Real estate market returns, both aggregate and disaggregated, are obtained from the National Property Index (NPI) series, also compiled by NCREIF from this individual property data. The NCREIF NPI is considered the de-facto standard performance index for investible US commercial real estate. Index series are available on a national level, as well as disaggregated by region, division, state, CBSA, property type, property sub-type, and all possible interactions of these. In order to construct our measures of trading ability, we match properties with their respective indices at each level of aggregation
