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 last year. The positive trend is sustained; JLL’s Global Bid Intensity Index (BII) rose further in October, solidifying the trend of investment sales bidding activity again getting more competitive following a period of uncertainty. ​

BII in October 2025 posted the second-highest monthly gain seen over the past year, with improved bidder competitiveness underpinned in part by the Federal Reserve's interest rate cuts in September and October. The bidding intensity sub-index most heavily driving the overall increase in BII is the number of bids per transaction, reflective of the greater breadth of investors actively bidding on transactions in the market. 

Property sector performance fundamentals are holding up, and asset valuations have generally held firm year-to-date in 2025 even amid market uncertainty. The rise in BII signifies that forthcoming transactions launches are expected to see improved liquidity dynamics.

Living sector bidding dynamics continue to lead the other sectors, though investors are facing slowing rent growth. Bidding competitiveness rebounded notably in the industrial & logistics sector as trade policy uncertainty lessened. Retail liquidity is deepening for additional retail asset subtypes. Office bid dynamics are on a remarkable upward path compared to all-time lows in late 2023.

The future trajectory of JLL’s BII will continue to be impacted by investors’ expectations for the macro economy, monetary and fiscal policy and geopolitical factors. Having worked through various junctures of market uncertainty over the past year, more investors are ‘risk-on’, which, coupled with the exceptionally strong debt markets is expected to lead to additional growth in capital flows. 

Living/Multi-housing: Our data shows that this sector continues to see the most competitive bidding dynamics, buoyed by near-record dry powder and housing shortages across many major markets.

Industrial & Logistics: Analysis demonstrates that the bidding competitiveness rebounded within this sector, as trade policy uncertainty lessened over the quarter.

Retail: Liquidity is broadening across more retail investment subtypes but with more assets on the market, the sector is seeing some softening in the number of bids per transaction. Consumer spending continues to exceed expectations.

Office: Our data demonstrates that bid dynamics are on a notable upward path compared to all-time lows in late 2023. Investor sentiment shows a clear improvement from trough, with growing bidder pools and greater number of lenders quoting on office loans.