Commercial real estate investments usually deliver stable returns over longer hold periods, such as a five-plus year horizon, allowing time to iron out common cyclical bumps and potholes that may affect single-year returns, according to John Chang, senior vice president and national director research and advisory services for Marcus & Millichap.

In times when the economy and sector are relatively normal like between 2014 and 2019 most property types delivered total revenue growth between 20% and 25%. But during crisis points, revenue growth has understandably faltered and in some cases certain sectors have taken years to recoup lost ground.

For example, coming out of the Great Recession, retail struggled mightily in the face of e-commerce and overdevelopment. It took about 10 years or so to recover as it tried to reinvent itself, gaining about 11 percent over that 10-year stretch leading up to 2020.