JLL’s Global Bid Intensity Index

Bidder dynamics marked a turning point in July 2025, with bid intensity showing the first month-over-month improvement since December of 2024. October 2025 marked a recent highpoint, with activity bolstered by the Fed’s interest rate cuts. Investment bidding intensity has been relatively consistent during the latter part of 2025 and into 2026, however the lesser number of hotly-contested transactions on the market relative to previous peaks is resulting in some flattening of bidder intensity. 

The bid-ask spread of the winning bidder, one of the three sub-indices in JLL’s Global Bid Intensity Index, has generally narrowed since the second half of 2022. This evidences a greater alignment of pricing expectations across a multitude of property sectors and transactions types.

At the same time, bid-ask variability continues to fluctuate, in part given that bid fields are comprised of a more diverse composition of buyers, with core capital still less active. The number of bids per deal has shown some softening amid the significant increase in the volume of transactions on the market.

Since the impact of higher interest rates came to bear in the second half of 2022, bidding competitiveness varied significantly across property sectors. Activity has now converged to a greater extent, with individual Bid Intensity Indices across the four main property sectors within the tightest band seen in over three years.

Although more transactions are coming to market, winning bids continue to be increasingly competitive, which drove the stability of BII in 2025. More investors are again taking a ‘risk-on’ approach, which, coupled with the exceptionally strong debt markets and generally healthy economic fundamentals is expected to lead to an intensifying capital markets liquidity cycle in 2026.

Since the impact of higher interest rates came to bear in the second half of 2022, bidding competitiveness varied significantly across sectors. Activity has now converged to a greater extent, with individual Bid Intensity Indices across the four main sectors within the tightest band seen in over three years.

Living / Multi-housing: Continues to see most competitive bidding dynamics, notwithstanding more uneven rent growth across markets. Dry powder is near record levels.

Industrial & Logistics: Bidding competitiveness rebounded in the second half of 2025, notwithstanding that trade policy uncertainty persists.

Retail: Liquidity broadens across more retail investment subtypes; this, coupled with more transactions launches, led to some softening in overall bidding competitiveness. 

Office: Bidder dynamics showing clear improvement from trough in investor sentiment attributable to growing bidder pools and greater number of lenders quoting on office loans.