Research - JULY 23, 2019

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U.S. cap rates remain stable

by Andrea Zander

U.S. cap rates remained broadly stable in first half 2019, reported CBRE Americas Research.

Suburban multifamily cap rates tightened most across lower quality properties and declined 6 basis points overall. Infill multifamily cap rates decreased by 5 basis points.

Industrial cap rates also compressed by 5 basis points, a marginally slower pace than in second half 2018. Office cap rates compressed more mildly.

Retail cap rates for neighborhood and community centers were unchanged, while cap rates for power centers edged up 6 basis points and high-street retail declined 7 basis points. Hotel cap rates edged up modestly.

The average cap rate spread over the 10-year Treasury increased by 68 basis points. Spreads were lowest for high-street retail and highest for suburban hotels.


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