JLL&#39;s Global Bid Intensity Index and Credit Intensity Index reveal rising investor demand and large-deal conviction as liquidity continues to build Key TakeawaysBidding activity accelerates: Buyer interest is

JLL&#39;s Global Bid Intensity Index and Credit Intensity Index reveal rising investor demand and large-deal conviction as liquidity continues to build Key Takeaways<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Bidding activity accelerates: Buyer interest is growing, with bidding activity achieving its strongest monthly improvement in a year, and July recording the second-highest count of unique bidders in index history.</li><li xmlns="http://www.w3.org/1999/xhtml">Lenders remain aggressive: Competition among credit providers remains well above previous (2021) record highs.</li><li xmlns="http://www.w3.org/1999/xhtml">Debt and equity markets realign: The spread between lender competition and property bidding, which reached a peak divergence in May, is narrowing—signaling healthier transaction environments globally.</li></ul>CHICAGO, Aug. 25, 2026 /PRNewswire/ -- A powerful surge in credit market liquidity is reviving global commercial real estate transactions. Investor bidding is rising, even amid macro uncertainty, drawn by the strong relative value proposition of commercial real estate—with conviction increasingly evident in larger transaction sizes.This momentum is highlighted by <a xmlns="http://www.w3.org/1999/xhtml" href="https://edge.prnewswire.com/c/link/?t=0&amp;l=en&amp;o=4758690-1&amp;h=4132837579&amp;u=https%3A%2F%2Fwww.jll.com%2Fen-us%2Finsights%2Fglobal-bid-intensity-index&amp;a=JLL%27s+latest+Global+Bid+Intensity+Index+(BII)" target="_blank" rel="nofollow">JLL&#39;s latest Global Bid Intensity Index (BII)</a>, which is now sitting well above levels from one year ago. June marked the sharpest monthly index improvement in a year, while July recorded the second-highest number of unique bidders since index inception, demonstrating expanding buyer pools.At the same time, credit market appetite remains exceptionally strong and is one of the factors propelling the transactions market. Though average winning loan-to-value (LTV) rates and distinct lender volumes have moderated since April, the <a xmlns="http://www.w3.org/1999/xhtml" href="https://edge.prnewswire.com/c/link/?t=0&amp;l=en&amp;o=4758690-1&amp;h=950176758&amp;u=https%3A%2F%2Fwww.jll.com%2Fen-us%2Finsights%2Fglobal-bid-intensity-index&amp;a=Credit+Intensity+Index+(CII)" target="_blank" rel="nofollow">Credit Intensity Index (CII)</a> remains materially above previous 2021 record highs, signaling that lenders are still competing harder than buyers. The gap between bid and credit intensity peaked in May and is now compressing, pointing to healthier functioning across the commercial real estate capital markets globally.<div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder7596"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mmx.prnewswire.com/media/MS1975236/JLL-image.jpg?id=OA2909938" title="JLL Research, 2026" alt="JLL Research, 2026"></img></div>&#34;Liquidity is back—and building,&#34; said Richard Bloxam, CEO, Capital Markets, JLL. &#34;The exceptional strength we have seen in credit markets over the past year is now directly propelling transaction activity. As lender confidence spreads into the equity market, buyers are stepping up with clear intent, particularly on larger deals. Looking ahead, the compressing gap between credit intensity and asset bidding marks a pivotal transition toward a more normalized transaction environment through the second half of the year.&#34;While capital depth is expanding and the weight of active bidders continues to rise notably, macro headwinds persist. A recent run-up in bond yields, particularly in the U.S., continues to weigh on bid-ask spreads. In the months ahead, investors will be watching whether the depth of capital outweighs ongoing borrowing cost pressures, especially in tightly priced sectors such as multi-housing.&#34;Credit liquidity has built a remarkably strong foundation for commercial real estate over the past two years, with continued robust lender appetite and improving investment sales activity,&#34; said Trey Morsbach, Head of US Debt Advisory, Capital Markets, JLL. &#34;While elevated bond yields keep borrowing costs top of mind, the expanding pool of active lenders is offering optionality. That competitive credit environment, combined with growing bidder depth, is helping the market align on pricing.&#34;FAQs1) Question: What do the JLL Global Credit Intensity Index (CII) and Global Bid Intensity Index (BII) measure?Answer: The Global Credit Intensity Index measures debt market intensity through the number of unique lenders quoting on loan opportunities and the average winning loan-to-value (LTV) ratio. The Global Bid Intensity Index measures investment sales competitiveness through the number of unique bidders on a transaction and the spread between winning bids and asking prices. Together, these indices create a comprehensive liquidity monitoring system and provide unmatched early signals ahead of the rest of the market.2) Question: What is driving the recent surge in global commercial real estate asset bidding?Answer: Investor demand is rising due to commercial real estate&#39;s attractive relative value and strong support from debt markets. June logged the largest monthly bidding gain in a year, followed by July recording near-record buyer participation.3) Question: How are commercial real estate credit markets performing?Answer: Credit markets remain highly active, with JLL&#39;s Credit Intensity Index registering at 112 in July. Although lender competition eased slightly from April, lenders continue to compete harder for transactions than asset buyers.4) Question: Why does a closing gap between credit and bidding activity matter? Answer: The shrinking gap between credit intensity and bidding intensity signals that available loans are successfully turning into sales. This alignment points to a healthier and more predictable transaction environment.5) Question: What key factors could influence real estate asset transactions in the months ahead? Answer: Elevated bond yields, particularly in the U.S., are pushing borrowing costs higher and pressing bid-ask spreads. Investors are watching whether deep buyer interest will outweigh borrowing cost pressures in tightly priced sectors.For more news, videos and research resources on JLL, please visit JLL&#39;s <a xmlns="http://www.w3.org/1999/xhtml" href="https://edge.prnewswire.com/c/link/?t=0&amp;l=en&amp;o=4758690-1&amp;h=3642101156&amp;u=https%3A%2F%2Fwww.us.jll.com%2Fen%2Fnewsroom&amp;a=newsroom" target="_blank" rel="nofollow">newsroom</a>.About JLL JLL (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JLL">JLL</a>) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500&#xAE; company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit <a xmlns="http://www.w3.org/1999/xhtml" href="https://edge.prnewswire.com/c/link/?t=0&amp;l=en&amp;o=4758690-1&amp;h=3217298283&amp;u=https%3A%2F%2Fwww.jll.com%2Fen-us%2F&amp;a=jll.com" target="_blank" rel="nofollow">jll.com</a>.Contact: Jesse Tron Phone: +1 212 376 1216 Email: <a xmlns="http://www.w3.org/1999/xhtml" href="mailto:Jesse.Tron@jll.com" target="_blank" rel="nofollow">Jesse.Tron@jll.com</a> <div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder4261"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mmx.prnewswire.com/media/MS251102/JLL-LOGO.jpg?id=OA2908316" title="" alt=""></img></div>
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<img xmlns="http://www.w3.org/1999/xhtml" title="Cision" width="12" height="12" alt="Cision" src="https://edge.prnewswire.com/c/img/favicon.png?sn=CL32766&amp;sd=2026-08-25"></img> View original content to download multimedia:<a xmlns="http://www.w3.org/1999/xhtml" id="PRNURL" rel="nofollow" href="https://www.prnewswire.com/news-releases/robust-credit-market-liquidity-powers-increasingly-competitive-transactions-market-302859462.html" target="_blank">https://www.prnewswire.com/news-releases/robust-credit-market-liquidity-powers-increasingly-competitive-transactions-market-302859462.html</a>SOURCE JLL

