Discount Rates Study 3Q 2025

During the analysis period corresponding to the third quarter of 2025, there was an average decrease of 2 basis points in the discount rates of the real estate sub-industries analyzed in relation to the previous quarter. The main cause of the variations in real estate discount rates is a decrease in the risk-free rate, which has a positive effect on all market rates. Likewise, no significant changes in beta were observed. Another important factor to consider is the market credit spread, which in the last quarter has decreased in four of the six sub-industries, complementing the positive effect generated by the risk-free rate. As a result, the industrial, residential, and development sub-industries benefited the most, with a decrease of 12 basis points for the former and 7 basis points for the latter two. Offices, meanwhile, were the most affected, registering an increase of 17 basis points compared to the previous quarter. Strip centers and commercial properties remained virtually unchanged.