U.S. Cap Rate Survey H1 2026

Sep 23, 2026, 11:15 AM by Michael Leahy
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.

After several years of asset repricing, the commercial real estate market has been finding new equilibrium. The bigger question is what happens next.

While cap rates have largely stabilized, expectations of asset pricing are becoming increasingly differentiated by sector, asset quality and market.

Our U.S. Cap Rate Survey H1 2026 offers an in-depth analysis of commercial real estate yield trends and pricing dynamics across key U.S. markets. This report provides crucial insights to help you navigate emerging opportunities and underwrite upcoming transactions with confidence.

Key Takeaways

 
  • Cap Rate Stabilization: Overall cap rates have held steady, signaling that pricing resets are largely behind us.
  • Divergent Expectations: CBRE professionals’ views on near-term cap rate movement have become more bifurcated. While roughly 60% of respondents expect no change, many more now expect cap rates to increase than did so six months ago. The more split views are consistent across property types.
  • Increased Office Uncertainty: Expectations for office cap rates have never been more polarized, reflecting uncertainty about appropriate pricing for the sector.

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What's Next?

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The places in which we live, work and invest will continue to change and adapt to technology, demographics and human expectations at an accelerated rate.

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