1、United StatesCap Rate Survey H1 2024Cap rate expansion has peaked,but uncertainty will delay sales volume recovery until 2025CBRE RESEARCHAUGUST 2024Intelligent InvestmentREPORT2CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 The H1 2024 Cap Rate Survey provid

2、es a fresh perspective of where market sentiment is trending.Welcome to CBREs H1 2024 Cap Rate Survey(CRS).This survey comes at a unique time for real estate capital markets as limited investment volume has caused pricing uncertainty.The data driving this report was informed by deals that occurred t

3、hroughout the first five months of 2024.We acknowledge that market conditions are fluid,but we believe that the CRS provides a useful base and unlocks important truths about how investor sentiment is changing.The CRS captures 3,600 cap rate estimates across more than 50 geographic markets to generat

4、e key insights.More than 250 CBRE real estate professionals completed the H1 2024 CRS with their real-time market estimates between May and June.Given the rapidly changing macro environment,survey results may not reflect recent exogenous events or current market conditions.Readers should view all ca

5、p rate estimates within this context.Introduction 3CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 Cap rates held steady during the first half of 2024Source:CBRE Econometric Advisors.FIGURE 1:Real Estate Cap Rate and Bond Yields,period average(%)Treasury yield

6、s remained volatile during the first half of 2024,reacting to economic data that sent mixed signals about the outlook for inflation,Federal Reserve policy,and long-term interest rates.The 10-Year Treasury yield started the year below 4%and peaked at 4.7%in late April.Ultimately continued disinflatio

7、n and expectations for a Fed rate cut were holding the 10-Year Treasury yield to 4.2%as of June.The average survey cap rate held steady in H1 2024.Interestingly,different property types did not move in unison but rather reacted uniquely to changing fundamentals and capital markets drivers.For instan

8、ce,industrial cap rates fell on average and office yields continued their climb.0%1%2%3%4%5%6%7%8%9%10%20092010201220132015201620182019202120222024BBB Corp Yield10-Year TreasuryCBRE Cap Rate Survey All-Property Cap Rate4CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey

9、H1 2024 Most respondents believe that cap rates have peakedSource:CBRE Econometric Advisors.FIGURE 2:Share of Respondents Who Think Yields Will Increase During the Next Six Months by CRS VintageEvery CRS asks respondents to estimate the direction of cap rates and the magnitude of the expected change

10、 during the next six months.Figure 2 aggregates all answers by property type and displays the results as a fraction of responses expecting further yield increases.This quarter the most common response across all categories was“no change.”The share of respondents expecting further devaluations was hi

11、ghest within the office sector,reflecting the uncertainty around market fundamentals.Expectations for hotels have been less consistent with a rising share of respondents expecting cap rates to increase in coming quarters.The share of respondents who believe cap rates will increase during the next si

12、x months has fallen compared with our previous two CRS publications.This improved sentiment is likely driven by more accommodative signals from the Fed and the decline in bond yields from their October 2023 peak.0%10%20%30%40%50%60%70%80%Office CBDOfficeSuburbanRetailMultifamilyInfillMultifamilySubu

13、rbanIndustrialHotelPercent Expecting Increases(H1 2023)Percent Expecting Increases(H2 2023)Percent Expecting Increases(H1 2024)5CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 Expansion continued for commodity office stockSource:Macrobond,CBRE Econometric Advi

14、sors.FIGURE 3:H1 2024 Stabilized Cap Rate Estimates Versus H2 2023 Estimates Figure 3 compares stabilized cap rate estimates from the current CRS(horizontal axis)against H2 2023 estimates(vertical axis)for every property type and geographic market.Dots to the right of the 45-degree line represent ma

15、rkets where cap rates are higher than previous estimates.Yield expansion remained most pronounced in office properties,where yields increased by roughly 40 basis points,over the past six months.The estimated risk premium for Class A offices has widened considerably with cap rates exceeding 8%.Meanwh

16、ile,less competitive Class C spaces are seeing distressed pricing with cap rate estimates averaging in the low teens.In addition to office cap rate estimates rising,the average spread between respondents lower and upper estimates(for example:6%-7%has a spread of 1.0)have increased considerably sugge

