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National  + Finance  |  February 4, 2025
Paul Bubny
By: Paul Bubny

NCREIF Indices End 2024 in Positive Territory

The National Council of Real Estate Investment Fiduciaries (NCREIF) said fourth-quarter 2024 results for the NCREIF Fund Index – Open-end Diversified Core Equity (NFI-ODCE) posted a total return of 1.16%, up from 0.25% in Q3 2024 and from -4.83% a year ago. Similarly, the NCREIF Property Index (NPI) ended 2024 in positive territory.

For the NFI-ODCE, the income return was 1.02, down slightly from 1.04% in Q3, while the appreciation return was 0.14% for the quarter, above the previous quarter’s -0.79% and from -5.77% in Q4 2023. “The prior streak of nine consecutive quarters of negative appreciation has finally been broken,” according to NCREIF. The NFI-ODCE consists of 25 funds totaling $278.5 billion of gross real estate assets and $226.8 billion of net real estate assets.

Having turned positive in the last two quarters of 2024, the NPI posted a 94% total return for Q4 2024, including 1.17% from income and -0.24% from negative property appreciation. The NPI includes 12,767 properties, totaling just under $900 billion in market value.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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