Market Research

Chart of the Week

October 7, 2026

Chart of the Week highlights economic data and commentary from our Insights & Intelligence and Investment teams on the market trends of the day.

This week’s chart highlights the historical link between listed real estate relative valuations and future relative performance. When the listed-private cap rate spread has been above its long-term average, listed real estate has outperformed private real estate over subsequent one-, three- and five-year periods. We believe listed real estate remains attractively valued relative to private markets and may be positioned for continued relative outperformance. Learn more in our Listed Outlook Commentary series.

Sources: FTSE Nareit All Equity REITs Total Return Index; NCREIF Fund Index — Open-End Diversified Core Equity (NFI-ODCE), gross of fees, quarterly. Buylist Universe A-list, United States. Analysis period: December 2000 – March 2026. Cap rate spread defined as the implied REIT cap rate (simple average across all property sectors, Buylist Universe) minus the NCREIF equity-weighted cap rate. Spread thresholds calculated using full-period mean and population standard deviation. Current spread as of March 2026. Relative performance figures represent the average annualized forward total return of the FTSE Nareit All Equity REITs Index less the average annualized forward total return of the NFI-ODCE (gross), measured over 1-, 3-, and 5-year horizons beginning in the month following each qualifying observation. Private real estate returns compounded from quarterly NFI-ODCE observations covering each forward window; minimum of (n×4) − 1 quarters required per observation. Forward return sample sizes vary by horizon due to data availability at period end. Past performance is not indicative of future results. For institutional use only.

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