In the H1 2026 survey, roughly 60% of respondents expect to see “No Change” in cap rates over the next six months, but there was an uptick in the number of respondents who expect them to rise.
The data behind this report was informed by deals that closed during the first six months of 2026. While market conditions are fluid, we believe that the CRS provides important insights about how investor sentiment is changing.
Continued Prime Space Recovery Augurs Well for the Rest of the Office Market
U.S. office vacancy remains elevated at around 19% nationally. However, prime office vacancy, currently at 12.7%, has been falling rapidly with the 80 basis point (bp) decline in each of the past two quarters, the largest since 2018.