Global Investor Bidding Activity Converges Across Property Sectors

According to the latest Global Bid Intensity Index from JLL, bidding competitiveness across the four main property sectors – multifamily, industrial and logistics, retail, and office – has converged to its narrowest spread in more than three years. The index, which tracks investor bidding activity using proprietary transaction data, indicates that liquidity remains strong even as the supply of assets coming to market increases. 

Despite more deals being launched, winning bids remain competitive, suggesting that investor appetite remains strong and that the market is transitioning towards more normalised conditions after several years of volatility.

Sector trends in focus

The convergence follows a period in which different sectors experienced sharply varying levels of investor interest after higher interest rates began reshaping capital markets in 2022.

• Multifamily assets remain the most competitive sector for bidders, supported by near-record levels of available capital. However, weaker rental growth,  particularly in the US, is starting to influence how investors price deals.
• Industrial and logistics properties saw bidding competition recover during the second half of 2025, even as uncertainty around global trade policy persists.
• Retail investment is broadening to include more asset subtypes, deepening liquidity, and slightly easing bidding pressure as transaction volume increases.
• Office assets are seeing improved investor engagement compared with the market low point in late 2023, as more lenders return to the sector and bidder pools expand.

According to Richard Bloxam, CEO of Capital Markets at JLL, the global economy is currently better positioned to absorb geopolitical shocks than in recent years, supported by stronger property fundamentals, clearer central bank policy and lower macroeconomic volatility.

The narrowing gap in bidding activity across sectors points to a more mature phase of the investment cycle. As investor demand becomes more evenly distributed across property types, market liquidity is expected to strengthen further in 2026, even amid potential geopolitical uncertainty.

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