Bidding dynamics stabilize over previous three months, July marks first improvement of 2025
JLL (NYSE:JLL) released its Global Bid Intensity Index report, revealing the first month-over-month improvement in July 2025 since December 2024. The report indicates a stabilization in bidding dynamics and growing capital deployment in commercial real estate despite market uncertainty.
The living sector leads in bidding activity, while retail shows improved levels compared to last year. Office sector dynamics are improving with larger bidder pools and increased lender participation. Though Industrial and Logistics sectors face challenges due to supply chain uncertainty, the overall market shows resilience with stable property valuations and improving bid-ask spreads.
According to Ben Breslau, JLL's Chief Research Officer, investors are embracing higher risk tolerances and momentum is expected to pick up through 2025's second half, with early movers potentially gaining advantages in returns.
JLL (NYSE:JLL) ha pubblicato il suo rapporto Global Bid Intensity Index, mostrando a luglio 2025 il primo miglioramento mese su mese dall'ultimo aumento registrato a dicembre 2024. Il rapporto evidenzia una stabilizzazione nelle dinamiche di offerta e una crescita nella distribuzione di capitale nel settore immobiliare commerciale nonostante l'incertezza di mercato.
Il comparto residenziale guida l'attivit脿 di offerta, mentre il retail presenta livelli migliori rispetto all'anno scorso. Le dinamiche dell'ufficio stanno migliorando con pool di offerenti pi霉 ampi e una maggiore partecipazione dei finanziatori. Pur con sfide per i settori Industrial e Logistics dovute all'incertezza delle catene di approvvigionamento, il mercato nel complesso mostra resilienza con valutazioni immobiliari stabili e spread domanda-offerta in miglioramento.
Secondo Ben Breslau, Chief Research Officer di JLL, gli investitori stanno aumentando la loro tolleranza al rischio e si prevede che lo slancio crescer脿 nella seconda met脿 del 2025, con i primi operatori che potrebbero ottenere vantaggi nei rendimenti.
JLL (NYSE:JLL) public贸 su informe Global Bid Intensity Index, revelando en julio de 2025 la primera mejora mes a mes desde diciembre de 2024. El informe apunta a una estabilizaci贸n en la din谩mica de pujas y a un mayor despliegue de capital en el sector inmobiliario comercial pese a la incertidumbre del mercado.
El segmento residencial lidera la actividad de pujas, mientras que el comercio minorista muestra niveles mejorados frente al a帽o pasado. La din谩mica de oficinas est谩 mejorando con grupos de postores m谩s amplios y una mayor participaci贸n de los prestamistas. Aunque los sectores Industrial y Log铆stica afrontan retos por la incertidumbre en la cadena de suministro, el mercado en general muestra resiliencia con valoraciones de activos estables y spreads entre oferta y demanda en mejora.
厂别驳煤苍 Ben Breslau, Chief Research Officer de JLL, los inversores est谩n asumiendo mayor tolerancia al riesgo y se espera que el impulso aumente durante la segunda mitad de 2025, con quienes se muevan primero potencialmente logrando ventajas en retornos.
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JLL (NYSE:JLL) a publi茅 son rapport Global Bid Intensity Index, r茅v茅lant pour juillet 2025 la premi猫re am茅lioration mois par mois depuis d茅cembre 2024. Le rapport indique une stabilisation des dynamiques d'ench猫res et un d茅ploiement de capitaux en hausse dans l'immobilier commercial malgr茅 l'incertitude du march茅.
Le secteur r茅sidentiel (living) m猫ne l'activit茅 d'ench猫res, tandis que le commerce de d茅tail affiche des niveaux sup茅rieurs 脿 ceux de l'an pass茅. La dynamique des bureaux s'am茅liore avec des bassins d'ench茅risseurs plus larges et une participation accrue des pr锚teurs. Bien que les secteurs industriel et logistique fassent face 脿 des difficult茅s li茅es 脿 l'incertitude des cha卯nes d'approvisionnement, le march茅 dans son ensemble montre une r茅silience avec des valorisations immobili猫res stables et un resserrement des 茅carts entre offre et demande.
Selon Ben Breslau, Chief Research Officer de JLL, les investisseurs adoptent une plus grande tol茅rance au risque et la dynamique devrait s'acc茅l茅rer au second semestre 2025, les acteurs pr茅coces pouvant obtenir des avantages en termes de rendement.
JLL (NYSE:JLL) ver枚ffentlichte seinen Global Bid Intensity Index und meldet f眉r Juli 2025 die erste monatliche Verbesserung seit Dezember 2024. Der Bericht weist auf eine Stabilisierung der Gebotsdynamik und eine wachsende Kapitalallokation in Gewerbeimmobilien trotz Marktunsicherheit hin.
