08/20/2026
Cap rates are holding. Consensus is not. How so?
CBRE’s first-half cap rate survey found that the all-property average remained essentially unchanged even as the 10-year Treasury yield moved higher. What shifted more noticeably was market sentiment: respondents were increasingly divided about where cap rates and values are headed next.
As GlobeSt highlights, broad sector labels no longer tell the full story. Geography, asset quality, income durability, and business-plan risk are increasingly separating one outcome from another. That distinction is especially important in multifamily, where expectations vary considerably by asset class and location.
In a market this fragmented, thoughtful underwriting and the right capital structure matter.
X-Caliber works with multifamily borrowers to develop tailored financing solutions designed around each property, business plan, and market environment.
Learn more about X-Caliber’s multifamily financing solutions:
https://hubs.li/Q04tJTdT0
Read the GlobeSt analysis:
https://hubs.li/Q04tJRfx0