Initially, the bank on the loan for Walker & Dunlop offered a 10-basis-point credit spread adjustment. Now, it has been ratcheted up higher.

House prices rocketed around the world in the past year as the cost of borrowing slipped to rock bottom and buyers put a premium on space and greenery.

Lenders are coming back into the office sector, though underwriting standards remain very tight.

Timberland Partners sees an opportunity for higher returns in markets off the beaten path, especially after its experience in the pandemic.

REITs delivered the highest average annual net returns over the study period at 10.68 percent.