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### CBRE: Cap Rates Have Largely Stabilized
Cap rates in the U.S. have largely stabilized despite ongoing volatility in Treasury yields and mixed economic indicators, according to CBRE’s latest **U.S. Cap Rate Survey** for the second half of 2024. The survey, which included insights from over 200 CBRE experts, suggests that cap rates have likely peaked.
Based on 3,600 cap rate estimates, the findings indicate sector-specific variations. The industrial and multifamily sectors experienced cap rate declines, whereas the office sector saw increases due to continued financial distress.
“Cap rates appear to have peaked, and investment volume is expected to rise in 2025, though market volatility persists due to policy uncertainties and fluctuating inflation,” said Tom Edwards, Global President of Valuation & Advisory Services for CBRE. “While repricing has largely concluded, cap rate performance will continue to vary by sector.”
The report also highlights a 9% increase in sales volume for 2024, with further growth anticipated in 2025 as market repricing finalizes.
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