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ATLANTA-While some in the commercial real estate are bemoaning the grim housing statistics of recent months, others are trumpeting the strength of other property types, such as the office and industrial sectors.

Just ask those who oversee the Wells S&P REIT Index Fund. The fund hit an all-time high last week, at the same time housing sales figures continued to be sluggish. The fund, the first mutual fund licensed with Standard & Poor's that seeks to mirror the holdings of the S&P REIT Composite Index, hit a net asset value of 13.64 on Aug. 22.

The fund's record-setting pace reflects the strength of REITs, but also the strength of the commercial real estate market, particularly office and industrial markets. While some of the fund's holdings are in the residential sector, such as Equity Residential Properties Trust and AvalonBay Communities, Inc., the fund also has holdings in companies such as Simon Property Group, Inc., Vornado Realty Trust and Kimco Realty Corp.