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.