Market Data
Commercial real estate prices.
A working framework for pricing commercial assets — cap rates, PSF, price per unit, and asset-class dynamics across office, retail, industrial, and multifamily. Connect with brokers who quote live CoStar and RCA comps.
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Three lenses: $/sqft, cap rate, $/unit — and when each applies.
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Cap rate drivers: 10-yr Treasury, debt cost, WALT, tenant credit, vacancy.
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Asset class spreads: industrial, multifamily, retail, office, hospitality.
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Data sources: CoStar, RCA, Green Street, MSCI, broker cap-rate surveys.
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Frequently asked questions
- How are commercial real estate prices measured?
- Three main lenses: price per square foot (acquisition), cap rate (NOI / price), and price per unit (multifamily). Cap rate is the dominant metric for income-producing assets — lower caps mean higher prices relative to income, and vice versa.
- What drives commercial cap rates?
- 10-year Treasury yields, debt cost (SOFR + spread), tenant quality, lease term remaining (WALT), submarket vacancy, and asset class. Industrial and multifamily compressed to 4-5% caps in 2021; office decompressed past 8-10% post-2022.
- How do prices differ across asset classes?
- Industrial and multifamily remain the most liquid and tightest-priced. Retail varies wildly by tenant mix (grocery-anchored vs. unanchored strip). Office is the most distressed asset class with the widest bid-ask spread. Hospitality is rate-sensitive and ADR-driven.
- Where do reliable commercial price data come from?
- CoStar, Real Capital Analytics (RCA), Green Street, MSCI Real Assets, and CBRE/JLL/Cushman cap-rate surveys. Your broker should be quoting recent comps from CoStar or RCA — not pre-2022 transaction data.