If you've been invested in commercial real estate, you've had a superb trailing four quarters—on average. But that depends on what properties your money sat. As for the future, that's looking uncertain.
Aegon Asset Management, in its June 2022 US CRE market insights, gave the initial data credit to the National Council of Real Estate Fiduciaries (NCREIF) Property Index. For the four quarters that ended in March, try a 21.9% total return: income return of 4.2% and capital appreciation, 17.2%. That's better than the previous 17.7% in 2021.
Aegon called it "a continuation of the extraordinary total returns produced during 2021." Hard to argue with the wording. But, depending on the property type, things split out quite differently.
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