Marquette Associates
Menu ☰
Close ✕
  • Login
    • Reporting Login
    • Research Login
    • Manager Login
    • Private Client Login
  • People
  • Expertise
    • Corporate
    • Endowments & Foundations
    • Healthcare
    • Private Clients
    • Public Funds
    • Religious
    • Sustainable Investing
    • Taft-Hartley
  • Services
    • Investment Consulting
    • Defined Contribution Consulting
    • Outsourced CIO
    • Private Client Consulting
  • Research
  • About
    • Careers
  • Contact
  • Search
Close
Previous Image
Next Image

Where’s the Blowout?

Line chart showing NPI All Property Cap Rates and 10 Year U.S. Treasury Yield. Chart subtitle: NPI All Property Cap Rates have remained flat through the current cycle. Chart description: Y-axis shows percentages frfom 0 to 16%. X-axis shows years from 1981 to present. Recession periods are shaded and labeled marking the beginning of real estate cycles: 1991-1992 for Severe RE Oversupply, 2008-2009 for Global Financial Crisis, and 2020-present for Covid. Line for NPI All Property Cap Rate is blue and rises within the previous two recessions but shows no change for the present recession. 10-year yield line shows changes during each recession. Chart source: NCREIF, FRED (Federal Reserve Economic Data); Cap Rates are of the NCREIF NPI U.S. All Property Index.
Posted on April 7, 2021April 7, 2021 Full size 1433 × 775

Post navigation

Published inWhere’s the Blowout?

Subscribe to Research Email Alerts

Subscribe

Research Email Alert Subscription

Research alerts keep you updated on our latest research publications. Simply enter your contact information, choose the research alerts you would like to receive and click Subscribe. Alerts will be sent as research is published.

We respect your privacy. We will never share or sell your information.

Thank You

We appreciate your interest in Marquette Associates.

If you have questions or need further information, please contact us directly and we will respond to your inquiry within 24 hours.

Contact Us >

© 2026 Marquette Associates. All Rights Reserved.

  • Terms of Use
  • Form CRS, ADV, Privacy Policy & Disclosures
  • Environmental Policy

Chicago
180 North LaSalle Street
Suite 3500
Chicago, Illinois 60601
Tel: 312.527.5500
Fax: 312.527.9064

Baltimore
225 Schilling Circle
Suite 260
Hunt Valley, MD 21031
Tel: 410.825.0444
Fax: 410.825.1777

Milwaukee
731 N. Water Street
Suite 790
Milwaukee, WI 53202
Tel: 414.209.3290

Philadelphia
600 Willowbrook Lane
Suite 610
West Chester, PA 19382
Tel: 610.719.0300
Fax: 610.719.8345

St. Louis
12444 Powerscourt Drive
Suite 190
St. Louis, MO 63131
Tel: 314.822.4444
Fax: 314.822.4401