CBRE presents its semiannual U.S. Cap Rate Survey H1 2019 Advance Review – a snapshot of CRE cap rates across the U.S.
- U.S. cap rates remained broadly stable in H1 2019.
- Suburban multifamily cap rates tightened most across lower-quality properties and declined 6 basis points (bps) overall. Infill multifamily cap rates decreased by 5 bps.
- Industrial cap rates also compressed by 5 bps, a marginally slower pace than in H2 2018. Office cap rates compressed more mildly.
- Retail cap rates for neighborhood & community centers were unchanged, while cap rates for power centers edged up 6 bps and high-street retail declined 7 bps. Hotel cap rates edged up modestly.
- The average cap rate spread over the 10-year Treasury increased by 68 bps. Spreads were lowest for high-street retail and highest for suburban hotels.
CBRE Capital Markets, Valuation & Advisory Services and Research professionals who participate in this survey provide cap-rate ranges based on personal experience with active investors in their markets. The final report, with summary tables, analysis and maps for all property types in major markets, will be published in mid-August.
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