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Learning fun so far for Jones Lang CEO; Will rising rates teach a harder lesson in '05?(Markets)(Jones Lang LaSalle Inc.)(Brief Article)
Crain's Chicago Business, January, 2005
Byline: ALBY GALLUN Colin Dyer's education as a real estate executive started with what can go right, but the new Jones Lang LaSalle Inc. CEO may soon get a lesson in the downside of a cyclical industry. When he joined the Chicago brokerage four months ago after a career in retailing and textiles, Jones Lang LaSalle was blowing away analysts' earnings estimates and enjoying a stock run-up that added 79% to its share price last year.
Low interest rates generated much of the momentum, stoking sales of office buildings and commissions for brokers like Jones Lang LaSalle. Yet with rates expected to rise this year, "earnings momentum could be adversely impacted by a slowdown in the current hot real estate asset market,'' Morgan Stanley analyst Matthew Ostrower...
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