Global Commercial Real Estate Intensity

To convey a comprehensive narrative on the competitiveness and scale of capital across investment sales and credit markets, JLL has developed a new proprietary index, the Global Credit Intensity Index. The index, distinct from the firm’s existing Global Bid Intensity Index, provides a leading view into credit market activity based on the firm’s tracking of active lenders and loan terms.

• A new liquidity cycle is firmly underway: Characterized by exceptionally competitive debt markets and a corresponding rise in investment sales activity. Our latest proprietary indices reveal a key divergence: while bidder engagement is strengthening, the credit markets have surged to record levels of competitiveness. This dynamic signals a clear opportunity for investors who can leverage the favorable financing environment.

• Global Bid Intensity Index shows buyer activity strengthen: Bidding dynamics are on a clear upward trend, driven by an increasing number of active capital sources drawn to the relative value of commercial real estate.

• Global Credit Intensity Index signals an aggressive lending environment with near-record levels: The CII reached an all-time high in April 2026, driven by an acceleration in refinancing and large loan placements. This reflects a lending market defined by deep liquidity and a strong appetite to deploy capital.

• Divergence creates opportunity: The notable divergence between the record-setting credit markets and the more measured recovery in bidder competitiveness creates a strategic window. Favorable financing is more accessible than asset competition is intense, providing an advantage for decisive acquirers.

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• A borrower’s market: The near-record number of active lenders is translating directly into favorable terms. Investors should actively evaluate refinancing existing assets to capitalize on this environment and secure advantageous long-term debt on new acquisitions.

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• ​The final hurdle in pricing: While the bid-ask spread has stabilized, its struggle to compress further highlights the market's final hurdle. Deals in sectors with clear rent growth projections are moving forward, while assets with more complex underwriting face greater scrutiny. This underscores the need for a disciplined focus on asset-level fundamentals.

JLL’s Global Bid Intensity Index conveys the competitiveness and scale of bidders on investment sales transactions, providing a forward view of market activity.

Global Bid Intensity Index is powered by the following two sub-indices:

• Bidders: the number of unique investors bidding on investment sales transactions each month
• Bid-ask spread: the winning bid vs. the asking price
   

What does the latest data indicate?
 

• Narrowing price gaps: The bid-ask spread has compressed significantly from the 2023 market trough, indicating greater alignment on pricing expectations across most sectors.
• Measured competitiveness: Despite the rise in activity, the overall competitiveness of transaction processes remains below the peak levels of 2021. This is especially true in sectors with greater underwriting variability, such as the U.S. multi-housing sector.

JLL’s Global Credit Intensity Index provides a leading view into credit market activity based on the firm’s tracking of active lenders and loan terms.

Global Credit Intensity Index encompasses the following two sub-indices:

• Quoters: the number of unique lenders quoting on loan opportunities each month
• LTV: the average winning bank loan-to-value ratio
   

What does the latest data indicate?
 

• Lender competition: The number of distinct lenders submitting quotes remains near all-time highs, ensuring a highly competitive process for borrowers.
• Increasing leverage: The average winning loan-to-value (LTV) has increased significantly since the start of the year, a direct measure of rising risk tolerance as lenders compete to win business.