Linneman Letter – July 2026

The following is an excerpt from the Summer 2026 edition of The Linneman Letter:

Which Is the “Best” Property Sector? – Returns Analysis

Which of the core commercial property sectors (office, industrial, retail, multifamily) provide the best balance between risk and return? How does this differ across public versus private investments or with varying investment horizons? And how have returns changed since the pandemic? Linneman Associates examined the outcomes and determinants of 10, 7, and 3-year returns for commercial and multifamily real estate based on total return data from the National Association of Real Estate Investment Trusts (NAREIT) and the National Council of Real Estate Investment Fiduciaries (NCREIF). The NAREIT index proxies moderately leveraged investments, while the NCREIF returns evaluate an unleveraged portfolio. 

Read the entire article – Linneman Letter – Summer 2026