17、sting more uncertainty for the sectors pricing.Source:CBRE Econometric Advisors.FIGURE 4:Average Difference Between Lower and Upper Estimate by Sector(Percentage Points)3.05.07.09.011.013.015.03.08.013.0H2 2023H1 2024IndustrialMultifamilyOfficeRetail45-degree Line0.00.20.40.60.81.01.21.41.62009 2011

18、2013 2015 2017 2019 2021 2023IndustrialMultifamilyOfficeRetail6CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 Uncertainty around values limits investment volume recoveryHow certain respondents are of the outlook for key underwriting variables(1=Least Certain)

19、How each sector ranks in terms of perceived bid-ask spread(1=Widest Bid-Ask Spread)Timing in which respondents believe transactions will begin to come back in a serious way We asked CBRE capital markets and valuation professionals which underwriting variables market participants are most and least c

20、ertain about.They say capital markets and valuation metrics are typically most difficult to estimate.Perhaps due to widespread price instability respondents believe changes in operating expenses are more difficult to gauge than space market fundamentals.Predictably,respondents believe the office sec

21、tor is facing the widest bid-ask spread.As price discovery proceeds in coming quarters this spread should shrink.Persistent inflation and interest rates have delayed a recovery in sales volume.The previous CRS(H2 2023)pinned the recovery at late 2024.Today,most survey respondents do not expect the r

22、ecovery to begin until 2025.0.01.02.03.04.0Exit caprateDiscountrateExpensesgrowthRentgrowthVacancyrateAverage Rank0.01.02.03.04.0OfficeHotelRetailMultifamilyIndustrialAverage Rank0%20%40%60%LaterH1 2027H2 2026H1 2026H2 2025H1 2025H2 2024Percentage7CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUn

23、ited States Cap Rate Survey H1 2024 Markets conform to metropolitan area and metropolitan divisions as defined by U.S.Census Bureau.Cap rates presented in this report are based upon estimates by CBRE Capital Markets and Valuation professionals.These estimates are informed by recent trades within the

24、ir markets and discussions with investors.The ranges represent the cap rates at which a given asset is likely to trade in the current market.Cap rates within each subtype vary,occasionally falling outside the stated ranges,based on asset location,quality and property-specific characteristics.Stabili

25、zed properties are assets leased at market rents with typical lease terms and have vacancy levels close to market averages.Stabilized cap rates are the ratio of stabilized net operating income(NOI)to the acquisition price of the asset.Value-add cap rates are the ratio of stabilized NOI after propert

26、y enhancements to the acquisition price of the asset plus value-add capital.The NOI calculation is based on net income less operating expenses.Definitions8CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 AdditionalInsights9CBRE RESEARCH 2024 CBRE,INC.Intelligen

27、t InvestmentUnited States Cap Rate Survey H1 2024 Multifamily InfillClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Baltimore5.5%-6%5.5%-6.5%5.5%-6%5.5%-6.5%Boston4.75%-5.25%4.75%-5.25%5.5%-6%4.75%-5.25%Northern New Jersey5.25%-6%5.25%-5.75%5.5%-6.5%5.5%-6%Philadelphia5.25%-5.5%

28、5.25%-5.75%5.25%-5.75%5.5%-6%Stamford5.25%-5.75%5.25%-5.75%5.5%-6%5.5%-6%Washington,D.C.5.25%-5.75%5%-5.75%5.5%-6%5.25%-5.75%EastMidwestClass A StabilizedClass A Value-addH2 2023H1 2024H2 2023H1 2024Chicago5.5%-6%5.5%-6%5.5%-6%5.5%-6%Cincinnati5.75%-6.25%5.5%-6%5.25%-6%5.25%-5.75%Detroit6%-6.5%6%-6.

