JLL’s Global Bid Intensity Index, which provides forward-looking data on capital markets momentum globally, registered a month-over-month improvement in July, the first since last December. The latest index signals a market-wide indication of more competitive bidder dynamics, following a period of more volatile bond markets and trade policy uncertainty in the first half of 2025.
“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.”
Amid gradual acceptance of uncertainty as the new normal, some investors are indicating higher risk tolerances. “The attractiveness of CRE investments as a long-term store of value remains intact,” said Breslau. “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.”
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