NEW YORK, Feb 11, 2026, 14:11 ET — Market open
- Jones Lang LaSalle shares dropped roughly 12% in afternoon trading, hitting close to the session’s lowest point
- Zillow fell roughly 17% following a profit forecast that missed expectations
- Investors are eyeing JLL’s February 18 results for clues on leasing and deal flow.
Jones Lang LaSalle shares dropped roughly 12% on Wednesday, closing in on the day’s low at $304.19 after an opening above $345.
This shift is significant since real estate stocks are once again behaving like a wager on interest rates. When investors dial back their forecasts for Federal Reserve cuts, assets linked to housing or property transactions can quickly see their valuations adjusted.
Zillow ignited the buzz by projecting first-quarter revenue between $700 million and $710 million, with adjusted EBITDA ranging from $160 million to $175 million. The company warned that “challenging housing market conditions” are set to persist and highlighted rising legal expenses as a hit to profits. (Adjusted EBITDA excludes interest, taxes, depreciation, amortization, and other items.) 1
Zillow CEO Jeremy Wacksman sounded optimistic about the quarter, noting the company “delivered strong results” and kept gaining market share. The stock’s reaction hinted that investors were more focused on next quarter’s margin outlook. 2
Rates played a key role. A stronger-than-anticipated U.S. jobs report sent Treasury yields up and cut back expectations for Fed easing soon. Eric Merlis, co-head of global markets at Citizens, described the report as a “blockbuster” and said it backed keeping rates steady in March. 3
Shares tied to property slid together. Zillow dropped roughly 17%, with commercial real estate firms CBRE Group and Cushman & Wakefield each losing around 14%, and Colliers International down close to 9%. Meanwhile, the broader U.S. market showed little movement.
JLL’s next major milestone: earnings. The firm will release its fourth-quarter results and hold a call on Feb. 18. 4
Investors are keenly watching for any changes in commentary about capital markets activity, leasing demand, and the speed of new mandates in property and facility management. These factors move in step with deal volumes—and deal volumes, in turn, depend heavily on financing.
One risk for bears: Zillow focuses on housing and mortgages, whereas JLL is deeply tied to commercial real estate. If the market starts treating all “real estate” as one category, the trade could flip just as fast.
JLL’s next big update lands on Feb. 18, when it’ll report and revise its outlook on transaction trends and client spending.