29、5%6.25%-7%6.25%-7%Kansas City5.5%-6%5.25%-5.75%5.5%-6%5.25%-5.75%Milwaukee5.5%-6%5.5%-6%5.75%-6.25%6%-6.5%Omaha6%-6.5%5.5%-6.5%-St Louis5.25%-6%5.5%-6%5.5%-6%6%-6.5%Source:CBRE Econometric Advisors,H1 2024Source:CBRE Econometric Advisors,H1 202410CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUni

30、ted States Cap Rate Survey H1 2024 Multifamily InfillClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Atlanta5%-5.5%4.75%-5.5%5.25%-5.75%4.75%-5.5%Austin4.5%-5%4.5%-5%4.5%-5%4.5%-5%Charlotte5%-5.5%5%-5.5%5%-5.5%5%-5.5%Dallas5%-5.5%4.75%-5.5%5%-5.5%4.75%-5.5%Houston5.25%-5.75%6%-6

31、.5%5.5%-6%6%-6.5%Nashville4.5%-5%4.75%-5.75%4.5%-5.5%4.5%-5.5%Oklahoma City-5.5%-5.75%-5.75%-6%Orlando5.25%-6%5.25%-6.25%5.5%-6.5%5.5%-6.5%Raleigh-Durham4.75%-5.5%5%-5.5%4.75%-5.5%5%-5.5%Richmond5.25%-5.75%5.5%-6%5%-6%5.5%-6.25%San Antonio-4.75%-5.5%-4.75%-5.5%Tampa5.25%-5.75%5%-5.5%5.5%-6%5.25%-5.7

32、5%SouthWestClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Albuquerque5.5%-6%5.5%-6%5.25%-5.75%5.25%-5.75%Boise5.25%-6%5.5%-6%5.25%-6%5.5%-6%Denver4.75%-5.25%4.75%-5.25%4.75%-5.25%4.75%-5.25%Las Vegas5.25%-5.75%5.25%-5.5%5.5%-5.75%5.5%-5.75%Los Angeles5%-5.5%5.5%-6.75%5%-5.5%4.7

33、5%-5.5%Oakland5.5%-6.5%5.5%-6.5%5%-6.5%5%-6.5%Orange County4%-4.25%4.5%-4.75%3.75%-4%4.75%-5%Phoenix5%-5.75%4.5%-5.25%5.5%-6%5.25%-6%Portland5.5%-6%6%-7%5.25%-5.75%5.75%-6.75%San Diego4.75%-5.25%5%-5.25%5%-5.5%5.5%-5.75%San Francisco4.5%-5.5%4.75%-5.5%5%-5.75%5.25%-5.75%San Jose5%-5.5%5%-5.5%5%-5.5%

34、5.25%-5.5%Seattle4.75%-5.25%4.75%-5.25%5%-5.5%5%-5.5%Source:CBRE Econometric Advisors,H1 2024Source:CBRE Econometric Advisors,H1 202411CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 Multifamily SuburbanClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2

35、 2023H1 2024Baltimore5.5%-6.25%5.5%-6.25%5.5%-6%5.5%-6.5%Boston5%-5.5%5%-5.5%5.75%-6.25%5%-5.5%Northern New Jersey5.5%-6%5.25%-5.75%5.5%-6.5%5.75%-6.25%Philadelphia5%-5.5%5.5%-6%5%-5.75%5.5%-6%Stamford5.25%-5.75%5.5%-6%5.75%-6.25%5.75%-6.25%Washington,D.C.5.5%-6%5.25%-5.75%5.5%-6%5.5%-6%EastMidwestC

36、lass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Chicago5.5%-6%5.25%-6%5.5%-6%5.25%-6%Cincinnati6%-6.25%5.5%-5.75%5.75%-6%5.25%-5.5%Detroit5.5%-6%5.5%-6.25%6%-6.5%6%-6.5%Kansas City5.25%-5.75%5%-5.5%5.25%-5.75%5%-5.5%Milwaukee5.75%-6.25%6%-6.5%5.75%-6.5%6%-6.5%St Louis5.25%-6%5.5%

37、-6%5.5%-6.5%6%-6.5%Source:CBRE Econometric Advisors,H1 2024Source:CBRE Econometric Advisors,H1 202412CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 Multifamily SuburbanClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Atlanta5.25%-5.75%4.75

