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