Total return from unleveraged core real estate as measured by the NCREIF Property Index or NPI), has fallen relative to six months ago, notes the ULI Center for Real Estate Economics and Capital Markets.
This data point comes from a larger survey ULI conducted in April 2023 of 41 economists and analysts at 37 real estate organizations. The forecast is based on the median responses gathered in the survey, which reflect a wide range of views both better and worse.
These lower returns will be disappointing for many, but they are much higher than they were during the Great Financial Crisis, ULI said.
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