Avison Young：2026年第一季度美国房地产投资销售市场报告（英文版）

Asset pricing (CPPI): Industrial has emerged as the clear winner postCOVID, with multifamily peaking around 2022. The two are converging after decades of separation. Cap rates: Across-the-board compression post-GFC has fully reversed, with all sectors repricing toward normalized levels. Multifamily saw the most dramatic swing — from sub 5% to nearly 6%. Deal sizes: Small deals dominate at 38% and rising, large trades ($250mm+) have shrunk to just 9%, and 74% of all transactions were under $10