U.S. Property Performance Monitor

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U.S. Property Performance Monitor

6/3/2026

June 2026

Kevin White

Global Co-Head of Real Estate Research

Sharim Sohail

Property Market Research

USA map in red, blue and white dots representing market performance

Private core real estate in the U.S. reported a 4.9% trailing four‑quarter total return as of the first quarter of 2026, primarily supported by income, while capital values remained broadly unchanged. All major property types recorded positive returns over this period, with Retail and Residential contributing relatively higher performance, while Industrial showed more moderate results and Office continued to recover gradually.

Performance trends varied across sectors and fundamentals. Retail maintained stronger returns over recent periods, while Residential was supported by continued rental demand. Industrial performance softened compared with previous years as vacancies increased and demand moderated in some markets. Office returns remained comparatively lower, reflecting higher leasing costs and ongoing adjustments in occupancy patterns.

Regional differences were evident. The West showed weaker performance, influenced by conditions in large coastal markets, while the Midwest and parts of the South recorded stronger outcomes. Across markets, vacancy remained below long-term averages, although income growth slowed compared with historical levels. These patterns highlight varying conditions across sectors and geographies within the U.S. real estate market.

U.S. Property Performance Monitor

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