Research - APRIL 17, 2017

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Commercial property delivers modest performance in first quarter

by Denise DeChaine

The National Council of Real Estate Investment Fiduciaries has released first quarter 2017 results for the NCREIF Property Index.

The quarterly NPI total return was 1.55 percent in the first quarter 2017, down from 1.73 percent in the fourth quarter 2016 and 2.21 percent in the same quarter a year ago. The first quarter 2017 total return consisted of a 1.15 percent income return and 0.40 percent appreciation. The income return, although modest, has been relatively stable over the past three quarters. Appreciation has experienced a downward trend since 2015 and first quarter 2017 marks the fourth consecutive quarter of sub-1 percent appreciation.

For the trailing year, the annual NPI total return was 7.27 percent, consisting of a 4.73 percent income return and 2.45 percent appreciation.

Industrial remains the best performing property type and recorded 2.83 percent quarterly and 12.18 percent trailing year total returns. Retail was the only other property type to

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