Asset Classes

Institutional CRE is not one underwriting discipline. It is four: multifamily reads through a rent roll and a value-add renovation premium; office reads through a Trophy-to-Class B stratification, expense-stop mechanics, and the sublease overhang; industrial reads through a clear-height-and-dock-door spec stack with cold storage, data center, and manufacturing/flex as specialty layers; retail reads through anchor-and-inline cascade math on one side and single-tenant net lease credit decomposition on the other. Each asset class has its own 2026 cap-rate matrix, its own credit vocabulary, and its own institutional buyer pool.

The four clusters below cover those disciplines end to end — 22 practitioner guides across multifamily, office, industrial, and retail. Each piece carries a 2026 worked example, the relevant cap-rate or cost stack, and the institutional benchmarks. Start with the asset class you are pricing. The cross-references pick up the rest.