Bidder competitiveness strengthened across multiple asset classes in October, extending the upward momentum that began in July and marked the first meaningful improvement of 2025, according to JLL’s Global Bid Intensity Index.
The index, which tracks the number and aggressiveness of investors bidding on assets, provides a real-time view of liquidity and an early signal of future capital flows. October delivered the second-strongest monthly gain in bid activity over the past year as investor competitiveness continued to improve, supported in part by the Federal Reserve’s interest rate cuts in September and October, JLL said.
“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 of Capital Markets at JLL.
“We expect business confidence will continue to improve and pave the way for continued capital flow growth into 2026.”
Bidding activity remains strongest in the living and multi-housing sector, driven by near-record dry powder and persistent supply shortages across major markets. Competitiveness also rebounded in the industrial and logistics industry as trade policy uncertainty eased. Retail liquidity is deepening across additional asset subtypes. While a rise in transaction launches led to some softening in competitiveness, consumer and retail spending continue to exceed expectations, according to JLL.
In the office sector, bid dynamics have shown a notable recovery from the all-time lows of late 2023. Investment sentiment has improved, with bidder pools expanding and lenders showing increased participation, the report noted.
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