JLL says credit liquidity lifts global commercial real estate bidding intensity

JLL said a rebound in global commercial real estate transactions is being supported by stronger credit market liquidity, lifting buyer demand despite macro uncertainty.

• Global Bid Intensity Index rose sharply in June, the strongest monthly improvement in a year; July logged the second-highest unique bidders.
• Credit Intensity Index stayed above prior 2021 highs; July CII measured 112 despite easing loan-to-value levels since April.
• The gap between lender competition and asset bidding peaked in May, then narrowed, signaling improved conversion of available debt into sales.
• Rising U.S. bond yields kept borrowing costs elevated, sustaining bid-ask friction, with tighter-priced sectors such as multifamily most exposed.