For the third quarter of 2017, consolidated revenue was $1.9 billion and consolidated fee revenue was $1.6 billion, up 13% and 12%, respectively, over the prior-year quarter, reflecting expansion of transactional and annuity businesses. Revenue growth was generated across RES services lines, led by Property & Facility Management, up 19%, and Capital Markets & Hotels, up 13%. Geographically, the increase in RES fee revenue for the third quarter, on a local currency basis, was 53% from EMEA, 25% from Asia Pacific, and 22% from Americas. Additionally, LaSalle revenue grew 28% for the quarter, driven by incentive fees earned for performance on behalf of clients.
Property & Facility Management represented half of our consolidated third quarter 2017 RES revenue growth, led by EMEA and Asia Pacific, which generated 63% and 40%, respectively, of the consolidated business line growth on a local currency basis; near flat revenue performance in Americas partially offset the growth in EMEA and Asia Pacific. The contribution from EMEA was primarily a result of incremental revenue from our August 2016 acquisition of Integral UK Ltd. ("Integral"). The increase in Capital Markets & Hotels revenue, on a local currency basis, was primarily driven by investment sales performance in EMEA (53%) and Asia Pacific (42%). The consolidated revenue growth, on a local currency basis, in Project & Development Services was led by Asia Pacific (69%) and EMEA (29%). Consolidated revenue growth in Advisory, Consulting and Other was most notable in Americas, representing over 60% of the growth on a local currency basis. Refer to segment operating results for further discussion.
For the first nine months of 2017, consolidated revenue was $5.4 billion and consolidated fee revenue was $4.5 billion, up 18% and 17%, respectively, over 2016. We achieved year-over-year double-digit revenue growth in all three RES segments, with all RES business lines reflecting double-digit revenue growth on a consolidated basis compared to last year. Year-to-date revenue growth by business line was led by Property & Facility Management, up 36%, and Leasing, up 12%. Geographically, the increase in RES year-to-date fee revenue, on a local currency basis, was 50% from EMEA, 37% from Americas and 13% from Asia Pacific. Partially offsetting the revenue growth in our RES reporting segments was LaSalle, down 13%, due to a decline in incentive and transaction fees year-to-date.
In the third quarter of 2017, consolidated operating expenses, excluding restructuring and acquisition charges, were $1.8 billion and consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $1.5 billion, increases of 12% and 11%, respectively, as compared with 2016. For the first nine months of 2017, consolidated operating expenses were $5.2 billion and consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $4.3 billion, both an increase of 19% over 2016. The third quarter and year-to-date increases were due to revenue growth, including from recent acquisitions, as well as continued increases to investments in data, technology and people.
Restructuring and acquisition charges were $3.4 million and $18.0 million for the third quarter of 2017 and 2016, respectively. Charges in 2017 included $4.2 million of severance and other employment-related charges incurred with respect to headcount reductions or other activities considered to represent structural changes to our local, regional, and/or global business operations, partially offset by immaterial amounts for pre-acquisition due diligence and post-acquisition integration activities as well as net non-cash fair value adjustments to earn-out liabilities related to acquisitions completed in previous periods. Comparatively, charges in 2016 included (a) $4.9 million of severance and other employment-related charges, (b) $6.0 million of costs incurred for pre-acquisition due diligence and post-acquisition integration activities, (c) a $2.3 million loss on a foreign currency derivative relating to an acquisition payment, which fully offset the corresponding $2.3 million gain recognized in the second quarter and (d) a $6.5 million charge related to the write-off of an indefinite-lived intangible asset, partially offset by (e) $1.7 million of net non-cash fair value adjustments to amounts relating to net decreases to earn-out liabilities that arose from prior period acquisition activity.
Net interest expense for the third quarter of 2017 was $15.0 million, up from $12.4 million in 2016. The increase was driven by a higher effective interest rate on our debt, partially offset by a net period-over-period decrease in our average borrowings, attributable to an over $180 million year-over-year improvement in operating cash flows for the third quarter.