Commercial real estate returns in Q4 2020 was a dismal 1.15%. Of course, there were the negative effects of Covid, work-from-home, shop-from-home, and lack of travel (hotel vacancies). It could be worse.
The NAREIT-all equity index, like the S&P 500 index, has responded to Fed Reserve stimulus. Except that REITs are slower to recover from Covid for the aforementioned reasons.