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Research - NOVEMBER 19, 2020

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WEBINAR: NCREIF ODCE Index – Quarterly Update

by Andrea Zander

On Tuesday, Nov. 17, Geoffrey Dohrmann, president and CEO of Institutional Real Estate, Inc., and Garrett Zdolshek, portfolio manager of Investors Diversified Realty, discussed the ODCE Index and the impact of current events of the fourth quarter 2020 on the index.

ODCE has changed significantly since 2000. The market value 20 years ago was at $22 billion, with 831 investments and 11 component funds in the database. Five firms, accounting for 85 percent, dominated the data. Today, it is valued at $267 billion assets, and 3,035 investments and 25 component funds make up the data; and it is growing. The top five funds make up 49 percent of the index and that percentage continues to go down.

The index is fairly weighted. In terms of property type changes, funds have been moving allocations between the sectors. Over time, office exposure has declined in the index, while the apartment sector has increased substantially. In today’s environment, industrial overtook retail a

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