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Real estate investors forecasting 10% returns in 2015

The average forecast return in 2015 for the NCREIF Property index is 9.8%, according to The Pension Real Estate Association's latest consensus forecast survey, released Thursday.

That figure is up 70 basis points from last quarter's survey when the average return forecast for 2015 was 9.1%.

By property type, industrial holdings top return expectations in 2015 (10.3%), followed by office and retail (both 9.8%) and apartment (9%).

For what it's worth, respondents drastically underestimated returns in 2014 – at the outset of the year the average forecast return for 2014 was 8.7%; the NCREIF Property index ended up returning 11.8% for the full year.