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White Papers

In-depth analysis and investment expertise from TIAA Asset Management.


July 20, 2017
A New Deal for Real Estate (Mike Keogh)

March 16, 2017
Think: Global Cities (Alice Breheny)

March 14, 2017
The impact of rising interest rates on commercial real estate
Thomas Park, Senior Director, Strategy & Research, North America, TH Real Estate; Alice Breheny, Global Head of Research, TH Real Estate

The rising interest rate environment raises concern about the potential impact on US commercial real estate property values and investment performance. Historical data shows that higher interest rates do not necessarily result in lower property values and total returns. In fact, property performance has often remained resilient in times of rising rates. A number of factors may help to protect overall real estate performance, including capitalisation rate spreads over the 10-year treasury yield, and the outlook for economic growth and real estate market fundamentals.

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