Global Bid Intensity Index

JLL’s Global Bid Intensity Index is a market intelligence index that measures direct investment market competitiveness through the analysis of JLL's proprietary bid data. The index combines three sub-indices derived from exclusive bid data and provides forward-looking insights on capital markets momentum globally.

• Performance backdrop: JLL’s Global Bid Intensity Index most recently peaked during late summer 2024 as the anticipation of the Fed’s first interest rate cut broadened liquidity in the marketplace and led to more competitive bidder dynamics. Bid Intensity Index eased at the beginning of 2025 as more volatile bond markets impacted underwriting, and the uncertainty around trade policy in April contributed to further softening in Bid Intensity Index.
• Current market dynamics: Bidder dynamics now appear to be stabilizing: JLL’s Bid Intensity Index in July 2025 marked the first month-over-month improvement since December of last year, which provides an indication of market wide investment sales bidding activity again getting more competitive following a period of uncertainty.
• Sector performance divergence: Living sector bidding dynamics continue to lead the other sectors. On the other hand, supply chain uncertainty has impacted bidding intensity in industrial & logistics. Retail bidding intensity is at improved levels compared to earlier last year, attributable to strong sector fundamentals. Office bid dynamics are showing improvement, partly attributable to a greater number of lenders quoting on office loans. Property sector performance fundamentals are holding up and asset valuations have generally held firm in year-to-date 2025.
• Capital deployment trajectory: The future trajectory of JLL’s Bid Intensity Index will continue to be impacted by investors’ expectations for the macro economy, geopolitical factors, trade policy, etc. Having worked through increased market uncertainty in recent months, more investors are moving to ‘risk-on’ mode, which, coupled with the exceptionally strong debt markets is expected to lead to continued growth in capital flows.

• Living / multi-housing: Continues to see most competitive bidding dynamics, buoyed by near-record dry powder and housing shortages across many major markets.
• Industrial & logistics: Some de-coupling from Living sector amid slowdown in leasing activity in U.S. and other markets; supply chain uncertainty has impacted bid intensity.
• Retail: Bid intensity at improved levels since 2024, attributable to strong sector performance across most markets; supply and demand in balance and consumer spending relatively strong.
• 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.