The Decline Continues: Q1 2009 NCREIF NPI Numbers Released

The first quarter numbers have been released by NCREIF (National Council of Real Estate Fiduciaries), and the first quarter saw a national decline of 7.33% in the NPI across all asset classes. The NPI Index is an index put out by NCREIF which covers over 6,000 properties. In their own words:

 
The NCREIF Property Index is a quarterly time series composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only.

All properties in the NPI have been acquired, at least in part, on behalf of tax-exempt institutional investors – the great majority being pension funds. As such, all properties are held in a fiduciary environment.
 

Every single aset class this quarter saw a decline, from retail at -4.31% to apartments at -8.70%. At the regional level, the west saw overall declines of -7.65%.

I’ve embedded the Q1 snapshot below.




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