to try to win the deal. Yeah, I think my personal view on that is if you've got to that point, then your value proposition and differentiation isn't strong enough in the first place. I say that in all honesty. Competition goes through various cycles. If a particular competitor needs to grow in a particular market, they may be willing to accept lower fees in a given market. I tried to spend the first 45 minutes of this conversation telling you that I think this is about value creation and not cost anymore. I really believe that profoundly, that the value we can create for our clients and our clients' people far outweighs the cost of our services, right. That delta is growing. One of the ways I used to think about it, and they're old numbers now, but let me play it to you for a minute. If you think of the operating cost of being, I don't know, $3 a foot, say, then we think of the lease cost as $30 a foot, but the person in the space costing $300 a foot. What I'm saying to you is the impact on the $300 is far greater than what you can gain in a competitive process on the three. Being able to bring that to life when we're coming to clients with a proposal is really important. I don't feel that for our most sophisticated logos, we're getting beaten by a race to the bottom on a nickel and dime on the three bucks a foot, if that makes sense to you. I think those days are over in my world. Understood. You mentioned also that events catalyze decisions, right? Even more senior executives now are aware of their real estate footprint, and presumably you're having more discussions. Yeah. First, what discussions are you having specifically around services and products, and how has that changed in the last 18 months? Yeah, it's been a rollercoaster ride in the last 18 months, I've got to be honest with you. I never in my career had more engagement with chief executives. Seeing an evolution, all of our clients, depending on their industry, the profile of their workers, their geographic locations, were in slightly different places. You'll have been reading, we had the hysteria of, "We're never going back. We're going to do this remotely." Maybe three months later, the, "This isn't very exciting anymore." There's been an evolution and an ever-changing landscape of how people are feeling about this pandemic and how they feel about real estate post-pandemic. I said to you earlier, I think we have to look to, rather than hear all the noise or be distracted by the noise, there's truths we are seeing, and we feel very confident about real estate in general post-pandemic. Sure, some working patterns will change. Sure, there are people that will adopt some sort of hybrid working, want to spend more time at home. We think that will be offset by some clients wanting more space or to use space differently around creativity and collaboration. We think that also a lot of those changes, if they exist, will be offset by growth companies, and we're seeing the beginnings of that all the time. In trying to answer your question, Michael, about the conversations we've had, it started with, "How do I reduce my number of rooftops? I don't need all this space anymore." Right? That was the kind of conversation maybe a year ago. The conversation now is, "How do I create an environment that's going to pull people into my buildings because I want them there, because I think that we serve our clients better from there?" The researchers coined what they call the four Cs, the culture, creativity, sense of community. Culture, creativity, sense of community, and collaboration being the major things that are lacking when it comes to running a business. Chief executives saying, "How do we bring people in?" We've been doing a lot of work, consulting work with clients on re-entry protocols, on dynamic occupancy planning. One of the products we launched was called Experience / Anywhere. How do you make sure that workers who are working remotely are not working on a beanbag for 12 hours a day, and you are bringing that kind of culture to everybody no matter where they're working. There's been a lot of effort. We've this sort of curated list of ergonomic furniture that you could send to workers. In summary, the last 18 months isn't a great indication of the conversations that were happening other than because they're changing so quickly. Other than saying it's front of mind for chief executives, thought has evolved, and the purpose of the office is at the very center of their thinking now, and I think we're very well positioned to input into that conversation. Can I ask that in part, because I want to link it to your slide number seven, and I realize it's not a time series, right from left to right with the lower margin to the higher margin business. Yeah. Thinking more about these collaborative conversations that you're having, how should we think about modeling that and the impact on margin, right? Presumably, you're having more conversations that are higher margin services. How are you thinking about margin growth in your business? Yeah. The question is how does that affect the downstream? There's obviously the strategic conversations, right? There's two ways of looking at those. Are they adjacent to your core services, in addition to your core services, or are they connected? Do they mean you provide your core services in a different way? Right? What I mean by that is, if you start with a portfolio strategy and think about where you want to be and how you want your brand and your culture manifested in a building, you've got a downstream design conversation. Okay? The next step after kind of envisioning what you want is design, capital planning, and executing of those, the remodeling or whatever is required. You have, how do I want services delivered? What I was trying to get across to you was that probably means if it's linked to the sort of upstream conversations around people strategy, then it's not procured in the same way anymore, right? It's about strategy followed by design, followed by curation of experience on the ground, whether the person is in the office or at home. Look, it's not going to be across the board. The RFPs and Corporate Solutions are dead. Long live the consultative conversations. Of course, it's not going to be that. These things evolve over time. Again, the lessons we've learned from other industries, Michael, are that the shift becomes real and noticeable over time, and that's what we're seeing. Understood. Thank you for the time. Pleasure, Michael. Thanks for the question. I'd like to thank everybody for joining us. Thank you, Neil, for taking the time to speak with us about the Corporate Solutions business. This concludes our webcast. As a reminder, the slides are available on our website, as is a replay of this event. They can be accessed at ir.jll.com. Goodbye, everybody, and have a nice afternoon. Thanks for your time.