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Commercial real estate yields have been falling, especially in top-tier markets, as investors purchase properties in anticipation of economic recovery. Institutional investors are bidding up prices of quality properties, driving up values and pushing down cap rates. Institutions, including pension funds, life insurance companies and foreign investors, desire quality properties with predictable income streams in major markets.

Many secondary and even tertiary markets have also seen prices rise, but not to the same extent as top cities. Those locations, along with value-add plays, remain largely the realm of private investors with local market expertise.

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