Robust credit market liquidity powers increasingly competitive transactions market

JLL Bid and Credit Intensity Indices Signal Improving Global CRE Liquidity

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 JLL&amp;#39;s Global Bid Intensity Index and Credit Intensity Index reveal rising investor demand and large-deal conviction as liquidity continues to build Key TakeawaysBidding activity accelerates: Buyer interest is
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 JLL&#039;s Global Bid Intensity Index (BII) and Credit Intensity Index (CII) show rising investor demand and large-deal conviction as liquidity rebuilds. June posted the strongest monthly BII gain and July logged near-record buyer participation, while the credit market remains aggressive; the gap between bidding and lending power is narrowing, signaling a healthier CRE transaction environment and potential revenue upside for JLL.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>Bidding activity accelerates. June marked strongest monthly gain; July near-record bidder participation.</li><li>Lenders remain aggressive. Credit providers compete well above 2021 highs.</li><li>Debt and equity markets realign. Gap between bid and credit intensity narrows from May peak.</li><li>Liquidity back and building. Strong credit appetite supports ongoing CRE transactions and larger deals.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>JLL (JLL): JLL&#039;s indices show rising liquidity and larger-deal conviction, implying stronger near-term market activity and advisory demand.</li><li>LaSalle Investment Management (N/A): As JLL&#039;s asset-management arm, LaSalle could benefit from higher CRE deal flow and related fee income.</li></ul>
 </section>