38、%-5.5%5.5%-6%4.75%-5.5%Austin4.75%-5.25%4.5%-5.25%4.75%-5.25%4.75%-5.25%Charlotte5%-5.5%5%-5.5%5%-5.5%5%-5.5%Dallas5.25%-5.75%4.75%-5.5%5.25%-5.75%4.75%-5.5%Houston5.75%-6%6.25%-6.75%6%-6.25%6.25%-6.75%Nashville4.75%-5.5%5.25%-6.25%5%-5.75%5%-6%Oklahoma City-5.75%-6%-6%-6.25%Orlando5%-6.25%5.25%-6.2

39、5%5.5%-6.5%5.5%-6.5%Raleigh-Durham4.75%-5.5%5%-5.5%5.25%-5.75%5%-5.5%Richmond5.5%-6%5.5%-6.25%5.5%-6.5%5.5%-6.25%San Antonio-4.75%-5.5%-4.75%-5.5%Tampa5.25%-5.75%5.25%-5.75%5.5%-6%5.5%-6%SouthWestClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Albuquerque5.5%-6%5.5%-6%5.75%-6%5.

40、75%-6%Boise5.5%-6.25%5.5%-6%6%-6.5%5.5%-6%Denver4.75%-5.25%4.75%-5.25%4.75%-5.25%4.75%-5.25%Las Vegas5.5%-5.75%5.25%-5.5%5.5%-5.75%5.5%-5.75%Los Angeles5.25%-5.75%5%-6.5%5%-5.5%5%-5.75%Oakland5.5%-6.5%5.5%-6.5%5.5%-6.5%5.5%-6.5%Orange County4%-4.25%4.5%-4.75%-4.75%-5%Phoenix5%-5.75%5%-5.5%5.5%-6%5.5

41、%-6%Portland5.5%-6%5.75%-6.5%5.25%-5.75%5.5%-6.25%San Diego4.5%-5%5%-5.25%4.75%-5.25%5.5%-5.75%San Francisco4.75%-5.5%4.75%-5.5%5%-5.75%5%-5.75%San Jose5%-5.5%4.75%-5.25%5%-5.5%5%-5.5%Seattle5%-5.5%5%-5.5%5.5%-6%5.5%-5.75%Source:CBRE Econometric Advisors,H1 2024Source:CBRE Econometric Advisors,H1 20

42、2413CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 IndustrialClass A StabilizedClass B StabilizedMarketH2 2023H1 2024H2 2023H1 2024Allentown5.75%-6.25%5.25%-5.75%6.25%-6.75%6%-6.5%Baltimore/Washington,D.C.5.75%-6.25%5.5%-6%6.5%-7%6.5%-7%Boston5.75%-6.25%5.25%

43、-5.75%6.25%-6.75%6%-6.5%Central New Jersey5.5%-5.75%5%-5.25%6%-6.5%6%-6.5%Northern New Jersey5.5%-5.75%5%-5.25%6%-6.5%6%-6.5%Philadelphia5.75%-6.25%5.25%-5.75%6.25%-6.75%6%-6.5%Pittsburgh6.5%-7%6.25%6.75%7%-7.5%7%-7.5%Stamford6%-6.5%5.5%-6%6.25%-6.75%6.25%-6.75%EastMidwestClass A StabilizedClass B S

44、tabilizedMarketH2 2023H1 2024H2 2023H1 2024Chicago5.5%-6%5.5%-6%6.5%-7%6.5%-7%Cincinnati5.75%-6%5.75%-6.25%6.75%-7%6.75%-7%Cleveland6.5%-7%6.5%-7%7.5%-8%7.5%-8%Columbus5.75%-6%5.5%-6%6.75%-7%6.75%-7%Detroit6.25%-6.75%6.25%-6.75%7.25%-7.75%7.25%-7.75%Indianapolis5.75%-6%5.75%-6.25%6.75%-7%6.75%-7%Kan

45、sas City6%-6.5%6%-6.5%7%-7.5%7%-7.5%Milwaukee6.25%-6.75%6.25%-6.75%7.25%-7.75%7.25%-7.75%Minneapolis6%-6.5%5.75%-6.25%7%-7.5%7%-7.5%St Louis6.25%-6.75%6.25%-6.75%7.25%-7.75%7.25%-7.75%Louisville5.25%-5.75%5.75%=6.25%5.75%-6.25%6%-6.5%Source:CBRE Econometric Advisors,H1 2024Source:CBRE Econometric Ad

