Total returns on the NCREIF index were strong again in Q1, at 5.3% q/q. That was led by industrial, where they reached 11% q/q, with apartments at just over 5% and the other sectors all lagging at around 2%. And while we were right to say last quarter that industrial and apartment returns had probably peaked, the bigger concern now is that returns could slow more rapidly than we had previously thought, thanks to faster rises in Treasury yields and a weaker outlook for economic growth.
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