U.S. cap rates showed signs of stability in the second half of 2025 as volatility eased, according to CBRE’s U.S. Cap Rate Survey H2 2025.
Financing conditions improved as lender participation increased and pricing clarity returned. Many respondents believe the market has reached a turning point.
Key takeaways include:
Cap rates largely unchanged across major property types
Many respondents believe yields have reached their cyclical peak
Transaction activity rebounding amid improved buyer-seller alignment
Retail and multifamily pricing viewed as appropriate
Office sentiment improving
“The market is transitioning from volatility toward stability,” said Tommy Lee, co-head of capital markets, United States and Canada, at CBRE.