46、visors,H1 202414CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 IndustrialSouthWestClass A StabilizedClass B StabilizedMarketH2 2023H1 2024H2 2023H1 2024Boise5.75%-6.25%5.5%-6%6%-6.5%5.75%-6.25%Denver5.25%-5.75%5.25%-5.75%5.5%-6%5.5%-6%Honolulu5.5%-6%5.25%-5.7

47、5%5.75%-6.25%5.5%-6%Central Valley5.5%-6%5.25%-5.75%5.75%-6.25%5.5%-6%Las Vegas5.5%-6%5.25%-5.75%5.75%-6.25%5.5%-6%Los Angeles5.25%-5.75%5%-5.5%5.5%-6%5.25%-5.75%Orange County5.25%-5.75%5%-5.5%5.5%-6%5.25%-5.75%Inland Empire5.5%-6%5%-5.5%5.75%-6.25%5.5%-6%Oakland5.25%-5.75%5%-5.5%5.5%-6%5.25%-5.75%P

48、hoenix5.75%-6.25%5.5%-6%6%-6.75%5.75%-6.5%Portland5.5%-6%5.25%-5.75%5.75%-6.25%5.5%-6%Reno5.5%-6%5.25%-5.75%5.75%-6.25%5.5%-6%Sacramento5.5%-6%5.25%-5.75%5.75%-6.25%5.5%-6%Salt Lake City5.5%-6%5.25%-5.75%5.75%-6.25%5.5%-6%San Diego5.25%-5.75%5%-5.5%5.5%-6%5.25%-5.75%Seattle5.25%-5.75%5%-5.5%5.5%-6%5

49、.25%-5.75%Source:CBRE Econometric Advisors,H1 2024Source:CBRE Econometric Advisors,H1 2024Class A StabilizedClass B StabilizedMarketH2 2023H1 2024H2 2023H1 2024Atlanta5.25%-5.75%5.25%-5.75%5.5%-6%5.5%-6%Austin5.25%-5.75%5.25%-5.75%5.5%-6%5.5%-6%Charleston5.75%-6.25%5.75%-6.25%5.75%-6.25%6.25%-6.75%C

50、harlotte5.25%-5.75%5.75%-6.25%5.75%-6.25%6.25%-6.75%Dallas5.25%-5.75%5.25%-5.75%5.5%-6%5.5%-6%El Paso5.5%-6%5.75%-6.25%5.75%-6.25%6%-6.5%Houston5.5%-6%5.25%-5.75%5.75%-6.25%5.75%-6.25%Jacksonville6.25%-6.75%5.5%-6%7%-7.5%6.25%-6.75%Memphis5.75%-6.25%6.25%-6.75%6%-6.5%6.5%-7%Miami5%-5.5%4.75%-5.25%5.

51、5%-6%5.25%-5.75%Nashville5.25%-5.75%5.5%-6%5.5%-6%6%-6.5%Norfolk6%-6.5%5.75%-6.25%6.75%-7.25%6.75%-7.25%Oklahoma City6.25%-6.75%6.25%-6.75%6.5%-7%6.5%-7%Orlando5.25%-5.75%5.25%-5.75%5.75%-6.25%5.75%-6.25%Richmond6%-6.5%5.75%-6.25%6.75%-7.25%6.75%-7.25%San Antonio5.75%-6.25%5.75%-6.25%6%-6.5%6%-6.5%S

52、avannah5.5%-6%5.5%-6%5.75%-6.25%6%-6.5%Tampa5.25%-5.75%5.25%-5.75%5.75%-6.25%5.75%-6.25%Tulsa6.25%-6.75%6.25%-6.75%6.5%-7%6.5%-7%15CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 Office DowntownClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2