Der Wohnbereich f眉hrt die Gebotsaktivit盲t an, w盲hrend der Einzelhandel im Vergleich zum Vorjahr verbesserte Niveaus zeigt. Die B眉rodynamik verbessert sich mit gr枚脽eren Bieterpools und zunehmender Kreditgeberbeteiligung. Obwohl die Bereiche Industrie und Logistik wegen Unsicherheiten in der Lieferkette vor Herausforderungen stehen, zeigt der Gesamtmarkt Widerstandskraft mit stabilen Immobilienbewertungen und sich verbessernden Bid-Ask-Spreads.
Nach Aussage von Ben Breslau, Chief Research Officer von JLL, erh枚hen Investoren ihre Risikotoleranz, und es wird erwartet, dass die Dynamik in der zweiten H盲lfte des Jahres 2025 zunimmt; Fr眉hentscheider k枚nnten dabei Renditevorteile erzielen.
- First month-over-month improvement in Global Bid Intensity Index since December 2024
- Living sector maintains elevated bidding levels, leading major property sectors globally
- Retail sector showing improved bid intensity compared to last year
- Office sector experiencing growing bidder pools and increased lender participation
- Property valuations have generally held firm in year-to-date 2025
- Industrial and Logistics sectors impacted by supply chain uncertainty
- Recovery expected to be gradual after early 2025 moderation
- Market faces continued trade and geopolitical tensions
Insights
JLL's Bid Intensity Index shows first improvement since December, signaling stabilizing CRE investment activity despite ongoing market uncertainties.
JLL's latest Global Bid Intensity Index results reveal a significant turning point in commercial real estate investment dynamics. The July 2025 data marks the first month-over-month improvement since December, following a period of volatility in bond markets and trade policy uncertainty. This stabilization indicates a crucial shift in market momentum that typically precedes increased transaction volumes.
The living sector continues to lead all major property sectors globally with elevated bidding dynamics, while retail shows improvement driven by strong fundamentals. Perhaps most noteworthy is the improvement in office bid dynamics, characterized by growing bidder pools and increased lender activity in office loans 鈥� a potential early indicator of recovery in this challenged sector.
What's particularly telling is the narrowing bid-ask spreads across multiple sectors, suggesting buyers and sellers are finding more common ground on valuations. This convergence typically precedes increased transaction velocity. The industrial and logistics sector, while historically a strong performer, is experiencing some impact from supply chain uncertainties related to trade tensions.
Institutional capital appears to be adapting to persistent uncertainty rather than waiting for perfect conditions. This "uncertainty as the new normal" mentality, combined with exceptionally strong debt markets, suggests commercial real estate investment volumes could accelerate through year-end 2025 and into 2026. Early movers deploying capital in this transitional phase may capture enhanced returns before the cycle fully matures and competition intensifies further.
JLL's Global Bid Intensity Index, a leading indicator for transaction volumes, finds investors continue to deploy capital through market uncertainty
Powered by three sub-indices, JLL's Global Bid Intensity Index analyzes proprietary bid data across investment sales transactions to identify areas of acceleration or deceleration ahead of third-party data providers. In July 2025, JLL's Global Bid Intensity Index marked the first month-over-month improvement since December of last year, signalling a market-wide indication of more competitive bidder dynamics, following a period of more volatile bond markets and trade policy uncertainty.
"With no shortage of liquidity, institutional investors are returning to the market with more capital sources and a renewed appetite for real estate," said Ben Breslau, Chief Research Officer at JLL. "While further recovery is expected to be gradual after moderating earlier this year, borrowing costs and real estate values in most markets have stabilized, so we expect momentum to pick up through the second half of the year."
Despite increased market uncertainty brought on by tariff announcements, bid-ask spreads are improving toward healthy levels across multiple sectors.听This is most evident in the living sector, where bidding dynamics remain at elevated levels and lead major property sectors globally. Retail bid intensity is at improved levels compared to earlier last year, driven by the sector's strong fundamentals. While supply chain uncertainty has impacted bidding intensity in Industrial and Logistics, Office bid dynamics are showing improvement, driven by growing bidder pools and greater number of lenders quoting on office loans.
With investors gradually accepting uncertainty as the new normal, amid sustained trade and geopolitical tensions, Breslau says this is leading some to embrace higher risk tolerances. "The attractiveness of CRE investments as a long-term store of value remains intact. As more investors move to a 'risk-on' mode, coupled with the exceptionally strong debt markets, we expect this will lead to continued growth in capital flows."
While investors remain focused on the potential economic impact of changing trade policies and geopolitical pressures, real estate capital markets are proving very resilient. As capital continues to invest through market uncertainty and favor growth-oriented sectors, there will be plenty of opportunities over the remainder of 2025. With some more tempering to the pace of acceleration of the real estate cycle than anticipated in the first half of the year, investors deploying capital through 2025 and into 2026 will likely see an early mover advantage in terms of returns鈥攁n advantage that will diminish as the cycle matures.
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庐 company with annual revenue of
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