Market Analysis•6 min read•September 30, 2024
Manhattan Cap Rates 2025: What to Expect
A framework for thinking about cap rates in a rate-driven market: spreads, debt costs, and where Manhattan pricing can stabilize.
Cap rates respond to both asset fundamentals and financing reality. In Manhattan, buyer underwriting often begins with the cost of debt and required spreads.
What to Watch
- 10Y Treasury direction and volatility
- Credit spreads and lender appetite by asset class
- Rent growth assumptions vs. expense growth
- Liquidity in the buyer universe for each product type
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