Short answer
Philippians 4:5 is not a standalone comfort line. Paul places it inside a paragraph about rejoicing, gentleness, prayer, and peace. In that setting, “The Lord is near” functions as a reason to live calmly and graciously under pressure.
The phrase naturally carries two closely related ideas: the Lord is near to his people now, and the Lord’s coming is near. Paul does not separate those ideas, and the verse reads well with both in view.
The verse in its paragraph
Philippians 4:5 — “Let your gentleness be evident to all. The Lord is near.”
That second sentence is famous, but the first sentence matters just as much. Paul is not only talking about what believers should think; he is talking about what others should see in them.
Read the surrounding lines and the flow becomes clear:
Philippians 4:4-7 Rejoice in the Lord always. I will say it again: Rejoice! Let your gentleness be evident to all. The Lord is near. Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God. And