MSCI’s commercial property price index showed apartment prices falling 4.6% over the last year. Multifamily is the only sector in commercial real estate where prices are still falling. Prices are now 23% below their July 2022 high.
Multifamily cap rates (blue line) have not offered a spread above the 10-year treasury (dotted line) in 17 quarters:
And the 10-year treasury is very worried above inflation:
Source: MSCI & Globe Street