 <section data-block="category">
 <h3>Industry News</h3>
 Industry News: The release highlights liquidity dynamics in CRE capital markets and their potential impact on JLL&#039;s services, particularly debt advisory and investment sales, aligning with broader industry liquidity trends.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>June BII strength marked the strongest monthly gain in a year.</li><li>July unique bidders near the index inception high, widening buyer pools.</li><li>CII stood at 112 in July, with lender competition well above 2021 highs.</li><li>The gap between BII and CII compresses, signaling healthier market dynamics.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>June marked the strongest monthly improvement in BII for a year.</li><li>July recorded the second-highest number of unique bidders since index inception.</li><li>Credit Intensity Index (CII) was 112 in July.</li><li>The divergence between bid and credit intensity peaked in May and is narrowing.</li><li>Lender competition remains well above 2021 record highs.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 Bullish for JLL over 3–6 months as CRE liquidity supports higher deal activity and advisory revenue.
 </section>
</section>


JLL&#39;s Global Bid Intensity Index and Credit Intensity Index reveal rising investor demand and large-deal conviction as liquidity continues to build Key Takeaways<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Bidding activity accelerates: Buyer interest is growing, with bidding activity achieving its strongest monthly improvement in a year, and July recording the second-highest count of unique bidders in index history.</li><li xmlns="http://www.w3.org/1999/xhtml">Lenders remain aggressive: Competition among credit providers remains well above previous (2021) record highs.</li><li xmlns="http://www.w3.org/1999/xhtml">Debt and equity markets realign: The spread between lender competition and property bidding, which reached a peak divergence in May, is narrowing—signaling healthier transaction environments globally.</li></ul>CHICAGO, Aug. 25, 2026 /PRNewswire/ -- A powerful surge in credit market liquidity is reviving global commercial real estate transactions. Investor bidding is rising, even amid macro uncertainty, drawn by the strong relative value proposition of commercial real estate—with conviction increasingly evident in larger transaction sizes.This momentum is highlighted by <a xmlns="http://www.w3.org/1999/xhtml" href="https://edge.prnewswire.com/c/link/?t=0&amp;l=en&amp;o=4758690-1&amp;h=4132837579&amp;u=https%3A%2F%2Fwww.jll.com%2Fen-us%2Finsights%2Fglobal-bid-intensity-index&amp;a=JLL%27s+latest+Global+Bid+Intensity+Index+(BII)" target="_blank" rel="nofollow">JLL&#39;s latest Global Bid Intensity Index (BII)</a>, which is now sitting well above levels from one year ago. June marked the sharpest monthly index improvement in a year, while July recorded the second-highest number of unique bidders since index inception, demonstrating expanding buyer pools.At the same time, credit market appetite remains exceptionally strong and is one of the factors propelling the transactions market. Though average winning loan-to-value (LTV) rates and distinct lender volumes have moderated since April, the <a xmlns="http://www.w3.org/1999/xhtml" href="https://edge.prnewswire.com/c/link/?t=0&amp;l=en&amp;o=4758690-1&amp;h=950176758&amp;u=https%3A%2F%2Fwww.jll.com%2Fen-us%2Finsights%2Fglobal-bid-intensity-index&amp;a=Credit+Intensity+Index+(CII)" target="_blank" rel="nofollow">Credit Intensity Index (CII)</a> remains materially above previous 2021 record highs, signaling that lenders are still competing harder than buyers. The gap between bid and credit intensity peaked in May and is now compressing, pointing to healthier functioning across the commercial real estate capital markets globally.<div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder7596"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mmx.prnewswire.com/media/MS1975236/JLL-image.jpg?id=OA2909938" title="JLL Research, 2026" alt="JLL Research, 2026"></img></div>&#34;Liquidity is back—and building,&#34; said Richard Bloxam, CEO, Capital Markets, JLL. &#34;The exceptional strength we have seen in credit markets over the past year is now directly propelling transaction activity. As lender confidence spreads into the equity market, buyers are stepping up with clear intent, particularly on larger deals. Looking ahead, the compressing gap between credit intensity and asset bidding marks a pivotal transition toward a more normalized transaction environment through the second half of the year.&#34;While capital depth is expanding and the weight of active bidders continues to rise notably, macro headwinds persist. A recent run-up in bond yields, particularly in the U.S., continues to weigh on bid-ask spreads. In the months ahead, investors will be watching whether the depth of capital outweighs ongoing borrowing cost pressures, especially in tightly priced sectors such as multi-housing.