Index Performance
Overview
Description
The performance and activities of the largest commercial real estate developers in the US are intimately tied to both the macroeconomic environment and sector-specific trends. Key drivers of this theme include interest rate fluctuations, which affect borrowing costs for development projects; demographic shifts that influence where and how Americans live and work; urbanization trends; changes in retail behavior such as the rise of e-commerce; infrastructure spending; the availability of investment credit; and zoning laws. These developers also face the challenges posed by the COVID-19 pandemic, which has accelerated trends towards remote work and increased the demand for logistics centers over traditional office spaces. The capacity of these developers to adapt to sustainability and green building practices also plays into their competitive edge and long-term viability, as there is a growing demand for energy-efficient and environmentally friendly construction. Investable subcategories within the theme of the largest commercial real estate developers in the US encompass a range of asset types and services related to the development process. These include [[Commercial Real Estate Investment Trusts (REITs)]], which offer investors the chance to engage in a diversified portfolio of real estate assets without directly owning property. Another subcategory is [[Construction & Engineering Services]], which provides the expertise and labor necessary for the development of commercial infrastructure. The area of [[Building Materials & Fixtures]] represents companies providing the necessary raw materials and finished products for construction. We also see potential in subcategories like [[Architectural & Design Services]], reflecting the creativity and planning phase of commercial real estate development, and [[Real Estate Operating Companies]], which manage the properties post-construction. Subcategories like [[Green Building & Sustainability Services]] and [[Smart Building Technology]] cater to the growing demand for environmental sustainability and technological integration in commercial real estate, offering new opportunities for future-focused investments. This index was generated with help from Thematic Analyst.
- TickerUSCRE
- Inception Date12/05/2023
- WeightingEqual
- # of holdings32
What's inside?
Holdings
All holdings as of May 16, 2024
| Cushman & Wakefield Plc (CWK) | 3.61% | $2.67B | -2.87% | 14.64% | 0.56 |
| American Strategic Investment Co. (NYC) | 3.58% | $21.25M | 0.25% | 0.10% | 7.21 |
| Walker & Dunlop, Inc. (WD) | 3.46% | $3.45B | -13.27% | 71.06% | 4.11 |
| Piedmont Office Realty Trust, Inc. (PDM) | 3.45% | $894.50M | 1.52% | 19.44% | 4.91 |
| Tejon Ranch Co. (TRC) | 3.45% | $478.07M | -39.62% | -20.15% | 10.40 |
| Jones Lang LaSalle, Inc. (JLL) | 3.41% | $9.87B | 8.67% | 98.81% | 0.60 |
| Apartment Investment & Management Co. (AIV) | 3.40% | $1.21B | 13.41% | 18.99% | 13.29 |
| American Assets Trust, Inc. (AAT) | 3.30% | $1.39B | 2.73% | 35.59% | 7.34 |
| AvalonBay Communities, Inc. (AVB) | 3.29% | $28.16B | 1.45% | 33.28% | 12.03 |
| Alexander & Baldwin, Inc. (ALEX) | 3.29% | $1.24B | 21.43% | 65.41% | 7.46 |
| W.P. Carey, Inc. (WPC) | 3.27% | $13.03B | -8.88% | 58.47% | 11.54 |
| Marcus & Millichap, Inc. (MMI) | 3.25% | $1.36B | -16.60% | 37.81% | 1.80 |
| Agree Realty Corp. (ADC) | 3.25% | $6.07B | 18.03% | 55.76% | 15.11 |
| Urban Edge Properties (UE) | 3.22% | $2.07B | 10.24% | 27.74% | 9.37 |
| NetSTREIT Corp. (NTST) | 3.19% | $1.31B | 27.70% | 42.34% | 14.83 |
| Alpine Income Property Trust, Inc. (PINE) | 3.18% | $216.06M | 11.64% | 24.95% | 10.70 |
| Saul Centers, Inc. (BFS) | 3.16% | $909.15M | 6.48% | 54.95% | 10.25 |
| Newmark Group, Inc. (NMRK) | 3.13% | $1.65B | 6.10% | N/A | 1.55 |
| Boston Properties, Inc. (BXP) | 3.12% | $10.00B | 4.51% | 35.29% | 8.48 |
| Regency Centers Corp. (REG) | 3.11% | $11.11B | 15.52% | 43.80% | 11.95 |
| Alexandria Real Estate Equities, Inc. (ARE) | 3.06% | $21.70B | 9.75% | 34.23% | 13.09 |
| American Tower Corp. (AMT) | 3.01% | $91.03B | 2.42% | 52.80% | 12.88 |
| Macerich Co. (MAC) | 3.01% | $3.47B | -0.99% | 18.63% | 9.13 |
| CBRE Group, Inc. (CBRE) | 2.98% | $28.24B | 7.07% | 16.41% | 1.11 |
| Vornado Realty Trust (VNO) | 2.94% | $4.72B | -2.14% | 23.26% | 8.53 |
| EastGroup Properties, Inc. (EGP) | 2.88% | $8.03B | 14.48% | 43.11% | 17.42 |
| First Industrial Realty Trust, Inc. (FR) | 2.81% | $6.38B | 8.60% | 44.99% | 14.74 |
| Terreno Realty Corp. (TRNO) | 2.81% | $5.60B | 13.90% | 50.81% | 18.36 |
| JBG SMITH Properties (JBGS) | 2.71% | $1.37B | -5.08% | 27.04% | 7.19 |
| Prologis, Inc. (PLD) | 2.61% | $102.57B | 10.63% | 40.17% | 19.67 |
| AMREP Corp. (AXR) | 2.57% | $109.33M | 39.18% | 13.82% | 1.93 |
| Grocery Outlet Holding Corp. (GO) | 2.46% | $2.18B | 7.40% | 29.31% | 1.04 |
