National NCREIF Property Index returns in the U.S. 1998-2019

The value of the national NCREIF Property Index in the United States was 1.55 percent in 2019. The NCREIF Property Index reflects the change in prices of commercial real estate for investment purposes in the United States. In 2019, commercial real estate in the U.S. had a return rate of 1.55 percent. The rate of returns has been falling steadily since 2010 when it equaled 4.62 percent.

Property types with highest returns

Over the past two decades the only two years with negative returns were 2008 and 2009, which can be attributed to the financial crisis 2007-2008. Industrial property tend to have the highest and most consistent returns among commercial property types, whereas retail property returns have fluctuated significantly in recent years.

Commercial property area with best development prospects

In 2019, the investment opportunities for industrial or distribution real estate were deemed to be the best when compared with other types of commercial property. Industrial real estate includes warehouses, factories, and big box distribution centers.

Returns of the national NCREIF Property Index in the United States from 1998 to 2019

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Release date

January 2020


United States

Survey time period

1998 to 2019

Special properties

as of fourth quarter each year

Supplementary notes

The source adds the following information: "NCREIF Property Index is a quarterly time series composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. All properties in the NPI have been acquired, at least in part, on behalf of tax-exempt institutional investors - the great majority being pension funds. As such, all properties are held in a fiduciary environment."

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Statistics on "Commercial property in the U.S."

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