Market Commentary
REITWatch
REITWatch is a monthly statistical publication intended to provide a snapshot of the REIT industry. It includes data derived from the FTSE Nareit U.S. Real Estate Index Series and the FTSE/EPRA Nareit Global Real Estate Index Series in addition to tracking the performance of individual REITs.
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Office Markets had Positive Demand Growth in Third Quarter as CRE Recovery Broadened
Office markets showed their first signs of recovery with rising demand and positive rent growth, and demand growth more than doubled for retail properties
REITs Rose Last Week
Last week’s increase raised the year-to-date returns above 30%, to 30.2%.
Robust Rebound Lifted REITs Last Week
Last week’s gain, which came after five consecutive weeks of downward moves, brought year-to-date returns to 27.1%.
Disappointing September Jobs Report Suggests Pause in Return-to-Office
Many of the 19.6 million employees who continue to telecommute because of the pandemic are likely to return to the office in the first half of next year.
REIT Share Prices Little Changed Last Week
REIT share prices were little changed last week, with the FTSE Nareit All Equity REITs Index total return edging down 0.3%.
Real Estate and REIT Allocations in Sector Specialist Funds
The large specialist ownership base for REITs can help investors in direct and indirect ways.
Most REIT Sectors Moved Lower Last Week
Broader markets also fell, with a decline of 2.2% on both the Russell 1000 and the S&P 500.
Active Managers Increasing Allocations to Real Estate and REITs in Generalist Funds
The REIT underweight for generalist funds benchmarked against the S&P 500 declined from 114 basis points in 2016Q4 to just 62 basis points as of 2021Q2.