Bidding activity in US reflecting peak cost of capital
June 2022 CPIreportspooksmarkets, leading to cooling of bidding in July
EarlyOct2022:3.6%10yrUSTfuels conviction priorto its rise to4.2%
Deeper bidder pools return w/10yr UST holding near 3.5% mid-March to mid-May
Stronger investor sentiment in YTD 2024 notwithstanding continued market fluidity
16.8
14.8
16.1
11.7
14.6
14.4
11.3
14.5
9.4
11.5
8.0
16.0
9.4
6.6
9.4
9.5
9.6
8.7
15.8 15.9
14.2
11.4 10.4
15.4
6.8
9.0
6.5
10.2
14.6
8.9
14.9
11.1
12.0
12.1 11.4 14.2
17.5
10
7.3
12.9
11.6
6.8
11.9
13.1
11.4
12.7
8.2
8.8
9.3
8.6
7.4
10.4
12.7
10.1
10.4
4.4
5.2
6.9
6.3
5.6
9.3
6.5
8.3
7.3
7.6
6.3
7
5.8
4.6
5.8
5.5
4.1
7.3
8.8
5.8
8.1
5.2
9.1
5.2
6.4
9.5
4.8
4.6
10
9.0
5.5
9.9
8.6
4.6
4.7
7.2
5.5
5.7
6.9
7.5
8.8
7.2
6.9
5.2
5.0
5.3
4.2
4.9
6.4
12.4 12.0 10.8
10.9
10.6 11.9
10.3
10
9.7
9.3
9.2
9.0
8.9
8.6
8.6
8.5
8.3
8.2
8.2
8.0
7.7
7.7
7.7
7.3
7.2
6.4
May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Weighted Average Retail
Office Multihousing Industrial
Source: JLL Research (proprietary bid data as of June 30, 2024). Pertains to transactions with 2+ bids
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