According to Torto Wheaton Research, retail ranks third in returns looking ahead 10 years. Retail ranks ahead of industrial and multi-housing, but behind office and hotel.

10 YEAR HOLD - FORECAST
Total Return Yield NOI Growth Cap Rate Contribution Average Appreciation
Industrial 5.4 4.9 1.9 -1.9 0.45
Multi-housing 6.4 5.6 2.7 -2.2 0.74
Retail 6.9 4.9 2.7 -0.7 2.02
Office 7.8 4.8 3.8 -0.9 3.07
Hotel 12.1 7.4 4.0 0.6 4.64
Source: TWR Investment Database