Bidder dynamics marked a turning point in July 2025, with bid intensity showing the first month-over-month improvement since December of last year. The positive trend is sustained; JLL’s Global Bid Intensity Index (BII) rose further in October, solidifying the trend of investment sales bidding activity again getting more competitive following a period of uncertainty. ​

BII in October 2025 posted the second-highest monthly gain seen over the past year, with improved bidder competitiveness underpinned in part by the Federal Reserve's interest rate cuts in September and October. The bidding intensity sub-index most heavily driving the overall increase in BII is the number of bids per transaction, reflective of the greater breadth of investors actively bidding on transactions in the market. 

Living/Multi-housing: Our data shows that this sector continues to see the most competitive bidding dynamics, buoyed by near-record dry powder and housing shortages across many major markets.

Industrial & Logistics: Analysis demonstrates that the bidding competitiveness rebounded within this sector, as trade policy uncertainty lessened over the quarter.

Retail: Liquidity is broadening across more retail investment subtypes but with more assets on the market, the sector is seeing some softening in the number of bids per transaction. Consumer spending continues to exceed expectations.

Office: Our data demonstrates that bid dynamics are on a notable upward path compared to all-time lows in late 2023. Investor sentiment shows a clear improvement from trough, with growing bidder pools and greater number of lenders quoting on office loans.