In a strong sign that commercial real estate brokers and other property professionals are seeing a welcome return of leasing and sales activity higher than at any other time since the recession, Jones Lang LaSalle (NYSE: JLL) and CB Richard Ellis (NYSE: CBG) each reported double-digit revenue growth on increased sales in the first quarter of this year. Toronto-based property services company FirstService Corp. also swung to a much narrower loss, mainly on the strength of its real estate subsidiary Colliers International’s first quarterly profit in two years. 

While rents are still falling and vacancy rates continue to rise in most markets in the Americas, “leasing activity has begun to pick up, not only in Asia but in several core markets in Europe and the U.S. as well, pre-saging a gradual return to rental growth,” said Colin Dyer, chief executive officer of Jones Lang LaSalle in the company’s quarterly call with analysts and investors. “In general, recovery in Asia-Pacific is leading Europe and Latin America, and those in turn are generally leading the U.S.,” Dyer said. 

JLL, which has aggressively expanded into the capital markets over the last couple of years, reported an 18% jump in revenue to $580.7 million and swung to a modest profit of $414,000 following a loss of nearly $61.5 million in the same period a year ago, according to the company’s consolidated earnings report. Overall revenue increased 14% in the Americas and 25% in Europe, the Middle East and Africa. 

Property and facility management revenue grew 20% and revenue from leasing grew 25% in the quarter. Those two segments each constitute nearly 30% of JLL’s total revenue. 

In a nod to the reawakening of global institutional capital, Dyer said its subsidiary, LaSalle Investment Management, attracted $3.4 billion of net new capital commitments from institutional investors around the world in the first quarter, reflecting not only the company’s success but “importantly, the continued commitment of institutional investors to direct investment in the real estate asset class.” 

JLL projects that worldwide direct commercial real estate investment will increase between 35% and 45% in 2010, led by an abundance of capital from an increasingly broad-based field of investors, pointing to “a continued broad firming trend in pricing,” Dyer said. 

Los Angeles-based CB Richard Ellis Group Inc., reported sequential quarterly revenue growth for the first time in nearly two years, including 12% growth in the Americas, and saw its loss fall to $6.6 million in the first quarter from $36.7 million a year ago. CBRE swung to a slight profit excluding restructuring and other costs. 

Global property sales revenue increased 51% in the first quarter compared with the admittedly depressed levels of a year ago, and leasing revenue rose 23%. All CBRE regions posted double-digit percentage increases in both sales and leasing, and the company also grew its portfolio of distressed properties marketed for sale in the U.S. to more than $6 billion at the end of the quarter. 

Financial performance improved from a year ago in all geographic regions and across virtually every service line and was “well ahead of our internal expectations,” said Brett White, chief executive officer of CB Richard Ellis. 

“Our people have worked extremely hard throughout the downturn to grow our leadership position, expand our client base and improve operating efficiency,” White said. “We are realizing significant benefits from these efforts now that market conditions have begun to recover in more parts of the world, and as we transition back to a more offensive posture. As the industry leader, we are very well positioned to benefit disproportionately in top- and bottom-line growth as the recovery continues to unfold.” 

FirstService, which recently completed the integration of Colliers International into its global operations, reported revenues of $402.4 million, up 11% compared to the same period a year ago, and saw its loss attributable to common shareholders plunge from $48.5 million in first-quarter 2009 to just $526,000 in the first three months of 2010. 

While FirstService was pleased with gains in its residential property management and property services service lines, the results from Colliers International “were particularly encouraging,” noted Jay S. Hennick, founder and chief executive officer of FirstService. 

“The first quarter is traditionally the weakest quarter in the commercial real estate industry and the fact that Colliers posted a profit in this quarter, for the first time since 2007, is a clear sign that real estate markets are beginning to regain their confidence,” Hennick said. With the improving market conditions in commercial real estate, the steps taken over the past 12 months to strengthen its ownership of Colliers International and the multiple opportunities to grow its three complementary service lines, FirstService “is in a better position today than at any time in our history to create value for our shareholders,” he added. 

Santa Ana, CA-based Grubb & Ellis Co. (NYSE: GBE) is expected to release its first-quarter earnings and hold a conference call on May 11. This week the firm announced that Richard W. Pehlke has stepped down as executive vice president and chief financial officer.