Belisle: The addition of valuation and advisory-services professionals in Southern California is part of our continued effort to provide the broad range of services our clients expect. This addition is the perfect complement to our existing agency leasing and capital-markets teams throughout the region and was the next logical step in filling out our suite of services.

GlobeSt.com: Why is it important for full-service real estate firms to have valuation, counseling and advisory experts internally?

Welch: We're at a complicated crossroads in the cycle, and our clients are openly exploring new strategies. Being “full-service” today means offering advice on a range of needs from full appraisal analysis for transactions to feasibility studies for proposed developments, buy-sell advisory, tax analysis, lease negotiations and anything else within the valuation spectrum. We're staying ahead of the curve on this by providing clients with anything they need in one place.

GlobeSt.com: Will acquisitions like these become more prevalent in today's current competitive environment?

Belisle: The commercial real estate industry is filled with great boutique firms that provide unique niche services. As full-service firms look to grow, it is natural for them to evaluate the acquisition of these boutique firms in order to better service their clients. Firms are quickly realizing the need for specialty advisory services such as valuations and appraisal consulting. We feel we are ahead of the game in adding this service to our national platform.

GlobeSt.com: How has the valuation business changed over the years?

Welch: The valuation business is being pulled in two directions: to small, more boutique firms and to larger, more powerful and well-resourced firms. Mid-sized firms are being squeezed as the industry recognizes that scale and consistency in product are crucial factors. It's also become a much more technical business with the need for technology and data getting amplified each year. To compete and win in this business, you have to be on the cutting edge with your technology, which is something on which we pride ourselves.

GlobeSt.com: What is your overall growth strategy for the valuation business at JLL across the U.S.?

Welch: Now that we have a presence in Southern California, our valuation and advisory services is a coast-to-coast platform. In less than a year we have grown to a network of more than 225 appraisers. We are pushing to get to 400 and establish a presence in more key markets across the US. The way forward for us is through more organic growth and strategic acquisitions of top talent across the country through all major markets as well as secondary and tertiary markets.

GlobeSt.com: What other areas is JLL in Southern California looking to grow through acquisitions?

Belisle: Throughout the Southwest, JLL continues to evaluate the services it provides to investors and occupiers of commercial real estate. We will look for acquisition opportunities that satisfy the needs of our clients and fit our culture.

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IRVINE, CA—Being “full-service” today means offering advice on a range of needs, from full appraisal analysis for transactions to feasibility studies for proposed developments and more, JLL's head of valuation and advisory services, US, Michael Welch and Southwest market director Peter Belisle tell GlobeSt.com. The firm recently acquired the Orange County affiliate of Integra Realty Resources, a leading network of independent US commercial real estate valuation, counseling and advisory firms. Seven professionals will join JLL, expanding the firm's valuation and advisory services in the US to the West Coast.

As we reported in December 2016, the firm took another big step in the expansion of its commercial real estate valuation, counseling and advisory services by acquiring the Chicago affiliate of Integra Realty Resources, a follow-up to the addition of IRR's Houston affiliate in October and the Dallas affiliate of IRR earlier this month.

We sat down with Belisle and Welch for a chat about JLL's acquisition strategy and why full-service real estate firms need to offer these services internally.