Nareit Market Commentary

The Market Commentary blog on presents analysis of the macro- and micro-economic fundamentals impacting the REIT and commercial real estate industry. The Nareit economics team offers their commentary on the state of the market, the outlook for commercial real estate and breaking macroeconomic news. The opinions set forth here are solely those of its author(s), and do not necessarily reflect the views of the Nareit or its membership.

  • 2/8/2018

    Interest Rates, Inflation, the Stock Market and REITs: What are the Risks?

    Stock prices took a sudden downturn in early February, with the S&P 500 erasing all the gains for the year, and then some. REITs were down as well, with the FTSE Nareit All Equity REITs index declining to the lowest level in 14 months. Most...
  • 2/1/2018

    On the Other Side of the CMBS “Wall of Maturities”

    Now that we are on the other side of the Wall of Maturities, it’s worth a look back to see how the market fared, and what are the prospects for the CMBS market in the year ahead.
  • 1/5/2018

    What Will Have the Biggest Impact on REIT Performance in 2018? Investors Respond to a Nareit Survey

    We decided to turn the tables and ask investors and other readers of the Nareit News Digest for their views on what will have the greatest impact on REIT share performance in 2018.
  • 1/4/2018

    2018 Return Expectations for REITs

    For REIT investors 2017 turned out to be a very normal year—but that was a huge disappointment given the “irrational exuberance” that investors in some other parts of the stock market enjoyed. So how can we develop empirically-based REIT return expectations for 2018?
  • 12/19/2017

    Are You Worried About Inflation?

    Concern is growing among some investors that tight labor markets may trigger an increase in price inflation. 
  • 12/14/2017

    What to Watch in the Economy and Real Estate Markets in 2018

    The macroeconomy and real estate markets had a good performance in 2017. That may well continue into 2018, but there are several risks that might cause a change in the outlook.
  • 12/7/2017

    Cap Rates Hold their Ground as Interest Rates Move Higher

    Cap rates have been holding their ground, even as interest rates move higher. The resilience of pricing in the real estate sector should not be surprising, however, given the strength in the fundamentals that support demand for commercial space.
  • 11/29/2017

    Enjoy Some Steady Income with Your Price Appreciation

    One of the enduring mysteries of reporting on investments is how many people seem to focus on price appreciation OR income, and how few people focus instead on total return
  • 11/28/2017

    REIT Balance Sheets as Solid as Ever

    REITs have steadily fortified their balance sheets, leaving the industry in as solid a financial position it has ever seen, based on more than two decades of data available.
  • 11/21/2017

    FFO of all REITs Declined in Q3, but Firm Fundamentals Point to Future Growth

    The fundamentals for the REIT industry remain firm, which gives us some confidence that the recent decline in FFO is a short-term dip amidst a longer-term trend of mostly solid growth.