53、024Boston6.25%-6.75%7.5%-8%7%-8%8%-8.5%New York City6%-6.5%6.25%-7.5%6.75%-7.5%7.25%-9%Philadelphia8.25%-9.25%8.25%-9.75%9.75%-11.25%9.75%-12%Stamford7.75%-8.25%8%-8.5%10%-10.5%9.75%-10.25%Washington,D.C.7.25%-9%8%-9.25%9%-11%9.5%-10.75%EastMidwestClass A StabilizedClass A Value-addMarketH2 2023H1 2

54、024H2 2023H1 2024Chicago8%-9%7.5%-8.5%8.75%-9.75%7.75%-8.75%Detroit8%-9.25%8.5%-11%8.5%-10.25%9%-12%Minneapolis9%-10%10%-12%11%-12%12%-14%St.Louis8.75%-10%9.5%-10.5%9.5%-11%11%-12%Source:CBRE Econometric Advisors,H1 2024Source:CBRE Econometric Advisors,H1 202416CBRE RESEARCH 2024 CBRE,INC.Intelligen

55、t InvestmentUnited States Cap Rate Survey H1 2024 Office DowntownClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Atlanta7.25%-8.5%6%-7%9%-10%6.5%-7.5%Austin7%-8.25%7.5%-8.75%8.5%-9.5%8.5%-10%Charlotte7.5%-8.5%7.75%-8.75%9.5%-11%9.25%-11%Dallas6.5%-7.5%7.5%-8%8.5%-9.5%9.5%-10.25%

56、Houston7.75%-8.5%8.75%-9.5%-11.5%-12.5%Nashville7.25%-8.75%7.5%-8.75%7.5%-10.25%8.5%-10.5%Oklahoma City-8%-9%-10%-12%Orlando6.25%-7.75%7.5%-9%7.25%-8.5%8%-9.5%Raleigh-Durham7.5%-8.5%8.5%-9.5%8%-9%9%-9.5%Richmond7%-8.5%7.75%-9.5%7.5%-9%8%-9.5%San Antonio8%-8.75%8.25%-9.25%-11%-12.75%Tampa6.5%-7.5%7%-

57、7.5%7.25%-8.5%7.5%-8%SouthWestClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Albuquerque8.25%-8.75%8.25%-8.75%-Denver6.75%-7%7%-7.5%7.25%-7.5%7.5%-7.75%Las Vegas7.5%-8.5%7.5%-8.25%8.5%-9.5%7.75%-8.5%Los Angeles7.5%-8.5%8%-9%8%-9%8.5%-10%Oakland8.5%-10.5%7%-7.5%9%-11%8%-8.5%Oran

58、ge County7.25%-8.5%7%-9%8%-9%8%-9%Phoenix6.5%-7%7.5%-8%7%-7.25%9%-10%Portland7.5%-8.5%7.75%-9.25%9.5%-11.5%10%-12%Sacramento7%-8%7.5%-8.25%8%-9%8.25%-9.25%Salt Lake City7%-8%8%-8.25%8.25%-8.5%7%-7.5%San Diego-8.5%-9.5%-11.5%-12.5%Seattle7.75%-9%8%-9%9.5%-10.75%9.25%-11%Source:CBRE Econometric Adviso

59、rs,H1 2024Source:CBRE Econometric Advisors,H1 202417CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 Office SuburbanClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Boston7.25%-7.5%8.5%-9%7.5%-8%9%-10%Northern New Jersey8.25%-9%8.5%-9.25%8.5

60、%-9%8.75%-9.25%Philadelphia8.75%-9.75%9%-10.5%10.5%-12%11%-13%Stamford8.5%-9%8.75%-9.25%10.75%-11.25%10.5%-11%Washington,D.C.7.75%-9.5%8.75%-10%8.75%-10.5%9.75%-11%EastMidwestClass A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Chicago8.75%-9.75%8.5%-10%9.25%-10.5%9.25%-11%Detroit8%-

61、9%7.5%-9.5%8.5%-10%8%-11%Minneapolis9%-10%10%-12%11%-12%12%-14%St.Louis8%-8.75%9%-9.75%8.5%-9.5%9.5%-10.5%Source:CBRE Econometric Advisors,H1 2024Source:CBRE Econometric Advisors,H1 202418CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 Office SuburbanClass A S

