Recent data from the NCREIF (National Council of Real Estate Investment Fiduciaries) Property Index* shows a shift in commercial real estate performance. Total returns moved higher in 2025, with improvement across every major property type compared with the prior year. Retail and multifamily posted the strongest results, while office – after a challenging period – also advanced back into positive territory.
We believe these trends reflect firmer income fundamentals and a market that is gradually stabilizing. While conditions differ by sector, the broader trend suggests renewed traction across parts of the commercial real estate landscape.
We believe these developments align with the long-term thematic sectors we focus on – areas where demographic demand, essential services and structural needs help support resilient real estate performance through varying market cycles.
If you’re an RIA evaluating how real estate may complement client portfolios, let’s connect.
Note: Investing involves risk and principal loss is possible. Distributed by Foreside Funds Distributors LLC. For important information about the Fund, please click here.