The year 2026 began with high hopes for commercial real estate capital markets. At the close of 2025, respondents to CBRE’s cap rate survey, a bi-annual poll of capital markets and valuations professionals, overwhelmingly expected yields to either hold steady or decline over the next six months.
Things turned significantly more negative in the most recent survey. Roughly 60% of respondents expect to see “No Change” in cap rates through the end of 2026, but there was an uptick in the number of respondents who expect them to rise.
This view was particularly notable in the multifamily space, likely reflecting softer rent growth expectations and higher interest rates. Across property types, more investors expect higher cap rates for Class C assets, likely reflecting higher capex requirements and greater lease-up risk.
Source: CBRE
Multifamily Market News 