Publications

- May 1, 2015: Vol. 9, Number 5

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The elusive benchmark: Real estate investors are still in search of the most appropriate benchmark

by Claude Angeloz and Pieter Nelissen

1 Regardless of the asset class, the ability to generate superior investment performance is the measurement that separates good investors from great investors. In most asset classes, performance is easily compared and contrasted against a commonly-agreed investment universe or an appropriate index of investment opportunities. But in private real estate, investors face the dilemma of attempting to evaluate performance without the benefit of a commonly-agreed benchmark, as globally-comprehensive real estate return comparisons still remain elusive. This article, which is based on a larger Partners Group research piece, examines the indices available to today’s global real estate investor and aims to give an overview of their origins, their comprehensiveness, and their strengths and weaknesses. However, it is our belief that despite greater real estate index availability today than ever before — with differing constituent sets, fund strategies, property type inclusion parameter

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