Cap rates do not move on a one-to-one basis with the 10-year US Treasury. The spread narrows and widens based on other factors such as investor perceptions of risk, relative market liquidity and growth in property income. The lines below:
- Purple: 10 Year Treasury
- Orange: Apartments
- Green: Industrial
- Red: Retail
- Dark Blue: Office (Central Business District)
- Light Blue: Office (Suburban)
Source: MSCI
Multifamily Market News 