Commercial real estate liquidity is strengthening despite high borrowing rates, with July recording the strongest monthly improvement in bidding activity in a year and the second-highest number of unique bidders in JLL’s five-year index history. Competition among lenders is also above previous record highs, as credit flows more freely from commercial mortgage-backed securities, insurance companies, government agencies and debt funds. JLL said the narrowing gap between its Credit Intensity Index and Bid Intensity Index indicates that debt availability is increasingly supporting property transactions. Retail and industrial are attracting the most investor interest, while multifamily remains the weakest sector because of a historic construction pipeline and elevated stabilized vacancies. JLL’s Lauro Ferroni said further growth is likely to be gradual rather than explosive and that the market does not appear frothy.