A well-run bidding process is essential for controlling costs on capital and construction projects. But how long should it actually take? Understanding typical timelines helps real estate teams set realistic expectations with vendors and keep projects on schedule.
Based on analysis of thousands of RFPs run through CapEx management platforms, here are the benchmarks that matter.
Bid Process Timing: The Three Stages
The bid process breaks down into three measurable stages:
1. RFP to First Bid: The time from when bidders receive the RFP to when the first bid comes back. This measures how long vendors need to prepare initial pricing.
2. First Bid to Last Bid: The period where bids are revised based on clarifying questions, or the time from initial submission to best and final offers.
3. Last Bid to Award: Final negotiations, internal approvals, and the sign-off process to award the contract.
Industry Median Timelines
Across commercial real estate projects:
- 7-8 days median from RFP distribution to first bid received
- 4 days median from first bid to last bid (including revisions)
- 8 days median from last bid to award
Total: approximately 2.5 weeks from RFP distribution to bid award for a typical project.
How Project Size Affects Timeline
Timelines vary significantly by project value:
Projects under $100K: ~5 days to first bid, 3 days for all bids, 6-7 days to award
Projects over $1M: 16+ days (over two weeks) just for the initial bidding period
Larger, more complex projects require more time for vendors to accurately estimate labor, materials, and logistics.
Setting Realistic Due Dates
Friday remains the most popular bid due date, with nearly twice as many bids due on Fridays compared to other weekdays. Whether project managers are actually leveling bids over the weekend is debatable. More likely, teams build in buffer time knowing some vendors will submit late.
The key is setting clear timing expectations with your vendors upfront. A well-defined timeline helps maintain strong vendor relationships and keeps projects moving forward.
Accelerating the Process with Technology
Modern CapEx management platforms can significantly reduce bid cycle times by:
- Automating RFP distribution and document sharing
- Centralizing RFI responses so all bidders have the same information
- Auto-leveling bids for faster comparison
- Tracking deadlines and sending automated reminders
Understanding these benchmarks helps teams plan realistic project schedules and identify opportunities to streamline their bidding workflows.
