Cap Rates & Property Values

The charts show Market Value (blue), Rescaled NOI (red), and the Capitalization Rate (green, dashed line indicates the long-run average). The first chart presents NCREIF, followed by the four property types: Apartment, Office, Retail, and Industrial.

NCREIF Index: Market Values, Rescaled NOI and Capitalization Rates Based on a $100 Investment for the Period 1978 through 2024

APARTMENT: Market Values, Rescaled NOI and Capitalization Rates Based on a $100 Investment for the Period 1978 through 2024

OFFICE: Market Values, Rescaled NOI and Capitalization Rates Based on a $100 Investment for the Period 1978 through 2024

RETAIL: Market Values, Rescaled NOI and Capitalization Rates Based on a $100 Investment for the Period 1978 through 2024

INDUSTRIAL: Market Values, Rescaled NOI and Capitalization Rates Based on a $100 Investment for the Period 1978 through 2024