Winter 2018 A Special Theory of Relativity

Cecil Graham: "What is a cynic?"

Lord Darlington: "A man who knows the price of everything and the value of nothing."

Cecil Graham: "And a sentimentalist, my dear Darlington, is a man who sees an absurd value in everything, and doesn’t know the market price of any single thing."

- Oscar Wilde, Lady Windermere’s Fan, Act 3 (1893)

Real Estate is Expensive

In absolute terms property is expensive today, there can be no argument. The average cash yield (after cap-ex) of the NCREIF Property Index is now firmly below 3%, a level previously reached only at the peak of prior property valuations cycle or periods of economic contraction.


Sources: NCREIF, National Bureau of Economic Research (NBER)

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The information and opinions presented in this research piece have been prepared internally and/or obtained from sources which AEW believes to be reliable; however, AEW does not guarantee the accuracy, adequacy, or completeness of such information.

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Michael Acton
Head of Research, North America

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