Commercial property prices are roughly flat. Green Street's index fell 0.1% in September 2026 and is up 4.7% from a year earlier, and CBRE's first-half survey found the average cap rate essentially unchanged from late 2025.
−0.1%
+4.7% over the past 12 months
Unleveraged values of high-quality U.S. commercial property, month-over-month change.
As of September 2026. Green Street, Commercial Property Price Index press release
Flat
All-property average essentially unchanged from H2 2025
Neighborhood retail compressed most, then hotel and industrial. About 60% of respondents expect no change over the next six months; infill multifamily is the most bearish subtype. CBRE’s sector tables are in its full report, which requires a sign-up.
As of H1 2026 (survey taken late June). CBRE, U.S. Cap Rate Survey H1 2026
Sector price indexes from the big repeat-sales series (MSCI's RCA CPPI among them) are licensed to subscribers, and their terms don't allow republishing on a site like this one, so we don't show them. Green Street's all-property index above is from its public press release.
CBRE's H1 2026 Cap Rate Survey, published August 12, 2026, is built from about 3,600 estimates by more than 200 of its capital markets and valuation professionals across more than 50 markets, collected in late June. From the survey:
The sector-by-sector cap rate tables are in CBRE's full report, which requires a sign-up, so they aren't reproduced here.
CMBS term sheets filed with the SEC give each pool's weighted-average debt yield on underwritten net operating income and its weighted-average loan-to-value on appraised value. Multiply the two and the loan amount cancels out: NOI divided by value, which is a cap rate.
| Deal | Pool | NOI debt yield | LTV | Implied cap rate |
|---|---|---|---|---|
| Benchmark 2026-V21 Filed Feb 25, 2026 | $1.20bn, 41 loans | 12.5% | 59.6% | 7.45% |
| BMO 2026-C14 Term sheet dated Jan 16, 2026 | $631.6m | 12.7% | 58.5% | 7.43% |
Both pools come out at about 7.4%. Treat that as a dated, appraisal-based number: these deals priced in January and February 2026, when CBRE notes the 10-year briefly fell below 4%, and they cover only property good enough to finance in a conduit.
Send the deal to Janover Capital and talk through the debt before you set a price.
