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office asset pricing: what to watch in 2017

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WHAT TO WATCH IN 2017 Cap rates are below prior peak levels, yet real estate capital markets remain liquid across debt and equity. Is the pricing gap representative of the risks associated with these markets? Less than one-quarter are seeing softening Cap rates continue to compress, but at a moderating pace The average cap rate for secondary markets A historical high for the secondary market yield discount relative to primary markets The average cap rate for primary markets Office asset pricing 111 basis points More than two-thirds of the 32 largest office markets are seeing year-over-year cap rate compression 39bps in 2015 30bps YTD in 2016

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Page 1: Office asset pricing: What to watch in 2017

WHAT TO WATCH IN 2017

Cap rates are below prior peak levels, yet real estatecapital markets remain liquid across debt and equity.Is the pricing gap representative of the risks

associated with these markets?

Less than one-quarterare seeing softening

Cap rates continue to compress,but at a moderating pace

The average cap ratefor secondary markets

A historical high for the secondary market yield discount relative to primary markets

The average cap ratefor primary markets

Office asset pricing

111basispoints

More than two-thirds of the 32 largest office markets are seeing year-over-year cap rate compression

39bps in 2015 30bps YTD in 2016

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