【CBRE】Higher-for-Longer Rates: Implications for Commercial Real Estate

The 10-year Treasury yield has remained near or above 5% since Sept. 10, its highest level since 2007. The spread between the average commercial real estate cap rate¹ and the 10-year Treasury yield has compressed to about 160 basis points (bps), a record low and well under its long-run average of roughly 325 bps.

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