62、tabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Atlanta7.75%-9%8%-9%9.25%-11.5%8.5%-10%Austin7%-8.5%8.25%-10%8.75%-10%9.25%-11.25%Charlotte8.5%-9.5%8.5%-9.5%10%-11.5%9.5%-11.25%Dallas6.5%-7.75%7.5%-8.5%8.75%-10%10%-11%Houston8%-8.75%9.25%-10%12.5%-13.5%12%-13%Nashville8.5%-9.5%8.5%-9.5%1

63、0.5%-11.5%10.5%-11.5%Norfolk-6.5%-7.5%-Oklahoma City-8%-9%-10%-11%Orlando7%-9%8%-9%8.25%-9%8.5%-9.5%Raleigh-Durham9%-10%9%-10%10%-11%9.5%-10.5%Richmond7.75%-9.25%8%-9.5%8%-9.5%8%-9.5%San Antonio8.25%-9%7.5%-8.75%12.5%-13.5%10.5%-13%Tampa7.75%-8.5%7.5%-8%8%-9%8%-8.5%SouthWestSource:CBRE Econometric A

64、dvisors,H1 2024Source:CBRE Econometric Advisors,H1 2024Class A StabilizedClass A Value-addMarketH2 2023H1 2024H2 2023H1 2024Albuquerque8.25%-8.75%8.25%-8.75%-Denver7.25%-7.75%7.5%-8%8%-8.5%8.25%-8.75%Inland Empire7.75%-8.75%8.25%-8.75%9%-10%10%-11%Las Vegas7.5%-8.5%7.5%-8%8.5%-9.5%7.75%-8.75%Los Ang

65、eles7%-7.5%7.5%-8.5%8%-9%9%-10%Oakland9%-11%7%-7.5%9.5%-11.5%8%-8.5%Orange County7.5%-8.5%7.5%-9%9%-10%-Phoenix7%-7.5%7.5%-8.5%7.5%-8.25%9.5%-11%Portland7.75%-8.5%8%-10%9%-11%10%-12%Sacramento7%-7.75%7.5%-8.25%7.75%-8.5%8.5%-9%Salt Lake City7.5%-8.25%8%-8.5%8.5%-9.25%7.25%-7.75%San Diego7.5%-9%7.75%

66、-8.75%7.5%-9%10.5%-11.5%Seattle8%-9.5%8.5%-10%10%-11.25%10%-11.5%19CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 RetailClass A Neighborhood Center StabilizedMarketH2 2023H1 2024Boston6.25%-6.75%5.75%-6.5%New York City5.75%-6.25%5.5%-6.25%Northern New Jersey5

67、.75%-6.25%6%-6.5%Stamford5.75%-6.25%6%-6.5%Washington,D.C.6.5%-7%6.25%-6.75%EastMidwestClass A Neighborhood Center StabilizedMarketH2 2023H1 2024Chicago6.25%-7.25%6.5%-7.5%Cincinnati7.25%-8.25%7.25%-8.25%Cleveland7.25%-8.25%7.25%-8.25%Columbus7.25%-8.25%7.25%-8.25%Detroit7%-8%7%-8%Indianapolis7.25%-

68、8.25%7.25%-8.25%Kansas City7.25%-8.25%7.25%-8.25%Louisville7.25%-8.25%7.25%-8.25%Milwaukee7.25%-8.25%7.25%-8.25%Minneapolis6.25%-7.25%6.25%-7.25%St Louis7%-8%7.25%-8%Source:CBRE Econometric Advisors,H1 2024Source:CBRE Econometric Advisors,H1 202420CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUn

69、ited States Cap Rate Survey H1 2024 RetailClass A Neighborhood Center StabilizedMarketH2 2023H1 2024Atlanta5.25%-6.25%5%-6%Austin5.5%-6.25%5.5%-6.25%Charlotte6%-7%6%-6.75%Dallas7%-8%6.25%-7%Fort Lauderdale5.75%-6.25%5.5%-6.25%Jacksonville6.25%-6.75%5.75%-6.25%Miami5.75%-6.25%5.5%-6.25%Norfolk6.5%-7.

