National NCREIF Property Index annual return in the U.S. 2025, by property type
Retail was the commercial property type with the highest annual return in the U.S., according to data by the NCREIF Property Index as of the first quarter of 2025. Conversely, offices had the lowest annual returns, at negative three percent. The poor performance of the office sector was mainly because of the depreciation of office buildings since the beginning of COVID-19. The NCREIF Property Index reflects the change in prices of commercial real estate for investment purposes.
