Cap rate suppression - has it changed your investment strategy❓

[Brian Pownall]

I thought the graph below from NorthMarq's 1Q21 Capital Report was interesting with the spread between major market and non-major market cap rates falling to the tightest spread in over a decade. Definitely have seen this movement across the various markets we are underwriting and making offers in. I know some folks seek secondary or tertiary markets for lower entry points, but with the cap rate movement nationwide has this changed your strategy?