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U.S. Cap Rate Survey Advance Review

First Half 2019
12 July, 2019

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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Research Team

$name
Richard Barkham, Ph.D.
Global Chief Economist & Head of Americas Research
+1 617 912 5215
Spencer Levy Headshot
Spencer Levy
Chairman, Americas Research & Senior Economic Advisor
+1 617 9125236
$name
Andrea Cross
Director, Capital Markets Research
+1 415 772 0337
+1 213 804 8211
Shanna Drwiega
Shanna Drwiega
Project Manager
+1 813 2738433

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