The Billings Investment Market continues to remain strong with low supply and increased demand due to a lack of confidence in the financial markets. Return rates (CAP Rates) continue to see downward pressure due to market demand, while that pressure is slightly off-set by the most recent Fed increases in interest rates.  We expect return rates to remain somewhat stable (6.5%-9.5%) depending on risk and tenant quality.  Investor appetite for lower cap rates appear to be increasing due to lack of inventory in the investment market.