Pillar III · Reports · Forthcoming Q4 2026

Cap rates. By asset class, sub-type, and geography.

Quarterly cap-rate ranges across the seven major CRE asset classes – by sub-type and metro, IRR-adjusted, with spread-to-Treasuries decomposition and trailing-12-month change. The reference table your underwriting model needs updated every quarter.

Quarterly cadence

$39 founders

$49 per issue

Quarterly Sample on release

What each issue covers

Coverage

7 classes

Multifamily, industrial, retail, office, hospitality, self-storage, data center – each with sub-type breakdowns.

Geography

25 metros

Top-25 US metros by transaction volume. National averages included.

Founders price

$39

$49 per issue. Quarterly subscription available.

Methodology

Cap-rate data is derived from closed institutional CRE transactions, supplemented by NCREIF appraisal-based returns for sectors with thin transaction volume. Each rate reflects the trailing-quarter median for closed, arm's-length transactions with disclosed pricing. Distressed sales and portfolio trades are broken out separately – they do not contaminate the market-rate series.

Spread-to-Treasuries decomposition uses the 10-year UST at the transaction date, not the publication date, so the spread reflects actual deal economics. IRR adjustments use standard hold-period assumptions published in the methodology appendix. The report does not include broker opinion of value (BOV) data or asking-cap-rate surveys – only closed transactions with confirmed proceeds. Markets and sub-types with fewer than five closed transactions in the quarter are flagged as thin and excluded from the median calculation.

Who this is for

Acquisitions analysts

An acquisitions analyst at a value-add sponsor sizing a deal in a new metro. The going-in cap rate in the OM needs to be benchmarked against where market actually traded last quarter – not what a broker told the seller six months ago.

Lender underwriters

Exit-cap assumptions in the DCF. Where the cap-rate curve has moved over the trailing four quarters is the only defensible basis for sensitivity ranges in a credit memo.

LP allocators

Verify sponsor going-in and exit assumptions. A spread-to-Treasuries frame exposes whether the cap-rate environment is favorable or compressed relative to the risk-free rate at deal entry.

Appraisers and valuation teams

Quarterly market-rate benchmarks by sub-type and geography. Reduces reliance on comp searches for rate context when market data is thin.

Issue outline

I. Market Summary

Quarter-over-quarter and trailing-12 cap-rate movements across all seven asset classes at the national level. What compressed, what expanded, and what drove the change.

II. By Asset Class – Sub-type Tables

Full cap-rate tables for each asset class broken into sub-types (e.g., multifamily: garden, mid-rise, high-rise, workforce housing, affordable). Range, median, and trailing-12 change.

III. Metro-Level Data

Top-25 metro medians for each asset class. Index chart showing which metros have compressed most year-over-year and where expansion is concentrated.

IV. Spread-to-Treasuries

10-year UST spread decomposition by asset class – current level, trailing-12 range, and comparison to the five-year average spread. When spreads are historically thin, it's noted.

V. IRR-Adjusted Return Context

Going-in cap rate translated to unlevered IRR under standard hold-period and exit-cap assumptions. Allows direct comparison across asset classes on a return basis.

VI. Transaction Volume Context

Data confidence note – how many transactions underlie each data point, which sub-types and metros have thin coverage, and what that means for interpreting the ranges.

FAQ

How is this different from a transaction-data database subscription?

Live transaction databases are query tools — you pay for the right to ask. Cap Rate Quarterly is an editorial product: the data is pulled, cleaned, contextualized, and put into a practitioner frame so it can be cited directly in a memo or IC presentation. It supplements a live database subscription, it does not replace one.

Are asking cap rates included?

No. Only closed, arm's-length transactions with disclosed pricing. Asking rates, BOV data, and broker surveys are excluded from all calculations. When a sub-type or metro has fewer than five qualifying transactions in the quarter, the data point is flagged as thin.

Can I use the data in client-facing materials?

The license covers internal use within your purchasing firm. Using data in client-facing materials (pitch decks, investment memos sent to LPs) requires citing the source. Redistribution of the full report outside the firm requires written consent.

Refund policy?

14-day refund if the file is materially different from what was described, corrupted, or not delivered correctly. Email support@valoreregistry.com.

Pricing

Single issue $49

Founders' price (first 14 days) $39

Quarterly subscription (4 issues) $149

PDF, ~25 pages per issue. Internal-use license per purchasing firm. Informational only – not investment advice. Cap-rate data should be verified against source transaction databases before use in appraisal or transaction documents.

Quarterly refresh. Free re-download for 12 months from purchase.

14-day refund if the file is materially different from what was described, corrupted, or not delivered correctly.

Or get this in All-Access Bundle for $997 — save ~44% vs à la carte.See all bundles →