U.S. Cap Rate Survey H2 2023

Welcome to CBRE’s H2 2023 Cap Rate Survey (CRS).

To read the full report, please download the PDF.

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 gathered from mid-November through December 2023 and informed by deals that occurred throughout the second half of 2023. We acknowledge that market conditions are fluid but 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 generate key insights from a wealth of data.

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