JLL CEO: Office Work Is 'Core' — But It Must Be a Beautiful Place to Be
Christian Ulbrich, CEO of real estate giant JLL, argues that in-office work is essential for learning and collaboration, but companies must provide sustainable, well-designed spaces to make it worthwhile.
Working from the office is not just a preference for managers who want to keep an eye on employees — it is a fundamental driver of learning, collaboration, and long-term business efficiency, according to Christian Ulbrich, CEO of the global real estate services firm JLL. In a wide-ranging interview, Ulbrich made the case that the benefits of in-person work far outweigh the costs of office space, but he also warned that companies must invest in high-quality, sustainable workplaces if they expect employees to show up.
Ulbrich drew on personal experience to illustrate his point. His first job placed him on a pod of five desks right next to his boss. «I could consistently learn by just observing him, overhearing his conversations, asking him quick questions, and so my learning experience was fantastic,» he said. «It would have never been possible if I had worked from home.» His son, by contrast, began his career during the COVID-19 pandemic and spent the first 15 months largely remote. «He was working from home, and he was devastated,» Ulbrich recalled. «The ability to learn for him was minimized.»
As the head of a Fortune 500 company — JLL ranked 175th on the list, up from 188th a year earlier — Ulbrich has more than a passing interest in the return-to-office debate. The company’s share price hit a high of $393 in August, compared with a five-year low of $123 in 2023. During its second-quarter earnings call in July, JLL raised its profit guidance, citing 11% revenue growth across the business and a 21% increase in revenue from advisory property services. The in-office market, Ulbrich suggested, is back.
«From a plain efficiency point of view, and if we generalize, it’s clearly more efficient to have people in the office than if they work from home,» he said. «The benefit which you gain from people interacting, communicating, sharing best practice, sharing ideas is massive — outweighing the cost of the office space. Therefore, to have people coming to an office is, for almost all companies, beneficial.»
Ulbrich emphasized that the advantages extend beyond executives and productivity metrics. In a world where knowledge gained at university can become obsolete within three years, lifelong learning depends on interaction with colleagues. «You need your co-workers to continue learning, and how can you do that? You can do that in an office,» he said. Still, he acknowledged that flexibility has a place. «Does that mean that you have to come to the office every day of the week? Probably not,» he said. «But the core place for work is the office. And if there is a reason that people have to stay a day at home, they can stay that day at home and work from there. But the basic principle is they have to come to the office.»
The CEO’s comments came as he sat in JLL’s new offices in the City of London — the company’s original home and the location of its first «shop» in 1783. The space reflects his belief that if companies want employees in the office, the office must be worth the commute. Much of the building material and furniture is recycled, and there are few private offices; Ulbrich estimates there is «one corner office» across three floors. «It has to be absolutely state of the art with regards to sustainability,» he said. «It has to be in a very professional location, and it has to be really good architecture — which is a lot of light and terraces and all the elements which would make our colleagues feel comfortable.»
Ulbrich, who is German but now based in Chicago, where JLL is headquartered, also weighed in on the global hierarchy of business cities. He argued that London remains the world’s leading hub, despite competition from New York, Shanghai, Hong Kong, and Singapore. «I’m absolutely convinced, and I also say that in the U.S., I believe London is the global hub because it’s the city which is able to attract pretty much everybody, no matter what their racial background is, their country passport is,» he said. «They all like to come to London, whereas some people would be hesitant to come to New York, and other people will be hesitant to come to China. Everybody is coming to London.»
For Ulbrich, the return to the office is not about nostalgia or control. It is about creating environments where people can learn from one another, share ideas, and build the kind of careers that remote work alone cannot easily replicate. But that vision comes with a clear condition: the office must be a place people actually want to be.
7
