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US Commercial Property Grows Steadily During Q4 2012

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real estate  United States  Urban Land Institute  PWC  retail real estate  Mitch Roschelle  National Council of Real Estate Investment Fiduciaries  institutional real estate  NCREIF  Ron Kaiser 

US Commercial Property Grows Steadily During Q4 2012

By - Friday 01 February 2013

The commercial property market in the US posted positive results across the board during the last quarter of 2012, according to the National Council of Real Estate Investment Fiduciaries (NCREIF).

Its index revealed that there was a 2.54 per cent increase in returns, made up of a 1.41 per cent income return and a 1.13 per cent capital appreciation return.

During the third quarter of 2012, there was a 2.34 per cent return, showing a slight gain. However, it was down from the 2.96 per cent return recorded from the fourth quarter of 2011. Nevertheless, the figures have been welcomed as an indicator that the market is slowly improving.

Ron Kaiser, chairman of the NCREIF board commented that real investment returns have a "reputation for stability" and that 2012's figures "reinforced" this point clearly: "Basically, this reflects the continued rationing of the capital market flows to institutional real estate to nearly all corners of the market."

The NCREIF Index, which analyses data delivered to it by its members – on approximately $320 billion (£202 billion) – also reported that retail was the best performing sector during the last quarter of 2012, with a 2.97 per cent total return. Additionally, for the entire year, it was the sector that led the way.

These figures are in line with estimates made by experts last year. In a report entitled Emerging Trends in Real Estate 2013, PwC and the Urban Land Institute predicted that the commercial property market in the US as a whole will advance throughout the year.

"With the outlook for commercial real estate continuing to improve in 2013, investors are expected to allocate substantial sums of capital to the real estate asset class, according to our survey respondents," commented Mitch Roschelle, a partner and US real estate advisory practice leader at PwC, last year.

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