Discount Rates Study 4Q 2025

 

During the analysis period corresponding to the fourth quarter of 2025, there was an average decrease of 23.9 basis points in the discount rates of the real estate sub-industries analyzed in relation to the previous quarter, which accumulates an average decrease of 44 basis points compared to December 2024. 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 three of the six sub-industries, complementing the positive effect generated by the risk-free rate. As a result, the Office, Residential, Commercial, Strip Center, and Development sub-industries benefited, with an average decrease of 30 basis points. The Industrial sub-industry, on the other hand, did not see an improvement in the rate, registering a slight increase of 7 basis points compared to the last quarter.