We take pride in our 2020 JLL Global Sustainability Report, which highlights our latest initiatives including our commitment to net 0 carbon emissions by 2040 across all areas of operation, including client sites management globally as well as our need to be fully equipped to help clients in their own journey.
Quarterly global leasing volumes were 44% higher than a year ago.
However, they are still 36% below Q2 2019.
Across all the three regions, quarterly leasing volumes are below where they were in 2019 with the U.S., the hardest hit at a 44% decline, while Europe and Asia Pacific recorded declines of 32% and 21%, respectively.
The recovery across capital markets broadened in the second quarter with global transaction volumes marking a 103% increase on the trough a year ago and a 2% increase from Q2 2019.
Consolidated revenue rose 18% to $4.5 billion and fee revenue increased 41% to $1.8 billion in local currency.
Adjusted EBITDA of $332 million represented an increase of over 200% from the prior year, with adjusted EBITDA margin increasing to 18.5% from 8.3% in local currency, driven by the significant recovery of our transaction-based service lines, cost mitigation actions taken in 2020, realization of growth initiatives and select discrete items.
Adjusted net income totaled $220.1 million for the quarter and adjusted diluted earnings per share totaled $4.20.
A year ago, we achieved our first 12-month synergy target of $28 million despite unforeseen pandemic headwinds.
Having just passed the two-year anniversary of the acquisition, I'm pleased to say that we have achieved our target $50 million of synergies on a run rate basis, which we had originally predicted within a two- to three-year time frame.
During the quarter, we invested approximately $84 million in JLL Technologies investments, bringing the year-to-date amount to $109 million.
We also have resumed share repurchases returning approximately $100 million to shareholders through July.
Looking ahead, given the strong momentum in the business, successful integration of HFF and increased visibility into a post-COVID future, we're increasing our 2021 adjusted EBITDA margin target to 16% to 19%, up from 14% to 16% previously.
Our overall real estate services fee revenue increased 43% in the second quarter with all regions generating double-digit growth, due in part to lapping COVID-impacted results from the prior year.
Of note, Capital Markets fee revenue increased 110%, inclusive of investment sales advisory up 105%; debt advisory up 157% and loan servicing revenue up 26%, reflecting the market recovery as well as the strength and breadth of our global platform.
Our leasing fee revenue grew 69% and was only down 3% from second quarter 2019.
The Real Estate Services adjusted EBITDA margin of 17.2% compares with 6.6% a year earlier.
Approximately $16 million of noncash valuation increases to investments by JLL Technologies in early stage proptech companies and a $6 million multifamily loan loss reserve release contributed approximately 130 basis points to the Real Estate Services adjusted EBITDA margin.
Within Americas Capital Markets, fee revenue from U.S. investment advisory sales grew 146% and U.S. debt advisory increased 153%.
Our multifamily debt origination and loan servicing businesses continue to demonstrate strong momentum, highlighted by 26% growth in our loan servicing fee revenue.
Our full year 2021 Americas leasing growth pipeline is up 38% from 2020 and 7% from 2019, supporting our optimism for continued strong growth in the second half of 2021, though the evolution of the pandemic will continue to be the critical factor in the recovery rate.
According to JLL Research, there was a 5% increase from the first quarter in net effective rents in Class A offices across major U.S. cities, bringing the rents to approximately 15% below pre-pandemic levels.
Also, average lease terms increased for the second consecutive quarter to 7.4 years from the fourth quarter 2020 trough of 6.7 years, though it remains below the full year 2019 average of 8.6 years.
Renewals as a percent of the transaction mix, however, remain about two times the historical average mix, at about 56% in the second quarter.
From a profitability standpoint for the quarter, the Americas adjusted EBITDA margin increased to 22.2% from 10.8%, driven primarily by strong growth in transactional businesses as well as the benefit from cost mitigation actions taken in 2020 and an unsustainably low headcount and cost base.
Noncash evaluation increases within our JLL Technologies investments and release of a portion of the multifamily loan loss reserve contributed approximately 180 basis points to the expansion.
Asia Pacific fee revenue growth accelerated to 26% from 12% in the first quarter as activity picked up across most service lines, most notably in Capital Markets and Leasing.
Our global Work Dynamics business fee revenue growth improved to 8%, driven by sustained good growth in the Americas and EMEA starting to recover from the pandemic impact.
Fee revenue increased 10%, driven largely by advisory fee growth within its core open-end funds.
Incentive fees of $15 million were driven by strong performance in our public securities mandates.
We now anticipate full year 2021 incentive fees of approximately $45 million, with approximately $10 million coming in the third quarter.
LaSalle's assets under management grew approximately 6% from the prior quarter to $73 billion, driven by valuations and continued capital raising and investment.
LaSalle's $23 million of equity earnings primarily reflects noncash fair value increases across our co-investment portfolio, including our J-REIT.
Our balance sheet remains strong, with reported leverage of 0.6 times and liquidity of $2.9 billion inclusive of cash on hand and undrawn credit facility capacity, providing us a solid foundation to execute on our strategic priorities.
Through the end of July, we repurchased $100 million of stock year-to-date and have $500 million remaining on our authorization.
As Christian mentioned, we are now targeting to operate within an adjusted EBITDA margin range of 16% to 19% for the full year 2021.
I also reiterate the first half of 2021 included $89 million of equity earnings and $14 million of loan loss reserve releases.
We will target to run the company in the near term within the adjusted EBITDA margin range of 16% to 19%, and we will be undertaking a holistic analysis of our long-term financial targets, and we'll have more to share with you next year on this topic.

Summary:
Consolidated revenue rose 18% to $4.5 billion and fee revenue increased 41% to $1.8 billion in local currency.
Adjusted net income totaled $220.1 million for the quarter and adjusted diluted earnings per share totaled $4.20.