JLL Reports Narrowest Bid Spread in Over Three Years Across Sectors
JLL’s Global Bid Intensity Index shows that bidding competitiveness across multi-family, industrial & logistics, retail and office sectors converged to its narrowest spread in over three years as transaction volumes rise. Winning bids remained fiercely competitive through late 2025 and early 2026, signaling normalized capital markets conditions.
1. Convergence of Bidding Competitiveness
The Global Bid Intensity Index indicates that bidding intensity across the four main property sectors narrowed to its tightest band in over three years, reflecting steady competition despite an increase in available transactions. Following a third-highest monthly gain in October driven by Fed rate cuts, bid intensity stabilized through late 2025 into 2026.
2. Sector Dynamics
Multi-family assets maintained the most competitive bidding, supported by near-record dry powder, while rent growth pressures in the U.S. impacted underwriting. Industrial & logistics competitiveness rebounded in the second half of 2025 amid trade uncertainty, retail saw deepening liquidity softening bid intensity, and office attracted more bidders and lenders improving dynamics from the 2023 lows.
3. Outlook and Implications for JLL
With a balanced supply-demand environment and settled interest rate policy, capital markets liquidity is poised for an intensifying cycle in 2026, offering JLL opportunities to leverage its advisory and transaction services. While geopolitical risks persist, robust property fundamentals and reduced macro volatility underpin investor confidence in pursuing diversified deals.