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To sum up, we are encouraged by our strong results and by the momentum which we’ve developed during the quarter. We reported net income of $32 million or $0.72 per share for the quarter compared with a net loss of $14 million for the second quarter of 2009.First half net income was $32 million or $0.73 per share compared with a net loss of $76 million one year ago. Revenue totaled $680 million for the quarter and that is up 18% in US dollar and local currency terms. First half revenue was $1.3 billion, an increase of 18% or 15% in local currency over the first half of 2009. I’ll start off this morning with comments on global real estate market conditions and Lauralee will then follow to cover our performance in these markets. Earlier this month the IMF raised its forecast for global growth from 4.2 to 4.6% indicating that the global recovery remains on track. Economic policy is still promoting growth in most major economies and corporate cash flows are strong. Although there are differences in real estate markets from region to region, we do see the same general trends in our business. We’ve posted slides in the investor relations section of our website, that’s joneslanglasalle.com for your reference. Slide 3 shows the Jones Lang LaSalle investment sales clock which as you know we update it each quarter. It’s a snapshot of conditions in major markets around the world which are at different stages of the real estate cycle. As you can see in the second quarter of 2009, capital values were falling uniformly in almost all major real estate markets. A year later, we see values increasing in many major markets and bottoming out in others. This trend has also progressed in quarter two as compared to quarter one, continuing the steady worldwide cyclical recovery in real estate capital markets.
Direct commercial real estate investment volumes stood at $66 billion globally in the second quarter, nearly double the volume of the market bottom one year ago. In the Americas, transaction volumes increased 54% over the first quarter totals and were four times higher than in the second quarter of 2009.European market volumes increased 15% over the first quarter, up 80% on a year ago. The rate of growth did slow in Asia pacific during Q2 as volumes declined by about 1/3 as compared to the first quarter. But the total was nevertheless still up 21% over a year ago. With a number of large transactions pending and market fundamentals improving, we anticipate renewed uptake in Asian volumes in the second half. Large amounts of equity continue to target the stabilized real estate invest in many parts of the world, with the supply of equity exceeding the supply of assets coming to market. This has continued to put pressure on yields across many major markets we track. Open ended funds in the UK and Germany have attracted significant amounts of equity for real estate investment and in Asia Pacific, the largest investors of the domestic -- foreign capital is flowing into the region. In the US and Canada institutional investors are again investing equity targeting safe core properties. Slide 4 tells a similar story about conditions in leasing markets worldwide or the progress continues to trail the recovery in global investment sales. While fundamentals remain weak in Canada and the US, we do see indications of improving demand. In fact for the first time 10 quarters, the US office markets posted its first quarter of positive net absorption, a modest 3.2 million square feet. But across most of Europe, office vacancy rates are stabilizing while in some markets they are declining; London and Paris for example.
Net absorption was positive for the fourth consecutive quarter, increasing by nearly 28 million square feet. We are seeing a significant increase in the number of large tenants looking to lock in long term leases at greatly reduced rents.Read the rest of this transcript for free on seekingalpha.com