Global CRE Bidding Competition Levels Out Across Property Types

JLL’s latest bid intensity data points to steady investor demand and improving liquidity heading into 2026.

Nina Dale
March 12, 2026

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Good morning. Investor appetite for CRE remains strong. Even as more deals come to market, bidding competition across property sectors is tightening—pointing to a more balanced market in 2026.

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CRE Trivia 🧠

Which NFL stadium cost roughly $5B to build, making it one of the most expensive sports venues ever constructed?

(Answer at the bottom of the newsletter)

Market Snapshot

S&P 500

GSPC

6,775.80

Pct Chg:
-0.084%

FTSE NAREIT

FNER

804.77

Pct Chg:
-1.03%

10Y Treasury

TNX

4.226%

Pct Chg:
+0.09

SOFR

30-DAY AVERAGE

3.67%

Pct Chg:
-0.00

*Data as of 3/11/2026 market close.

Bidding Balance

Global CRE Bidding Competition Levels Out Across Property Types

Investor competition for CRE deals is stabilizing as bidding activity across major sectors converges to its tightest spread in more than three years.

A more balanced market: JLL’s Global Bid Intensity Index shows buyer demand remains strong despite more properties hitting the market, with competitive bids keeping investment activity steady into 2026. The index uses JLL’s proprietary bidding data to signal liquidity and future capital flows in private real estate markets.

Momentum after rate cuts: Investment activity surged in October after Fed rate cuts—the third-largest monthly gain of the past year—and has remained steady since, though fewer highly contested deals have slightly eased bidding intensity from the previous quarter.

Macro backdrop supports confidence: According to JLL Capital Markets CEO Richard Bloxam, investors remain active despite geopolitical uncertainty, including the Middle East conflict, supported by strong property fundamentals, clearer central bank policy and lower macroeconomic volatility.

Sector dynamics converging: After diverging since interest rates rose in 2022, bidding competitiveness across multifamily, industrial, retail and office is narrowing, signaling a more normalized market and broader investor appetite.

Sector snapshot:

Multifamily: Still attracts the most competitive bidding, fueled by near-record dry powder, though softer U.S. rent growth is influencing underwriting assumptions.
Industrial & Logistics: Competition rebounded in the second half of 2025 despite ongoing trade policy uncertainty.
Retail: Liquidity is expanding across more retail subtypes, which is slightly easing bidding competition as deal volume increases.
Office: Investor interest is improving from its late-2023 trough as bidder pools expand and lenders become more willing to quote office financing.

➥ THE TAKEAWAY

Big picture: Capital markets are entering a more normalized phase. As supply grows and investor appetite broadens across sectors, global CRE liquidity is expected to strengthen through 2026, assuming macro conditions remain stable.

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✍️ Editor’s Picks

America is aging: With 10,000 Americans turning 80 daily starting in 2025, demand for healthcare and senior housing is rising. Learn how investors are accessing this growing sector. (sponsored)
Servicing slip: Trepp’s CMBS special servicing rate fell 18 basis points to 10.73% in February after several office and mixed-use loans exited special servicing.
Cost pressure: Contractors report rising material prices and tariff uncertainty, while construction backlogs soften, adding pressure on development pipelines and project underwriting.
Performance focus : With industry expertise and purpose-built technology, White Label Storage is helping self storage owners across the US to turn their properties into a high-performing asset. (sponsored)
Flight framework: The FAA selected Archer Aviation to develop a pilot training academy for electric air taxis, advancing infrastructure needed for future eVTOL operations.
Stock pressure: Ready Capital’s stock has plunged as investors question the lender’s exposure to troubled CRE loans and declining earnings tied to office distress.

🏘️ MULTIFAMILY

BTR boost: Red Cedar secured a $75M investment from L.M. Sandler & Sons to expand its build-to-rent platform and scale housing production nationwide.
Lease pressure: Tampa landlords cut rents in February as new apartment supply pressures occupancy and pushes concessions across the metro.
LA slowdown: Los Angeles multifamily fundamentals softened as supply pressures rent growth, while investor activity remains selective.
Buyer hesitation: Rising wages and falling mortgage rates have yet to revive homebuying, as affordability challenges keep many buyers sidelined.
Inflation pause: February’s CPI data signals the Fed will likely hold rates in March while easing supply pressures gradually strengthen rental housing fundamentals.

🏭 Industrial

Post-boom balance: Inland Real Estate says self-storage demand is normalizing after pandemic-era surges, though long-term fundamentals remain solid.
IOS invasion: Canadian investors are expanding into U.S. industrial outdoor storage assets, betting on logistics demand and limited supply.
Micro-bay venture: Portal Warehousing and GCM Grosvenor formed a long-term partnership to launch a micro-bay industrial property investment platform.
Seaport strategy: Sagard Real Estate and La Caisse launched a venture targeting industrial outdoor storage near major U.S. seaports.

🏬 RETAIL

Retail bet: GBT Realty is pursuing a $1.3B retail development pipeline, betting on grocery-anchored and necessity-based centers.
Luxury lanes: Luxury retail continues expanding in top global corridors as affluent demand and tourism support high-end storefront performance.
Store commitment: Kohl’s plans to maintain its nationwide store fleet despite declining sales, emphasizing physical retail as core to its strategy.
Mall revival: Gen Z shoppers are returning to malls in growing numbers, boosting foot traffic for experiential and social retail destinations.

🏢 OFFICE

Corporate relocation: Yamaha Motor will relocate its U.S. HQ from California to Georgia, consolidating operations in the Atlanta area.
HQ expansion: Procter & Gamble is planning nearly $1B to expand Gillette’s South Boston headquarters campus.
ICE leasing: Immigration and Customs Enforcement is expanding its office footprint through new leases across multiple U.S. markets.

🏨 HOSPITALITY

Bunny boost: Puerto Rico hotels are seeing rising demand as Bad Bunny’s global popularity boosts tourism and the island’s international profile.
Rec investment: A Charlotte development partnership broke ground on a $67.1M recreation center project.

A MESSAGE FROM ONDECK

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