JLL’s latest Global Bid Intensity Index shows that buyer pools are expanding significantly, with July recording the second-highest count of unique bidders in the index’s history. This influx of capital is being supported by a remarkably resilient credit market. Although lender competition has moderated slightly from its peak in April, the Credit Intensity Index remains well above 2021 records, confirming that capital providers continue to compete more aggressively for deals than the buyers themselves.

Richard Bloxam, CEO of Capital Markets at JLL, describes this phase as a pivotal transition. The narrowing spread between lender competition and buyer activity suggests that the market is finding a clearer sense of equilibrium. As confidence returns to the equity side, large-scale transactions are becoming more frequent, driven by the relative value proposition of commercial real estate.

Despite the positive indicators, macro pressures remain a hurdle. Rising bond yields in the U.S. continue to complicate the bid-ask spread, forcing investors to weigh the availability of capital against the reality of higher borrowing costs. Trey Morsbach, Head of US Debt Advisory at JLL, notes that while these yields remain a primary concern, the deep pool of active lenders provides enough optionality to help the market align on pricing. The coming months will determine whether this buyer conviction is robust enough to overcome persistent interest rate sensitivities, particularly in tightly priced segments like multi-housing.