Retail is the tightest major property type in the country right now at a 6.31% median cap rate across 47 major metros, while office sits widest at 7.13% — a 0.82-point spread that frames every buy decision this quarter.
Median cap rate by property type
| Property type | Median cap rate | |---|---| | Retail | 6.31% | | Industrial | 6.66% | | Multifamily | 7.04% | | Office | 7.13% |
Where the yield still is
| Property type | Highest yield | Tightest | |---|---|---| | Multifamily | Baltimore 8.50% | San Diego 4.23% | | Office | Buffalo 8.55% | Los Angeles 5.39% | | Retail | Detroit 7.25% | San Jose 4.55% | | Industrial | Memphis 8.66% | San Jose 4.53% |
Multifamily rent growth — trailing 12 months
| Market | Rent growth | |---|---| | Hartford | +6.51% | | Cleveland | +6.00% | | Providence | +5.85% | | Columbus | +5.29% | | Chicago | +5.28% | | Indianapolis | +5.27% | | Kansas City | +5.25% | | Hampton Roads | +5.24% | | Pittsburgh | +5.14% | | Birmingham | +4.66% |
Net in-migration leaders
| Market | Net migration | |---|---| | Washington, DC | +140,717 | | Philadelphia | +105,862 | | Phoenix | +104,650 | | Atlanta | +87,821 | | Las Vegas | +81,518 | | New York | +76,419 | | Chicago | +71,684 | | Dallas–Fort Worth | +68,609 | | Boston | +67,078 | | Hampton Roads | +66,169 |
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_Source: IntellCRE proprietary market data (2026-Q3), median across metro ZIP codes by property type. Markets without a reported value for a metric are omitted from that statistic rather than estimated._