Global bidding activity improves as commercial real estate investment cycle gains momentum

Rhea-AI Summary

JLL (NYSE: JLL) reported that its Global Bid Intensity Index rose in October, marking the second-highest monthly gain over the past year and indicating improving bidder competitiveness and liquidity across private real estate markets.

JLL said momentum began after a July turning point, was supported by Federal Reserve interest rate cuts in September and October, and is expected to help capital flow growth into 2026. Living / Multi-Housing leads bidding activity; Industrial, Logistics and Retail competitiveness also rebounded, while Office bid dynamics have improved from 2023 lows.

Positive

• Global Bid Intensity Index rose in October (second-highest monthly gain in past year)
• Momentum continued after a July turning point in 2025
• Living / Multi-Housing leads bidding activity with strongest competitiveness
• Industrial and Logistics competitiveness rebounded as trade policy uncertainty eased
• Office bid dynamics improving from all-time lows in late 2023

Negative

• Persistent market uncertainty may continue to impact investor decision-making
• More transaction launches caused some softening in bidding competitiveness
• Improving bidder pools still face ongoing uncertainty despite rate cuts

Insights

Real Estate Capital Markets Strategist

JLL's index shows strengthening bidding and rising capital deployment, signaling a cautiously positive outlook for private real estate into 2026.

JLL's proprietary Global Bid Intensity Index recorded a notable uplift in October, marking continued improvement in bidder competitiveness after a turning point in July. This metric functions as a leading indicator for capital flows; rising competitiveness implies larger bidder pools and tighter competition, particularly in Living / Multi-Housing, Industrial and Logistics, and selected Retail subtypes.

Key dependencies and risks include ongoing macro uncertainty and the extent to which interest rate policy remains supportive; the release explicitly links improved dynamics to the Federal Reserve's interest rate cuts in September and October. Office market dynamics remain recovery‑oriented from prior lows, but the statement confines its claims to observed bid activity and lender participation rather than valuation moves.

Items to watch: persistence of the Index's gains into 2026, actual transaction volumes and lender activity versus bidding intensity, and whether sector-specific liquidity (notably multi-housing and industrial) translates into completed deals. Near-term horizon: monitor monthly Index updates and third‑quarter to fourth‑quarter transaction data over the next 3–12 months for confirmation of sustained capital flow growth.

JLL's Global Bid Intensity Index rose in October, signaling continued capital flow growth and increased market competition in the coming months

CHICAGO, Nov. 25, 2025 /PRNewswire/ -- Bidder competitiveness has continued to improve globally, suggesting growth in capital flows, across several asset classes, following a period of uncertainty. This is according to JLL's (NYSE: JLL) proprietary Global Bid Intensity Index, a leading indicator for future capital flows that offers a real-time view on improving liquidity and competitiveness across global private real estate capital markets.

After bidder dynamics marked a turning point in July, the first improvement in 2025, momentum has continued to pick up. October posted the second-highest monthly gain over the past year in bidder dynamics, as competitiveness continues to improve—underpinned in part by the Federal Reserve's interest rate cuts in September and October.

"As capital deployment accelerated during the third quarter, institutional investors are signaling increased confidence in the market, even as uncertainty persists," said Richard Bloxam, CEO, Capital Markets, JLL. "We expect business confidence will continue to improve and pave the way for continued capital flow growth into 2026."

The Living / Multi-Housing sector continues to lead bidding activity and sees the most competitive dynamics among property sectors, buoyed by near-record dry powder and housing shortages across many major markets. Bidding competitiveness also rebounded in Industrial and Logistics as trade policy uncertainty lessened, and Retail liquidity is deepening for additional retail asset subtypes. While more transaction launches led to some softening in bidding competitiveness, consumer and retail spending continues to exceed expectations.

For the Office sector, bid dynamics are on a remarkable upward path compared to all-time lows in late 2023. Investment sentiment shows a clear improvement from trough, with growing bidder pools and increased lender participation.

"Property sector performance fundamentals are holding up and asset valuations have generally held firm so far in 2025," said Bloxam. "While market uncertainty will continue to impact decision-making, the growth picture is looking more positive for 2026. Having worked through various junctures of uncertainty over the past year, more investors are showing a higher tolerance for risk. Coupled with the exceptionally strong debt markets, we expect this will catalyze continued improvement in liquidity."

For more news, videos and research resources on JLL, please visit JLL's newsroom.

About Global Bid Intensity Index
The Global Bid Intensity Index measures direct investment market competitiveness through analysis of JLL's proprietary bid data. The index combines three sub-indices to provide forward-looking insights on private real estate capital markets momentum globally, providing investors early signals into where competition and pricing are headed, ahead of third-party data providers.

About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Contact: Jesse Tron
Phone: +1 212 376 1216
Email: Jesse.Tron@jll.com

 

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SOURCE JLL

FAQ

What did JLL say about its Global Bid Intensity Index for October 2025 (JLL)?

JLL reported the index rose in October 2025, recording the second-highest monthly gain over the past year.

How did Federal Reserve rate cuts affect JLL's bidding competitiveness outlook (JLL)?

JLL said September and October rate cuts helped underpin improved bidder competitiveness and liquidity.

Which property sector led bidding activity in JLL's November 25, 2025 release (JLL)?

Living / Multi-Housing led bidding activity and showed the most competitive dynamics.

What did JLL report about Office sector bid dynamics as of November 25, 2025 (JLL)?

JLL said Office bid dynamics are on a strong upward path compared with all-time lows in late 2023.

Will JLL expect capital flows to improve into 2026 after the October 2025 index rise (JLL)?

JLL expects business confidence to continue improving and to pave the way for continued capital flow growth into 2026.