After months of steady decline, competition in commercial real estate bidding showed signs of stabilization in July, according to JLL’s Bid Intensity Index. The firm reported the first month-over-month improvement since December 2024, a shift suggesting that investor sentiment may be finding firmer footing despite ongoing economic and policy uncertainty.
JLL’s index, which draws exclusively from the firm’s proprietary bid data, is designed to measure market competitiveness by tracking the depth and intensity of bidding activity. The recent uptick follows a stretch that began late last year, when expectations for consistent interest rate cuts faded and financing conditions became less predictable. Additional pressure came this spring, as uncertainty surrounding U.S. trade policy weighed on investor confidence.
Even so, July’s numbers indicate resilience in certain sectors. The living segment led the market, reflecting ongoing housing shortages in major metropolitan areas and what JLL described as “near-record dry powder” that investors are eager to deploy. The index for living properties measured 104.2 in July, down slightly from 107 in January but still ahead of other asset classes.
Other property types showed more mixed results. Industrial and logistics, once one of the strongest performers, registered softening demand as supply chain disruptions and trade-related concerns slowed activity. The sector posted a bid intensity score of 98.8 in July, down from 101.8 in January. Retail activity also eased slightly, at 98.5 compared to 99.1 at the start of the year, although July’s reading remained stronger than any point between mid-2022 and early 2025.
Office properties, long under strain, continued a gradual recovery. From a low point of 88.1 in October 2023, the sector climbed to 96.7 in July 2025 as bidder pools deepened and more lenders returned to quoting office loans.
Looking ahead, JLL cautioned that bidding intensity will remain closely tied to broader economic and geopolitical trends. Investor appetite will depend on the trajectory of trade policy, macroeconomic conditions and the strength of the domestic economy. For now, JLL said more investors appear to be embracing a risk-on stance, supported by strong debt markets and continued capital inflows.
Finally, it’s important to note that the JLL Bid Intensity Index reflects only its internal proprietary data, meaning the results may not be indicative of the wider market.
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