CBRE CAP RATE SURVEY
CBRE CAP RATE SURVEY
CBRE CAP RATE SURVEY
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IN THIS ISSUE:<br />
Overview<br />
Office<br />
Multihousing<br />
Retail<br />
Industrial<br />
Hotels Hotel<br />
Appendix<br />
Office CBD | Western Region<br />
Albuquerque 7.50% - 8.50%<br />
Denver 5.50% - 6.00%<br />
Las Vegas 7.00% - 8.00%<br />
Los Angeles 5.00% - 5.50%<br />
Orange County 5.75% - 6.25%<br />
Phoenix 6.50% - 7.00%<br />
Portland 6.25% - 7.25%<br />
Sacramento 7.50% - 8.50%<br />
Salt Lake City 7.00% - 8.00%<br />
San Diego 6.25% - 6.75%<br />
San Francisco 3.00% - 4.50%<br />
* Compared to 1st half 2012<br />
Class A Class B Class C<br />
* Cap Rate Forecast represents the <strong>CBRE</strong> professional’s opinion of where cap rates are likely to trend in 1st half of 2013 in their local market.<br />
Decrease<br />
Cap Rate Survey<br />
Remain Flat<br />
Increase<br />
February 2013<br />
><br />
Stabilized Trend* Value-Add Trend* Stabilized Trend* Value-Add Trend* Stabilized Trend* Value-Add Trend*<br />
↓<br />
↓<br />
↓<br />
↓<br />
I<br />
↓<br />
I<br />
I<br />
I<br />
I<br />
I<br />
9.00% - 10.00% ↓ 8.50% - 9.25%<br />
7.00% - 7.25% ↓ 6.50% - 7.00%<br />
↓<br />
↓<br />
9.75% - 10.50% ↓ 9.50% - 11.00% ↓ 12.00% - 13.50% ↓<br />
7.75% - 8.00%<br />
8.00% - 8.50%<br />
8.50% - 9.00%<br />
7.00% - 9.50% N/A 8.00% - 9.00% N/A 8.75% - 10.50% N/A 9.00% - 10.00% N/A 9.00% - 11.00% N/A<br />
6.00% - 6.50%<br />
6.75% - 7.50%<br />
7.25% - 7.75%<br />
6.75% - 7.75%<br />
7.75% - 9.00%<br />
7.50% - 8.50%<br />
6.75% - 7.25%<br />
↓<br />
I<br />
↓<br />
↓<br />
I<br />
I<br />
I<br />
6.50% - 7.25%<br />
7.00% - 8.00%<br />
7.50% - 8.00%<br />
7.00% - 8.00%<br />
↓<br />
I<br />
I<br />
I<br />
6.50% - 8.00%<br />
8.25% - 9.00%<br />
↓<br />
↓<br />
I<br />
7.50% - 8.50%<br />
9.00% - 9.75%<br />
8.50% - 10.00% ↓ 8.50% - 9.00%<br />
7.50% - 8.50%<br />
8.50% - 9.50% ↓ 8.75% - 10.00%<br />
7.00% - 8.50%<br />
7.00% - 7.50%<br />
5.50% - 6.00% ↓ 4.00% - 6.00%<br />
↓<br />
I<br />
I<br />
7.50% - 9.50%<br />
7.50% - 8.00%<br />
↓<br />
I<br />
I<br />
I<br />
8.00% - 9.00%<br />
9.00% +<br />
8.00% - 10.00%<br />
8.00% - 8.50%<br />
6.00% - 7.00% ↓ 6.75% - 7.25%<br />
I<br />
↓<br />
I<br />
↓<br />
I<br />
I<br />
I<br />
I<br />
I<br />
8.00% - 10.00%<br />
9.25% - 10.50%<br />
10.00% - 12.00%<br />
8.50% - 10.00%<br />
9.50% +<br />
8.50% - 10.50%<br />
9.00% - 9.50%<br />
7.25% - 8.00%<br />
San Jose 6.50% - 7.50% ↓ 7.00% - 8.00% ↓ 7.00% - 8.00% ↓ 7.50% - 8.50% ↓ 8.00% - 9.00% ↓ 8.50% - 9.50% ↓<br />
Seattle 5.00% - 5.75%<br />
6.00% - 7.00%<br />
5.50% - 6.50%<br />
7.00% - 8.00%<br />
7.50% - 8.50% ↓ 9.00% - 10.00%<br />
Albuquerque<br />
Denver<br />
Las Vegas<br />
Los Angeles<br />
Orange County<br />
Phoenix<br />
Portland<br />
Sacramento<br />
Salt Lake City<br />
San Diego<br />
San Francisco<br />
San Jose<br />
Seattle<br />
↓<br />
I<br />
<strong>CAP</strong> <strong>RATE</strong> FORECAST*<br />
Class A Class B Class C<br />
Stabilized Value-Add Stabilized Value-Add Stabilized Value-Add<br />
↓<br />
I<br />
↓<br />
↓<br />
I<br />
↓<br />
I<br />
I<br />
↓<br />
I<br />
I<br />
I<br />
8
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