&#34;Credit liquidity has built a remarkably strong foundation for commercial real estate over the past two years, with continued robust lender appetite and improving investment sales activity,&#34; said Trey Morsbach, Head of US Debt Advisory, Capital Markets, JLL. &#34;While elevated bond yields keep borrowing costs top of mind, the expanding pool of active lenders is offering optionality. That competitive credit environment, combined with growing bidder depth, is helping the market align on pricing.&#34;FAQs1) Question: What do the JLL Global Credit Intensity Index (CII) and Global Bid Intensity Index (BII) measure?Answer: The Global Credit Intensity Index measures debt market intensity through the number of unique lenders quoting on loan opportunities and the average winning loan-to-value (LTV) ratio. The Global Bid Intensity Index measures investment sales competitiveness through the number of unique bidders on a transaction and the spread between winning bids and asking prices. Together, these indices create a comprehensive liquidity monitoring system and provide unmatched early signals ahead of the rest of the market.2) Question: What is driving the recent surge in global commercial real estate asset bidding?Answer: Investor demand is rising due to commercial real estate&#39;s attractive relative value and strong support from debt markets. June logged the largest monthly bidding gain in a year, followed by July recording near-record buyer participation.3) Question: How are commercial real estate credit markets performing?Answer: Credit markets remain highly active, with JLL&#39;s Credit Intensity Index registering at 112 in July. Although lender competition eased slightly from April, lenders continue to compete harder for transactions than asset buyers.4) Question: Why does a closing gap between credit and bidding activity matter? Answer: The shrinking gap between credit intensity and bidding intensity signals that available loans are successfully turning into sales. This alignment points to a healthier and more predictable transaction environment.5) Question: What key factors could influence real estate asset transactions in the months ahead? Answer: Elevated bond yields, particularly in the U.S., are pushing borrowing costs higher and pressing bid-ask spreads. Investors are watching whether deep buyer interest will outweigh borrowing cost pressures in tightly priced sectors.For more news, videos and research resources on JLL, please visit JLL&#39;s <a xmlns="http://www.w3.org/1999/xhtml" href="https://edge.prnewswire.com/c/link/?t=0&amp;l=en&amp;o=4758690-1&amp;h=3642101156&amp;u=https%3A%2F%2Fwww.us.jll.com%2Fen%2Fnewsroom&amp;a=newsroom" target="_blank" rel="nofollow">newsroom</a>.About JLL JLL (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JLL">JLL</a>) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500&#xAE; company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit <a xmlns="http://www.w3.org/1999/xhtml" href="https://edge.prnewswire.com/c/link/?t=0&amp;l=en&amp;o=4758690-1&amp;h=3217298283&amp;u=https%3A%2F%2Fwww.jll.com%2Fen-us%2F&amp;a=jll.com" target="_blank" rel="nofollow">jll.com</a>.Contact: Jesse Tron Phone: +1 212 376 1216 Email: <a xmlns="http://www.w3.org/1999/xhtml" href="mailto:Jesse.Tron@jll.com" target="_blank" rel="nofollow">Jesse.Tron@jll.com</a> <div xmlns="http://www.w3.org/1999/xhtml" class="PRN_ImbeddedAssetReference" id="DivAssetPlaceHolder4261"><img xmlns="http://www.w3.org/1999/xhtml" src="https://mmx.prnewswire.com/media/MS251102/JLL-LOGO.jpg?id=OA2908316" title="" alt=""></img></div>
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<img xmlns="http://www.w3.org/1999/xhtml" title="Cision" width="12" height="12" alt="Cision" src="https://edge.prnewswire.com/c/img/favicon.png?sn=CL32766&amp;sd=2026-08-25"></img> View original content to download multimedia:<a xmlns="http://www.w3.org/1999/xhtml" id="PRNURL" rel="nofollow" href="https://www.prnewswire.com/news-releases/robust-credit-market-liquidity-powers-increasingly-competitive-transactions-market-302859462.html" target="_blank">https://www.prnewswire.com/news-releases/robust-credit-market-liquidity-powers-increasingly-competitive-transactions-market-302859462.html</a>SOURCE JLL

JLL's Global Bid Intensity Index (BII) and Credit Intensity Index (CII) show rising investor demand and large-deal conviction as liquidity rebuilds. June posted the strongest monthly BII gain and July logged near-record buyer participation, while the credit market remains aggressive; the gap between bidding and lending power is narrowing, signaling a healthier CRE transaction environment and potential revenue upside for JLL.

News insight

Robust credit market liquidity powers increasingly competitive transactions market

AI summary

Sentiment rationale

Key facts

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