These estimates are informed by recent trades within their respective markets and discussions with investors. The cap rates presented in this report are based upon estimates by CBRE capital markets and valuation professionals.Markets conform to metropolitan area and metropolitan divisions as defined by U.S.Figure 13: Average rank of each risk factor by property type, 1 = greatest risk The prospect of tighter lending standards has garnered the least concern. There is more dispersion around concern for income growth with office being the clear outlier. However, inflation appeared to generate the most apprehension in the operations-heavy hotel sector. Inflation was a middling concern across most sectors. Office and hotel appear to draw less concern, likely because fundamental risks around occupancy outweigh financing costs. The second greatest concern is earlier and more aggressive rate hikes, which is a concern in the leveraged multifamily space. Specifically, office respondents rate this the highest, while multifamily respondents are less concerned, arguably because low homeownership rates and affordability largely compensate for a potential economic slowdown. The stop-start nature of economic activity during the past two years has most respondents believing general macro uncertainty is the greatest risk factor. The way survey respondents perceive macroeconomic risks yields interesting results.
![views from the 6 zip no survey views from the 6 zip no survey](https://image.slidesharecdn.com/12-nfpboardgovernancesurvey2009-100422210400-phpapp01/95/12-nfp-board-governance-survey-2009-5-728.jpg)
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Macro risk concerns vary by property type