Unlisted commercial property (office, retail and industrial) and infrastructure have had strong returns this decade. For commercial property, since 2010 returns have averaged nearly 11% pa. This initially reflected a recovery from the slump associated with the global financial crisis (GFC) and then a search for decent income bearing investments from investors in response to falling interest rates and bond yields that has pushed up property values and hence pushed property yields (basically rents divided by property values) down to record lows. But have yields been pushed too low? And will it reverse with global interest rates starting to bottom/move up?