The COVID-19 pandemic had disparate effects on the U.S. institutional real estate market from first quarter 2020 through second quarter 2021 — the post-COVID era. A review of the six-quarter period, using data from NCREIF, finds property values varied considerably by property type during this unusual period. The clear winners include the industrial property sector, with R&D industrial outperforming all others with an overall increase in property value of 20.41 percent.

This article’s objective is to provide market participants additional insight into the U.S. institutional-grade property market during the post-COVID era. Specifically, this article reviews commercial property appreciation trends in the U.S. institutional-grade property market from January 2020 through second quarter 2021 (six quarters). The data used in this investigation come from NCREIF, the National Council of Real Estate Investment Fiduciaries established in 1982.

Although NCREIF produces mo