Asset Markets

This section explores the performance and dynamics of the real estate asset market, with a focus on property returns, cap rates, and the fundamental components that drive value. It is organized into three sections: 

1. Link to Paper

Highlights the study “Twenty Years of the NCREIF Property Index” by Joseph L. Pagliari, Frederich Lieblich, Mark Schaner, and James R. Webb, which provides a comprehensive analysis of property-level returns, risk characteristics, and trends across two decades of U.S. commercial real estate data.

2. Cap Rates & Property Values

Examines the evolution of market values, net operating income, and capitalization rates across different property types and the NCREIF index..

3. Fundamental Components of Return

Examines the evolution of net operating income, cash flows and dividend payout ratios across different property types and the NCREIF index.