CAP RATES BY MARKET Oakland-East Bay 7.50 – 8.50% Oakland-East Bay 6.50 – 7.75% Seattle 6.50 – 7.50% Seattle 6.00 – 6.75% San Francisco 6.50 – 7.50% San Francisco 6.25 – 6.75% Silicon Valley 6.00 – 6.75% Silicon Valley 6.00 – 6.75% Denver 6.50 – 7.25% Denver 6.50 – 7.75% Portland 7.00 – 8.25% Portland 7.00 – 8.50% Salt Lake City 7.00 – 8.00% Salt Lake City 6.50 – 8.00% San Antonio 7.00 – 9.50% San Antonio 7.00 – 8.50% Orlando 7.00 – 8.50% Orlando 7.50 – 8.50% Columbus 7.75 – 10.00% Columbus 7.50 – 9.00% Pittsburgh 8.00 – 8.50% Pittsburgh 7.50 – 8.50% Baltimore 7.00 – 8.00% Baltimore 7.00 – 8.25% Dallas 6.50 – 7.75% Dallas 6.00 – 7.25% Miami 6.25 – 7.50% Miami 6.00 – 7.00% Charlotte 6.75 – 7.75% Charlotte 6.25 – 7.50% New York/CT 6.50 – 7.50% New York/CT 6.00 – 6.75% Boston 6.50 – 7.50% Boston 6.25 – 7.00% Austin 6.75 – 8.00% Austin 6.00 – 7.25% Orange County 7.00 – 9.50% Orange County 6.75– 8.00% Phoenix 6.75 – 7.75% Phoenix 6.50 – 8.00% Houston 7.25 – 8.25% Houston 6.25 – 7.50% Tampa 7.00 – 8.00% Tampa 6.75 – 8.00% Nashville 6.75 – 8.00% Nashville 6.25 – 7.50% Philadelphia 6.75 – 8.00% Philadelphia 6.75 – 8.00% New Jersey 6.50 – 8.00% New Jersey 6.50 – 8.00% Minneapolis 7.00 – 8.50% Minneapolis 6.75 – 8.00% Kansas City 7.75 – 10.00% Kansas City 8.00 – 9.00% St. Louis 8.00 – 10.00% St. Louis 8.50 – 9.50% Detroit 8.00 – 10.00% Detroit 8.00 – 9.50% Cleveland 8.00 – 10.00% Cleveland 7.50 – 9.00% Milwaukee 8.00 – 10.00% Milwaukee 7.50 – 9.00% Indianapolis 7.75 – 10.00% Indianapolis 7.50 – 9.00% Cincinnati 7.00 – 9.00% Cincinnati 7.50 – 9.00% Louisville 8.00 – 10.00% Louisville 8.00 – 9.50% Chicago 7.00 – 8.00% Chicago 6.50 – 7.75% Atlanta 6.50 – 7.50% Atlanta 6.00 – 7.25% San Diego 6.50 – 7.50% San Diego 6.50 – 8.00% Los Angeles 6.50 – 7.50% Los Angeles 6.50 – 7.50% Raleigh-Durham 6.75 – 7.75% Raleigh-Durham 6.25 – 7.50% Washington, DC 6.25 – 7.25% Washington, DC 6.50 – 8.00% 6.00% – 7.00% 6.00% – 7.00% 7.00% – 8.00% 7.00% – 8.00% 8.00% – 9.00% 8.00% – 9.00% CBD Class A cap rates by market Suburban Class A cap rates by market INDEPENDENT MARKET REPORT By JLL as at 31 December 2024 50 | MANULIFE US REIT
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