The real estate market moves fast these days. What used to take years now happens in months, if not days. The investors who outperform are the ones who see what's coming next.

But most market insights tell you what already happened, not what's about to happen. Having data and knowing what it actually means for your next investment are two completely different things.

Our Global Bid Intensity Index measures direct investment market competitiveness through analysis of our proprietary bid data. The index combines three sub-indices to provide forward-looking insights on capital markets momentum globally—giving you early signals about where competition and pricing are headed.

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. 

• 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: 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.