JLL Indices Signal Commercial Real Estate Liquidity Cycle Revival
Event summary
- JLL launched Global Credit Intensity and Global Bid Intensity Indices in June 2026, tracking $9 trillion in investment sales bids and loan quotes.
- Global credit competition hit record highs in April 2026, with near-record lender participation and rising loan-to-value (LTV) ratios.
- Investment sales competitiveness improved over the past year, with expanding bidding pools but pricing still lagging 2021 peaks.
- Bid-ask spreads stabilized since 2023, indicating pricing alignment in global property markets.
The big picture
JLL's new indices highlight a turning point in commercial real estate liquidity, with debt markets acting as a catalyst for recovery. The divergence between credit and investment sales competitiveness suggests a multi-phase market rebound, where refinancing optionality is fueling early-stage transaction activity. With $9 trillion in tracked data, these indices provide forward-looking signals for a sector navigating macroeconomic uncertainty.
What we're watching
- Credit Market Momentum
- Whether the surge in refinancing activity will sustain competitive lender appetite through 2026.
- Investment Sales Recovery
- The pace at which bidding competitiveness closes the gap to 2021 peak levels.
- Sector Divergence
- How long credit market strength will outpace investment sales activity before broader market alignment.
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