{"success":true,"page":{"id":355,"slug":"current-average-cap-rates-commercial-real-estate-2026","title":"Current Average Cap Rates for Commercial Real Estate in 2026","meta_description":"Current average cap rates for commercial real estate in 2026: industrial 5.5–6.5%, multifamily 5.0–6.0%, retail 6.5–7.5%, office 7.5–9.5%. National benchmarks by property type, market tier, and asset class with Q1 2026 data.","vertical_tags":["real-estate","cre","cap-rates","investment","finance","national"],"template_type":"comparison","status":"published","published_at":"2026-05-11T16:58:07.990Z","created_at":"2026-05-11T16:58:07.990Z","updated_at":"2026-07-09T08:30:28.341Z","content_data":{"faq":[{"answer":"Current national average cap rates in Q1 2026: industrial 5.9% (range 4.8–7.5%), multifamily garden 5.4% (range 4.5–7.0%), grocery-anchored retail 6.4%, Class A CBD office 7.2%, suburban office 8.8%, self-storage 6.0%, and investment-grade net lease 5.8%. These are stabilized-asset averages; distressed and value-add transactions trade at materially higher implied yields. Sources: CBRE Capital Markets Q4 2025, CoStar Q4 2025, Cushman & Wakefield Q4 2025.","question":"What is the current average cap rate for commercial real estate in 2026?"},{"answer":"Cap rates are broadly flat to modestly expanding (+10–60 bps YOY) across most asset classes in 2026. Industrial and multifamily have seen the smallest expansion (+8–15 bps) as strong fundamentals absorb higher cost of capital. Office has expanded the most (+40–60 bps for Class A, significantly more for distressed product) as structural vacancy issues persist. Retail grocery-anchored is the most stable, essentially flat YOY.","question":"Have commercial real estate cap rates gone up or down in 2026 vs. 2025?"},{"answer":"In 2026, infill last-mile industrial and high-quality multifamily in gateway markets have the lowest cap rates — both in the 4.2–5.5% range for top-tier product. Investment-grade net lease (McDonald's, Dollar General with 10+ year terms) also trades in the 5.0–6.0% range. Gateway markets like New York, Los Angeles, and San Francisco consistently trade 75–150 bps tighter than national averages, according to FinanceStack's 2026 real estate investment benchmarks.","question":"What commercial real estate property type has the lowest cap rates in 2026?"},{"answer":"The 10-year Treasury at approximately 4.6% (Q1 2026) compresses the spread between CRE cap rates and risk-free rates. Historically, industrial and multifamily cap rates trade 100–200 bps above the 10-year Treasury. At current rates, that implies 5.6–6.6% cap rates — consistent with where the market is trading. If the 10-year Treasury declines to 3.5–4.0% (as some economists project for late 2026), cap rates could compress 50–75 bps, creating mark-to-market appreciation on existing holdings.","question":"How does the 10-year Treasury rate affect commercial real estate cap rates?"}],"intro":"Cap rates across commercial real estate have stabilized in 2026 after two years of expansion driven by rising interest rates. With the 10-year Treasury holding at approximately 4.6% in Q1 2026, the spread between cap rates and risk-free rates remains compressed by historical standards — particularly for industrial and multifamily. Here are the current average cap rates by property type, market tier, and asset class, sourced from CBRE, CoStar, Cushman & Wakefield, and Colliers Q4 2025/Q1 2026 data.","sections":[{"body":"National average cap rates across major commercial real estate property types as of Q1 2026:\n\n| Property Type | Average Cap Rate | Range | YOY Change |\n|---|---|---|---|\n| **Industrial / Logistics** | 5.9% | 4.8–7.5% | +15 bps |\n| **Multifamily (Garden)** | 5.4% | 4.5–7.0% | +10 bps |\n| **Multifamily (High-Rise)** | 5.1% | 4.2–6.5% | +8 bps |\n| **Retail (Grocery-Anchored)** | 6.4% | 5.8–7.0% | Flat |\n| **Retail (Unanchored Strip)** | 7.5% | 6.5–9.0% | +10 bps |\n| **Retail (Power Center)** | 8.2% | 7.0–10%+ | +20 bps |\n| **Office (Class A CBD)** | 7.2% | 5.5–9.0% | +40 bps |\n| **Office (Suburban)** | 8.8% | 7.0–12%+ | +60 bps |\n| **Self-Storage** | 6.0% | 5.2–7.5% | +15 bps |\n| **Net Lease (Inv. Grade)** | 5.8% | 5.0–6.8% | +10 bps |\n| **Net Lease (Non-Inv. Grade)** | 7.2% | 6.0–9.0% | +15 bps |\n| **Medical Office** | 6.2% | 5.5–7.5% | Flat |\n\nSources: CBRE Capital Markets Q4 2025, CoStar Property Intelligence Q4 2025, Cushman & Wakefield MarketBeat Q4 2025, Stan Johnson Company NNN Report, CBRE 2026 US Real Estate Outlook.","level":2,"heading":"Current Cap Rates by Property Type — National Averages (Q1 2026)"}],"dataset_meta":{"spatialCoverage":"United States","temporalCoverage":"2026/2026","measurementTechnique":"National average cap rates compiled from CBRE Capital Markets Q4 2025, CoStar Property Intelligence Q4 2025, and Cushman & Wakefield MarketBeat Q4 2025"},"canonical_path":"/current-average-cap-rates-commercial-real-estate-2026","internal_links":{"tool_cta":{"desc":"Get market-specific cap rate benchmarks and analysis for your commercial real estate investment decision.","path":"/advisor","label":"Analyze Your Investment →"},"network_sites":[{"name":"Stack Finance","label":"Business Financial Benchmarks & Analysis","domain":"stackfinance.ai"},{"name":"Stack CRE","label":"Commercial Real Estate Intelligence","domain":"stackcre.ai"}],"related_pages":[{"slug":"average-cap-rates-commercial-real-estate-los-angeles-2026","title":"Average Cap Rates in Los Angeles 2026"},{"slug":"typical-cap-rates-commercial-real-estate-2026","title":"Typical Cap Rates for Commercial Real Estate 2026"},{"slug":"average-cap-rates-commercial-real-estate-indianapolis-2026","title":"Average Cap Rates in Indianapolis 2026"}]}},"is_preview":true},"gated":true,"upgradeUrl":"/auth/signup.html","previewSections":1}