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NCREIF Property Index Posts Ninth Consecutive Quarter of Positive Total Return
Led by seniors housing, quarterly returns rose to 1.41% in the third quarter of 2026 from 1.29% in Q2, the National Council of Real Estate Investment Fiduciaries (NCREIF) reported. The NCREIF Property Index (NPI) has now posted nine consecutive quarters of positive total return.
Seniors housing returned 5.98% for the quarter, up from the 3.91% reported for Q2, with appreciation of 4.60% accounting for most of the gain and representing the index’s strongest sector result by a wide margin. Retail returned 2.04% (from 1.80%) and self-storage 1.83% (from 1.67%), both improving for a second quarter. Industrial, the largest sector at a third of the index, edged up to 1.52% from 1.49%.
Office returned 1.18%, up from 0.70%, as the decline in office values slowed to 0.27% from 0.72%. The sector remains the only major property type with a negative capital return. The NPI is based on 13,200 properties, currently totaling $939 billion in market value.
- ◦Sale/Acquisition
- ◦Financing