70、5%6.25%-6.75%Orlando6%-6.75%5.75%-6.5%Richmond-6%-7.5%San Antonio-7%-7.5%Tampa5.75%-6.25%5.75%-6.25%West Palm Beach5.75%-6.25%5.5%-6.25%SouthWestClass A Neighborhood Center StabilizedMarketH2 2023H1 2024Albuquerque7.25%-7.75%7.25%-7.75%Denver5.5%-6%5.5%-6%Inland Empire-5.75%-6%Los Angeles-5.5%-6.25%

71、Phoenix6.25%-6.75%5.75%-6.5%Portland-6.25%-7.75%Salt Lake City6%-7.5%6%-7.5%Seattle5.75%-7%5.75%-7.25%Source:CBRE Econometric Advisors,H1 2024Source:CBRE Econometric Advisors,H1 202421CBRE RESEARCH 2024 CBRE,INC.Intelligent InvestmentUnited States Cap Rate Survey H1 2024 Full Service/BrandedLimited

72、Service/BrandedMarketLuxury Destination ResortCity CenterOtherDrive-To ResortCity CenterOtherAustin6%-7.5%6.5%-7.5%7%-8%6.5%-7.5%7%-8%7.5%-8.5%Dallas6.25%-7.75%6.75%-7.75%7.25%-8.5%7%-8%7.25%-8.5%7.75%-9%Denver7%-8%8%-9%8%-9%7.5%-8.5%7.5%-8.5%8%-9%Detroit-7.5%-8%8%-9%-8%-9%8%-10%Houston7%-8.5%7.25%-

73、8.25%7.5%-8.5%7.5%-8.5%7.75%-8.75%8.25%-9.25%Kansas City-7.75%-9%8%-9.5%7.5%-9%8%-9.25%8.25%-9.5%Las Vegas7.5%-8.5%8%-8.5%8.5%-9.5%7.5%-8.5%8.5%-10%9%-10%Los Angeles4.25%-6%6%-7.25%6%-7.25%6%-7%6.75%-8%7%-8%New Orleans7%-8.5%7.25%-8.5%7.75%-9%7.5%-8.5%7.75%-9%8.25%-9.5%New York City5.5%-7.5%6%-7%7%-

74、9%6.5%-8.5%6.5%-7.5%7.5%-9.5%Phoenix6.5%-10%6%-10%6%-9.5%6.5%-9.5%6.5%-10%6%-10%Sacramento5.5%-7%6.5%-8%6.5%-8%5.5%-7%7%-8.5%7.5%-9%San Antonio6.75%-8.25%7.25%-8.25%7.75%-8.75%7.25%-8.25%7.75%-8.75%8.25%-9.25%Source:CBRE Econometric Advisors,H1 2024HotelResearchRichard Barkham,Ph.D.Global Chief Econ

75、omist&Head of Americas RDennis Schoenmaker,Ph.D.Principal Economist,Executive DirectorCBRE Econometric ADarin MellottVice President,Capital Markets RMatthew MowellSenior Managing EconomistCBRE Econometric A Michael LeahyEconomistCBRE Econometric ACapital MarketsKevin AussefAmericas President of Inve

76、stment PJames MillonAmericas President,Debt&Structured FChris RileyPresident,Industrial&LKelli CarhartExecutive Managing Director,MChris DecouflManaging Director,RBill GriceU.S.President,HMatt CarlsonExecutive Vice President and Co-Head U.S.Office Capital MPatrick GildeaVice Chairman and Co-HeadU.S.

77、Office Capital MContacts Valuation&Advisory ServicesThomas Edwards,FRICS,CPVGlobal PresidentValuation&Advisory SGlobal Client CareSpencer G.LevyGlobal Chief Client O Copyright 2024.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based vie

78、ws of the commercial real estate market.Although CBRE believes its views reflect market conditions on the date of this presentation,they are subject to significant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections ba

79、sed on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyses,and actual market conditions in the future may cause CBREs current views to later be incorrect.CBRE has no obligation to update its views herein if its opinions,projectio

80、ns,analyses or market circumstances later change.Nothing in this report should be construed as an indicator of the future performance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability for securities purchased or sold based on information herein,and b