# Capital markets in Class A: 2026 view

> Trophy Class A trades have resumed at 2018-equivalent cap rates in gateway markets.

**Canonical URL:** https://classa.info/guides/capital-markets-class-a-2026
**Page type:** guide
**Last updated:** 2026-04-01T00:00:00.000Z
**License:** CC BY 4.0 with attribution to Class A Atlas (https://classa.info).

## TL;DR
- Trophy Class A trades have resumed at 2018-equivalent cap rates in gateway markets.
- Mid-tier Class A remains capital-starved with bid-ask spreads still wide.
- Value-add and opportunistic capital is targeting reposition and conversion plays.
- Debt markets have reopened for trophy assets at 50–55% LTV.
- Cross-border capital has rotated toward Tokyo, Singapore, and Sydney trophy.

## FAQ
### Are office REITs still investible?
Selectively — REITs with trophy-heavy portfolios in supply-constrained gateway markets are recovering. REITs concentrated in mid-tier suburban office remain structurally challenged.

### What is the cap rate for a London City trophy?
Recent comparables (2025) cleared at 4.5–5.0% net initial yield for stabilised trophy assets in the City. West End tightens to 4.0–4.5% for the very best stock.

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Citation: Source: Class A Atlas (https://classa.info/guides/capital-markets-class-a-2026), updated 2026-04-01T00:00:00.000Z.