NEW YORK, Feb 11, 2026, 14:11 ET — Regular session
- Jones Lang LaSalle shares slide about 12% in afternoon trade, near the session low
- Zillow drops about 17% after a softer-than-expected profit outlook
- Investors now look to JLL’s Feb. 18 results for signals on deal flow and leasing
Shares of Jones Lang LaSalle fell about 12% on Wednesday, sliding to $304.19 and hovering near the day’s low after opening above $345.
The move matters because real estate stocks have been trading like a rates bet again. When investors push back expectations for Federal Reserve cuts, anything tied to housing or property deals can get repriced fast.
This time the spark came from Zillow, which forecast first-quarter revenue of $700 million to $710 million and adjusted EBITDA of $160 million to $175 million. It also said it expects “challenging housing market conditions” to continue in the quarter and flagged elevated legal costs as a drag on profitability. (Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization, with additional items stripped out.) (Q4)
Zillow Chief Executive Jeremy Wacksman struck an upbeat tone on the quarter, saying the company “delivered strong results” while continuing to gain share. The stock move suggested investors cared more about the next quarter’s margin math. (Q4)
Rates were the other piece. A stronger-than-expected U.S. jobs report pushed Treasury yields higher and trimmed bets on near-term Fed easing; Eric Merlis, co-head of global markets at Citizens, called the report a “blockbuster” and said it supported holding rates steady in March. (Reuters)
Other property-linked names fell in tandem. Zillow shares were down about 17%, while commercial real estate services peers CBRE Group and Cushman & Wakefield were off roughly 14% and 14%, respectively, and Colliers International fell about 9%. The broad U.S. market was little changed.
For JLL, the next checkpoint is earnings. The company is scheduled to report fourth-quarter results and host a call on Feb. 18. (JLL Investor Relations)
Investors will be listening for any shift in commentary on capital markets activity, leasing demand and the pace of new mandates in property and facility management. Those lines swing with deal volumes, and deal volumes swing with financing.
One risk for bears: Zillow is a housing-and-mortgage story, while JLL leans heavily into commercial property. If the market is lumping everything “real estate” together, the trade can reverse just as quickly.
The market’s next hard catalyst is Feb. 18, when JLL reports and updates its view of transaction conditions and client spending.
